HN stands side by side with businesses

11/12/2019

VGP – By the end of November 2019, Ha Noi has granted business registration certificates to 25,214 newly established firms, with a registered capital of VND345.929 trillion (US$14.92 billion), up 8.2% in the number of companies and up 38.5% in the registered capital over the same period in 2018.

Illustration photo

The aforementioned fact has raised the total number of enterprises in the capital city to nearly 280,000, ranking second on a national scale.

Ha Noi has implemented many support programs to develop businesses, in addition to reforming administrative procedures and creating favorable conditions for businesses and investors.

The number of new businesses grows over the years

As shown in statistics from the Ha Noi Department of Planning and Investment, in recent years, businesses operating in the city have developed in terms of both quantity and quality. The number of newly established firms has constantly increased over the years, in which small and medium-sized enterprises (SMEs) account for 97%.

Over recent times, Ha Noi has implemented many effective solutions to support firms’ business activities, including accelerating administrative reforms and enhancing the application of information technology to reduce time and costs for businesses.

According to the department, the city has developed a project “Supporting innovative startups in Ha Noi until 2025, vision to 2045” on the basis of implementing the Government’s Decision No. 844/QD-TTg dated May 18, 2016 approving the project “Supporting the national innovative startup start-up ecosystem until 2025”, with the goal of building Ha Noi into a creative innovation and startup center of the country.

Private sector is the core force

Looking back the three-quarters journey of the five-year plan (2016-2020), the private sector continues to grow strongly. In the context of Viet Nam’s increasingly extensive international economic integration, Ha Noi’s businesses and businessmen are striving to rise above difficulties, applying innovative business models to create a momentum for growth in the new era, contributing positively to the city’s socio-economic development.

As assessed by the Ha Noi People’s Committee, the private sector has gradually become an important driving force, contributing a large amount of capital to the city’s socio-economic development. Total development investment capital in the period of 2016-2018 reached VND927.88 trillion (US$40.05 billion), equal to 36.4% of gross regional domestic product (GRDP). The proportion of social investment has shifted drastically from the state sector to the non-state sector. With such resources, the Ha Noi economy has achieved good growth, making positive contributions to the growth of the whole country.

By Vien Nhu