Private businesses play key role in Ha Noi’s construction and development


VGP – Over the past years, private businesses in Ha Noi have been constantly growing and renovating themselves, contributing up to 40% of the city’s gross regional domestic product (GRDP) and providing employment for more than 50% of local workers.

In 2020, Ha Noi licensed over 26,400 new enterprises with a combined registered capital of VND337.689 trillion (US$14.59 billion), bringing the total number of firms in the city to more than 303,600 – the second largest in the country. 

Nearly 6,300 companies resumed operations last year, up 21% compared to 2019. Between 2016 and 2020, Ha Noi recorded over 112,000 new businesses, representing an annual increase of 9.7%.

By contributing 40% of Ha Noi’s GRDP and creating jobs for more than 50% of laborers, local small-and medium-sized enterprises (SMEs) and private companies have been playing a pivotal and pioneering role in the construction and development of the capital and the country.

In 2021-2025, Ha Noi’s SMEs will strive to achieve the targets of generating about 1.5 million new jobs, making up over 25% of the city’s export revenue, and contributing more than 40% of the city’s GRDP and over 30% of the local budget.

Supporting digital transformation in SMEs

In 2021, Ha Noi targets to promote rapid and sustainable economic growth and attain a GRDP growth rate of 7.5% or above. The Chairman of the municipal People’s Committee recently issued Decision No. 5742/QD-UBND on approving the project to support local SMEs during 2021-2025. 

Accordingly, the city will strive to offer online public services at level 4, create favorable conditions for enterprises to enter the market, remove difficulties in terms of capital access, and encourage businesses to apply sustainable business models and clean production technology, effectively utilize natural resources and protect the environment.

By Vien Nhu