Hanoi sets sight to build on last year’s achievement of being named among top 10 business-friendly destinations in Vietnam for the first time since its launch in 2005, according to Tran Ngoc Nam, vice director of the municipal Department of Planning and Investment.
Overview of the conference.
The city strives for higher ranking in the PCI 2019 report by addressing concerns of the business community and taking specific measures to improve the business environment, Nam said at a conference on September 10 discussing ways to support enterprises.
In 2018, Hanoi claimed the 9th rank out of 63 provinces and cities in the in the provincial competitiveness index (PCI) 2018 report, up four places compared to the previous year’s report. An achievement that Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc saw as a proof of Hanoi’s strong efforts to realize its potential as one of Vietnam’s economic hubs and also of the ASEAN in the future.
Director of the Hanoi Association of Small and Medium-sized Enterprises (Hanoisme) Le Van Quan said as of August 2019, Hanoi has over 272,000 enterprises, of which small and medium ones made up 97%.
The business community contributed 40% to the capital’s GRDP, creating jobs for 50% of total labor force, up 9% year-on-year, added Quan.
The municipal business registration department processed a thousand applications per day, with the average registered capital of VND7 billion (US$301,882) for a business.
“Hanoi currently ranks top nationwide in processing business registration online as 100% of applications are submitted online,” Quan stated.
Vice Chairman of Hanoisme Mac Quoc Anh said Hanoi should continue to provide supporting services for enterprises and working with commercial banks to simplify procedures in bank account opening for newly created enterprises.
The ultimate goal would be to help enterprises enter the market in the fastest way possible, Anh stressed.
At the conference, representatives of enterprises expressed concern over the lack of knowledge regarding corporate governance, marketing, tax policies and related regulations, which requires strong support from local authorities for a healthy development of the business community.