Vietnam aims to have 1 million enterprises by 2020

(VOVworld) – Deputy Prime Minister Vuong Dinh Hue has committed to create a favorable business environment for enterprises and build a government that serves the business community. He made the remarks in Ho Chi Minh City at the signing ceremony on facilitating business environment for enterprises between the Vietnam Chamber of Commerce and Industry (VCCI) and 32 provinces in the south and central regions on August 24.

Vietnam aims to have 1 million enterprises by 2020 - ảnh 1
The signing ceremony facilitating business environment for enterprises between the Vietnam Chamber of Commerce and Industry (VCCI) and 32 provinces in the south and central regions (photo: baocongthuong.com.vn)

In the first half of the year, Vietnam registered an additional 54,000 companies with a total capital of 430 trillion VND, an increase of 20% in term of numbers and 51% in capital compared to the previous year. It was a positive sign for the economy and the business environment. Deputy Prime Minister Vuong Dinh Hue said local administrations thoroughly comprehend the motto “government serving businesses”.

“It’s necessary to focus on resolving obstacles, especially as regards the factors of production. 5 aspects of the modern market economy need to be resolved, including the commodity market, monetary service, industrial technology, the property market, and the labor market.” Mr. Hue said.

Mr. Hue said local administrations should have specific plans for action to attain the national goal of having one million businesses by 2020. Local administrations are asked to develop their own websites and communications lines to promptly receive information from businesses, to build provincial business indices, and to improve support services. Business Associations have to promote their functions of supporting businesses and conveying businesses’ opinions to policy makers. Provinces have to form support funds through which small and medium-sized enterprises (SMEs) can access loans.

At the signing ceremony, Ho Chi Minh City pledged to have 500,000 businesses by 2020, Dong Nai province to have 32,000 businesses, and Danang city to have 31,000. Businesses have praised Dong Thap province in the Mekong Delta for its speedy administrative reforms and good business environment. Investment licensing procedures now take only 3 days, whereas they previously took 7 days.

Nguyen Van Duong, Vice Chairman of the Dong Thap People’s Committee, said: “We have worked with VCCI on our plan for the period from now until 2020 covering administrative reforms and goals for reducing waiting times for each procedure in each sector. Shortening waiting times for administrative procedures will benefit businesses.”

The central government’s determination and the local administrations’ pro-activeness in implementing their plans will help Vietnamese businesses prosper and contribute to national development and the integration process.

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