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Businesses seen as pioneering contributor to Hanoi’s development: Mayor
Nguyen Tung 18:37, 2019/10/12
A major proportion in development investment has shifted from the state sector to the private sector, helping the city maintain high growth rate, said Nguyen Duc Chung, chairman of the Hanoi People’s Committee.
The business community in Hanoi has cemented its role as pioneer and significant contributor to the construction and development of the capital, according to Nguyen Duc Chung, chairman of the Hanoi People’s Committee. 
 
Chairman of Hanoi People's Committee Nguyen Duc Chung at the event.
Chairman of the Hanoi People's Committee Nguyen Duc Chung speaks at the event.
Chung made the statement at a gala held on October 11 celebrating the Entrepreneur’s Day (October 13). 

Over the past few years, Hanoi has made the people and enterprises as the center of its services, and treasured the successes of investors and enterprises in the city, Chung added. 

The effort is in line with the instruction of Prime Minister Nguyen Xuan Phuc on creating favorable conditions to realize the goal of turning the private sector into a major driving force for economic growth, Chung continued. 

Specifically, Hanoi has been striving for administrative reform and enhancing the application of information technology in reducing costs and time for enterprises. 100% of business registrations, 100% of custom clearance procedures, 98.4% of tax returns and  97.6% of tax payment are now processed online. 430 administrative procedures have been streamlined.

As a result, a number of administrative procedures in Hanoi have reached the average processing time of OECD member countries. 

Moreover, Hanoi has issued policies supporting innovative startups, aiming to transform the capital city into Vietnam’s innovation and startup hub, serving as a focal point connecting resources from startup ecosystem and encouraging entrepreneurship among the business community. 

Hanoi was named among top 10 of business friendly localities for the first time in 2018, in which the market entrance index climbed 56 places from 62nd in 2017 to 6th in 2018; Hanoi’s index of supporting enterprises ranked 5th out of 63 provinces and cities. 
 
Overview of the event.
Overview of the event.
Along with strong development, the city’s business community has taken a strong step forward. From 2016 to September 2019, there were 93,000 newly established enterprises, up 22.5% compared to the 2011 – 2015 period. The city has attracted US$20.28 billion in FDI, a 3.24-fold increase against the 2011 – 2015;  VND622 trillion (US$26.81 billion) in capital was mobilized from the private sector for development. 

“The private sector has become a major driving force of Hanoi’s economy, contributing 39% to the GRDP in 2018, up 1.5 percentage points from the 37.5% rate in 2015,” Chung added. 

Total capital for investment from the private sector in the 2016 – 2018 period reached VND927.88 trillion (US$40 billion), or 36.4% of the GRDP. 

A major proportion of development investment has shifted from the state sector to the private sector, helping the city maintain high growth rate, Chung stressed. 

In this context, members of the Hanoi Association of Small and Medium Enterprises (Hanoisme) have been growing steadily, contributing over 30% of the city’s state budget revenue and creating jobs for 50% of the workforce and 150,000 people every year, Chung said. 

In 2020 and subsequent years, the government would continue to provide new measures and solutions for a comprehensive socio-economic development. Chung expected the business community in Hanoi to continue improving corporate governance and pursue innovation for sustainable development.

They should adopt new business and production models based on digitalization and technological advancement from the Industry 4.0 and raise product quality to regional and global standards, as well as further integration into global value chain, the city’s mayor said. 
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