Hanoi would support enterprises doing businesses in the city to promote their brands for greater competitiveness in both domestic and foreign markets.
The move is in line with Hanoi’s ongoing efforts aimed to help enterprises integrate globally and develop sustainably, stated the Hanoi People’s Committee in a plan dated April 9 to support local enterprises to promote brands in 2019.
Following the plan, enterprises would be offered training courses on building and promoting brands.
Additionally, Hanoi would support enterprises to develop strategy for brand and product development, work with consulting firms to promote brands through marketing or advertising online and website construction, among others.
In 2018, Hanoi was named among the top 10 in Vietnam’s provincial competitiveness index (PCI) ranking.
Nguyen Doan Toan, vice chairman of the Hanoi People’s Committee, said Hanoi would strive to maintain its top-10 status in the future, while the result showed Hanoi’s perseverance in improving its business environment.
“Hanoi’s ranking has been consistently going up in six consecutive years, up 41 places from 51st in 2012 to 9th in 2018,” Toan stated, adding the result has exceeded original target of being included in top 10 PCI index ranking by 2020 set by the municipal People Council.
Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI) said Hanoi is on track to realize its potential as one of Vietnam’s economic hubs and also in ASEAN in the future.
As of present, 100% applications for business registration can be processed online, while the processing time for administrative procedures has been reduced to within three working days, and in some cases to two days.
Starting August 2018, Hanoi has waived the cost of setting up new businesses and provided training courses for home-based businesses on start-up and corporate governance.
Notably, Hanoi claimed the top spot nationwide in terms of FDI attraction with registered capital of US$7.5 billion in 2018, accounting for 21.2% of total foreign investment nationwide. In the first quarter of 2019, the city maintained the lead with US$4.15 billion of FDI commitments, or 38.4% of total investment in the country.