Hanoi currently ranks top nationwide in progressing business registration online as 100% of applications are submitted online, according to the municipal Department of Planning and Investment.
Overview of the meeting. Source: HAPI.
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In the first quarter this year, around 6,265 enterprises have been established with registered capital of nearly VND52 trillion (US$2.24 billion), up 15% year-on-year in the number of enterprises.
Nguyen Manh Quyen, director of the municipal department, said Hanoi’s authority would continue to support enterprises during the business registration process, which is part of the city’s effort to improve its business environment and competitiveness.
Additionally, the department is expected to continue the administrative reform process, striving to reduce the number of working days in processing applications for business registration, Quyen said at a meeting on April 4.
Starting July 2017, Hanoi has waived the cost of setting up new businesses through online application and provided training courses for individual households on start-up and corporate governance, while the city also provides financial assistance of VND300,000 (US$12.93) for small and medium enterprises (SMEs) in business registration.
Additionally, Hanoi’s authority has given priority to supporting operational enterprises, especially in the field of industry, finance, market expansion and participating in new business models.
Hanoi has been named among Vietnam’s top 10 business-friendly localities for the first time in the provincial competitiveness (PCI) index report, claiming the 9th rank out of 63 provinces and cities, up four places compared to last year’s report.
“The recognition would serve as motivation for Hanoi to enhance governance capability for greater business and investment environments,” said, Nguyen Doan Toan, vice chairman of the Hanoi People’s Committee at the launching ceremony of the 2018 PCI report on March 28.
The result has exceeded original target of being included in top 10 PCI index ranking by 2020 set by the municipal People Council, added Toan.
In the first quarter of 2019, Hanoi maintained the lead as Vietnam’s top foreign investment destination with US$4.15 billion of FDI commitments, or 38.4% of total investment.
