Sme

Hanoi identifies improving its business environment, as a necessity and a key step to enhance the city’s competitiveness.

Only 15% of enterprises in Vietnam are embarking on the digital transformation process.

SMEs are having huge opportunities for development with the presence of free trade agreements, the Industry 4.0 and new business models.

Hanoi Business Association aims to become a credible information channel for local authorities and enterprises, boosting the efficiency of public investment and simplifying administrative procedures.

Vietnam is currently home to nearly 800,000 operational enterprises, 98% of which are small and medium ones.

In the 2021-25, SMEs in Hanoi are expected to create additional 1.5 million jobs and make up over 40% of the city’s gross regional domestic product.

The move will help Vietnamese enterprises to catch up with the global trend for digital transformation.

In the 2021-25, SMEs in Hanoi are expected to create additional 1.5 million jobs, while making up over 40% of the GRDP, 30% of the state budget and 25% of total export turnover.

Credit demand in Vietnam is expected to stay low in the foreseeable future as the Covid-19 pandemic continues to be complicated globally, said a central banker.

The tax cut would benefit businesses with revenue in 2020 of less than VND50 billion (US$2.16 million) and a workforce not exceeding 100 employees.