Quang Ninh, VCCI agree to develop enterprises by 2020

Quang Ninh (VNA) – The People’s Committee of the northern province of Quang Ninh and the Vietnam Chamber of Commerce and Industry (VCCI) have signed an agreement to support local enterprises by 2020.

This forms part of the activities in the framework of a conference on implementing Resolution No.35/NQ-CP on supporting enterprises’ development till 2020 in Ha Long City on June 7.

The two sides will work together on improving the investment environment and local enterprises’ competitiveness.

Incentives will be offered to domestic and foreign firms to boost their operation in the locality, thus developing a strong local community of businesses, according to the agreement.

Addressing the event, Chairman of the provincial People’s Committee Nguyen Duc Long affirmed that the province has continuously attached significance to the role of local businesses in generating the local GDP.

With the cooperation of the VCCI, the local business climate has remarkably improved, Long said.

According to an action plan, by 2020, the province aims to have over 9,000 highly capable and competitive enterprises, including 250 large scale and financially strong enterprises.

The private sector will contribute between 50-55 percent of the GRDP, and account for about 70 percent of the total investment.

Annual labour productivity is also expected to increase by 15-16 percent in the period.

In the first five months this year, Quang Ninh has recorded 11,222 new enterprises registered a combined capital of nearly 129.12 trillion VND (5.8 billion USD).

In 2015, the locality drew 15.15 trillion VND (682 million USD) in foreign direct investment.

Local firms also contributed over 16 trillion VND (722 million USD) to the province’s budget. Their employees earned an average of 4.5 million VND (200 USD) per month.-VNA