Government support policies boost business growth

Hanoi (VNA) – The Government’s solutions to support the development of enterprises has proven effective, with a surge in the number of newly established firms in the first nine months of 2017.

Pham Dinh Thuy, head of the Industrial Statistics under the General Statistics Office (GSO), said the improvement of investment-business environment assisted the business community and met enterprises’ demand in the context of economic integration.

According to the GSO, as many as 93,967 new enterprises were established in the first nine months of this year with total capital of more than 902.6 trillion VND (39.7 billion USD), a year-on-year rise of 15.4 percent and 43.5 percent, respectively.

Average registered capital of each firm was 9.6 billion VND (4.22 million USD), a rise of 24.4 percent over the same period last year.

At the same time, some 1.24 quadrillion VND (54.5 billion USD) was injected into more than 27,500 businesses, raising total capital pumped into the economy to 2.14 quadrillion VND (94.16 billion USD).

More than 21,100 enterprises also resumed operations in the first nine months of the year.

Total employees of the newly-established firms in nine months were 886,500, down 4.5 percent over the same period last year.

Of the total new firms set up in the first nine months of 2017, 33,900 operated in retail and wholesales, an increase of 17.3 percent, while 12,000 specialised in processing and manufacturing industry, up 9 percent, and 11,900 in construction, a rise of 12.7 percent.

Experts said that to operate effectively, the new firms should focus on high-value sectors and creating trademarks.

The Ministry of Planning and Investment has also built a project to reduce input costs for businesses and to improve the competitiveness of the economy.

Additionally, efforts to build e-public services will be continued, which are expected to save both time and money for businesses in registering for business licences.-VNA