Hanoi implements six solutions to improve PCI ranking hinh anh 1A corner of Hanoi (Photo: VNA)

Hanoi (VNA) – Hanoi is implementing six solutions to improve the city’s ranking in the Provincial Competitiveness Index (PCI) in 2020, maintaining its position among the top ten localities in the index.

The capital city was ranked ninth among 63 localities in the latest PCI rankings (for 2019) announced recently by the Vietnam Chamber of Commerce and Industry (VCCI). The reading improved 3.4 points from the previous year.

Breaking down the 2019 index, Hanoi has three component indexes among the 10 highest in the country, which are business support services, labour training policies and market entry.

Meanwhile, its six other components were only in the middle-range group, which are time costs (ranked 21st among 63), transparent business environment and equitable business information (36th), informal costs (41st), land access and security of business premises (41st), proactive and creative provincial leadership in solving problems for enterprises (45th) and legal institutions (45th).

It is noteworthy that the city has one component in the bottom range, which is the competitive environment, ranked at only 56th among 63 localities.

The city will strive to keep up its performance in the highly-ranked component indexes, while improving the indexes in the middle and low-range groups.

One important solution is to intensify administrative procedure reforms through using information technology and enhancing transparency in order to further reduce time costs and both formal and informal costs for enterprises, particularly in the context of economic recovery following the COVID-19 pandemic.

At the same time, Hanoi will get prepared for new opportunities in the wave of investment shifting out of China by member countries of the EU-Vietnam Free Trade Agreement (EV FTA) and EU-Vietnam Investment Protection Agreement (EVIPA).  

The city will continue implementing policies on business development and encouraging business households to upgrade to companies, along with promoting startup and renovation through incentives and support in information access and market extension.

Hanoi will also promote the role of business and trade associations in popularizing the administration’s policies and conveying problems facing the business circles to the authorities./.