Hanoi has helped local businesses access to new technologies and raise their competitiveness (Photo: VNA)

Hanoi (VNA) – Hanoi has helped local businesses access to new technologies and raise their competitiveness, said Tran Thi Phuong Lan, Deputy Director of the municipal Department of Industry and Trade.

The department has worked to introduce Hanoi’s goods and handicrafts on its online portal, as well as connect local firms with Vietnamese trade offices in foreign countries.

In recent years, the city has issued various decisions to encourage 20 local craft villages and 50 firms to build their own brands.

Local businesses are advised to raise their competitiveness and promote brand building, especially enhance industrial application in manufacturing process.

As many firms expressed their hope to receive support from local authorities to access capital with preferential interest, local authorities have cooperated with the State Bank of Vietnam to establish links between banking and businesses sectors, Lan added.

Credit institutions in Hanoi provided loans worth 233.73 trillion VND (10.3 billion USD) to local businesses in 2016 and the figure increased to more than 300 trillion VND (13.2 billion USD) this year.

To help local businesses get access to the fourth industrial revolution, Vice Chairman of the Hanoi People’s Committee Nguyen Doan Toan affirmed that authorised authorities will continue helping enterprise join trade promotion activities, promote their brands, accelerate administrative reform and expand production.

However, businesses need to take the initiative in popularising their products and applying scientific and technological advances in production, Toan added.-VNA