In 2013, Ho Chi Minh City, which is Vietnam’s economic and business hub, saw the establishment of 26,000 new businesses and at the same time the dissolve of the existing 19,000 businesses due to economic difficulties.

The figures were unveiled by the HCM City Business Association, which also pointed to a hard year in 2014 for those businesses which still use backward technologies and yet sharpen their competitiveness.

At the association’s recent meeting to review its performance in 2013, the municipal authorities informed that the attraction of foreign direct investment was fruitful, noting a surge in both number and value of projects from Japan.

They also noted that almost all State corporation and groups headquartered in the city generated profits and the city’s GDP grew 9.3 percent against 2012.

These good performances have created momentum for businesses to move forward in 2014, the municipal authorities said, however, asking these players to persist in restructuring their operations and work together with their association to promptly address troubles that may arise.

From January 2014, the city will continue allowing businesses to register their operation online along with further streamlining administrative procedures to facilitate their smooth, efficient activities.-VNA