Number of new firms in Hanoi in January-April down 13.1 percent hinh anh 1Illustrative image (Photo: Dau Thau newspaper)
Hanoi (VNA) – The number of new firms set up in Hanoi in the period from January-April dropped 13.1 percent from the same period in 2019 to 7,468, but the combined registered capital of new enterprises shot up 46.5 percent to over 118 trillion VND (nearly 5.1 billion USD).

According to Bui Anh Tuan, director of the Business Registration Management Agency under the Ministry of Planning and Investment, the decline in new firms reflected the impact of the COVID-19 epidemic on production and business. On the other hand, it also implied that businesses are waiting for clearer opportunities after society shifts to a “new normal” situation after the epidemic is put under control.

Sharing his view, Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc noted that despite the decrease in number similarly to the general trend in the country, the registered capital of new firms in Hanoi surged by 46.5 percent while the national figure dropped by 17.9 percent.

He said the positive statistics showed the improved environment for investment and business in Hanoi.

The capital city has taken concerted measures to support businesses in the context of the COVID-19 epidemic. The municipal People’s Committee has issued a plan to implement the Government’s Resolution 02/NQ-CP on continuing to implement key tasks and solutions to improve business environment and enhance national competitiveness in 2020.

Under the plan, Hanoi aims to maintain its place among the top 10 localities in the PCI (Provincial Competitive Index), and continue to meet or surpass indications on business environment. The city is pushing its departments and agencies to update and publish 100 percent of decisions, policies and administrative procedures on their websites.

Director of the city’s Department of Planning and Investment Nguyen Manh Quyen said besides maintaining support for business establishment, the city is making preparations to seize opportunities brought about by free trade deals that Vietnam has signed.

He said Hanoi will try to keep the rate of on-line business registration at 100 percent, and the rate of business filing and paying tax online at over 98 percent./.