Businesses play crucial role in economy (Source: Thua Thien - Hue newspaper)

Thua Thien-Hue (VNA)
– The central province of Thua Thien-Hue is now home to over 6,500 enterprises, which play a significant role in manufacturing, job creation, and local budget collection, according to Chairman of the provincial Business Association Duong Tuan Anh.

As of early October 2017, Thua Thien-Hue had nearly 500 newly-registered businesses with registered charter capital of 4.8 trillion VND (211.2 million USD). The province granted licenses to 50 domestic projects worth 5.6 trillion VND (246.4 million USD) and three foreign invested ones.

Businesses contributed nearly 2.8 trillion VND (123.2 million USD) to the State budget. The export turnover reached over 558 million USD, of which the State economic sector made up over 96 million USD while foreign invested firms accounted for more than 330 million USD.

Anh said the Thua Thien-Hue Business Association has held a number of dialogues to remove difficulties for businesses in terms of tax, credit, land, administrative procedures, and technology access.

It has also actively worked with relevant sectors to provide maximum support for businesses via trade promotion activities, human resources training, credit aid, trade connectivity, and sales of products, in addition to increasing e-commerce capacity and reducing time for tax payment and customs clearance.

Additionally, the association held workshops and training courses on international economic integration and encourage businesses to join domestic and foreign trade fairs and create supply chains of products and services, he added.

Permanent Vice Chairman of the provincial People’s Committee Phan Ngoc Tho said the province will focus on developing industry in the coming time, prioritising infrastructure investment at industrial parks and economic zones, transport system, and seaports.

The province will increase investment through connection with major groups to join global value chains while speeding up equitisation and divestment in State-run businesses in tourism, as well as selecting strategic and competent investors in this field and pushing ahead with administrative reform.-VNA