Illustrative image (Source: VNA)
Thua Thien-Hue (VNA) – The central province of Thua Thien-Hue is striving to host 7,000 enterprises in 2020, which contribute up to 85 percent to the locality’s budget collection and about 75 percent of the total social investment.

To this end, the provincial officials will organise an online dialogue with local business community every two months in an effort to timely remove obstacles facing the firms, together with a hotline to receive their feedbacks.

Meanwhile, the province will continue the administrative reform and shorten duration for business registration to only two working days for online cases and three days for those submitting paper documents.

The verification and acceptance of direct invested projects will take only 20 days, while the granting of investment licence for both domestic and foreign invested projects will be five days.

By this June, Thua Thien-Hue has seen 738 newly-established firms with a total investment of 1.75 trillion VND (78.4 million USD), up 20.7 percent over the same period last year, bringing the total enterprises in the locality to nearly 5,900.

However, production capacity of the firms has limited, while their growth quality as well as effectiveness and competitiveness are still low.

Businesses with a capital of over 100 billion VND (4.48 million USD) account for only one percent of the total enterprises, while those with below 100 billion VND make up 54 percent, and those with less than 1 billion VND make up 45 percent.

Garment and textile enterprises, which contribute nearly 80 percent to the province’s total exports, have still focused on processing. At the same time, major products of the province, including beer and cement, are facing fierce competition from domestic and foreign rivals and loosing market shares.-VNA