Illustrative image (Source: VNA)
Hanoi (VNA) – The Vietnam Chamber of Commerce and Industry (VCCI) and 21 municipal and provincial authorities signed an agreement in Hanoi on September 22 to jointly create a favourable business environment.

The agreement is to realise the Government’s Resolution 35 on enterprise development until 2020 detailing the simplification of administrative procedures, increased dialogues between businesses and all-level authorities, among others.

VCCI President Vu Tien Loc said since the resolution was put into place in May 2016, more than 100,000 new start-ups are expected to be born within a year. At such speed, 150,000-200,000 new ones will debut each year and the goal of 1 million ones by 2020 is within reach.

He also took the occasion to call on localities to launch start-up campaigns and pledge to assist enterprises in improving their competitiveness.

Speaking at the event, Deputy Prime Minister Vuong Dinh Hue, who is also head of the Central Steering Committee for Enterprise Reform and Development, said with the signing, all 63 localities have so far reached the deal with the VCCI.

The Deputy PM made it clear that the Party and State always appreciate businesses and businesspeople, adding that the amendments to the Law on Investment and the Enterprise Law, and other laws are also meant to generate an environment conducive to business operations.

After the resolution was issued, more than 9,000 new firms are established per month.

Hanoi recorded 15,530 firms in the past eight months and expects to have at least 400,000 ones by 2020.

He suggested building an annual business development index which also covers corporate revenues and workers’ income, making it easier for the State management.

Early this year, the PM approved a project on supporting start-up ecosystem and national renovation by 2025. The government is preparing for proposed revisions to 15 laws regarding the business environment to submit to the legislature for consideration, as well as devising a bill to assist small and medium-sized enterprises (SMEs), start-ups and start-up ecosystem.

Localities were asked to attract foreign direct investment, encourage trading households to register as businesses, provide more credit for SMEs, and establish venture funds at local and central levels.-VNA