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Hanoi to allocate more than $41 million to support SMEs

Jan '21
Pic: Shutterstock
Pic: Shutterstock
Hanoi will allocate VND957 billion (more than $41 million) to assist small and medium enterprises (SMEs) from 2021 to 2025 as part of a support programme for SMEs approved by the municipal People’s Committee late last year. The aim is to have 150,000 new enterprises in the next four years or a 10 per cent average annual growth in creating businesses.

SMEs in Hanoi are expected to add 1.5 million jobs during that period while making up more than 40 per cent of the city’s gross regional domestic product and 25 per cent of its total export turnover, according to a report in a Vietnamese newspaper.

Hanoi also aims to provide support to at least 500 SMEs in the manufacturing and processing sector, especially in information technology, industrial electronics, high-tech farming and agricultural production.

The programme also outlines three main tasks for local authorities, including providing overall assistance to SMEs, supporting business households to formalise into enterprises and helping SMEs integrate into value chains while drafting preferential treatment for enterprises.
Meanwhile, the city will speed up administrative reform and facilitate the application of online public services while creating favourable conditions for local SMEs to enhance their presence in the domestic market.

Last year, Ha Noi established 26,441 new enterprises with a combined registered capital of more than VND337 trillion. The latest addition had brought the number of operating companies in the city up to 303,646. Nearly 6,300 enterprises resumed operation during the year, up 21 per cent year on year.

The city’s local departments and units have so far trimmed 91 administrative procedures in the fields of natural resources and environment.

In another move, the SME Support Centre under Ha Noi's Department of Planning and Investment has put into operation a portal to support businesses.

Fibre2Fashion News Desk (DS)

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