Favourable conditions required to increase new firms
Favourable conditions are needed to increase the number of new businesses and startups, thereby realising the target of 1 million enterprises by 2020, an official has said.
Hanoi (VNA)– Favourable conditions are needed to increase the number of new businesses andstartups, thereby realising the target of 1 million enterprises by 2020, anofficial has said.
The State shouldcontinue speeding up administrative reform, improving business climate andlegal framework, Nguyen Bich Lam, General Director of the General StatisticsOffice (GSO) said at a press conference in Hanoi on February 6.
Due attention must bepaid to restructuring the economy, equitising state-owned enterprises, luringmore foreign direct investment, and facilitating the development of tge privatesector, while enforcing the Law on Support for Small- andMedium-sized Enterprises, Lam said.
Inspection should bestrengthened to ensure firms will make reports and provide timely and accurateinformation for competent agencies for better management, he added.
Pham Dinh Thuy,Director of the GSO’s Industrial Statistics Department, underlined the need toincrease inspections and supervision to ensure businesses operate effectivelyand legally.
Dialogues between Statemanagement agencies at all levels and enterprises should be conductedregularly, thus bettering the legal framework and policies to supportenterprises, Thuy said.
According to the department,by December 31, 2017, Vietnam has 561,064 operating enterprises, up 11 percentyear on year. The highest increases in the number of operating businesses were seenin Bac Giang, Thanh Hoa, Hung Yen, Ben Tre, Bac Ninh, Vinh Phuc, Binh Duong,and Da Nang.
In 2017, the number ofnew firms set a record high of 126,859, with a combined registered capital ofnearly 1,295 trillion VND (57 billion USD), year on year rises of 15 percentand 45 percent.-VNA
The number of newly-established firms and firms resuming operations set a record in 2017 with more than 153,000 companies with total registered capital of 3.16 quadrillion VND (139 billion USD).
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In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
