Hanoi (VNA) – The 15-tenure Hanoi People’sCouncil adopted a resolution on the small- and medium-sized enterprises (SMEs)support project in the capital city from 2021 – 2025 during its 18th sitting on December 9.

The project will provide support to SMEs and help thoseconverted from business households play a part in sectoral linkages and supplychains, with Hanoi’s exclusively designed policies.

It aims to accelerate public administrative reforms anddelivery of Level 3 and Level 4 public administrative services; to improve thecity’s Provincial Competitiveness Index (PCI); and to achieve an average annualgrowth of 10 percent and have around 30,000 newly-established enterprisesannually.

The project also sets for the local SMEs to create about1.5 million new jobs and to make up more than 25 percent of Hanoi’s totalexports, over 40 percent of the city’s Gross Regional Domestic Products (GRDP)and 30 percent of the local budget.

It is expected to benefit at least 500 SMEs inmanufacturing and processing in the areas of information technology,electronics, mechanics, hi-tech, food and agricultural preservation andprocessing.

To do the work, the city will need over 957 billion VND(41.3 million USD), including about 832 billion VND to be funded by the city’sbudget.

According to a report by the Hanoi People’s Committee,the capital city is estimated to rake in around 4 billion USD in foreign directinvestment (FDI) and 145 trillion VND in domestic investment this year. It hasmore than 26,000 new businesses this year, accounting for 20 percent of thecountry’s total and raising the number of local firms to around 303,000.

Later the same day, the Hanoi People’s Council wrapped upits three-day 18th meeting during which it adopted 20 reports and 16resolutions, laying a basis for the city to effectively mobilise resources forsocio-economic development in 2021 and beyond.

Despite the impact of the COVID-19 pandemic, Hanoi hasmaintained its economic growth, with GRDP expanding around 3.98 percent thisyear, 1.5 times higher than the national average.

Hanoi’s budget collection totaled 280 trillion VND,exceeding the estimate by 2 percent, and up 3.5 percent year-on-year.

The city seeks to raise its GRDP by 7.5 percent nextyear, social investment is projected to increase 12 percent, and inflation isexpected to kept below 4 percent./.