By the end of 2024, the number of registered enterprises in the capital city reached over 400,000, with about 220,000 operating. Notably, more than 98% of the operating firms are SMEs which create jobs for 55.1% of the local workforce and contribute over 40% of the city’s gross domestic product (GDP).
Hanoi applies a model providing support in business establishment. (Photo: hanoimoi.vn)
Hanoi (VNA)🌟 – Hanoi strives to have 30,000 new businesses in 2025 and additionally 200,000 firms by 2030 in its efforts to promote the development of small-and-medium-sized enterprises (SMEs).
By the end of 2024, the number of registered enterprises in the capital city reached over 400,000, with about 220,000 operating.
Notably, more than 98% of the operating firms are SMEs which create jobs for 55.1% of the local workforce and contribute over 40% of the city’s gross domestic product (GDP).
However, this sector still faces a host of difficulties as the number of dissolved and temporarily suspended enterprises has increased, while that of newly registered businesses has decreased.
Implementing the Prime Minister’s direction on promoting SMEs’ development, the city has issued an action plan which clarifies responsibilities of departments and agencies and measures to support them.
Accordingly, the city will continue reviewing and simplifying administrative procedures in 2025, aiming to reduce at least 30% of the time for handling administrative procedures. The same margin will be applied for administrative procedures under the authority of the municipal People's Committee.
Hanoi will review and propose ministries and ministerial-level agencies to abolish at least 30% of unnecessary business conditions, and strongly shift management from "pre-inspection" to "post-inspection", while strengthening inspection and supervision.
Under the plan, Hanoi aims for innovative enterprises to make up over 50% of the total number this year. The city also seeks to attract 20–25 companies with about 30–35 products recognised as key industrial items, including 10–15 first-time entries. Its retail sales of goods and services are set to grow 9-10% in the year.
The plan also sets a target of creating jobs for 167,000 workers in 2025 and reducing the unemployment rate in urban areas to below 3%. The rate of trained workers is expected to reach 75%, of which the rate of workers with degrees and certificates is 55%.
The city plans to disburse over 95% of its allocated public investment capital in 2025./.
Released on March 25, the directive underscored the pivotal role of the private sector, particularly SMEs, which constitute 98% of all active businesses in the country.
With nearly one million businesses and around five million business households, the private sector contributes approximately 51% of the country's Gross Domestic Product (GDP) and over 30% to the State budget. However, most small and medium-sized enterprises (SMEs) face significant barriers in scaling up and enhancing their competitiveness.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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