Favourable conditions required to increase new firms
Updated : Wednesday, February 07, 2018 9:48 AM (GMT+0700)

Favourableconditions are needed to increase the number of new businesses and startups,thereby realising the target of 1 million enterprises by 2020, an official hassaid.

Illustrative image - Source: VNA

The State should continuespeeding up administrative reform, improving business climate and legalframework, Nguyen Bich Lam, General Director of the General Statistics Office(GSO) said at a press conference in Hanoi on February 6.

Due attention must be paidto restructuring the economy, equitising state-owned enterprises, luring moreforeign 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 ofthe GSO’s Industrial Statistics Department, underlined the need to increaseinspections and supervision to ensure businesses operate effectively andlegally.

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 wereseen in Bac Giang, Thanh Hoa, Hung Yen, Ben Tre, Bac Ninh, Vinh Phuc, BinhDuong, and Da Nang.

In 2017, the number of newfirms 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.


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