Hanoi shoots up from 51st to 14th PCI ranking

14:00 | 17/04/2017 Economy- Society

(VEN) - According to the 2016 Provincial Competitiveness Index (PCI), Hanoi for the first time in many years exceeded the threshold of 60 points to enter the group of good quality administrations and rise to the 14th ranking among 63 provinces and cities nationwide.  

hanoi shoots up from 51st to 14th pci ranking

Based on a scale of 100 points, the highest ranking province reached 70 points, while the province of the lowest ranking obtained only 53 points. Hanoi came in with 60.74 points.

According to Tran Ngoc Nam, deputy director of the Hanoi Department of Planning and Investment, administrative reforms have undergone dramatic changes in Hanoi. Hanoi is highly interested in improving the playing field for businesses and promoting production and trade, building incubation parks for food and information technology start-ups.

The efforts have borne results, taking the country’s capital city from the 51st ranking in 2012 to the 33rd ranking in 2013, the 26th ranking in 2014, the 24th ranking in 2015 and the 14th ranking last year.

The shift is credit to a decision to view businesses as the driving force of the capital’s economic development. In 2015, the number of newly registered companies in Hanoi rose sharply to more than 20,000 units. In February 2017, Hanoi attracted investment capital of US$536.9 million (up 95 percent from the same time in 2016), including US$69.7 million of newly registered capital, US$375.8 million of increased capital and US$48.1 million worth of shares and capital contributions bought by foreign investors.

Also in February, the Hanoi Department of Planning and Investment granted investment certificates to 2,880 newly established enterprises, up 7.6 percent from the same time in 2016, with a total registered capital of more than VND22.06 trillion (up three percent), taking the total number of businesses in Hanoi to 210,892.

To reach these achievements, Hanoi has made great efforts to speed up administrative reforms, including the promotion of online business registration. About 68 percent of all businesses in Hanoi have registered operations online. Nam said that to improve its competitiveness, Hanoi will continue to accelerate administrative reforms, improve the business environment and assist businesses in start-ups, investment, production and trading activities.

Energized by its results, Hanoi says it will not stop in the 14th place. “With strenuous efforts of sectors and authorities at all levels, I believe that Hanoi will become a top-ten city in terms of its PCI ranking in late 2019 or 2020,” Nam predicted.

Thanh Tam