Hanoi targets admin reform to draw investors

10:24 | 01/04/2019 Economy- Society

(VEN) - The capital Hanoi is continuing to promote administrative reform in order to attract more investment and develop the city’s business community qualitatively and quantitatively.

hanoi targets admin reform to draw investors

According to the Hanoi Department of Planning and Investment, in the first two months of 2019, the department submitted to the city people’s committee for approval three non-state projects totaling VND5.32 trillion in capital and adjustment of the policy of 11 projects including nine projects that are to increase their capital by VND2.32 trillion.

The department issued business registration certificates for 3,240 newly established enterprises totaling VND26.5 trillion in registered capital, the same as the corresponding period last year in number of projects and down 14 percent in registered capital. The department implemented dissolution procedures for 363 enterprises, up 41 percent from the same period of 2018. About 2,882 enterprises registered operation suspension, up 34 percent.

There are 257,549 enterprises in Hanoi, including 1,946 businesses that have returned to operation. All business registration profiles are handled online.

Hanoi continues to review delayed projects, develop businesses and facilitate the transformation of household businesses into companies.

Hanoi’s provincial competitiveness index (PCI) improved by 10 places in 2016 and one place to rank 13th among 63 cities and provinces nationwide in 2017, while its administrative reform index increased by six grades in 2016 and one grade to the 2nd place in 2017.

Since August 8, 2018, the city has been offering an electronic one-door system at three departments, two urban districts and one suburban district.

The city people’s committee instructed local authorities to promote administrative reform related to business registration and licensing of conditional businesses, and efficiently implement the startup promotion project in the city from 2018-2020.

The committee also asked the city taxation department to work with localities in order to encourage household businesses to transform into companies, control tax losses and strengthen tax management related to household businesses. The committee also told the Department of Planning and Investment to provide free guidelines for household businesses to implement procedures of transforming into companies.

Hanoi’s targets for this year include increasing foreign investment, domestic private investment and public investment

pertaining to economic restructuring and growth model innovation.

Nguyen Hanh