The locality is enacting several measures to improve the business environment and increase competitiveness.
In addition to reducing time to complete administrative procedures and building a startup supporting system, the province has helped small-and medium-sized enterprises (SMEs) compete and access capital and the market.
It also signed commitments with the Vietnam Chamber of Commerce and Industry (VCCI) to create a favourable environment for businesses.
Chairman of the provincial People’s Committee Nguyen Van Quang said local authorities will simplify procedures, push administrative reform, and host dialogues with enterprises to extricate difficulties in production.
Businesspeople suggested developing services, providing market information and legal consultation, and updating modern science and technology to make it easier for startups to do business.
Chairman of the provincial young business association Nguyen Tuong Nam said nearly 90% of businesses in the province are SMEs, hence it is necessary to put forth measures to connect firms with the market.
Vinh Long is now home to more than 2,700 businesses. Over the past nine months, the province saw 193 newly-established businesses with total registered capital of VND804 billion (US$36.18 million).
In January-September, the locality attracted seven foreign direct investment projects worth US$139.92 million, up 10.3 times year-on-year.
The province aims to attract 4,200 businesses by 2020 and encourage the private economic sector to contribute 45% to total social investment capital.