Government support policies boost business growth

Pham Dinh Thuy, head of the Industrial Statistics under the General Statistics Office (GSO), said the improvement of investment-business environment assisted the business community and met enterprises’ demand in the context of economic integration.

According to the GSO, as many as 93,967 new enterprises were established in the first nine months of this year with total capital of more than VND902.6 trillion (US$39.7 billion), a year-on-year rise of 15.4% and 43.5%, respectively.

Average registered capital of each firm was VND9.6 billion (US$4.22 million), a rise of 24.4% over the same period last year.

At the same time, some VND1.24 quadrillion (US$54.5 billion) was injected into more than 27,500 businesses, raising total capital pumped into the economy to VND2.14 quadrillion (US$94.16 billion).

More than 21,100 enterprises also resumed operations in the first nine months of the year.

Total employees of the newly-established firms in nine months were 886,500, down 4.5% over the same period last year.

Of the total new firms set up in the first nine months of 2017, 33,900 operated in retail and wholesales, an increase of 17.3 percent, while 12,000 specialised in processing and manufacturing industry, up 9%, and 11,900 in construction, a rise of 12.7%. 

Experts said that to operate effectively, the new firms should focus on high-value sectors and creating trademarks.

The Ministry of Planning and Investment has also built a project to reduce input costs for businesses and to improve the competitiveness of the economy. 

Additionally, efforts to build e-public services will be continued, which are expected to save both time and money for businesses in registering for business licences.