Want to be in the loop?
subscribe to
our notification
Business News
HANOI COMMITS TO STRONG SUPPORT FOR BUSINESS RECOVERY
Hanoi People’s Committee today held a dialogue with domestic companies to help them deal with their difficulties amid COVID-19, showing the city’s strong determination to support the business community.
Addressing the dialogue, Dinh Tien Dung, Secretary of Hanoi Party Committee, said that the city has been able to control the pandemic so far and is establishing a safe and flexible status to respond to any new infections, thereby bringing the city to the new normal.
Secretary Dung emphasised, “By placing businesses and people at the centre, the city has been focusing on boosting administrative reform, improving the business climate, and solving policy problems to promote the sustainable development of enterprises.”
At the dialogue, several representatives of domestic groups raised their opinions, with reform and legal barriers among their top concerns.
Quoc Anh, vice chairman of the Association of Small- and Medium-Sized Enterprises, said that many businesses were hard hit by the pandemic.
“Many policies have not been performed effectively, causing further difficulties for businesses to approach and benefit from,” Quoc Anh said, urging the city to continue dialogues to help businesses solve their problems and improve the business climate, while fast-tracking disbursement of public investment and intensifying trade and investment promotion activities.
Similarly, Chu Duc Luong, chairman of Phu My Group, asked the city to digitalise administrative procedures to save time and costs for businesses.
Hanoi authorities are committed to solving the current dilemma and recreating a more favourable environment for businesses.
In October, Hanoi also held a similar dialogue with foreign businesses and investors.
Despite the serious impact of COVID-19, the city gained GRDP growth of 1.28 per cent in the first nine months of 2021. From October, some production and business activities resumed. However, their performance remained lower than planned.
Hanoi's retail sales and service revenues in October rose 5.09 per cent on-year. Meanwhile, its export turnover last month increased 18.9 per cent on-year.
Nearly 20,000 companies were newly established between January and October, with the total registered capital of nearly $12 billion, while foreign investment attraction reached $1.21 billion.
Along with measures to prevent and control the pandemic, the city has issued several programmes to support businesses and locals in line with the government’s policies.
In particular, the city supported 1.82 million employees and employers with funds of over $43 million. The city also exempted and reduced taxes and extended payment schedules worth over $980 million, benefiting 38,000 businesses.
Source: VIR
Related News
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.