Hanoi: Newly-established enterprises up 22% in eight months

Wednesday, 31/08/2022 10:48
Over 20,000 new enterprises were established in Hanoi in the first eight months of 2022, with a total registered capital of 226 trillion VND (over 9.64 billion USD), representing year-on-year increases of 22% and 2%, respectively.
Illustrative image (Photo: VNA)

After the COVID-19 pandemic was brought under control, many businesses have resumed their production and business. The number of newly-established businesses increased rapidly.

In the period, nearly 2,500 enterprises completed dissolution procedures, while 13,300 others registered to suspend operation, up 14% and 46%.

As many as 7,800 businesses resumed their operation, up 7% compared to the same period last year.

The rate of online business registration dossiers was maintained at 100%, ensuring the quality and punctuality.

In August alone, there were over 2,500 new enterprises established, increasing by 2.3 times over the same period last year, with a total registered capital of 25.3 trillion VND, up 49%.

However, 282 firms announced their dissolution and 1,173 enterprises registered to suspend operation, up 53% and 71%, respectively.  Meanwhile, 617 firms began their operation again, down 16%.

Municipal authorities granted licenses to new 36 foreign-invested projects worth 16.4 million USD in August. Meanwhile, 1.6 million USD were added to 19 existing projects.

Foreign investment through capital contributions and share purchases in the month reached 5.1 million USD.

During the January – August period, Hanoi attracted 992.3 million USD in FDI, up 49.6% compared to the same period last year, including 141.3 million USD in 226 new projects, and 374.6 million USD in 122 existing projects, rising by 19.4% and 16%. Capital contributions and share purchases reached 476.4 million USD.

Notably, travel businesses have rebounded strongly. Many tourism sites in Hanoi were forecast to be overloaded during the upcoming National Day holidays.

According to the municipal Department of Statistics, the number of tourists visiting Hanoi in August reached 280,000, up 10.1% month-on-month and 8.2 times higher than that of the same period last year.

In the first eight months, Hanoi welcomed 1.43 million holiday-makers, 2.2 times higher than the same period last year, completing the target set for the year.

The capital city served  477,000 foreign arrivals in the January-August period, 3.9 times  higher than the same period last year.

Last year, due to strict social distancing measures induced by a serious wave of COVID-19, Hanoi only attracted 1.52 billion USD, ranking sixth.

But FDI flows into the city recovered strongly in the first seven months of this year, with 979.7 million USD poured into 201 new and 109 underway projects as well as 242 capital contribution deals.

In the period of extensive international economic integration, the city has defined the business community in general and FDI firms in particular as an important motivation for the city’s development.

Last year, the city issued a plan on the completion of institutions and policies to enhance the quality and effectiveness of foreign investment cooperation until 2030.

Under the plan, the city aims to attract foreign investment in line with sustainable development targets.

The city will prioritise high quality projects with products having high added value and high competitiveness, focusing on urban infrastructure development, smart city building, information technology, development research, tourism, financial-banking, human resources training, high-tech agriculture, and safe food.

Investment promotion work will be reformed for better effectiveness in association with promotion of trade, tourism, external relations and culture activities. The city has defined targeted markets to introduce its potential and advantages.

At the same time, Hanoi will strengthen the application of information technology in processing administrative procedures related to business and investment registration, tax, insurance and land.

It will make public all planning of sectors and regions as well as land use plans through various forms, thus ensuring that all businesses can easily access information necessary for making investment decisions./.

CPV (Source: VNA)