Hanoi to spend more than 830 billion VND to support SMEs

The project sets for the local SMEs to create about 1.5 million new jobs. (Photo: kinhtedothi.vn)

The project will provide support to SMEs and help those converted from business households play a part in sectoral linkages and supply chains, with Hanoi’s exclusively designed policies.

It aims to accelerate public administrative reforms and delivery of Level 3 and Level 4 public administrative services; to improve the city’s Provincial Competitiveness Index (PCI); and to achieve an average annual growth of 10 percent and have around 30,000 newly-established enterprises annually.

The project also sets for the local SMEs to create about 1.5 million new jobs and to make up more than 25 percent of Hanoi’s total exports, over 40 percent of the city’s Gross Regional Domestic Products (GRDP) and 30 percent of the local budget.

It is expected to benefit at least 500 SMEs in manufacturing and processing in the areas of information technology, electronics, mechanics, hi-tech, food and agricultural preservation and processing.

To do the work, the city will need over 957 billion VND (41.3 million USD), including about 832 billion VND to be funded by the city’s budget.

According to a report by the Hanoi People’s Committee, the capital city is estimated to rake in around 4 billion USD in foreign direct investment (FDI) and 145 trillion VND in domestic investment this year. It has more than 26,000 new businesses this year, accounting for 20 percent of the country’s total and raising the number of local firms to around 303,000.

Later the same day, the Hanoi People’s Council wrapped up its three-day 18th meeting during which it adopted 20 reports and 16 resolutions, laying a basis for the city to effectively mobilise resources for socio-economic development in 2021 and beyond.

Despite the impact of the COVID-19 pandemic, Hanoi has maintained its economic growth, with GRDP expanding around 3.98 percent this year, 1.5 times higher than the national average.

Hanoi’s budget collection totaled 280 trillion VND, exceeding the estimate by 2 percent, and up 3.5 percent year-on-year./.



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