Hanoi eyes 150,000 new firms in next five years

Hanoi sets a goal of having more 150,000 businesses between 2021 and 2025 as part of a recently-launched local emulation campaign.

The campaign, which aims to set the scene for the city’s enterprises to integrate internationally and develop over the next five years, will call for agencies and businesses in the city to encourage production, start-ups and innovation, and promote patriotism and corporate responsibility among them.

In March, Hanoi also announced its target of having 900 businesses in supporting industries this year, 300 eligible to join global production networks of multinational groups in Vietnam.

Last December, the capital city approved a small- and medium-sized enterprises (SMEs) support project, which will offer assistance to local SMEs and help those converted from business households play a part in sectoral linkages and supply chains from 2021 – 2025.

The project 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./.