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HN's SMEs are the backbone of business in the city but face numerous challenges
Small and medium-sized enterprises (SMEs) in Hà Nội continue to face challenges in acquiring investment and construction permits, increasing market share and accessing capital, said businesses and policymakers at an event to honour businesses and entrepreneurs on Wednesday in the capital city.
Workers during a shift at a textile company in Hà Nội. — VNA/VNS Photo
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Mạc Quốc Anh, secretary-general and vice president of the Hanoi SME Association said the city’s SMEs contributed as much as 40 per cent of Hà Nội’s GDP last year, as opportunities opened up when the support policies from the National Assembly and government were put in place.
Anh said many policies were key in the recovery of SMEs in the city including tax reductions, fee reductions and lower interest rates.
In the export sector, tax and customs authorities have streamlined and simplified procedures, helping businesses save time and money. Meanwhile, SMEs’ domestic revenue has increased by 9 per cent year-on-year.
However, competition has been fierce, in both domestic and international markets, proving to be challenge, particularly when SMEs still faced difficulties in accessing funds.
He said the association’s top priority is to promote and support SMEs, as well as to help connect and build a community of SMEs as a bridge linking economic cooperation across all economic sectors.
Nguyễn Đình Thăng, deputy director of the city’s Department of Industry and Trade said the city holds entrepreneurs in high esteem as a major force of the economy, especially in light of the city’s development in recent decades.
According to the department, Hà Nội’s SMEs accounted for 80-98.2 per cent of the city’s registered companies, providing 55.1 per cent of its workers with employment.
Another important objective is to contribute suggestions and recommendations to governmental ministries and agencies in building the legal framework required to create a favourable business environment for SMEs.
In addition, the association is willing to provide training and retraining for workers and help improve management capabilities and workers’ skills in industrial zones and clusters. The association also participates in wage negotiations to ensure the rights and benefits of employers and workers.
The Thăng Long Business and Entrepreneur Honor Ceremony 2024 will commemorate the 70th anniversary of the liberation of Hà Nội (October 10, 1954- 2024), with the theme: 'Enterprises - The Driving Force of the Capital's Economic Development,' and is scheduled to take place on September 29, 2024, at the Hanoi Opera House.
The annual event, organised by the association, will celebrate individuals and collectives who have made major contributions in terms of business and to the socio-economic development of the city.
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