Capital of newly established firms in Hanoi surges by over 53% in May
Apart from promoting business development, Hanoi has implemented a range of credit policies to support production and business activities.
Citizens wait to handle business establishment procedures at the business registration office of the Hanoi Department of Planning and Investment. (Illustrative photo: VNA)
Hanoi (VNA) – Hanoi granted business registration licenses to 2,283 newly-established firms with a total registered capital of 33.7 trillion VND (1.29 billion USD) in May, sharply surging by 53.3% in capital compared to the same period last year, according to the municipal Department of Planning and Investment.
During the same period, 700 enterprises resumed operations, up 13.6%, while 1,489 suspended operations and 399 were dissolved.
Average, the capital city recorded 11,600 newly-established businesses in the first five months with a total registered capital of 106.7 trillion VND, down 7.2% in number and 9.7% in volume year-on-year.
The number of dissolved enterprises increased by 26.6% in January – May, highlighting ongoing pressure on the corporate sector, especially small- and medium-sized enterprises.
Apart from promoting business development, Hanoi has implemented a range of credit policies to support production and business activities. In May, the State Bank of Vietnam maintained its policy interest rates while directing commercial banks to flexibly adjust lending rates downward. Short-term lending rates for priority sectors remained low, averaging 3.9% per annum, below the regulatory ceiling of 4%.
As of May 31, total outstanding credit stood at over 4.88 trillion VND, up 8.32%, with short-term loans rising by 10.51%, indicating a focus on supporting short-term production and business activities.
In the coming time, Hanoi aims to closely link enterprise development with improving credit efficiency and effectively addressing challenges faced by the production sector.
Attention will 🐠be paid to reforming administrative procedures, particularly loan application processes; expanding preferential credit programmes for SMEs; enhancing advisory capacity to support digital and green transformation; and strengthening labour supply-demand matching in line with market needs to pꦯromote sustainable business development./.
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