Hanoi (VNA) – Hanoi is implementingsix solutions to improve the city’s ranking in the Provincial CompetitivenessIndex (PCI) in 2020, maintaining its position among the top ten localities inthe index.

The capital city was ranked ninth among 63localities in the latest PCI rankings (for 2019) announced recently by theVietnam Chamber of Commerce and Industry (VCCI). The reading improved 3.4 pointsfrom the previous year.

Breaking down the 2019 index, Hanoi has threecomponent indexes among the 10 highest in the country, which are businesssupport services, labour training policies and market entry.

Meanwhile, its six other components were only in themiddle-range group, which are time costs (ranked 21st among 63), transparentbusiness environment and equitable business information (36th),informal costs (41st), land access and security of business premises(41st), proactive and creative provincial leadership in solvingproblems for enterprises (45th) and legal institutions (45th).

It is noteworthy that the city has one component inthe bottom range, which is the competitive environment, ranked at only 56th among 63 localities.

The city willstrive to keep up its performance in the highly-ranked component indexes, whileimproving the indexes in the middle and low-range groups.

One importantsolution is to intensify administrative procedure reforms through usinginformation technology and enhancing transparency in order to further reducetime costs and both formal and informal costs for enterprises, particularly inthe context of economic recovery following the COVID-19 pandemic.

At the sametime, Hanoi will get prepared for new opportunities in the wave of investment shiftingout of China by member countries of the EU-Vietnam Free Trade Agreement (EVFTA) and EU-Vietnam Investment Protection Agreement (EVIPA).  

The city will continueimplementing policies on business development and encouraging businesshouseholds to upgrade to companies, along with promoting startup and renovationthrough incentives and support in information access and market extension.

Hanoi will alsopromote the role of business and trade associations in popularizing theadministration’s policies and conveying problems facing the business circles tothe authorities./.