Hai Duong facilitates businesses’ market entry

Regional leader

Entry Costs is one of 10 sub-indexes of the Provincial Competitiveness Index (PCI). The sub-index aims to measure the difference between the cost and time required for newly-established businesses to enter the market.

Hai Duong’s 2023 PCI ranked 17^th in the country, up 15 places over the previous year. In particular, the province’s Entry Costs sub-index got the highest points of 7.94, coming 4^th in the country and 1^st in the Red River Delta.

This was the 2^nd consecutive year the province had successfully maintained the ranking of this sub-index. The leading position in the region brought about a great competitive advantage for the province in improving its investment and business environment.

Hai Duong’s facilitation of businesses’ market entry is shown through not only the PCI result but also the actual business development situation in the province over the past time.

The province recorded more than 1,800 newly established businesses in 2023, exceeding the set target, and nearly 1,000 others resuming operations, up 12.6% over 2022.

There also were positive signs in business development in the province in the first four months of 2024 as 650 enterprises were founded with a total registered capital of 5,817 billion VND, up 6.9% in the number of enterprises and 9.3% in registered capital compared to the same period last year.

At the same time, businesses in Hai Duong opened 226 more branches and representative offices, and 279 other companies reentered the market.

Many solutions

Hai Duong considers administrative procedure reform one of conditions to effectively support businesses.

Over the past time, the province has shortened the processing time of a number of administrative procedures related to registration, investment, production, and business.

The provincial planning and investment sector has also actively uploaded procedures to its public service portal, helping businesses easily access regulations and handle procedures quickly and conveniently. 99% of administrative procedures related to registration for business establishment and operation are processed online.

“It is very convenient for us to carry out entry procedures. Most administrative transactions and licensing applications are done online. Therefore, we feel more secure in production and business,” said Pham Van Quang, Director of Kien Truong Trading and Transport Co., Ltd. in Hai Duong city.

Hai Duong News