Hai Duong socio-economic picture in first half of 2024. Last article: Business development solutions

The number of newly-established businesses is one of 15 socio-economic development targets of Hai Duong province in 2024. This issue also has a decisive impact on the province's long-term, sustainable economic development.

The Vietnam Chamber of Commerce and Industry (VCCI) considers Hai Duong one of localities that facilitate businesses’ market entry.

The province ranked 4^th in Vietnam and 1^st in the Red River Delta regarding the Entry Costs sub-index in 2022 and 2023 in a row. This is an important sub-index among 10 sub-indexes of the Provincial Competitiveness Index (PCI).

Hai Duong saw positive business development in 2023 as more than 1,800 enterprises were established with a total registered capital of about 15,000 billion VND, and 1,000 companies resumed operation, exceeding the set targets, according to the Department of Planning and Investment.

The province aims to increase the number of newly established businesses by 15% in 2024.

In the first six months of the year, 827 enterprises were founded across the province with a total registered capital of 6,928 billion VND, up 4.2% in quantity and 1.3% in capital compared to the same period last year.

The number of newly-established businesses depends heavily on external factors such as the investment environment, consumer markets, regional economic situation, etc., the Department of Planning and Investment assessed.

On the other hand, the majority of enterprises need support in the course of production and business because difficulties and problems often arise during these periods.

Therefore, authorities should have proper support mechanisms to encourage startups, thereby creating favorable conditions for business development in the locality.

Hai Duong is working out a new support mechanism for business development to replace the old one that is no longer appropriate.

To ensure the feasibility and effectiveness of the mechanism, the consultancy has consulted development support mechanisms in some other localities aside from legal bases for flexible application.

Hence, satisfactory policies will be developed, meeting newly-established businesses’ needs and aspirations, enhancing their resistance, helping them quickly adapt to the market, and, at the same time, limiting business dissolution and suspension.

DUNG CUONG