Sunday, 19 Nov 2017

Hanoi establishes policies and mechanisms to assist start-up businesses

Updated at Wednesday, 08 Nov 2017, 20:16
The Hanoitimes - The Hanoi People’s Committee has recently announced Report 309/BC-UBND dated November 2 on supervising implementation of law on supporting start-up businesses in the Capital City.

Over the past time, Hanoi has launched policies and mechanisms to help startup enterprises. In 2017, the Municipal People’s Committee allocated VND 18.6 billion for Support Center for Small and Medium Enterprises to support training for enterprises and activities to connect businesses’ associations, and spent VND 12.6 billion on legal support for businesses.  

Hanoi Branch of State Bank launches credit packages to offer preferential interest rate to small, medium and startup businesses, enhance credit guarantee and found Small and Medium Enterprises Development Fund. 

From July 10, 2017, credit organizations in Hanoi reduce short-term interest rate for particular priority objects and fields calling for investment; interest rate reduction is 0.5-1% per year.


Banks implement preferential programs and projects promptly, and amend them properly, thus helping enterprises access capitals and attracting participation of businesses for further production and trade development. 

Until September 30, 2017, loan outstanding balance of Hanoi commercial banks for credit organizations is VND 466,895 billion, accounting for 30.4% of total outstanding loans and increasing 15.7% against 2016.

The city also launches online public services, integrates online public services with electronic One Stop Shop and inter-level One Stop Shop software, reduces time to issue construction license from 30 days to 10 days and time to issue land use right certificate from 30 days to 14 days.
Nguyen Ngan
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