Many Solutions for Enhanced Competitiveness

Thua Thien Hue province significantly improved its Provincial Competitiveness Index (PCI) rankings in 2019 as compared to its performance in 2018 after it gained 2.99 more points (from 63.51 to 66.50) and went up 10 places in the standing rankings (from No. 30 to No. 20 out of 63 provinces and cities). To further raise PCI in 2020, the Department of Planning and Investment advised the Provincial People's Committee to issue the PCI Upgrade Plan for 2020 (Plan 152/KH-UBND dated June 16, 2020, which clearly stated objectives and solutions for better PCI component indices like "Market entry" and "Business support services".

Quick market entry

The Market Entry Index in 2019 declined by 1.39 points to 7.11 from 8.50 in 2018 (Thua Thien Hue ranked No. 1 out of 63 provinces and cities). To deal with this, in addition to employee rotation in the single-window divisions, the Department of Planning and Investment focused on improving official attitude and service and particularly emphasized the change from administration to service delivered to citizens and enterprises. The agency also updated and fostered professional knowledge for civil servants in general, ensured prompt and legal guidance and resolution of corporate records, build a joint process in resolving administrative procedures on Business Registration and Certification of Business Eligibility applied to conditional business lines.

In order to help businesses reduce market entry cost, the department advised the Provincial People's Committee to issue a decision on initial loan interest rate support and carry out a number of business support policies for new companies (based on Resolution 18/2019/NQ-HDND dated December 10, 2019 of the Provincial People's Council on support policies for newly established enterprises in Thua Thien Hue province) and carry out the “Joint regulations of the Department of Planning and Investment, the Department of Taxation and service providers in supporting digital signatures, electronic invoices, tax declaration and accounting” and “Joint regulations on information about support policies for newly established businesses in the province” to encourage and support new corporate entities.

Active business support

In 2019, the Business Support Services Index scored 5.98 points, ranking No. 41 out of 63 provinces and cities, moving up 14 places. This index went up in the rank for seven consecutive years but the score is still below the national average and needed to be drastically improved.

To raise this score, the department advised and proposed the Provincial People's Committee and relevant agencies and sectors to arrange more trade fairs for businesses or incorporate with existing annual programs such as the Startup Day launched the Thua Thien Hue Youth Union, Corporate Sustainability Forum hosted by the Institute for Research and Development and Hue Innovation Day. The Department of Planning and Investment also coordinated with relevant agencies and sectors such as the Department of Industry and Trade, the Department of Science and Technology and the Center for Innovation and Entrepreneurship to deliver supports for the private sector to develop legal consulting, financial and accounting services.

The implementation of the above consistent solutions and activities will create a more favorable business environment, help businesses to soon complete their procedures to go into operation or achieve effective business projects and plans.

Source: Vietnam Business Forum