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Local Economy

Last updated: Monday, December 17, 2018


Siding with Businesses in International Economic Integration

Posted: Wednesday, November 08, 2017

With the drastic engagement of the entire political system, the investment and business environment of Can Tho City has improved dramatically and the economic competitiveness has increased steadily, leading to higher investor confidence in the local investment environment. Mr Truong Quoc Trang, Deputy Director of Can Tho Department of Planning and Investment, said: “By creating good policies for the people, with the business and for the business, the investment climate in Can Tho City is more favourable and accommodating than ever and extremely attractive to all economic sectors to do business.” Hoang Lam reports.

In response to the Prime Minister’s Resolution No 35/NQ-CP dated May 16, 2016 on business support and development to 2020, many provinces and cities in the country have actively pushed up entrepreneurship and business innovation. What about Can Tho City?
In the past more than one year, Can Tho City has been quite resolute to carry out Resolution 35/NQ-CP and concretised it in Plan 41/KH-UBND dated March 17, 2017 of the City People’s Committee on business startup in the city to 2020. The city aims to build and create a favourable ecosystem for startups and inspire entrepreneurship, assist business development with business investment support policies and tools, investment funds, incubators, consultancies. At the same time, the city aims to double local enterprises by 2020 in the spirit of the Government’s Resolution 35/NQ-CP.

To achieve the above objectives, Can Tho City defined eight groups of startup support: Communicating startups; holding startup contests; training startup and business development; assisting finances and taxes; supporting information, legal environment and business advice; supporting trade promotion and market expansion; setting up startup impact organisations; creating a favourable environment to support startups and business innovations.

At present, the City People’s Committee assigned the Department of Finance to study and submit the scheme on establishment of business startup fund of Can Tho to the City People’s Committee; appeal all economic sectors, venture capitalists and enterprises to pool capital to turn this fund into a socialised fund to better support business startups. The effective integration of social resources will contribute to speeding up socialisation and promoting roles of all economic sectors, investors, business associations, enterprises and nongovernmental organisations in support of business startups, high-quality human resource development and corporate governance for the private sector.

Together with the Resolution 35/NQ-CP, the Government’s Resolution 19-2016/NQ-CP dated April 28, 2016 on major tasks and solutions to improve business environment and national competitiveness in 2016-2017, with a vision to 2020, also plays a very important role in boosting up the local investment climate and drawing investors. What efforts has Can Tho City made to support and facilitate the local business community to develop as the spirit of the two resolutions?
Resolution 19-2016/NQ-CP and Resolution 35/NQ-CP of the Government defined specific targets for the two years of 2016 - 2017, focusing on supporting the business, improving the business environment, enhancing competitiveness, raising business climate rankings and scores; abolishing or suspending obsolete or contradicting regulations on business conditions; accelerating administrative reform, shortening settlement process, reducing and simplifying procedural records, cutting costs of administrative procedures; comprehensively reforming regulations on specialised management of imported and exported goods and services in conformity with international practices.

On June 7, 2016, the City People's Committee materialised the two abovementioned resolutions into the Action Programme 09/CTr-UBND on implementation of Resolution 19/2016/NQ-CP and Resolution 35/2016/NQ-CP of the Government in combination with raising the Provincial Competitiveness Index (PCI) of Can Tho City.

With the radical engagement of the whole political system, the Action Programme 09/CTr-UBND has brought in initial encouraging results, created profound changes in the perception and attitude of officials and civil servants; established the strong consensus and unity of people and the business community. Reformed administrative procedures have facilitated individuals, organisations and enterprises to settle administrative transactions. Many public services have been provided online under the one-placed single-window mechanism.

Remarkable in the past year, the time of business registration at the Department of Planning and Investment was reduced to three working days from five days earlier and expected to just two days at the end of 2017; the time for granting construction permits in industrial and export processing zones to 10 days; the time for granting construction permits at the Department of Construction to 15 days from 30 days; the time for appraising construction designs and accounting estimations to 27 days (compared with 30 days stated in State regulations); the time of appraising planning to 30 days and planning schemes to 34 days; the time of granting fire prevention design certificates to 10 days (compared with 15 statutory days) applicable to Class A projects and to eight days (compared with 10 statutory days) applicable to Class B and C projects; and the time of issuing C/O to less than four working hours for export by air and no more than eight working hours for export by other means. 60 per cent of applications are processed ahead of time and 40 per cent are handled in time. Records delivered by post are handled and sent back within the day. The city has also adopted measures to stimulate domestic consumption and actively responded to the Buy Vietnamese Campaign which encourages Vietnamese people to give priority to locally made products on their shopping list.

Joining the extensive international economic integration trend of the nation, what has Can Tho City prepared for this process?
Can Tho City is striving to become an industrial centre, trade and service centre, tourism, education and training centre, scientific and technological centre, and medical and cultural centre. The city is an important traffic hub of domestic and international transportation. In the current context of extensive international economic integration, the City People’s Committee issued Plan 46/KH-UBND dated March 22, 2017 on execution of the Resolution 06-NQ/TW of the Party Central Committee (12th term) on effectively performing international economic integration process and maintaining social and political stability amidst the enforcement of many new-generation free trade agreements to which Vietnam is a signatory; the Plan 101/KH-UBND dated June 29, 2017 on implementation of the Resolution 09-NQ/TU of the Can Tho Party Committee on active international economic integration. Both plans reflect the city's willingness to cope with difficulties and effectively utilise opportunities that international integration brings.

Accordingly, Can Tho City has proactively introduced its people, nature and socioeconomic achievements; and enhanced its reputation and position in international relations. The city has focused on investing infrastructure system, attract domestic and foreign investors to boost economic growth to maintain high growth rate with higher quality; actively mobilised available resources for development investment; and enhanced investment efficiency.

The city also drastically accelerated administrative reform to better the business investment environment, raise Provincial Competitiveness Index (PCI), and assigned municipal departments and district governments to carry out nine tasks and 63 working contents. With its determinations to attract more investors, enhance competitiveness, and deepen international integration, Can Tho City has stepped up economic restructuring, with a prioritised focus placed on three fields: public investment, State-owned enterprises and banking system. The city has also aligned economic restructuring with seeking new growth models to enhance productivity, quality, efficiency and competitiveness.

With a better infrastructure system, better human resource quality and unique advantages of Can Tho City, the business community and investment projects have contributed significantly to promoting economic growth, improving the efficiency of investment resources, expanding industrial production capacity, enhancing competitiveness at three levels of locality, company and product. The interaction and synergy of local characteristics and investment flows has made Can Tho City a desirable investment and business destination for domestic and foreign companies.

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