Hai Duong facilitates businesses to enter the market

Top of the region

Market entry is one of the 10 component indicators of the Provincial Competitiveness Index (PCI). This index is designed to measure the differences in costs and time of market entry for newly established enterprises between provinces and cities nationwide. This index is assessed by 19 criteria related to registration time, change of business registration content; applying for a business license; waiting time for relevant procedures to be granted for the enterprise to officially start operating; posting procedures; professional qualifications, attitude of service staff; application of technology...

In 2023, Hai Duong's PCI index ranked 17th nationwide, up 15 places compared to the previous year. Of which, the province's market entry component index had the highest score, 7.94 points, ranking 4th nationwide and first in the Red River Delta. This is the second consecutive year that the province has maintained its ranking in this component index. Being the top in the region in this index has created a great competitive advantage for the province in improving the investment and business environment.

Facilitating businesses to enter the Hai Duong market is not only reflected in the PCI results, but also in the reality of business development in the province in recent times. In 2023, the province had more than 1,800 newly established enterprises, exceeding the set plan. In addition, the province also had nearly 1,000 enterprises re-registering to operate, an increase of 12.6% compared to 2022. In the first months of 2024, the province also recorded positive signals in business development when both the number of enterprises and registered capital increased. In the first 4 months of 2024, the whole province had 650 newly established enterprises with a total registered capital of VND 5,817 billion, an increase of 6.9% in the number of enterprises and 9.3% in registered capital compared to the same period last year. During the same period, businesses in the province also developed 226 more branches and representative offices and 279 businesses resumed operations.

Multiple solutions

Market entry is the first index among 10 component indexes assessing the competitiveness of localities. This is also the first step on the production and business journey of enterprises. Therefore, if creating sympathy for enterprises from the beginning, the province will have more favorable conditions in building and improving the investment environment.

Hai Duong has identified administrative procedure reform as one of the conditions to effectively support businesses. Recently, the province has reduced the time to handle a number of administrative procedures related to business registration, investment, production and business. The time for registering to establish a business has been reduced from a maximum of 3 days to 2 days; the time for granting investment registration certificates for projects not subject to investment policy decisions has been reduced from 15 days to 7 days. Hai Duong has also reduced the time for handling land allocation and land lease procedures for newly established enterprises converted from business households, small and micro enterprises from 30 days to no more than 10 days. Environmental impact assessment procedures have been reduced from 30 days to 20 days. The time for appraisal and issuance of construction permits has been shortened compared to the average regulation of 31.5 days. The issuance of work permits for foreigners has been reduced from 7 days to 3 days...

The results of the market entry index are directly related to the implementation of the tasks of the Department of Planning and Investment. With its assigned functions and tasks, the department has advised on shortening the time to handle administrative procedures, fully publicizing administrative procedures related to the establishment and operation of enterprises. The planning and investment sector has also actively put procedures on the public service portal, handling them online. To increase recognition and interaction channels, the department has linked with the provincial Electronic Information Portal to post information and procedures for handling administrative procedures. Thanks to that, businesses can easily access regulations and handle procedures quickly and conveniently. 99% of administrative procedures for business registration and operation are handled online. Mr. Pham Van Quang, Director of Kien Truong Trading and Transport Company Limited (Hai Duong City) said: “We carry out input procedures very conveniently. Most administrative transactions and company licensing applications are done online. Therefore, we feel more secure in production and business."

Despite the advantage in market entry index, all levels and sectors still need to continue to make efforts to implement other component indexes to comprehensively and synchronously improve Hai Duong's investment and business environment.