Measures sought to develop enterprises in HCM City

The third session of the ninth People’s Council of Ho Chi Minh City on December 7 focused on measures to realise the target of 50,000 new firms in 2017 and 500,000 by 2020 while improving local business performance.

Currently, the city has 290,000 enterprises. Of which, 36,000 were established in 2016, with 39.8% in real estate, and 18.7% in trading – retail, and only 6.4% in science and technology field.



Deputy Pham Quoc Bao said despite the statistics, only 175,000 firms are actually operational, and the number of those which suspended operation or moved out of the city is rising. In order to achieve the set target of new enterprises, it is necessary to review statistics and the real performance of firms, while more attention should be paid to firms’ quality, he said. 

Deputy Cao Anh Minh suggested that the city offer more incentives to encourage new firms in support industry and science-technology field.

Another deputy, Cao Thanh Binh cited a survey conducted in several districts on the conversion of family businesses into firms, which showed only a few of them have changed their models.

Council deputies paid attention to the need to develop public services to support the increasing number of local firms, including administrative reform and the tax agency’s workforce.

Director of the municipal Department of Taxation Tran Ngoc Tam said his department is working with local tax agencies to assist family businesses in changing their operation model.

According to Director of the municipal Department of Planning and Investment Su Ngoc Anh, the city has designed funding packages to support newly established firms. 

He stressed that the authorities are doing their best to improve the investment environment and business climate to facilitate business operation and expansion.

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