Vietnam Currency Discussion Board

[Rasica]

Hai Phong sees record number of business start-ups

VNECONOMY updated: 25/09/2007


The northern port city of Hai Phong saw a record number of business start-ups in the first nine months of this year, according to the municipal Department of Planning and Investment.

In the period, the city licensed nearly 2,240 businesses, capitalised at over 10 trillion VND. The figures represented an increase of 54 percent in volume and 173 percent in value.

The department said the city’s effort to simplify administrative procedures was one of the major reasons behind the increase in the number of business start-ups.

The newly-licensed businesses, which include 1,340 limited liability, 617 joint stock and 65 private companies, are generating around 30,000 jobs.

They have brought the total number of enterprises in the city to more than 7,000.

Source: Vietnam Agency