Hà Nội to cut business regulations by minimum 30%

Hà Nội to cut business regulations by minimum 30%

The city will focus on reforms that stimulate both supply and demand in accordance with the country’s economic conditions.

A conference seeking ways to boost Hà Nội's economic growth. — Photo baodautu.vn

The Hà Nội People’s Committee has requested the elimination of at least 30 per cent of unnecessary business conditions and the reduction of administrative processing time by the same margin in a move to bolster economic growth.

In a document issued on March 11, the committee stressed the need to mobilise all economic sectors, businesses and citizens to engage in socio-economic development, contributing to national growth. All institutional frameworks, mechanisms, and policies must be aligned with the objective.

The city will focus on reforms that stimulate both supply and demand in accordance with the country’s economic conditions, making contributions to positioning Việt Nam among the top three ASEAN countries regarding investment environment within the next two-three years.

In the meantime, the city will pen realty policies to attract investment while transforming urban areas into growth engines through high-quality and harmonious infrastructure development. Local authorities are considering the establishment of a national housing fund to build affordable houses in major urban areas.

Talent attraction policies for state-owned agencies and enterprises will be implemented, with special mechanisms for high-performing officials while removing underperforming ones. The document also calls for continued refinement of state organisational structure, increased decentralisation of authority to local administration, and better policies in response to the ageing population issue.

Hà Nội will also accelerate investment in strategic national infrastructure systems, enhance private investment through a favourable, transparent, and low-cost investment environment with easier access to credit, and promote domestic consumption for sustainable growth while increasing net exports.

Additionally, the city will boost the export of processed agro-forestry-fishery products by developing agricultural economy rather than pure production. Industrialisation and encouragement of new cooperation models in the area will be given due regard. 

Bizhub