Investment environment is favorable, business registration capital increases

More than three-quarters of the year 2023 has passed with many impacts from the global recession on Binh Duong's economy, especially on some provincial key export industries such as wood, textiles, footwear... But thanks to efforts to improve the investment and business environment, the results of attracting domestic investment capital in the province are still quite positive.

With efforts to improve the investment and business environment, businesses in the province receive maximum support to maintain operations and development. In photo: Production at Vinamilk Binh Duong Dairy Factory with modern lines.

 Proactively solve difficulties

According to statistics from Business Registration Office under Department of Planning and Investment, in the first 10 months of 2023, the total registered capital added to the economy is over 75,767 billion VND, including: 5,766 newly registered enterprises with a total registered capital of 43,155 billion VND, an increase of 3.6% in quantity and an increase of 21.9% in capital year-on-year; 1,417 enterprises adjusted to increase VND 42,013 billion, up 2.8% in quantity but down 12.9% in capital year-on-year. Of these, the number of enterprises declaring and registering online reached over 99%.

According to Department of Planning and Investment, to create favorable conditions and shorten the time to carry out administrative procedures, the department has developed and implemented the reception of online business registration documents as well as other administrative procedures and return results by mail. From the beginning of this year to October 31, the department received 61,119 business registration applications, an increase of 27.7% over the same period in 2022, with the rate of online registration applications reaching 99.29%. The high rate of online registration documents helps cut costs for businesses. Currently, administrative procedures for online registration are exempt from business registration fees.

To be more proactive in understanding and removing difficulties and obstacles for businesses, the Department of Planning and Investment has applied digital transformation, used information technology, and actively propagated policies of the Central and the province on supporting production and business recovery to businesses and workers facing difficulties on the department's website. The Department of Planning and Investment also established a Zalo group for the business community, there are now nearly 400 business members. The department received and coordinated with relevant units to resolve 183/189 feedback and recommendations from the business community.

The biggest wish today of most businesses is that the Government, ministries and localities have breakthrough solutions to continue supporting businesses to soon return production activities to normal. Especially for domestic private sector enterprises, production and business activities continue to shrink due to pressure on short-term cash flow, loan interest and export markets... In a challenging and unpredictable situation, benefits, timely support from the authorities becomes even more necessary. Along with the whole province, the support and companionship of departments, branches and localities is a solid mainstay to help businesses maintain growth momentum.

To keep improving the investment environment

Recently, Binh Duong has made efforts to improve the PCI, Par Index, PAPI etc. to improve administrative procedure reform, create a good investment environment, and attract investment capital from domestic and FDI enterprises in fields of industry, trade, services, and technical infrastructure to stimulate socio-economic development. However, 2022 is considered a not very successful year for the province in administrative reform when related indicators only reach low rankings, such as Provincial Competitiveness Index (PCI) ranked 36th, Public Administration Reform Index (PAR INDEX) ranked 35th, Index of direction, administration and assessment of service quality for people and businesses in implementing administrative procedures and public services in real time in the digital environment (Index 766) ranked 25th in the country.

Due to the above unsatisfactory results, from the beginning of 2023, the provincial leaders have paid attention and resolutely directed the synchronous and comprehensive implementation of administrative reform in all fields, strengthen digital transformation, improve the business investment environment. In addition, the province strengthens the prevention and combat of corruption and negativity to consolidate and enhance the trust of people and businesses; Promote dialogue to remove difficulties and obstacles for businesses and enhance the role of associations and businesses in developing policies, such as establishing a Steering Committee to resolve difficulties and obstacles for businesses, promulgating plans to support SMEs, plans to improve and enhance PCI, PAR INDEX, Index 766...

According to Pham Trong Nhan, Director of Department of Planning and Investment, Binh Duong strives to continue to become a leading destination in investment attraction, innovation, developing science and technology and creating a fair and safe business environment. In particular, the province focuses on main tasks and solutions to improve the business environment and enhance national competitiveness in order to adapt to the Fourth Industrial Revolution development trend and heighten the resilience of the economy. In particular, the province continues to innovate and reform administrative procedures, accelerate the use of information technology applications, digital transformation and build e-government in all fields to make public and transparent activities, creating the most favorable conditions for people and businesses when contacting agencies to carry out necessary administrative procedures.

 Reported by Ngoc Thanh - Translated by Ngoc Huynh