Northern Thai Nguyen province targets having 11,600 businesses by the end of next year, including 4,100 newly-registered businesses with total registered capital of VND57.37 trillion ($2.26 billion).

It currently has over 10,000 operating businesses.

The provincial People’s Council has passed a resolution on the “Supporting Small and Medium-sized Enterprises and Enhancing the Competitiveness of Businesses in Thai Nguyen Province during 2021-2025” program.

The program outlines ten specific solutions across various areas, including digital transformation support; administrative reform and market access support; accounting and tax support; access to credit and improved capital utilization; information and consulting support; human resources development; legal support; support for small and medium-sized enterprises (SMEs) transitioning from household businesses and newly-established businesses; and support for startups and participation in industry clusters and value chains.

Among these, streamlining administrative procedures to facilitate new business establishments and operations is identified as central.

During 2021-2023, the Chairman of the Thai Nguyen Provincial People’s Committee issued a decision approving a plan to simplify 139 administrative procedures in multiple sectors. This included reducing business registration time from three days to two; the time for reviewing investment project proposals from 35 days to 25; and the time for issuing investment registration certificates from 15 days to ten.