Hanoi enacts supporting policies for business operation under UKVFTA (21:49 20/06/2022)

HNP - The Hanoi People’s Committee on June 10 issued plan No.163/KH-UBND on the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA).  

Under the plan, the city would focus on formulating favorable mechanism and regulations to enhance businesses and economic sectors’ competitiveness.

Hanoi expects to foster small and medium enterprises via policies and supporting programs, training, facilitating information access, technologies and market entry.

In addition, the city would continue working on the promotion of innovation and startup in the city, as well as a plan for business to embark on digital transformation during the 2022-2025 period.

In this regard, Hanoi would support businesses taking part in value chains with the participation of UK companies, so that they could take advantage of the UKVFTA; promote  companies with investment from the UK to strengthen cooperation with Hanoi’s businesses and form new supply chains.

Another key objective is to promote science and technologies in production, business and improve labor productivity at businesses, so that these companies would create new production technologies and products for the local and foreign markets.

Hanoi also looks at restructuring the industrial sector for greater modernization and industrialization, which is part of the city’s program on supporting industry development; and promoting the development of key industrial products in the city for the 2021-2025 period.

Under the plan, Hanoi is expected to speed up the restructuring process of the agricultural sector and rural economy under advanced and  environmentally friendly production methods.

Hanoi would concentrate on training high quality workforce to meet growing demand of both local and foreign businesses.

By Hai Nam

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