The corporate profit growth stood at 7.5 percent from 2010 – 2015, falling 60 percent from the rate of the 2005-2010 period, according to the General Statistics Office under the Ministry of Planning and Investment.
Hanoi (VNA) – The corporate profit growth stood at 7.5percent from 2010 – 2015, falling 60 percent from the rate of the 2005-2010period, according to the General Statistics Office under the Ministry ofPlanning and Investment.
Accordingto Pham Dinh Thuy, Director of the Office’s Industrial Statistics Department,the global development crisis has taken a toll on the operation of Vietnamesefirms, despite numerous tax incentives offered by the Government.
Thetotal pre-tax profit of businesses reached 552.7 trillion VND (24.31 billionUSD) in 2015.
From2000 – 2015, the corporate profit grew 19 percent per year, while the capitaland revenue rose 22.8 percent and 21.6 percent, respectively.
In2015, enterprises contributed 746 trillion VND (33.61 billion USD) to the Statebudget. On average, the business sector’s contributions to the budget grow 18.2percent year on year, lower than the growth of capital, revenue and profit.
Accordingto a representative from the GSO, 97 percent of enterprises are small- andmedium-sized, with out-of-date technology, resulting in the sluggish growth ofcorporate profit.
Thenumber of newly-established firms surged in the first quarter this year,however, the GDP grew slowly because most of them haven’t yet operated andcontributed to the economy.
Moreover,59 percent of the enterprises set up in 2016 are yet to generate revenue. Sofar, only 570,000 firms have really operated and contributed to the economy.
However,experts hope the newly established firms, once operational, will contributegreatly to the economic growth in the coming time.
Toimprove the operational efficiency of businesses, the Ministry of Planning andInvestment is completing the Law on Small- and Medium-sized Enterprises (SMEs) tobetter support their development.
Itis also developing a project to reduce production costs for enterprises, thusenhancing the competitiveness of the economy.
Theministry will work with relevant bodies to complete legal framework on conditionalbusiness sectors and promote online administrative services to save time andcost for enterprises.-VNA
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Illustrative photo (Photo: VNA) 
