Hanoi (VNA)𓂃 – Hanoi has been implementing measures to support enterprisesto regain growth momentum in 2024, according to Acting Director of the city’s Department of Industry and Trade Tran Thi Phuong Lan.

Thanks to increasing global demand and support solutionsby the Government, ministries, and agencies, the domestic industrial productionin general and Hanoi city's in particular has gradually recovered, showingpositive signals. Moreover,Vietnam is expected to benefit from the multinational corporations’ shiftingproduction from China to Vietnam. In late 2023, many major companies in thesupporting industry announced their strategies to penetrate the Vietnamesemarket. Lastyear, despite difficulties, Hanoi's industrial production returned to growth at a rate of about 3% compared to 2022, which was a notable result, the official said. Tokeep the trend, Hanoi has made commitments and affirmed that it willcontinue to accompany businesses, Lan stressed. Themunicipal People's Committee has issued a plan, under which it will that ensure all enterprises producing key industrial products canbenefit from the city's support policies. Inaddition, the city focuses on effectively and promptly implementing interestrate and credit policies to support businesses, people, and priority areas. ViceChairman and General Secretary of the Hanoi Association of Small and MediumEnterprises Mac Quoc Anh said that the National Assembly and the Governmenthave had many solutions in place to accompany the business community. However,administrative procedures still cause difficulties for people and businesses,he said, urging more administrative reforms. Meanwhile,enterprises need to proactively approach the market and improve theorganisational structure, human resources, management, and competitiveness, hesaid. ViceChairman of the Hanoi Supporting Industry Business Association Nguyen Van saidthat the association’s members are facing difficulties in capital and financialcapacity. Therefore, capital, especially  with low interestrates, is important for businesses to recover in 2024. Althoughthe businesses’ production and exports have recovered, they are unable tocover all their restructured debts. Especially, in supporting industries ormechanics, huge investments are required but much time is needed. Van called on agencies to study and lower lending requirements so that enterprisescan access loans more easily./.