The northern province of Thai Binh hopes to have more than 9,000 enterprises by 2020, or 850-900 new ones per year between 2016 and 2020, under a scheme to develop the private sector.
Thai Binh (VNA) – The northern province of Thai Binh hopes to have more than9,000 enterprises by 2020, or 850-900 new ones per year between 2016 and 2020,under a scheme to develop the private sector and small and medium-sizedenterprises.
The privatesector is expected to contribute 65 percent of total social investment, nearly60 percent of provincial gross regional domestic product and half of provincialState budget collection by 2020.
To achievethis, the province will encourage businesses to join value chains inmanufacturing and distribution, and encourage support industry, agro-fisheriesprocessing, and traditional craft firms to tap the potential in farming and thelocal workforce.
It willalso offer business incentives such as loans, preferential land tax, improvedinfrastructure and administrative reform.
Accordingto the provincial Department of Industry and Trade, Thai Binh recorded 2,300newly-established firms from 2011-2015, including 2,281 small and medium-sizedones with average registered capital of about 3.8 billion VND (165,000 USD), belowthe country’s average of 6 billion VND (260,000 USD).
In January2017, it granted business licenses to 44 firms and five branches and representativeoffices, bringing the total number of enterprises to 5,014 with totalregistered capital of more than 44.685 trillion VND (1.94 billion USD).-VNA
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Illustrative image (Source: VNA) 
