The Government is striving for the establishment of 1 million enterprises by the end of 2020 amidst the record number of newly-established enterprises. 

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In 2019, the number of newly-founded enterprises increased in number, registration capital, and workforce in comparison with 2018. 

The country witnessed 138,100 newly established enterprises with a total registered  capital of US$78.9 billion and over 1.25 million new jobs. Hence, the number of newly-established enterprises increased by 5.2%; capital registration up 17.1%; laborer number up 13.3%. 

Meanwhile, over 40,100 enteprises expanded operation by adding additional US$ 103 billion to their capital. The domestic economy absorbed VND 182.5 billion of investment. Up to 39,400 enterprises resumed operation in 2019, representing a year-on-year growth of 15.9%. 

In 2020, the Government targeted to support and develop enterprises. In Resolution 01, the Government stressed the necessity to facilitate enterprises and strived for the establishment of 1 million enterprises at the end of 2020. 

The Government planned to perfect the investment and business environment; raise competitiveness; and Viet Nam’s indexes in international rankings; develop enterprises in number, scale, and quality; promote business restructuring towards sustainability and creation; and encourage the private sector to engage in large-scale investment and construction projects. 

Especially, Resolution 01 stipulates the need to set up a working group to review legal documents; figure out obstacles in order to release resources for business, service, and socio-economic development. 

In a conference with the business circle at the end of 2019, PM Phuc stressed that in the age of globalization and technological advances, enterprises played the most important part in economic development and served as the pioneer force for technological applications. A country can't become powerful and prosperous in the absence of  powerful enterprises. 

Ministries and sectors were asked to implement open policies to support enterprises to unleash their strength./.