The Hanoi People’s Committee has approved a strategic plan aiming to foster the growth of small and medium-sized enterprises (SMEs), targeting the formation of approximately 40,000 new businesses annually between 2026 and 2030.

The decision, signed by Vice Chairman Truong Viet Dung, outlines a five-year development plan that will prioritize support for SMEs operating in key sectors such as manufacturing, digital industry, automation, high-tech agriculture, and creative industries.

Under the proposal, Hanoi will directly enhance the capacity of at least 5,000 SMEs per year while indirectly supporting around 40,000 other businesses annually. The plan also sets ambitious training goals: 15,000 workers and 1,000 chief executive officers (CEOs) will receive professional development each year, focusing on innovation, digital transformation, management skills, and export promotion.

By 2030, Hanoi aims to have trained 5,000 CEOs, contributing to an improved investment climate, a higher Provincial Competitiveness Index (PCI), and ongoing administrative reforms.

The development plan is built around three major pillars:

1. Governance solutions:The city will create a digital management system for SME support, host events to honor outstanding enterprises, simplify administrative procedures, and expand online public services with integrated inter-agency processes.

2. Building the SME support ecosystem: This includes investment in scientific infrastructure, innovation, and digital transformation. Hanoi will train public servants and business advisors, build a centralized information portal for investment promotion, and organize five conferences or workshops annually. A White Paper and an annual report on the startup ecosystem will also be published.

3. Direct SME support initiatives: These will include access to credit, trade promotion, digital transformation support, technology upgrades, assistance with manufacturing facilities, support for innovative startups, participation in value chains, and green and circular economic development.

The Department of Finance will lead the plan’s implementation in coordination with other departments, local governments, and business associations. District and ward-level governments will focus on public outreach, encouraging household businesses to formalize into enterprises and contributing to a sustainable private-sector economy in the capital.

Hai Anh