The southern province of Dong Nai licensed 470 private companies capitalised at over 1.050 trillion dong in the last nine months, bringing the total number of private companies in the province to 2,891 and total registered capital of 5.245 trillion dong.
Compared with the year-earlier period, the number of new company start ups in Dong Nai increased 30% and 23% in registered capital.
The majority of the newly established companies specialise in the fields of industry and construction (192 businesses and 700 billion dong), and services and commerce (240 businesses and 270 billion dong). The private business boom is notable in the provincial capital of Bien Hoa City which is home to almost 68% of private companies while the districts of Long Thanh, Trang Bom make up about 10–12%. This year, about 150 existing private companies increased registered capital by more than 650 billion dong in total.
Dong Nai authorities say they have shortened licensing time to between three and seven days, and in some cases just one day to sign off the company registration certificate.