The number of businesspeople in the city topped 500,000, accounting for one-third of the country’s total, Ranh said at a meeting with the Central Public Relations Committee on Jan 8.

Fully aware that the large number of entrepreneurs in the city forms an important force that has made great contributions to the city’s socio-economic development for many years, the city has issued many policies to help businesses overcome difficulties, he said.

Last year, the city approved 34 new projects with a total investment of more than 1.8 trillion VND (86.5 million USD) as part of its strategy to stimulate purchasing power. Of this amount, 920 billion VND (44.2 million USD) was provided as loans with preferential interest rates.

"The city is currently considering granting preferential loans to 184 projects worth more than 523 billion VND (25.1 million USD)," Ranh said.

Municipal authorities have also carried out a price stabilisation programme to help poor people, workers and students have access to reasonably priced products and help businesses clear their inventory at the same time.

To date, there are 4,884 outlets that sell products under the price stabilisation programme that has attracted the participation of 49 businesses dealing in four main categories: essential food items, stationery items for students, milk and pharmaceutical products.-