Viet Nam Human Rights
Vietnam’s efforts to improve business environment
17/11/17
Doing
Business 2018: Reforming to Create Jobs is the 15th in a series of the
World Bank Group’s annual reports measuring the regulations that
enhance or constrain business activity. Vietnam, with 39 reforms, was listed
among the countries that have implemented the most reforms in the past 15
years.
The
World Bank’s report also shows that Vietnam has carried out many effective
economic reforms in the past year. Specifically, Vietnam has improved 8 out of
10 performance indicators, 5 of which strongly affect business environment:
obtaining credit, paying taxes, using electricity, trading across borders, and
enforcing contracts.
Vietnam
also claimed the 47th position among 127 economies surveyed in the 2017 global
innovative index (GII) report, the highest ranking to date, up 12 places from last
year’s report, according to the World Intellectual Property Organisation
(WIPO). The World Economic Forum (WEF)’s Global Competitiveness Report
2017-2018 released in September also ranked Vietnam 55th overall, up five
places from 2016.
Since
July, businesses have enjoyed more favorable conditions for accessing credit,
thanks to banks’ reducing in their annual interest rate from 7% to
6.5% for businesses in agriculture, support industries, high-tech, and small
and medium-sized enterprises. Vietnam’s obtaining credit indicator increased 5
points and rose 3 places to rank 29th out of 190 countries. Its paying
taxes indicator rose to 86th place. Truong Duc Tung, Deputy General
Director of Tri Nam Technology Development Investment Joint Stock Company,
said: “The application of high tech in doing business will enhance
transparency and make it easier for businesses. Cutting down administrative
procedures and cost will be a big help to enterprises.”
Vietnam
is working to improve its business environment for the long run, especially in
granting licenses for construction and investment projects. Nguyen Minh Thao,
Head of the Department of Business Environment and Competitiveness at Vietnam’s
Central Institute of Economic Management, said: “Vietnam’s starting businesses
indicator remains low, indicating many shortcomings in this area. The increase
of Vietnam’s trading across borders indicator was not remarkable given that its
neighbors’ indicators also rose sharply. We must try harder to improve these
indicators in the future.”
Since
the beginning of this year, some 100,000 businesses have been established in
Vietnam and 97% of them have generated revenues and paid taxes, reflecting the
favorable business environment in Vietnam. The Vietnamese government is now
pursuing many incentives in order to create a better business environment
and enhance national competitiveness./.
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All comments [ 5 ]
2017 is the year that the Vietnamese governmnent has done good at facilitating business and citizen's rights.
Vietnam stands as a key country in the ASEAN region. Vietnam is a dynamic and growing country that is increasingly attractive to foreign businesses looking to expand their operations in Asia.
There are a number of key advantages that make Vietnam stand out from the rest of Asia. Unlike many other countries in the region, Vietnam’s government is very stable and committed to seeing the country grow.
The country has improving infrastructure and remains a low cost manufacturing hub that provides good financial incentives to foreign companies.
An abundance of natural resources is also helping to fuel the manufacturing boom in the country.
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