Improving business environment among Vietnam's top priorities

08 Mar '22

2 min read

Pic: Shutterstock

As Vietnam tries to get the economy back on track, improving the business environment is among its top priorities, economists and policymakers told a conference in Hanoi recently. Prolonged social and mobility restrictions to control COVID-19 had significantly hampered efforts to improve the business environment, said Nguyen Dinh Cung, former head of the Central Institute for Economic Management (CIEM).

There were signs of resistance coming from the government's ministries and offices against changes as reforms lost momentum. "We have witnessed the return of business requirements that were once removed as well as additional requirements put in place," he was quoted as saying by a news agerncy.

Thao said too many commitments had been made on paper by the government but too few had been implemented and reviewed, Nguyen Minh Thao, head of CIEM's business environment and competition department, said.

"For example, while local governments and ministries reported an increased number of administrative procedures available online in many cases they have not been able to effectively service businesses," she was quoted as saying.

This reflected in Vietnam's less-than-impressive Economic Freedom score. The country ranked 17th among 40 countries in the Asia–Pacific region, with 61.7 points—just 0.01 points above the world average.

Deputy minister of planning and investment Tran Duy Dong told the conference that the government is fully committed to the long-term and sustainable improvement of the business environment and considered it a driving force for economic recovery and national development.

The Prime Minister's Office in January approved a decree authorising funding for a programme designed to speed up the process, he added.

Fibre2Fashion News Desk (DS)

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