Administrative procedures for starting a business in Vietnam have been vastly simplified, shortening the time needed for completing these procedures 31 to 6 days.
Vietnam’s ranking in the World Bank’s Starting a Business Index this year is forecast to rise 10 places. These improvements are thanks to Vietnam’s implementation of Resolution No. 19/2014 in the past year to improve the business environment.
After one year of implementing this regulation, the requested time to do tax procedures has also reduced to 167 hours. However, the Vietnamese government is determined to set higher goals this year and so issued a new draft of Resolution 19 this March.
Following this new resolution, Vietnam’s business environment indicators are set to reach higher levels, equivalent to the average of the four most developed countries of ASEAN, or ASEAN-4, instead of ASEAN-6 as before.
Experts also suggested that to meet this target, the Government should comprehensively review its legal framework and regulations to create more favourable conditions for the development of economic sectors.
