More efforts made to improve Vietnam business environment

As Vietnam has been integrating more broadly and profoundly with the international community, the Vietnamese government is using all its resources to improve the country’s business environment and national competitiveness. Two declarations, both marked No.19, were released in 2014 and 2015 and have revealed this determination.

Administrative procedures for starting a business in Vietnam 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 ResolutionNo. 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.