Forum discusses Vietnam business development

Tuesday, 2018-06-19 17:17:02
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NDO – The 2018 Vietnam Business Development Forum was opened by the Economy and Forecast Review and the Ministry of Planning and Investment, in Hanoi, on June 19.

Director of the Business Registration Management Department, under the Ministry of Planning and Investment, Tran Thi Hong Minh, reported that the business registration process had been shortened to 12 working days in 2017, down 12 days compared to 2016. At present, it takes an average of 2.36 working days for provincial administrations to grant a business registration, while the regulated duration is three days. As many as 40 provinces complete the procedure in only two days, she added.

She also noted that in the first five months of 2018, a total of 52,322 new enterprises joined the economy, up 3.5% from the same period last year. The figure for 2017 was 127,000, compared to just over 110,000 in 2016.

According to Phan Duc Hieu, deputy director of the Central Institute for Economic Management (CIEM), Vietnam must climb 28 more steps on the word business environment rankings in order to achieve the target set in the Government’s Resolution 19, despite the country’s strong rise in the ranking last year.

In addition to improving the business environment, it is necessary to create breakthroughs in providing substantive support for enterprises, which requires the resolve and consistent efforts of the Government, local administrations, ministries and agencies, he said.

Meanwhile, Dau Anh Tuan, head of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), said that the business environment has seen remarkable improvement, gaining a positive response and support from the business circle and the public.

He also pointed out several problems that need to be promptly addressed, one of which is the shrinking average size of private enterprises coupled with their weak competitiveness amidst integration and rising competition.