Under the PM’s newly-issued decree on improving the country’s business environment and national competitiveness, Vietnam has to try to raise its business environment to the same level at the ASEAN countries of Thailand, Singapore, Malaysia and the Philippines by late this year.
Vietnam has to try to raise its business environment to the same level of Thailand and Singapore by the end of this year
According to recent reports from the World Bank and the World Economic Forum, to date, compared to the regional countries, many indexes of Vietnam’s business environment are only ranked higher than Laos, Cambodia and Myanmar.
The government leader has instructed that more effort needed to be made so that the country can stand among the world’s top 80 countries for the protection of investments and in the top 30 countries in terms of transparency. By 2020, Vietnam wants to be named among 40 countries worldwide providing the most favourable conditions for credit for businesses.
The decree also requests to shorten tax procedures to a maximum of 119 days by the end of this year, meanwhile, import-export clearance must be reduced against last year. Bankruptcy proceedings need to be reduced to 30 months from five years of 2016.
By late 2017, Vietnam intends to be named among 80 countries with the best online public services. Tax, customs and insurances agencies are required to provide online payment services and receive procedures online to save time for people and businesses.
The Ministry of Planning and Investment has been assigned to follow the improvement of the national business environment to report the government.
