Healthy environment needs to help SMEs compete in ASEAN
Experts have suggested Government and State management agencies create a
healthy investment climate for small- and medium-sized enterprises
(SMEs) to compete in the 600-million-strong ASEAN market in anticipation
of the year-end establishment of the ASEAN Economic Community (AEC).
Experts have suggested Government and State management agencies create a
healthy investment climate for small- and medium-sized enterprises
(SMEs) to compete in the 600-million-strong ASEAN market in anticipation
of the year-end establishment of the ASEAN Economic Community (AEC).
They suggested speeding up administrative reform through the implementation of one-stop-shop customs procedures, simplifying required paperwork and facilitating the flows of vehicles and goods.
According to the 2014 Business Climate Report conducted by the World Bank and the International Finance Corporation, the average time spent on tax procedures in Vietnam was 872 hours for each SME annually, while 21 days are needed to complete export procedures and another 21 days for import procedures.
To improve the business climate, the Government has recently issued Resolution 19 to streamline procedures for enterprises to prepare, file and pay taxes in an average of 171 hours annually, in line with that of the ASEAN-6: Indonesia, Thailand, Singapore, the Philippines, Malaysia and Brunei. The time required for export and import procedures will be cut to 14 days and 13 days, respectively.
An The Dung, Office Chief of the inter-sectoral steering committee for economic integration said the Government could support businesses through implementing anti-dumping tax measures and building quality standards for products in line with the commitments of the World Trade Organisation (WTO) and other signed agreements.
Cao Sy Kiem, Chairman of the Vietnam Small-and Medium-Sized Enterprises Association, recommended enhancing business awareness of integration demands and building strategies based on their individual strengths.
The State should improve the business administration mechanism in accordance with international practices to help business confidence during integration, as well as assist them in human resources training and administrative procedures, he added.
An The Dung warned that the biggest hurdles to overcome are the quality of goods and services, investment attraction and trade protection measures.
Competition is expected to intensify after the formation of the AEC in late 2015, which will remove virtually all tariffs on goods traded between Vietnam and other ASEAN member nations, Dung said.
He called on businesses to make full use of opportunities resulting from the regional economic integration and requested joint supporting efforts from State-run management agencies and businesses to remove bottlenecks.
Small- and medium-sized enterprises account for up to 96 percent of the businesses operating in Vietnam.-VNA
They suggested speeding up administrative reform through the implementation of one-stop-shop customs procedures, simplifying required paperwork and facilitating the flows of vehicles and goods.
According to the 2014 Business Climate Report conducted by the World Bank and the International Finance Corporation, the average time spent on tax procedures in Vietnam was 872 hours for each SME annually, while 21 days are needed to complete export procedures and another 21 days for import procedures.
To improve the business climate, the Government has recently issued Resolution 19 to streamline procedures for enterprises to prepare, file and pay taxes in an average of 171 hours annually, in line with that of the ASEAN-6: Indonesia, Thailand, Singapore, the Philippines, Malaysia and Brunei. The time required for export and import procedures will be cut to 14 days and 13 days, respectively.
An The Dung, Office Chief of the inter-sectoral steering committee for economic integration said the Government could support businesses through implementing anti-dumping tax measures and building quality standards for products in line with the commitments of the World Trade Organisation (WTO) and other signed agreements.
Cao Sy Kiem, Chairman of the Vietnam Small-and Medium-Sized Enterprises Association, recommended enhancing business awareness of integration demands and building strategies based on their individual strengths.
The State should improve the business administration mechanism in accordance with international practices to help business confidence during integration, as well as assist them in human resources training and administrative procedures, he added.
An The Dung warned that the biggest hurdles to overcome are the quality of goods and services, investment attraction and trade protection measures.
Competition is expected to intensify after the formation of the AEC in late 2015, which will remove virtually all tariffs on goods traded between Vietnam and other ASEAN member nations, Dung said.
He called on businesses to make full use of opportunities resulting from the regional economic integration and requested joint supporting efforts from State-run management agencies and businesses to remove bottlenecks.
Small- and medium-sized enterprises account for up to 96 percent of the businesses operating in Vietnam.-VNA
You should also see
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
See more
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
Business
Beautycare Expo 2024 opens in Hanoi
The Beautycare Expo 2024 kicked off Hanoi on April 18, featuring over 250 booths from more than 15 countries and territories.
