Despite Vietnam’s rise in the global competitiveness index, further reforms are needed to achieve economic targets set by the Government, speakers said at a workshop in Ho Chi Minh City on October 24.
Leaders of the State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) met in Phnom Penh on September 16 at an annual conference to share experience in macro-economy management, especially in finance-banking, and seek ways to strengthen cooperation in personnel training.
Vietnam has considered adding regulations of household business to the revised Law on Enterprises that is set to be submitted to the National Assembly for approval in October.
Vietnam has cut thousands of business regulations and special inspection procedures, saving 4 trillion VND (172 million USD) in 2017 and 6.3 trillion VND (270.9 million USD) in 2018, according to the World Bank (WB).
The Fourth Industrial Revolution, also known as the Industry 4.0, has the potential to bolster Vietnam’s economic output by a further 28.5-62.1 billion USD, equivalent to the GDP growth of 7-16 percent by 2030, according to a report by the Central Institute for Economic Management (CIEM).
The fourth Industrial Revolution will create new industries, which are expected to give new momentum to Vietnam’s economic growth, said an economic expert.
Prime Minister Nguyen Xuan Phuc has asked ministries and sectors to review and submit their plans to cut 50 percent of their business conditions before August 15.
Economic growth in Laos has seen robust expansion compared to regional peers but the country is still at risk due to high public debt, with growth in the share of debt on less concessional terms, according to a report of the World Bank (WB).
Vietnam always treasures and encourages foreign investors, including those from India, to invest and do business in the country, President Tran Dai Quang told Indronil Sengupta, Chief Executive – Vietnam at Tata Sons.
Prime Minister Nguyen Xuan Phuc has demanded that all corresponding government departments, agencies and institutions to adjust policies as part of an “action-minded” government, to unburden Vietnamese firms of unnecessary business regulations, namely redundant business permits and categorisation.
Vietnam moved up nine notches in the World Bank’s Doing Business 2017 report. The country climbed to 82nd position from 91st position last year, in the list covering over 190 economies.
Hundreds of vacationers flocked to Con Vanh ecological tourism site in Nam Phu commune, Tien Hai district, the northern province of Thai Binh, each day during its peak time from April to July.
Businesses play a vital role in creating a breakthrough in
institutional reform, Chairman of the Vietnam Chamber of Commerce and
Industry (VCCI) Vu Tien Loc said at a workshop in Hanoi on March 19.
Business opportunities in the US alongside potential challenges were the
main focus of a workshop in Hanoi on March 9 which aimed to get Hanoi
businesses prepared for the Trans-Pacific Partnership (TPP) agreement.
Vietnam and Malaysia will build an information exchange and
cooperation institution to investigate trade protection cases to support
and protect the rights of the two countries’ businesses.
Vietnam has made considerable progress in the business regulatory
environment over the past year but there is still a lot more room for
improvement, said a World Bank official.
Vietnam cut business taxes in
2008-2009, joining many other economies in East Asia and the Pacific in
strengthening business regulations to help increase opportunities for
local firms, according to a report.
Vietnam cut the corporate income tax rate from 28 percent to 25
percent and eliminated the surtax on income from the transfer of land,
according to Doing Business 2010, the seventh in a series of annual
reports by the World Bank (WB) and the International Financial
Corporation (IFC).
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