Vietnam has jumped 18 places to rank 71st out of 125 economies considered by the World Economic Forum (WEF) in terms of business environment, the WEF’s trade index revealed on May 19.
According to the WEF, the improvement in Vietnam’s trading environment reflects the fact that the country has kept the commitments it made when joining the World Trade Organisation to open up its markets to goods and services. Under the regulations, tariffs in Vietnam are lower and domestic exporters have more opportunities to deal with other WTO members.
However, the WEF said that despite the good progress, Vietnam still needs to improve its customs procedures and the country’s infrastructure.
Vietnam’s efforts to improve its tax performance in recent years also helped the country to climb 10 places in terms of how effective its customs service is, added the WEF, however, the country is still ranked fairly low.
On top of that, the country’s low ranking in the transparency of its border management needs to be improved quickly, said the WEF.
According to the WEF, the 2010 trade index underlines the concerns shown by foreign investors about the poorness of Vietnam ’s infrastructure and the need to upgrade its transport network to boost trade with other countries worldwide.
This year, Singapore and Hong Kong lead the trade index, followed by Denmark, Sweden and Switzerland./.
According to the WEF, the improvement in Vietnam’s trading environment reflects the fact that the country has kept the commitments it made when joining the World Trade Organisation to open up its markets to goods and services. Under the regulations, tariffs in Vietnam are lower and domestic exporters have more opportunities to deal with other WTO members.
However, the WEF said that despite the good progress, Vietnam still needs to improve its customs procedures and the country’s infrastructure.
Vietnam’s efforts to improve its tax performance in recent years also helped the country to climb 10 places in terms of how effective its customs service is, added the WEF, however, the country is still ranked fairly low.
On top of that, the country’s low ranking in the transparency of its border management needs to be improved quickly, said the WEF.
According to the WEF, the 2010 trade index underlines the concerns shown by foreign investors about the poorness of Vietnam ’s infrastructure and the need to upgrade its transport network to boost trade with other countries worldwide.
This year, Singapore and Hong Kong lead the trade index, followed by Denmark, Sweden and Switzerland./.
