World Bank reports improvements in Vietnam’s business reforms

Experts from the World Bank have observed several major improvements in the ease of doing business in Vietnam, the Ministry of Planning and Investment (MPI) has said.

World Bank reports improvements in Vietnam’s business reforms
Officials introduce tax policies at a tax office. Several major improvements in the ease of doing business in Vietnam are recently made – PHOTO: VPG

The MPI and the Government Office, together with the relevant ministries and agencies, have met with a group of WB experts in charge of the Doing Business report to update them on the progress of Vietnam’s business environment reforms, reported the Government news website.

The WB experts will issue their assessments on the effectiveness and quality of the business reforms for the 2020 edition of the report, which will be released in October this year.

The average time needed to start a business is expected to be halved to eight days from the current 17, and the number of relevant procedures will also be cut from eight to five steps.

The MPI has already instructed business registration offices to simplify administrative procedures by the processes for merging business establishment registrations, issuing notifications of seal samples, seal engraving and opening bank accounts into one procedural step.

Also, the Ministry of Finance has issued a circular reducing the time needed for the registration of self-printing invoices from 10 days to two days.

Meanwhile, the Dealing with Construction Permits indicator will drop from 10 steps over 166 days to 52 days.

The decline is attributed to the fact that the Ministry of Construction has coordinated with the Ministry of Public Security and local water supply and drainage firms to complete three procedures – the appraisal and approval of fire protection and fire fighting designs, the issuance of construction permits and the connection of water supply and drainage systems.

 

This is also partly thanks to other reforms, such as decentralizing the issuance of construction permits for local governments, in line with the Construction Law and the Government’s Decree 59/2015, and shortening the period of registration for asset ownership upon the completion of construction, aligned with the Government’s Decree 1/2017 on the Land Law.

With regard to tax and social insurance payments, the Ministry of Finance has updated the statistics on firms that declare and pay their taxes online, including value-added and corporate income taxes.

The figure accounts for 90% of the total, so the number of corporate income tax payments is expected to fall to one instance from the previous five.

According to the MPI, some recent regulations have improved the effectiveness of the Trading Across Borders indicator.

For example, the Government’s Decree 59/2018 on import and export customs procedures mandates the receipt of e-invoices and sets a deadline by which customs officers must address customs declaration applications. SGT

Ministries instructed to complete reforms

Ministries instructed to complete reforms

Ministries and Government agencies needed to accelerate reforms and transparency to tackle corruption and solve the difficulties faced by businesses and members of the public.

Banks need further administrative reforms: conference

Banks need further administrative reforms: conference

More administrative reform is needed in the banking industry to make it easier for businesses and individuals to get credit, experts told a conference in HCM City on Thursday.  

Practical reforms required for better agriculture: Gov't

Practical reforms required for better agriculture: Gov't

Prime Minister, the Government and enterprises want ministries and agencies to carry out practical reforms, particularly those removing unnecessary administrative procedures, to create a better business climate in agriculture,

 
 

Other News

.
Chubb Life Vietnam honored 'Top Insurance Workplaces 2020'
Chubb Life Vietnam honored 'Top Insurance Workplaces 2020'
BUSINESSicon  14/09/2020 

Insurance Business Asia, a world-renowned insurance publication, has just named Chubb Life Insurance Vietnam Company Limited (Chubb Life Vietnam) among the “Top Insurance Workplaces 2020” in Asia.

Lam Dong halts agricultural tourism projects
Lam Dong halts agricultural tourism projects
TRAVELicon  13/09/2020 

Despite keen interest from businesses to invest in agricultural tourism in the Central Highlands province of Lam Dong, the provincial government is not granting an approval to such projects for the time being.

Hotel rates down steeply as COVID-19 keeps away tourists
Hotel rates down steeply as COVID-19 keeps away tourists
BUSINESSicon  12/09/2020 

The hotel industry is facing arguably its greatest challenge as the impacts of COVID-19 keep away foreign visitors from the country.

MPI prepares new decree on SOE information disclosure
MPI prepares new decree on SOE information disclosure
BUSINESSicon  12/09/2020 

The Ministry of Planning and Industry (MPI) is developing a new decree to guide State-owned enterprises (SOEs) on disclosing information, aiming to...

Vietnam likely to gain export target for timber and wooden products this year: experts
Vietnam likely to gain export target for timber and wooden products this year: experts
BUSINESSicon  12/09/2020 

 Experts believe Viet Nam this year will reach its export target for timber and wooden products at US$12 billion, despite the impact of the COVID-19...

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 13
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 13
BUSINESSicon  13/09/2020 

Vietnam home to nearly 50,000 rooftop solar projects

Vietnam's energy sector a magnet for foreign investors
Vietnam's energy sector a magnet for foreign investors
BUSINESSicon  11/09/2020 

National electricity demand is expected to increase by 8.5 per cent a year until 2025 and 7 per cent until 2030, making Vietnam an attractive market for foreign energy investors.

Ministry asks for tightened management on condotels, officetels, shophouses
Ministry asks for tightened management on condotels, officetels, shophouses
BUSINESSicon  12/09/2020 

The Ministry of Construction has asked provincial and municipal people’s committees to tighten management on condotels, officetels, resort villas and shophouses 

Auto industry steers strategy towards wider supply chains
Auto industry steers strategy towards wider supply chains
BUSINESSicon  11/09/2020 

Vietnam’s automobile industry is transforming drastically but it still lacks scenarios to join the global supply chains after the COVID-19 pandemic.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 12
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 12
BUSINESSicon  12/09/2020 

Vietnam recovery prospects brightest in Southeast Asia: ICAEW

Versatility letting retail grow anew
Versatility letting retail grow anew
BUSINESSicon  10/09/2020 

The local retail sector is set to maintain its encouraging growth towards the end of the year, with new drivers coming online.

Anxious carmakers hoping losses remain in rear mirror
Anxious carmakers hoping losses remain in rear mirror
BUSINESSicon  10/09/2020 

Despite efforts in converting part of their facilities to produce ventilators and face masks for fighting the coronavirus pandemic, global carmakers are still reporting losses 

Vietnam's current account forecast at 3.7% in 2020
Vietnam's current account forecast at 3.7% in 2020
BUSINESSicon  10/09/2020 

Vietnam’s current account surplus could narrow to 3.7 per cent in 2020 from 4.9 per cent last year due to the impacts of the COVID-19 pandemic, according to Fitch Solutions.

Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
BUSINESSicon  10/09/2020 

Wholesale markets in HCM City are facing a serious crisis due to the second COVID-19 outbreak. 

Businesses race against the clock to issue bonds
Businesses race against the clock to issue bonds
BUSINESSicon  11/09/2020 

Large corporations are rushing to seek capital through bond issuances before a new regulation, with stricter requirements, takes effect.

VN farm produce prices plummet amid oversupply, impact of Covid-19
VN farm produce prices plummet amid oversupply, impact of Covid-19
BUSINESSicon  11/09/2020 

Booth avocado, the specialty of Dak Lak province, is now selling at VND10,000-20,000 per kilogram, and the price of passion fruit has also fallen dramatically.

Fruit exports to China fall, but are offset by more exports to Thailand
Fruit exports to China fall, but are offset by more exports to Thailand
BUSINESSicon  10/09/2020 

China has reduced fruit imports, but Thailand has been buying more from Vietnam.

Smartphones 'determine the fate' of VND-billionaire farmers
Smartphones 'determine the fate' of VND-billionaire farmers
BUSINESSicon  12/09/2020 

Over the last 10 years of developing farming chains and observing strict requirements, farmers who have earned annual incomes of billions of dong have been increasingly using digital technology.

Probus Opportunities & Digi Ventures invest in Vietmoney
Probus Opportunities & Digi Ventures invest in Vietmoney
BUSINESSicon  10/09/2020 

Vietnamese pawn chain operator Vietmoney has closed its series A funding round with Probus Opportunities (Probus) and Digi Ventures (DV). Probus and DV will hold a combined 30% stake in Vietmoney and both shall join the Board of Directors.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 11
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 11
BUSINESSicon  11/09/2020 

Despite lower interest rates, people still put money in banks

 
 
 
Leave your comment on an article

OR QUICK LOGIN