return icon

Efforts to improve business environment to be ramped up

The local business community anticipates that the Government will take specific and efficient measures aimed at immediately resolving bottlenecks that hinder their operations, said Vu Tien Loc, chairman of VCCI.

Loc told Hai Quan (Customs) newswire that the Government has taken swift steps in an effort to contain the novel coronavirus (COVID-19) pandemic and reboot the economy, therefore helping domestic firms to resume production.





In addition, the country’s signing of a number of free trade agreements (FTAs) has served to open up a window of opportunity for local businesses to make greater inroads into potential markets.

According to Loc, as part of efforts to support enterprises, the Government has stepped up the reform process for administrative procedures, along with the application of information technology to settle administrative procedures, even during the height of the COVID-19 outbreak.

In line with this, May alone saw the Government issue Resolution No.68 on reducing and simplifying regulations relating to business activities for the 2020-2025 period, with the primary aim of cutting down 20% of regulations along with 20% of regulatory compliance costs that relate to business operations.

Furthermore, firms themselves have also made great strides in maintaining production, with many taking the initiative in relation to raw materials and diversifying products in order to survive the crisis. They have also tried their best efforts, such as securing small orders, to ensure that their employees are able to retain their jobs and enjoy a stable income.

Despite these positives, there remains plenty of bottlenecks that stifle enterprises from taking full advantage of opportunities from FTAs, in particular the European Union and Vietnam Free Trade Agreement (EVFTA), to cushion the negative impact caused by COVID-19 and continue to develop, said the VCCI leader.

For this purpose, Loc stated that the VCCI and the business community have proposed that the Government focus on the effective implementation of the Law on Public-Private Partnership (PPP) and the Law on Public Investment, with priority given to incomplete transport infrastructure projects.

“Businesses expect Vietnamese Trade Offices abroad to set up a portal on market and business connectivity, especially in the EU and other markets which Vietnam has signed an FTA with,” added Loc.

The business community representative stated that the Government should strive to support the establishment of technical centres as a means of guiding producers and exporters to meet the requirements of importers, especially for agricultural products that require specific food hygiene and safety standards.

Moreover, he noted that the local business community anticipates the Government will further improve the environment for firms and boost national competitiveness, with a focus on administrative procedure reforms and business conditions, thereby cutting costs for businesses.

Finally, Loc suggested that the Government should conduct regular and substantial dialogues alongside the business community in order to iron out any potential snags in a timely manner. Most notably, more micro, small and medium enterprises should be encouraged to participate in these dialogues as they are growing in large numbers but are most vulnerable to any market fluctuations, especially due to the recent COVID-19 pandemic.



Vietnam's economy to grow 6.8 percent in 2021: World Bank

Vietnam's economy to grow 6.8 percent in 2021: World Bank

Vietnam’s prospects appear positive as the economy is projected to grow by about 6.8 percent in 2021 and, thereafter, stabilise at around 6.5 percent, according to the latest World Bank’s economic update for Vietnam “Taking Stock”.


25 Apple ’s partners have factories set up factories in Vietnam

The number of Apple manufacturing partners setting up their factories in Vietnam has increased to 25 at present, four more than the 2020 figure, the tech giant said in its list of supply partners for the fiscal year 2021.


Hanoi inaugurates new road tunnel to address traffic congestion

Netlflix asked to remove "Little Women" for distorting history

The request was made by the Authority of Broadcasting and Electronic Information, under the Ministry of Information and Communications, according to Deputy Director General Le Quang Tu Do.

UOB upgrades 2022 growth forecast for Vietnam to 8.2%

Given Vietnam’s strong economic recovery in the third quarter, the Singapore-based United Overseas Bank (UOB) has raised its forecast for the country’s GDP growth this year to 8.2%, from the previous prediction of 7%.

Vietnam rice prices surge on Indian rice export restrictions

Prices of Vietnamese rice surged in the global and domestic markets after India announced restrictions on broken rice exports and a 20% duty on exports of various other types.

Deaths of Adenovirus total nine, infections increase with many severe cases

The child died at the National Children's Hospital on Monday and is not thought to have any health issues but had been treated for the past 50 days and recently needed a ventilator.


Vietnamese fleet to handle a fifth of exports by 2030: transport ministry

A day in the life of a fisherman in ​​Mong Cai

After Van Don - Mong Cai highway opened for traffic in early September, the border city of Mong Cai became a new tourist attraction.

Vietnamese navy ship arrives at Lumut port, beginning Malaysian visit

Sailing Ship 286-Le Quy Don of the Vietnam Naval Academy and a delegation of the Vietnam People’s Navy arrived at Lumut port in the Malaysian state of Perak on October 4, beginning a visit to Malaysia.

Hanoi, CNN boost tourism promotion cooperation

CNN wishes to resume tourism promotion cooperation with Hanoi, thus contributing to introducing the capital city’s cultural identity and valuable traditions to the world, Senior Vice President of CNN Robert Bradley said.

Vietnam's brand value reaches $431 billion

According to the latest report of the world's leading brand valuation consulting company - Brand Finance, Vietnam's national brand value has increased by 11 percent in 2022, from $388 billion to $431 billion.

Unblocking capital sources for the economy

After the recent increase in credit limit, the State Bank of Vietnam (SBV) has granted 13.6 percent of the total 14 percent credit room in 2022.

Share prices fall, billionaires lose big

Billionaire Tran Dinh Long’s assets have fallen by $1.6 billion this year, while billionaire Pham Nhat Vuong has lost $2 billion.

Video game helps promote Vietnamese culture, tourism

The video game “Lac Viet phieu luu ky” (Lac Viet Adventures) was selected by the Ministry of Foreign Affairs as a promotional product on digital platforms at the Vietnam Days Abroad 2022 in Austria, India, and the Republic of Korea this year.

Over 100 Vietnamese citizens deported from China for illegal stay

106 Vietnamese citizens that stayed illegally in China were returned to Vietnamese authorities at the Ly Van Border Gate in the northern province of Cao Bang on Tuesday.