This success can be attributed to the province’s radical reform in simplifying administrative procedures to create the optimal conditions possible for businesses.

Meanwhile, Ho Chi Minh City, the country’s largest economic hub, dropped 13 notches in the PCI to 27th place out of 63 provinces and cities across the country last year.

However, the city retained its position among the top 10 localities with bright prospects ahead for an investment climate with a score of 33.3, according to assessment made by foreign-invested enterprises

Similarly, Hanoi dropped out of the top 10 localities in the ranking, falling from 10th place in 2021 to 20th position in 2022.

Bac Giang, Hai Phong, Ba Ria-Vung Tau, and Dong Thap are respective localities that feature the highest quality of economic management among the PCI 2022 Ranking.

The VCCI’s PCI 2022 report shows the trend of improving the quality of economic governance at a provincial level continues to be maintained, especially with regard to the simplification of administrative procedures and access to both policies and legal information.

However, localities should make additional efforts to create a more favourable business climate for firms moving forward, it suggests.

Source: VOV