By 2020, the quality of business climate in Vietnam is expected to reach the equal level of ASEAN-4 nations, including Singapore, Malaysia, Thailand and the Philippines.

To realize the aforesaid goals, the Central Institute for Economic Management (CIEM) organized a conference in Hanoi on May 24 to implement the Government’s Resolution No.19-2018/NQ-CP on improving the business environment and increasing national competitiveness.

The event was supported by the Department of Foreign Affairs and Trade of Australia and the US Agency for International Development.

With the strong political determination of the Government as well as the active participation of ministries and localities and the close collaboration from the private economic sector, Vietnam has gained encouraging outcomes in the field in recent years.

Vietnam was ranked 55th among 137 economies in the World Economic Forum’s global competitiveness list in 2017, up five places from the previous year (60th out of the 138 economies).

The Southeast Asian country moved up 14 places to rank 69th among 190 economies in the World Bank’s Doing Business 2018 report themed “Reforming to Create Jobs”. In the previous report of the bank, Vietnam jumped nine places to rank 82nd in 190 economies.

Vietnam climbed 12 places to rank 47th among 127 economies in the Global Innovation Index 2017 published by the World Intellectual Property Organisation, the US-based Cornell University and INSEAD business school.

These are the highest rankings that Vietnam has achieved so far.

To promote the accomplishments, head of CIEM Nguyen Dinh Cung called on ministries and localities to keep a close watch on the implementation of the resolution to increase the business environment and growth quality.

He also emphasized the importance of improving the legal environment.

Dau Anh Tuan, head of the Legal Department under the Vietnam Chamber of Commerce and Industry, said it is necessary to strictly follow criteria on business environment assessment of the World Bank, competitiveness of the World Economic Forum, and innovation of the World Intellectual Property Organisation.-VNA