Recent Hanoi conference heard that Vietnam’s top priority is to improve the business environment as it tries to recover its economy. Economists and policymakers shared their views at the conference. Nguyen Dung Cung, former head at the Central Institute for Economic Management (CIEM), stated that COVID-19’s prolonged social and mobility restrictions had significantly hindered efforts to improve the business climate.
As reforms slowed down, there was resistance from government ministries and offices. According to a news source, he stated that he had witnessed the return to business requirements that were once removed and additional requirements being put in place.
Thao stated that too many commitments were made by the government on paper, but not enough had been implemented or reviewed. Nguyen Minh Thao is head of CIEM’s business environment and competition division.
Experts recently stated that Vietnam must improve its business environment in order to get its economy back on track. Nguyen Dinh, former head of Central Institute for Economic Management, stated that the country’s inability to lift social and mobility restrictions to monitor COVID-19 has significantly hindered efforts to improve the business climate.
She was quoted as saying, “For example: While local governments and ministries reported an increase in the number of administrative procedures online in many cases, they have not been capable to effectively service businesses.”
This can be seen in Vietnam’s lower-than-impressive Economic Freedom Score. The country ranked 17th among 40 countries in the Asia–Pacific region, with 61.7 points—just 0.01 points above the world average.
Tran Duy Doong, the Deputy Minister of Planning and Investment, stated that the government is committed to long-term and sustainable improvements in the business environment. He considered it a driving force of economic recovery and national development.
In January, the Prime Minister’s Office approved a decree authorizing funding for a program designed to speed up that process.
Fibre2Fashion News Desk – DS