Improvements to business climate slowing: VCCI report
Efforts to improve Vietnam’s business climate have continued despite COVID-19 but progress appears to have slowed down compared to previous years and differs between fields, according to the latest report from the Vietnam Chamber of Commerce and Industry (VCCI).
Hanoi(VNA) - Efforts to improve Vietnam’s business climate have continued despiteCOVID-19 but progress appears to have slowed down compared to previous years anddiffers between fields, according to the latest report from the Vietnam Chamberof Commerce and Industry (VCCI).
VCCI Chairman VuTien Loc said the business climate features many restrictions that need to beaddressed in the next five years.
Although legal regulations,administrative procedures, and business investment conditions have become moretransparent, the public disclosure of State plans and reports for enterpriseshave been noted by many as remaining too general and not overly useful.
Conditions to joina number of sectors have been cut to facilitate small and medium-sizedenterprises (SMEs) to enter the market, but policy fluctuations for sectorsrequiring large investments and with long capital return periods have hinderedcompanies from putting down their money.
While manyadministrative procedures can now be done online, they still exhibit shortcomingsand are not user-friendly, Loc said.
Tran Thi Hong Minh,Director of the Aus4Reform Programme, said the implementation of the Australian-fundedprogramme in support of economic reform in Vietnam have so far posted significantachievements, contributing to helping the country lift its internationalrankings.
Also Director ofthe Ministry of Planning and Investment’s Central Institute for EconomicManagement (CIEM), Minh pointed to a series of bottlenecks facing businesses,like overlapping and unnecessary business conditions and an ineffectivesingle-window mechanism.
VCCI Chairman Loc alsonoted that further improvements towards sustainable development require aconcerted effort from both businesses and State agencies./.
There is still significant room for stronger reforms to create a more favourable business environment and make Vietnam among countries with the best business environment in ASEAN, according to the Vietnam Chamber of Commerce and Industry (VCCI).
After two years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the use of the deal to generate benefits for the economy and businesses has remained modest, according to insiders.
Measures to improve Vietnam’s business environment continued showing effectiveness despite the COVID-19 pandemic, but the speed of improvement slowed compared to previous years.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
VCCI Chairman Vu Tien Loc (Photo: VNA) 
