Improving Business Environment and Enhancing National Competitiveness in 2018

After four years of implementation of resolutions 19-2016/NQ-CP, 19-2017/NQ-CP, 19-2018/NQ-CP of the Government, business environment and competitiveness of Vietnam have continuously improved.

According to the research, in 2017, the business environment, enhance competitiveness has achieved positive results; National competitiveness increased 5 levels compared to 2016 (increased from 60/138 to 55/137); business environment increased 14 levels (increased from 82/190 to 68/190 economy); Innovative innovation improved 12 levels, reaching the rank of 47/127 economy. These are the highest rankings that Vietnam has achieved so far.

Continuing to follow the assessment objects of World Bank’s business environment, the enhance competitiveness of the World Economic Forum, World Intellectual Property Organization, etc., to achieve the targets set for 2020, the quality of a business environment of Vietnam is on par with the average of ASEAN 4.

The target for 2018 will improve the business environment index from 8 to 18, which focuses on improving business start-up and dispute resolution. Complete the abolition, simplification of investment conditions, business. Limit the specialized inspection according to goods and products; strongly transform the way state management from pre-inspection to post-inspection. Improve the application of information technology in administrative procedures and online services. Enhance the competitiveness of the tourism industry, logistic services to facilitate and reduce business costs.

In order to achieve the above objectives, resolution 19/2018/NQ-CP provides basic solutions and assigned tasks to each agency and coordinated implementation to achieve the targets set in 2018, bringing Vietnam’s ranking to the top of the charts. Accordingly, ministries and agencies shall develop action plans, define specific objectives, tasks and responsibilities, monitor and evaluate them. Carrying out reform of administrative procedures and application of information technology in public services; to carry out the inspection, examination and audit in a uniform manner, avoid overlapping, affecting the operation of enterprises, create a competitive environment, promote transparency and market development of testing and inspection services, inspection, certification.

Specific mandates for ministries: Ministry of Planning and Investment (focusing on activities related to enterprises); Ministry of Justice (elaborate a plan on improving the law on contracts and civil dispute resolution by non-court proceedings); Ministry of Finance (dealing with tax issues, improving tax index, business start-up index); Ministry of Transport (offering solutions, reducing costs, developing logistics infrastructure) and other ministries such as the Ministry of Culture, Sports and Tourism; Ministry of Public Security; Ministry of Industry and Trade and other ministries such as Ministry of Science and Technology, Ministry of Information and Communication; Ministry of Natural Resources and Environment; Ministry of Health, Ministry of Construction; Ministry of Agriculture and Rural Development … to coordinate to achieve the objectives set out in the resolution.

These are the policies which Vietnam government has been focusing on and will legalize in regulations to implement in practice.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

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