Anti-corruption efforts helping cut informal business costs
The Government’s anti-corruption efforts have proven increasingly effective, helping enterprises significantly reduce informal costs, according to the Vietnam Chamber of Commerce and Industry (VCCI).
Hanoi (VNA)- The Government’s anti-corruption efforts have proven increasingly effective, helping enterprises significantly reduce informal costs, according to the VietnamChamber of Commerce and Industry (VCCI).
The Provincial Competitiveness Index (PCI) 2020 report conducted by VCCI shows that the rate of companies forced to pay informal charges fell to 44.9 percentfrom 66 percent in 2016, the lowest proportion since 2006.
The amount of informal charges paid has also dropped significantly over time, as only 5.4 percent of enterprises reportedthey spent over 10 percent of revenue on informal fees, down 3.7 percent comparedto the figure in 2006.
Dau Anh Tuan,head of the VCCI’s Legal Department, said the burden from informal costs has beensteadily declining, as 84.4 percent of enterprises consider them to be at an acceptablelevel.
Most businesses said the majority are for land-related administrative procedures,inspections, import and export activities, or the bidding process.
More than 2 percent of foreign-invested enterprises said they had to spend 10 percentof their revenue on informal charges in the 2016-2017 period, which was down to1.2 percent in 2020.
According to the report, 41 percent of enterprises plan to expand their businessin the next two years, down significantly from the 51 percent reported in 2019.
Meanwhile, up to 13 percent said they will scale down or even cease doing business- the highest level since VCCI began compiling the PCI./.
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Illustrative image (Photo: VNA) 
