The high rate of business exits demonstrates the ongoing difficulties within the business sector, signaling that despite improvements in the business environment, more needs to be done to meet the real needs of enterprises.
To achieve a high-income status by 2045, Vietnam needs to accelerate productivity growth as the workforce's contribution to growth is expected to decline and later turn negative because of the country’s population ageing, said Andrea Coppola, Lead Country Economist and Programme Leader for Equitable Growth, Finance and Institutions in Vietnam, Cambodia and Laos.
Experts from the UK and the Secretariat of the Organisation for Economic Cooperation and Development (OECD) shared their experience in accelerating the reform of business regulations and designing digital services for people and enterprises during a workshop on December 16.
Vietnam has cut thousands of business regulations and special inspection procedures, saving 4 trillion VND (172 million USD) in 2017 and 6.3 trillion VND (270.9 million USD) in 2018, according to the World Bank (WB).
Prime Minister Nguyen Xuan Phuc has demanded that all corresponding government departments, agencies and institutions to adjust policies as part of an “action-minded” government, to unburden Vietnamese firms of unnecessary business regulations, namely redundant business permits and categorisation.
