Vietnam expects to rank highers in global business environment (Photo: VNA) Hanoi (VNA) – The Vietnamese Governmentis working out measures to further improve the business environment for thecountry to jump 8-18 steps from the current 68th place in the World Bank’sDoing Business Rankings.
By 2020, the quality of business climate inVietnam is expected to reach the equal level of ASEAN-4 nations, includingSingapore, Malaysia, Thailand and the Philippines.
To realize the aforesaid goals, the CentralInstitute for Economic Management (CIEM) organized a conference in Hanoi on May24 to implement the Government’s Resolution No.19-2018/NQ-CP on improving the businessenvironment and increasing national competitiveness.
The event was supported by the Department ofForeign Affairs and Trade of Australia and the US Agency for InternationalDevelopment.
With the strong political determination of theGovernment as well as the active participation of ministries and localities andthe close collaboration from the private economic sector, Vietnam has gainedencouraging outcomes in the field in recent years.
Vietnam was ranked 55th among 137 economies inthe World Economic Forum’s global competitiveness list in 2017, up five placesfrom the previous year (60th out of the 138 economies).
The Southeast Asian country moved up 14 placesto rank 69th among 190 economies in the World Bank’s Doing Business 2018 reportthemed “Reforming to Create Jobs”. In the previous report of the bank, Vietnamjumped nine places to rank 82nd in 190 economies.
Vietnam climbed 12 places to rank 47th among 127economies in the Global Innovation Index 2017 published by the WorldIntellectual Property Organisation, the US-based Cornell University and INSEADbusiness school.
These are the highest rankings that Vietnam hasachieved so far.
To promote the accomplishments, head of CIEMNguyen Dinh Cung called on ministries and localities to keep a close watch onthe implementation of the resolution to increase the business environment andgrowth quality.
He also emphasized the importance of improvingthe legal environment.
Dau Anh Tuan, head of the LegalDepartment under the Vietnam Chamber ofCommerce and Industry, said it is necessary to strictly followcriteria on business environment assessment of the World Bank, competitivenessof the World Economic Forum, and innovation of the World Intellectual PropertyOrganisation.-VNA
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