Vietnam looks to boost business climate, competitiveness
The Government issued Resolution 19-2016/NQ-CP on measures to improve national business climate and competitiveness between now and 2017 with a vision to 2020 on April 28.
Hanoi (VNA) – The Government issued Resolution 19-2016/NQ-CP on measures to improve nationꦆal business climate and competitiveness between now and 2017 with a vision to 2020 on April 28.
To help Vietnam achieve the average level of business climate criteria set for top-four ASEAN state members, the document stresses the need of overhauling trade regulations and state management over import-export products. This means the elimination of outdated regulations and simplification of administrative procedures.
The shake-up will lead to shortened duration for granting businesses permissions.
Accordingly, it will take up less than 77 days for the issuance of a building permission and relevant papers and under 14 days for the registration of property possession. Maximum times to handle contract conflicts will be halved the current 400 days, and duration to process bankrupt cases will be within 24 months instead of five years at present. Maximum customs duration will be 10 days for exports and 12 days for imports.
Taxation reform is also set to take place in terms of tax refund, inspection risk management and petition tackling.
Relevant ministries, ministry-level agencies, municipal-level people’s committees are tasked with designing action plans to realise the resolution prior to May 30.
The implementation of Resolution 19 is expected to pay the way for Vietnam to realise the average level of business environment and competitiveness criteria set for top-three ASEAN state members by 2020.-VNA
Prime Minister Nguyen Xuan Phuc will assert the role of domestic firms as a driver behind economic growth through his upcoming meeting with entrepreneurs nationwide.
PM Nguyen Xuan Phuc will chair a conference with businesses nationwide on April 29, expected to spread his message that enterprises serve as a momentum for national economic development.
Prime Minister Nguyen Xuan Phuc has asked the northwestern mountainous province of Lai Chau to take drastic measures in order to improve its business climate and modernise its infrastructure.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
Illustrative image. (Photo: VNA)
