Vietnam business environment improves: Survey

CA - Vietnam ’s businesses environment has been remarkably improved, said the Vietnam Chamber of Commerce and Industry (VCCI) in its Vietnam Business Annual Report 2010, in Hanoi on March 28.

Last year, Vietnam jumped 10 places to rank 78 out of 183 countries worldwide in term of favourable business environment and ranked fourth in the list of 10 countries the most reforms in the business climate, the report said.

Worthy of note, the country’s economic growth rate stood at 6.78 percent and export revenue increased 25.5 percent over 2009, according to the report.

The improvement was due to the government’s great efforts, including those made during the implementation of Project 30 on administrative reform, said Vu Tien Loc, VCCI Chairman.

The overhaul of the legal environment with major changes focusing on market accession and business administration, especially business registration, has contributed to improving the country’s environment, Loc said.

By the end of 2010, the number of enterprises registering to set up exceeded the government’s target to stand at 544,394, Loc noted.

Vietnam is showing more effective and attractive integration as the country has resiliently pursued economic targets and applied open policies, thus, its business environment has been continuously improved in recent years, according to the Director of the World Bank in Vietnam , Victoria Kwakwa.

The report, however, pointed out a number of negative impacts on business performance in 2010, including high bank interest rates, consumer price index (CPI) and inflation, inadequate infrastructure, traffic systems and water and waste treatment system facilities, and power shortages.