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Vietnamese economy requires new momentum from business environment

A business cycle is beginning with a great deal of efforts to overcome the unprecedented difficulties caused by the Covid-19 pandemic. It is now time for enterprises and investors to return to the track, so it is necessary to create an open and conducive business environment to facilitate rapid recovery and growth.

In implementing the Government’s resolution on measures to improve the business environment and enhance national competitiveness, the first half of 2022 saw the reduction and simplification of 641 regulations. However, the process was uneven across ministries and localities.

Vietnamese economy, new momentum, business environment, Covid-19 pandemic, enterprises and investors,  open and conducive business environment

Officers at the Hai Phong Customs Department.

Those that have done a good job include the Ministry of Labour, Invalids and Social Affairs, the Ministry of Health, the Ministry of Planning and Investment, the Ministry of Information and Communication, the Ministry of Finance, and the State Bank of Vietnam.

In the meantime, the reductions recorded by many ministries and sectors were only mechanical processes without much substance.

That is why, although reports on the implementation results of the Government resolution are encouraging, the actual effect did not live up to expectations. The effect of the efforts to improve the business environment has not been felt clearly by enterprises and investors although the task is still carried out constantly every year. According to economists, the issue lies in the approach of ministries and sectors to reducing and simplifying business regulations.

What the business community expects is the removal of prohibitory regulations so as to open more business opportunities, encourage more enterprises to join the market, and create more jobs and wealth.

Improving the business environment and enhancing national competitiveness at this special time are not only intended to reduce administrative procedures and save time and costs for enterprises. More importantly, the task should target the obstacles that are preventing the recovery process so as to create new momentum for enterprises to grow.

To that end, it is necessary to strongly reduce the list of conditional businesses and reform business requirements while removing the hurdles from conflicting and overlapping regulations.

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Source: NDO

Vietnamese economy, new momentum, business environment, Covid-19 pandemic, enterprises and investors, open and conducive business environment
 
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