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VN improves business environment, surpassing ASEAN level 6 average

Update: June, 20/2015 - 08:28
Firm representatives pay taxes at the Quang Tri Department of Taxation. Viet Nam recently carried out reforms to simplify the process of paying taxes and improve the business environment. — VNA/VNS Photo Hoang Hung

HA NOI (VNS)— Viet Nam has improved some criteria in business environment, exceeding the average level in ASEAN 6, namely Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

The latest study conducted by Central Institute for Economic Management (CIEM) on the implementation of Resolution 19 on key tasks and measures to improve the business environment and national competitiveness capacity of Viet Nam during the 2015-16 phase.

Accordingly, measures will be taken to improve the country's business environment, accelerate administrative procedures, ensure the transparency and responsibility of State administrative agencies, as well as reform regulations on business conditions so that commodities, exports and imports satisfy international rules.

The study that was announced on Thursday highlighted that Viet Nam surpassed the target duration for a business registration from six days to three days.

In terms of protecting investors, with the Law on Enterprises 2014, the index improved to the 105th rank and reached the average level of 52.1 in ASEAN 6.

The country reached the 44th place in the access to electricity index. However, despite jumping 12 places, the index did not meet the average level of 37 in ASEAN 6.

Viet Nam's indices of tax payment and social insurance also improved 27 places to reach the 121st position. However, the level was far from the ASEAN 6 average.

The institute noted that some tasks and solutions such as improving the time span of bankruptcy procedures and the redressal of contract disputes were not taken up in 2014

Nguyen Dinh Cung, director of CIEM, said the rankings were based on the World Bank's calculations under the pretense that other countries had no improvement.

But Cung said that Viet Nam would still have improved its ranking even if changes in other countries were taken in to consideration. — VNS

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