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Dec 13, 2019 / 11:40

Vietnam is serious about building attractive business environment: EuroCham

In 2019, the Vietnamese government issued three decrees to cut 106 business conditions, taking the total number of business conditions removed and simplified to 3,451 out of 6,191.

The Vietnamese government is serious about making Vietnam an even more attractive trade and investment environment and open to the ideas and insights of EuroCham, said Nicolas Audier, chairman of the European Chamber of Commerce in Vietnam (EuroCham).

 Nicolas Audier, chairman of EuroCham in Vietnam. Source: VGP. 

Audier made the statement in reference to a dialogue between the Prime Minister Advisory Council for Administrative Procedures (ACAPR) and the EuroCham to address business challenges in the country on December 12.

The dialogue took place during the ongoing ratification process of the EU – Vietnam Free trade Agreement (EVFTA), indicating the country’s willingness to open and address challenges that European businesses in Vietnam are facing, said Audier.

 Minister - Chairman of the Government Office Mai Tien Dung. Source: VGP. 

Minister - Chairman of the Government Office Mai Tien Dung said Vietnam’s economy is growing at a rapid rate, not to mention a market of 90 million people, making Vietnam attractive to foreign investors. In the latest Global Competitiveness Report 2019 of the World Economic Forum, Vietnam jumped 10 places from 77th to 67th out of 141 economies.

In 2019, the Vietnamese government submitted a revised version of the Investment Law to the National Assembly for approval, while three government decrees have been issued to cut 106 business conditions, taking the total number of business conditions removed and simplified to 3,451 out of 6,191.

This resulted in saving nearly six million working days, or VND893.9 billion (US$38.73 million) per year.

In terms of specialized inspection, the government removed 6,776 out of 9,926 categories of goods subject to the inspection, saving of 12 million working days or VND5.44 trillion (US$235.72 million) per year.

The government has requested agencies and ministries to evaluate the efficiency of simplifying business conditions in 2018, at the same time proposing new conditions for removal and simplification, said Dung.

The process must be based on specific criteria to ensure substantial benefits for the business community, Dung stressed.

Moreover, the government is pushing for reforming customs procedures towards e-customs model and in compliance with international standards, added Dung.