The Hanoitimes - In May, Vietnamese government agencies have been in discussion with the World Bank on recent improvements in the country’s business environment.
The World Bank has been updated on Vietnam’s recent efforts in improving its business environment, which will be reflected in the bank’s Doing Business 2020 report, scheduled for release in October.
The information was given by the Ministry of Planning and Investment (MPI) at the government’s monthly meeting held on May 31.
In May, the MPI, the Government Office and other government agencies discussed with the World Bank’s experts on recent improvements in Vietnam’s business environment.
Of the 10 key parameters of the business environment provided by the World Bank’s report, Vietnam’s “Starting a business” procedure is expected to have significant improvement with the current eight steps and 17 working days for completion being down to 5 steps and eight days.
Meanwhile, the “Dealing with Construction Permits” procedure from current 10 steps and 166 days to be completed would be down to 52 days.
On “Paying taxes”, over 90% of enterprises have declared and paid taxes online, indicating the number of paying corporate tax is scheduled to decrease from five to one time, while the duration for value-added tax (VAT) payment witnesses a reduction of 90 hours, from 219 hours to 129 hours.
With regards to “Trading across Borders”, the MPI informed the issuance of new regulations helped improve the indicator, including Decree No.59 providing specific provisions and guidance on enforcement of the custom law.
According to the MPI, specialized inspection procedures on exported- and imported goods have been reduced but works remain to be done.
On “Enforcing Contracts” and “Resolving Insolvency”, the World Bank acknowledged recent regulations towards reform in the judicial system, providing greater support to the business community.
In the World Bank’s 2019 Ease of Doing Business ranking, Vietnam moved down one notch from the 68th to 69th place out of 190 economies, although its score went up 1.59 points compared to a year earlier to 68.36 out of the maximum 100 points.
Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies, measuring the regulations that enhance business activity and those that constrain it.