The implementation of Government Resolution 19/NQ-CP on improvingbusiness environment and national competitiveness between 2015 and 2016has shown encouraging outcomes in the first half of this year, saidMinister of Planning and Investment Bui Quang Vinh at the regularcabinet meeting held in Hanoi on June 29.
Specifically, the registration time for business licences has been cutto three days, just half of the set goal of six days while time spent onbusiness initiation procedures was reduced from 34 days to 17 days. As aresult, Vietnam is expected to leap 72 places to 37 in the nationalcompetitiveness ranking in terms of start-up business criteria – muchhigher than the average level of the ASEAN-6 (including Indonesia,Malaysia, the Philippines, Singapore, Thailand and Vietnam).
The investor protection indicator increased to 6.2 points from 3.33thanks to reforms of the 2014 Law on Enterprises. With this outcome,Vietnam will move up 105 places to 52, meeting the average level ofASEAN-6 as set by the resolution.
In 2014 and early2015, the time required for paying taxes was reduced by 380 hours (from537 hours per year to 157 hours per year) and is set to be cut by anadditional 35.5 hours to meet the resolution’s target.
The procedure for social insurance payments has been slashed by 100hours (from 335 hours per year to 235 hours per year), which is still along way from the target of 49.5 hours per year.
The total time for tax and social insurance payments is expected to dropby 480 hours, helping the country rise 27 places to 122, which is farbelow the average level of ASEAN-6 (ranked 67 th ).
The Ministry of Industry and Trade and the Electricity of Vietnam haveissued documents to reduce the time needed to access electricity, whichhas been cut from 115 days to 85 days and will undergo additionalsimplification to reach the resolution’s set target of 70 days.
Pertaining to cross-border trade transaction, the Ministry of Financeand the General Department of Customs have reviewed and adjustedrelevant policies to address customs procedures for businesses.
Yet Minister Vinh described this as the responsibility of not only theMinistry of Finance and the General Department of Customs but also ofrelated ministries and agencies.
The resolution,dated March 12, 2015, requested ministries, agencies and localities tofocus on consistent and effective implementation of key tasks andsolutions to improve the business climate and national competitivecapacity.
The involved parties ought to implementthe resolution more effectively and address shortcomings inimport-export quarantine and customs declaration in particular.-VNA
Specifically, the registration time for business licences has been cutto three days, just half of the set goal of six days while time spent onbusiness initiation procedures was reduced from 34 days to 17 days. As aresult, Vietnam is expected to leap 72 places to 37 in the nationalcompetitiveness ranking in terms of start-up business criteria – muchhigher than the average level of the ASEAN-6 (including Indonesia,Malaysia, the Philippines, Singapore, Thailand and Vietnam).
The investor protection indicator increased to 6.2 points from 3.33thanks to reforms of the 2014 Law on Enterprises. With this outcome,Vietnam will move up 105 places to 52, meeting the average level ofASEAN-6 as set by the resolution.
In 2014 and early2015, the time required for paying taxes was reduced by 380 hours (from537 hours per year to 157 hours per year) and is set to be cut by anadditional 35.5 hours to meet the resolution’s target.
The procedure for social insurance payments has been slashed by 100hours (from 335 hours per year to 235 hours per year), which is still along way from the target of 49.5 hours per year.
The total time for tax and social insurance payments is expected to dropby 480 hours, helping the country rise 27 places to 122, which is farbelow the average level of ASEAN-6 (ranked 67 th ).
The Ministry of Industry and Trade and the Electricity of Vietnam haveissued documents to reduce the time needed to access electricity, whichhas been cut from 115 days to 85 days and will undergo additionalsimplification to reach the resolution’s set target of 70 days.
Pertaining to cross-border trade transaction, the Ministry of Financeand the General Department of Customs have reviewed and adjustedrelevant policies to address customs procedures for businesses.
Yet Minister Vinh described this as the responsibility of not only theMinistry of Finance and the General Department of Customs but also ofrelated ministries and agencies.
The resolution,dated March 12, 2015, requested ministries, agencies and localities tofocus on consistent and effective implementation of key tasks andsolutions to improve the business climate and national competitivecapacity.
The involved parties ought to implementthe resolution more effectively and address shortcomings inimport-export quarantine and customs declaration in particular.-VNA
