Thu. May 26th, 2022

To achieve sustainable economic development, it is essential to have
effective policies and procedures in place to facilitate businesses
overcoming barriers and streamline administrative procedures that hamper
them, said radio The Voice of Vietnam (VOV).

The Vietnam Chamber
of Commerce and Industry (VCCI)’s recent survey shows business
confidence has increased thanks to the State’s commitment to make the
business environmentally friendly.

The Vietnam economy has
bottomed out and is now rebounding and back on track, thanks to
remarkable growth in the first half of this year despite numerous
challenges, including the tensions in the East Sea.

In the past
six months, the number of newly-established businesses dropped nearly 40
percent, but registered capital still managed to rise a hefty 20
percent from last year’s same period.

Roughly three-fourths of
7,000 businesses surveyed by the General Statistics Office (GSO)
reported their profits in the six month period were higher than that
recorded a year earlier.

The GSO report is solid evidence that
the national economy is in a period of dramatic recovery, resulting in a
larger scale of business operation with higher profits.

The good
economic news is consistent with predictions made by leading economic
experts at the end of last year after the Government undertook a series
of macro-solutions to contain inflation, reduce banks’ lending interest
rates, and stabilise the price of domestic gold and the forex market.

Foreign
investors from Europe, Japan and the Republic of Korea have also
expressed strong confidence in Vietnam’s business climate, especially
after the Vietnam Government effectively intensified measures to deal
with social disturbances in protest against China’s wrongdoings in the
East Sea.

In its 15th Business Climate Index (BCI) survey, the
European Chamber of Commerce in Vietnam (Eurocham) recently revealed
that Vietnam’s BCI is back to its 2011 levels-having gone from last
quarter’s 59 to 66, which demonstrates the European business community’s
commitment to the Vietnamese market.

Foreign-invested
enterprises have also enjoyed an export surplus which has contributed
greatly to elevate the country’s trade surplus to 1.3 billion USD in the
first half of this year.

The private economic sector’s
technology upgrade and market expansion efforts greatly help it perform
well in the reviewed period.
Leading economic experts are avidly
advocating the need for increased self-reliance and independence of the
nation’s economy. Focus should be given to developing trademark,
creating linkage, building equal economic relationship in bilateral and
multi-lateral negotiations.

Vietnam should make full use of its
competitive advantages in exporting its key farm produce and take the
global lead in agriculture exports. The core and fundamental objective
is to lay a solid foundation upon which of outstanding businesses can
boost sustainable economic growth.-VNA

By vivian