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Official Gazette

Monday, December 5, 2022

Cabinet resolution to give Vietnam a competitive edge

Updated: 14:36’ - 23/07/2014

Experts have suggested all relevant ministries and agencies actively respond to Government Resolution No. 19 to improve business climate and national competitive edge.

A workshop was recently hosted in Hanoi by the Central Institute for Economic Management (CIEM) because only a mere one-third of the localities across the country have come up with plans to implement the resolution which was initiated in March to enhance administrative reforms and help firms save processing time and costs.

According to the resolution, the country sets the goal of meeting the standards of the ASEAN-6 group - Singapore, Thailand, Malaysia, Indonesia, the Philippines and Brunei - in terms of business licensing and insolvency; tax payment; customs formalities; and access to electricity supply and credit, as well as investment protection, by 2015.

Experts stated that Vietnam has had some tax procedure reforms but still has a long road ahead to keep pace with other ASEAN countries.

Hoang Thi Lan Anh, deputy director of a committee responsible for the modernization and restructuring of tax procedures under the General Department of Taxation, said that Vietnam has made progress in cutting the tax time but the reduction in time was not satisfactory enough.

CIEM Director Nguyen Dinh Cung stated that the resolution has approved many objectives in cutting tax-related red tape, but what is important is whether relevant ministries and agencies are determined to get things done.

Experts stated that businesses in the country take much more time to declare and pay taxes because they are required to submit very detailed tax files.

Director of the US Agency for International Development, Joakim Parker, noted that his agency is willing to assist Vietnam in implementing the resolution.

If successful, Vietnam will be able to strengthen its global trade commitments, including those made within ASEAN, the World Trade Organization and the Trans-Asia Pacific deal, Parker added.-


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