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PRESS RELEASE March 15, 2018

Improving Business Environment Key for Stronger Economic Growth in Vietnam

HANOI, March 15, 2018 – Vietnam will continue to improve the business environment, pledged policy-makers during a high-level conference led by Vietnam’s Deputy Prime Minister Vu Duc Dam.

The conference, which took place in Hanoi and was co-organized by the Government of Vietnam, the World Bank, the Government of Australia and the USAid, reflected on policy reforms carried out during the 2014-2017 period and laid out reform priorities for 2018 and ensuing years, highlighting the crucial importance of a sound business environment for a competitive economy and sustainable growth.  

“Recent progress in enhancing Vietnam’s business climate has been very encouraging and clearly reflects the government’s strong commitment to narrow the gap with top performing economies” said Ousmane Dione, the World Bank Country Director for Vietnam. “Continuous improvements of laws, regulations and administrative procedures are necessary, but need to be accompanied by a strong push for effective implementation to deliver real results on the ground.”  

Conference participants, including representatives from government, private sector and international organizations, discussed specific actions to cut red tape, streamline administrative procedures and enhance the efficiency of the economy in areas such as business licensing, contract enforcement, paying taxes, bankruptcy resolution and trading across borders.

The conference, entitled “Substantially Improving Business Environment to Strengthen Economic Growth”, is part of continuing efforts by development partners to assist Vietnam’s economic development and economic reform process, and was funded by the Australia - World Bank Group Strategic Partnership in Vietnam (ABP II).

“Over the past four years, Vietnam has made impressive progress on reforming the business environment’ said Australian Charge D’Affaires, Ms Rebecca Bryant. “However to ensure Vietnamese business can deliver its full potential, still more remains to be done, particularly on investor protection and resolving insolvency. Australia remains ready to assist Vietnam through this process, including through our partnership with the World Bank and our own economic reform program, Aus4Reform.”

 


Contacts

Nguyen Hong Ngan
+842439378234
nnguyen5@worldbank.org
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