The credit facility aims to remove institutional bottlenecks to enable Vietnam’s largest city and economic powerhouse to address some of its most pressing urban governance challenges.
If Vietnam wishes to draw in more quality foreign investment, particularly in the field of high tech, there definitely is the need for the nation to improve its institutional and legal reforms, say representatives of foreign business community
The Asian Development Bank has approved a $100.6-million loan to support Vietnamese Government’s reform effort to improve health service delivery and the quality of health care providers, especially in poor, border areas and a $45 million loan to help Vietnam transform secondary towns into more economically inclusive, competitive tourism destinations.
Effective market institutions, and a transparent, clean and accountable state are lynchpins of development for Vietnam to resolve four key priorities including private sector, infrastructure, human capital and green growth, according to World Bank Vietnam.
Vu Tien Loc affirmed that over the past years, the reform of Vietnam business environment and the implementation of free trade agreements have created breakthroughs but the spillover of foreign direct investment (FDI) is still very low.
Despite generous investment incentives, formerly-established open economic zones in Vietnam are still ineffective and cannot become a new engine for growth.
Several workers at industrial zones in the Red River Delta are exposing concerns that a possible removal or reduction of the wage scales and payroll can directly influence to workers benefits, creating an easy opportunity for employers to harness the employment's salary reform.
Former Prime Minister Phan Van Khai concentrated on directing the study and modification of the Law on Private Enterprise and the Law on Companies, which laid out a foundation and paved way for a take-off of Vietnam's private economic business.
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According to European Chamber of Commerce in Vietnam (EuroCham), Vietnam should conduct appropriate solutions to cut costs and administrative workload for automotive enterprises, aligning with the target of administrative reform in Vietnam as well as the objectives and principles of the EU - Vietnam Free Trade Agreement (EVFTA).
According to Ph.D Le Dang Doanh, Vietnam needs a strong institutional change and supports for creative startups or it would lose a lot of resources.
A number of recommendations have been made to establish a sound financial reporting institutional framework and improve understanding of high quality corporate financial reporting and auditing.
Most of the foreign investors at the Vietnam Business Forum 2017 (VBF 2017) concerned that the institutional and licensing environment and corruption in Vietnam would affect the plan and investment decisions.
The reform process of the tax policies related to real estate has recently encountered with adverse reactions from the public opinion as it is expected to create the barriers for businesses in this area.
'SOEs reform will be the key in driving the evolution of the Vietnam economy', according to a high-calibre officer of Japan headquartered Sumimoto Mitsui Banking Corporation.
