Timely correction of business investment environment

Processing seafood for export at Cafatex Seafood Joint Stock Company ( Hau Giang ). (Photo: TRAN QUOC)

Vietnam has been making efforts to strengthen its internal strength, creating momentum for sustainable economic development. Report Provincial Competitiveness Index (PCI) 2024 recently announced by the Vietnam Confederation of Commerce and Industry (VCCI) shows a picture with many "bright spots" as the indexes continue to change positively thanks to the efforts of localities in improving the business investment environment. In particular, the median score of PCI 2024 reached 67.67 points, an increase of 1 point compared to 2023 and the 8th consecutive year exceeding the 60-point mark. This is a threshold reflecting a favorable and safe business environment.

However, in addition to the “bright spots”, PCI 2024 also points out the “gray shades” that are hindering business development when unofficial costs show signs of returning. Nearly 37% of surveyed businesses said they had to pay unregulated fees (up 4% compared to 2023); 28% of businesses said they had to pay unofficial fees to inspectors and examiners (up 12% compared to 2023).

These expenses not only increase the financial burden but also erode businesses' trust in the fairness and transparency of the management system. PCI 2024 also "named" the top 5 difficulties businesses face, of which access to credit accounts for 54%, finding customers 49%, market fluctuations 38%,...

These difficulties continue to cause businesses, especially small and medium enterprises, to face many challenges in maintaining and expand production. If there are no drastic actions to remove them, it will certainly undermine confidence in the business investment environment and reduce the attractiveness of the economy to domestic and foreign capital flows.

Faced with that situation, on May 12, the Prime Minister issued Official Dispatch No. 63/CD-TTg on rectifying discipline, enhancing responsibility, overcoming limitations, and creating a favorable investment and business environment for enterprises.

The Prime Minister requested ministries, branches and localities to focus on reviewing and overcoming the limitations pointed out in the PCI 2024 report; at the same time, improve the effectiveness of policy implementation, reform administrative procedures, especially in sensitive areas such as land access and investment licensing; resolutely remove unnecessary business barriers and conditions; immediately end the situation of unofficial costs, ensure fairness and transparency in the business environment,...

This is not only an affirmation of the Government's determination to accompany businesses, but also a clear message about the personal responsibility of the heads of management agencies at all levels. In the context of the complicated developments of the world economy, creating a transparent, favorable and stable investment and business environment is a vital factor to maintain the recovery and development momentum of the country's economy.

To seriously implement these instructions, ministries, branches and localities need to strengthen supervision and strictly handle acts of harassment; build an effective feedback mechanism so that businesses can reflect on issues without fear of being persecuted or made difficult; continue to: promote digital technology application in management, minimizing opportunities for informal costs to arise.

In addition, there must be clear and transparent policies, along with programs to support businesses in accessing land funds and preferential credit packages. Most importantly, it is necessary to consider discipline rectification not only as an order to correct deviations in the apparatus but also to innovate the way of doing things, change the mindset, service attitude, and implementation capacity of the entire system.

Every improvement, no matter how small, if sustained and consistent, will certainly contribute to making big changes, creating strong confidence for the business community to confidently invest long-term and continue to develop sustainably in the future.

Source: https://baoquangninh.vn/kip-thoi-chan-chinh-moi-truong-dau-tu-kinh-doanh-3359369.html