|Minister and Head of the Government Office Mai Tien Dung (Photo: baochinhphu.vn)
According to a Government report presented at the ongoing NA session, Vietnam’s economy grew robustly over the past 5 years with an annual GDP of 5.99% placing it among the world’s fastest-growing economies. Despite numerous difficulties and challenges last year, the government fulfilled its dual goal of controlling the pandemic and growing the economy. With a GDP of 2.91% in 2020, Vietnam was among 6 major Southeast Asian economies that recorded positive growth.
Vietnam achieved trade surplus with steadily increasing export over the past five years. Despite COVID-19, Vietnam’s trade surplus reached a record 20 billion USD in 2020, a record for Vietnam. Disbursement of public investment capital reached 97.5% of the plan during the reviewed period.
Minister and Head of the Government Office Mai Tien Dung said, 'Improving the business environment, cutting costs, and creating favorable conditions for businesses were among the government’s priorities during the 2016-2020 tenure. Determined to build an enabling, righteous, and working government, centered on people and businesses in reform and development, the government implemented measures and issued resolutions to improve the business environment and national competitiveness.'
Between 2016 and 2020, the government issued 50 legal documents, eliminated 63% of 6,100 business conditions, eliminated or streamlined 25% of inspection procedures, and cut more than 6,700 of 10,000 types of goods requiring inspection saving more than 270 million USD a year.
|Dau Anh Tuan, Head of the Legal Department of the Vietnam Chamber of Commerce and Industry (Photo: baodautu.vn)
Dau Anh Tuan, Head of the Legal Department of the Vietnam Chamber of Commerce and Industry, said, 'During the last 5 years, Vietnam has dramatically improved its business environment. The government adopted several resolutions and revised many administrative procedures concerning taxes, customs, inspections, electricity access, and construction. Vietnam is determined to be among the top ASEAN countries. In recent years, Vietnam’s World bank and World Economic Forum rankings have risen steadily.'
Nguyen Quoc Hiep, Chairman of the Vietnam Construction Contractors’ Association, said the government’s administrative reforms have strengthened the trust of the business community.
'The government and the National Assembly have made great efforts to improve the business environment by strengthening mechanisms. Many laws including the Law on Construction, the Law on Land, and the Law on Investment have been revised to reduce business obstacles,' said Hiep.
During its next tenure, the government is expected to continue long-term solutions and work out new development strategies adapted to the new world economy in order to maintain national economic growth, enhance national competitiveness, and raise Vietnam’s international status.