PCI: Vietnam’s business climate improves

(VOVWORLD) - Over the past 15 years, Vietnam’s Provincial Competitiveness Index report has assessed Vietnam’s effort to improve its business and investment environment. The annual report conducted by the Vietnam Chamber of Commerce and Industry and relevant agencies has helped boost national competitiveness and business growth.
 PCI: Vietnam’s business climate improves - ảnh 1 Vu Tien Loc, VCCI Chairman and Head of the PCI steering board addresses the launching ceremony on May 5, 2020. (Photo: VNA)

The Vietnam Chamber of Commerce and Industry (VCCI) and the US Agency for International Development (USAID) jointly announced the 2019 Provincial Competitiveness Index (PCI) at a ceremony in Hanoi on Tuesday.

The report analyzes the trend of automation and digitization of production and services by Vietnamese firms, and forecasts the effect this trend will have on labor.

Vu Tien Loc, VCCI Chairman and Head of the PCI steering board, said that since the PCI showed positive changes in the business environment and the growth of Vietnamese businesses, administrative reform has been the top mission of every province. The Vietnamese business community has grown to include 800,000 businesses and millions of working households.

Mr. Loc said Vietnam’s business environment has moved up in the global rankings and is poised to join the top 3 or 4 ASEAN economies. He said: “The 2019 PCI contains much good news. The average provincial score is the highest ever, and the gap between provinces has narrowed. The activeness and creativity of provincial authorities in solving problems for businesses has improved, and 80% of business respondents said they are satisfied with the operations of administrative agencies.”

Government policies appear to be on the right track. To further promote business and boost the economy, the 2019 PCI report recommends that businesses work together to conduct investment and training programs that will improve the work force. A national training program is needed to teach business people, particularly SME businesses, how to promote responsible and sustainable growth during the post-epidemic recovery period.

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