No more extra barriers

The report of foreign direct investment (FDI) in Vietnam in 2022 released by the Vietnam’s Association of Foreign Invested Enterprises (VAFIE) shows that up to 68.5% of FDI enterprises think that Vietnam has more favorable factors compared to other countries, prompting them to consider investing locally. However, issues that need to be overcome still arise in administrative procedures, quality of infrastructure, and public services in order for Vietnam to be truly attractive to investors.

Recently, the government has also assessed that a number of indicators on Vietnam's business and investment environment have improved but not sustainable; quality and rankings are still low or not improved or even declined. Many legal provisions are still inconsistent, not appropriate and feasible, and many business conditions are still barred the enterprises, making resources untapped and used effectively.

In Binh Duong, right from the beginning of 2023, in order to continue to create a stronger change in the business environment, improve competitiveness, and at the same time, support enterprises to recover and develop before the removed and not new barriers, Binh Duong provincial People's Committee asked departments, branches and localities to focus on improving the business and investment environment according to the model of digital transformation towards economic development to improve competitiveness. PCI index of the province continues to maintain and increase in terms of number and ranking year on year. The province strives to become a leading destination in terms of investment attraction, innovation, scientific and technological development and creating an equal and safe business environment for investors.

The provincial People's Committee also requested departments, branches and localities to coordinate with the provincial Intelligent Operation Center (IOC) to improve operational quality and efficiency for administrative reforms associated with construction of the e-government; at the same time, continue to review and reduce the time to carry out procedures for enterprise establishment, procedures for granting investment registration certificates; regularly organize dialogues and meetings with enterprises and industry associations to solve problems in production and business operations; integrate tasks to support the development of the startup ecosystem in the implementation of the Binh Duong smart city project's tasks associated with the construction of the province's innovation region.

With the efforts of the authorities in the province, it is believed that the business community and investors will make new strides to contribute to improving the business and investment environment, and attract more investors at home and abroad, becoming an important driving force for Binh Duong's socio-economic development in the coming time.

Reported by Triet Nhan – Translated by Vi Bao