According to the Global Competitiveness Report 2019 published by the World Economic Forum (WEF) on October 8, 2019, Vietnam's B1 Index in 2019 moved up 17 places compared to 2018, exceeding the targets set by the Government in the Resolution No. 02/NQ-CP. The improvement to the B1 Index contributes to improving the ranking of institutions (up five places compared to 2018) in addition to improving Vietnam's competitiveness (up 10 places compared to 2018).

The Ministry of Justice has actively coordinated with other relevant agencies and the business community to formulate reports reviewing the inadequacies among legal provisions related to the business and investment environment.

The positive results of the scores and B1 Index contributed to the successful implementation of the socio-economic development goals and plans in 2019. Moreover, it demonstrates the strong changes in the country’s overall business environment and the competitiveness of the economy which will create favourable conditions for the Government to develop solutions to continue improving the B1 Index and national competitiveness in the coming years.

At a meeting with the press in early 2020, the Ministry of Justice said that it also successfully organised a national scientific workshop entitled “The fourth industrial revolution and the legal issues on building and perfecting the Vietnamese legal system” which is of great significance regarding institution building in Vietnam.

Speaking at the above-mentioned workshop, Prime Minister Nguyen Xuan Phuc appreciated the initiative of the Ministry of Justice for holding the workshop, thereby helping to identify institutional problems that need to be addressed regarding the fourth industrial revolution. The results of the workshop and instructions of the Prime Minister were widely disseminated to ministries, agencies, and media agencies to perfect laws in related fields in the near future.

Over the past year, the Ministry of Justice in coordination with the Ministry of Information and Communications and the Vietnam Social Insurance successfully connected and shared data between national information systems at central and local levels regarding the birth registration data of children under 6 years old. This is a momentous stride foward in reforming administrative procedures, helping to cut down on time and costs for the people while improving the management capacity of State agencies.

Through the shared documents and electronic administrative procedures, the time to issue health insurance cards for children has been drastically cut down from a maximum of five days to two or three working days. In some cases, the issuance of health insurance cards can be carried out even within just one day, thereby contributing to reducing costs for people and State agencies and ensuring the rights of children from the moment they are born.

Over the past years, the Ministry of Justice has affirmed its increasingly important role in providing consultancy for the Party, State, National Assembly and Government in order to institutionalise the Party guidelines and the regulations of the Constitution 2013.

The entire judicial sector reviewed 40,304 legal documents in 2019 and completed the systematization of legal documents in the 2014-2018 period. Particularly, for the first time, the sector identified and published accurate data on the legal document system nationwide.

The moves have made the legal system more accessible and transparent, contributing to perfecting the socialist-oriented market economy institution, ensuring basic rights and obligations of citizens, improving the business environment and meeting the requirements of socio-economic development and national defence and security.

According to a recent conference held by the justice sector in early 2020, the Ministry of Justice has actively coordinated with other ministries, sectors, localities and the business community to formulate reports reviewing the inadequacies, overlaps, and obstacles among legal provisions related to the business and investment environment, social welfare policies, cleared land for investment projects and others.

Such positive results have helped to improve the business environment and enhance national competitiveness.

Fortuned businesses, developed province

(BGO) – The northern province of Bac Giang has been recently ranked among the top leading provinces in investment attraction, particularly securing the sixth position nationwide in 2019 in approving for new projects. In spite of the impressive results, there are many thing to be done in term of investment attraction  to promote the effectiveness of “fortuned businesses, developed province”. 

Record numbers for newly established businesses in 2019

The total number of newly-established enterprises in 2019 was over 138,100 with total registered capital of VND1.7 quadrillion (over US$73.5 billion), up 5.2% and 17%, respectively, against last year, according to the General Statistics Office (GSO).

Vietnamese businesses join trade promotion event in Russia

Six Vietnamese businesses, including Vietnam Oil and Gas Group (PetroVietnam), participated in a trade promotion event in Russia’s Kaluga city on December 23-24.

Due attention paid to facilitate business development in Bac Giang province

(BGO) – The northern province of Bac Giang holds quarterly Business Coffee Programme to renew the method to contact and exchange with the local enterprises. Also, it is a channel for the provincial authority to know their expectation and desire so as to timely handle the difficulties and obstacles to facilitate the business development.  

Vietnamese women increase their 'power' in business

The proportion of women-owned businesses has tended to increase over recent years, from about 21% in 2011 to 24% in 2018, according to a survey report on private enterprises by the Vietnam Chamber of Commerce and Industry (VCCI).

Source: NDO