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Investment

Last updated: Saturday, April 21, 2018

 

Foreign Firms Upbeat about Business Prospects in Vietnam

Posted: Thursday, April 05, 2018


Business confidence has increased among foreign direct investment (FDI) companies in Vietnam, according to a survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI).

The survey results showed that 13.2 per cent of the firms increased their investment capital and 60 per cent of them plan to scale up their business operation in Vietnam, which are much higher than the 2016’s figures of 11 per cent and 50 per cent.

Professor Edmund Malesky from the US-based Duke University affirmed that this is the greatest optimism in the FDI sector since 2011, attributing the results to the Vietnamese Government’s policies to reduce the burden on FDI companies.

Online registration to set up business has been put forth while required documents have been slashed down.

In addition, initial investment certificates were issued to FDI companies within 37 working days in 2017, as compared to 47 working days in the previous year.

Procedures for tax code registration and adjustment of investment registration certificates have been simplified as well, according to the survey.

The results of the survey also revealed that 45 per cent of businesses said that they had to paid “unofficial” costs for inspectors as well as customs clearance and land-related procedures, which is lower than the rate of 50 per cent in 2016.

However, Malesky said that Vietnam should make more efforts to streamline administrative procedures for foreign investors, noting that tax and customs procedures remain great troubles for FDI companies.


NDO/VNA








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