9:30:04 AM | 23/10/2008
Vietnam has moved up six ranks to 65th place out of 82 countries surveyed in the global business environment ratings by Economist Intelligence Unit (EIU), a U.S. based business intelligence organization, in the period of 2009-2013, the local newspapers reported.
The EIU attributed the ranking to Vietnam’s improved business environment after becoming member of the World Trade Organization (WTO), and noted that the country was making progress in fulfilling WTO commitments in trade liberalization.
The country ranked 71st in the 2004-2008 period in the previous report of EIU.
The EIU’s newsletter “Country Forecast October 2008” said that Vietnam would improve the business environment for private enterprises and implement new legislation in 2009-2010. More state-owned enterprises would conduct their privatization during 2011-2013, it said.
The organization also said a reformed personal income tax system would come into effect from January 2009, and by then foreign workers would be taxed the same rate as Vietnamese workers. Currently, foreigners have to pay double tax as high as for local employees.
In the period from 2009-2010, state-owned commercial banks would carry out their share sales, and the operations of foreign banks would be eased further by 2011.
The EIU forecast that the real GDP growth in Vietnam would drop to 5.3 per cent in 2009.
However, foreign investors were still confident of the country’s long-term prospects thanks to low labor cost, improving infrastructure in the 2011-2013 and soaring pledged FDI of US$57 billion in the first nine months of 2008. (Local sources)
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