Vietnam is in the center of Southeast Asia. Hanoi – the capital city of Vietnam and Ho Chi Minh city – the economic hub of the nation,are just within a 2 to 4 hour plane trip from Singapore, Bangkok, Manila, Kuala Lumpur or Beijing, and just 5 to 6 hour flightaway from Tokyo and Seoul. During the past 3 decades, Vietnam is a typical example of success in terms of development. Thanks to the “doi moi”policy, since 1986, Vietnam has shifted from a centrally-planned economy into a market-oriented multi-sector economy. For 20 years, the Vietnamese economy managed to maintain the growth rate of 6 to 7.5% per annum – the world’s second highest –turningVietnam into a middle-income country within just a quarter of a century. 43 million people have successfully escaped poverty within the past 15 years. The scale of the economy has exceeded 200 billion USD. In order to become aneconomic hubof the region and join the global value chain, Vietnam prioritizes development based on the 3 pillars namely institutional reform, infrastructure development and high-quality human resource. In terms of institutional reform, Vietnam recently amended Law on Enterprises and Law on Investment for more transparency,freedom and fairness. Except for the 6 banned activities,investors now has the right to do business freely,with 267 activities listed as conditional business activities. Vietnam has also abolished licensing procedure and applied more simple and practical registration procedure for foreign investors as regulated in The 2014 Law on Investment. The time frame for granting investment certificatetoforeign investors has been drastically reduced from 45 days to 15 days. Tremendous efforts have been made to reform for tax and customs procedures, social insurance, business start-up,with the aim toreduce the processing time frame to 1/3 of the current level, and equal to that of the 4 developed ASEAN nations. The reforms in Vietnam have been recognized. Within the Global Competitiveness Report 2015-2016 of the World Economic Forum, Vietnam ranks 56thout of 140 countries, up 12 places comparing with 2014. Meanwhile, the United Nations Conference on Trade and Development’s report shows that in 2014, Vietnam ranked 9thin terms of investment attractiveness, up by 2 placescomparing with 2013. Another report of the Japan External Trade Organization shows that in the past 5 years, Vietnam has been the most attractive destination for Japanese investors. The country’s labor cost is among the most competitive in Asia and Oceania. In terms of infrastructure development, Vietnam is currently constructing large scale transportationstructures. After the construction of the international terminalsof Tan Son Nhat airport in Ho Chi Minh city and Noi Bai Airport in Hanoi completed, the preparation for the construction of Long Thanh international airport near Ho Chi Minh city is underway. This is expected tobecome an aviation hub of Southeast Asia. In 2015, the export turnover of Vietnam reaches nearly 330 billion USD. Vietnam has joined in 12 Free Trade Agreements, with the Trans Pacific Partnership known as the latest, as well as EuropeVietnam Free Trade Agreement, Vietnam – Korea FTA, Vietnam – EEU FTA.
Visibility: 1254
Duration: 10m 54s
Rating: 14