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The World Bank Doing Business Report (2013) ranked Viet Nam
99th out of 189 economies. Among its 10 categories, Viet Nam performs
relatively better in dealing with construction permits and getting credit
whereas protecting investors and getting electricity are not favourable.
Vietnam has significantly advanced in the goods market efficiency, thanks to
lower trade barriers. Liberalization of trade and foreign direct investment
(FDI) has been integral parts of the structural reforms that contributed to
improved competitiveness and thus export-led growth. Following its WTO
accession, Viet Nam experienced a surge in FDI. Viet Nam’s attractiveness to
foreign investors resulted from the country’s open government policies to
encourage FDI, its geographical position close to global supply chains, and
political and economic stability. Viet Nam’s economy remains an attractive
destination for foreign investors and has the potential for long-term growth.
One of the government’s greatest challenges remains fighting corruption. The
Corruption Prevention Plan comprises five measures: improving the transparency
of authorities and agencies, completing the economic management regime,
building a fair and competitive business environment, improving supervision,
surveillance, investigation and prosecutions and raising society’s awareness
of its role in the fight against corruption (Bertelsmann Siftung
2012).
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| The Business Environment: Doing Business |
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