Vietnam Annual Business Report 2012 announced

The report reviews developments in the economic growth, export-import balance, foreign investment attraction and changes of the world market. 

Speaking at the announcement ceremony, VCCI President Vu Tien Loc said the report has provided a panoramic picture of Vietnamese businesses’ development during the 2002-2011 period, focusing on their transition, capacity improvement, especially in market access. 

In the report, VCCI has made recommendations to policy makers on how to improve the business environment and suggestions for enterprises to raise their competitive edge. 

The report also reflects the business community’s wish that the Government will speed up administrative reform and build a transparent investment and business environment. 

At the same time, local authorities should focus on improving management capacity and assisting businesses in the localities. 

The World Bank chief economist for Vietnam, Deepak Mishra stressed that the WB and the VCCI share the vision on as well as the common goal to spur the business environment in Vietnam in both depth and width. 

According to the report, by April 1, 2012, the country had over 312,000 businesses, of which more than 80 percent are operating in the form of limited liability or joint stock companies. Local businesses showed a down-sizing trend in workforce, from an average 74 employees in 2002 to 34 in 2011, but their capital increased, from 23 billion VND to 47 billion VND during the same period. 

Last year, nearly 70,000 businesses registered for establishment, representing a decrease of 9.9 percent against the previous year. 

Meanwhile, more than 54,200 others dissolved or halted operation, a year-on-year rise of 6.29 percent, respectively.-VNA