Businesses face more risks as reform in business conditions slows

Workers at a garment company. Experts said that the need to reform institutions, improve the business investment environment and enhance national competitiveness is becoming imperative for Vietnam. — vneconomy.vn

HANOI: Reform in the business environment is tending to slow down, some fields are even creating additional barriers, causing more difficulties and increasing compliance costs for people and businesses, exposing businesses to more risks, according to the former Director of the Central Institute for Economic Management Nguyen Dinh Cung.

On international rankings, in terms of market efficiency, Vietnam significantly increased its position on the Heritage Foundation's Economic Freedom Index, from 105th in 2020 to 90th in 2021, 84th in 2022 and 72nd in 2023.