Hanoi(VNA) – The Vietnam Chamber of Commerce and Industry (VCCI) in conjunction withthe State Security Commission hosted a business corporate forum in Hanoi onApril 21 to announce an annual report on Vietnamese businesses in 2017.
General Secretary of the VCCI Pham Thi Thu Hang, who is also Director of the Instituteof Business Development, said the report is one of the important documentswhich help the public get insights into Vietnamese enterprises’ development.
It gives an overview of Vietnamese businesses’ real development and capacity,thus proposing measures to improve their competitiveness, she noted.
According to the report, Vietnam recorded a strong increase in the number ofnew enterprises in 2007-2016, with over 802,000, lifting the total number of businessesin the country to over 1 million.
Notably, the country had over 1000 firms registered for establishment in 2016.
Enterprises that declared to stop operation or dissolve in 2016 decreased by9.5 percent against the previous year.
However, Hang also noted that the quality and efficiency of Vietnamese enterprisesremain limited due to ineffective governance capacity, especially corporategovernance.
According to VCCI Vice Chairman Doan Duy Khuong, the practice of convenient-orientedmanagement with the shortage of corporate governance-related factors makesenterprises’ competitiveness restricted, resulting in their slow response to thechange of business climate, especially in the context of the financial crisis.
He also underlined the need to improve corporate governance capacity, sayingthat this is a decisive factor to help enterprises narrow gaps and keep pacewith firms in regional countries.
Participants to the forum discussed solutions to the issues, saying that it isnecessary to focus on applying the international financial statement-related accountingstandards, honouring enterprises with good performance, and enhancing the role ofbusiness associations.
The above-mentioned efforts have been promoted by the State Security Commissionin connection with the International Finance Corporate (IFC), the VCCI andrelevant agencies through the Vietnam Corporate Governance Initiative (VCGI),Khuong said.-VNA