The quality of state management and administrative procedures are the top concerns of the business community, not only the progress of cutting red tape, said an expert. In addition to removing obsolete administrative procedures, Vietnam should issue specific sets of criteria to ensure greater efficiency in attracting foreign direct investment (FDI) into priority areas, according to Nguyen Anh Duong, head of the Macroeconomic Policy Department under the Central Institute for Economic Management (CIEM). Overview of the CIEM’s conference on June 1. Photo: Nguyen Tung. "Low quality of institutional framework, digital infrastructure and productivity are three bottlenecks hindering Vietnam's development in the post-Covid-19 period," Duong said at a conference on June 1. Regarding this issue, economist Vo Tri Thanh, CIEM's former vice director, said the Covid-19 pandemic has triggered the trend of politicization of economic activities, which was best demonstrated by the US – China tensions and protectionism. Thanh said in a world of growing uncertainties, countries like Vietnam should adopt flexible policies and act fast to grasp a new wave of investment capital as foreign investors are looking to diversify their global value chains away from China. "It is not a coincidence that Prime Minister Nguyen Xuan Phuc has set… Read full this story
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