Annual report on Vietnamese Business 2016-2017 released - Annual report on Vietnamese Business 2016-2017 released - Website Ho Chi Minh City
On April 21 Vietnam Chamber of Commerce and Industry (VCCI) released its annual report on Vietnamese business entitled: “Corporate Governance”.
President of VCCI Vu Tien Loc said GDP growth rate stayed at 6, 21% in 2016, lower than that of 2015 at 6, 68% of 2015 and failed to meet the target of 6, 7%. However, in the context of world’s complicated changes and local economic difficulties, the above figure was very encouraging. In 2016, the country achieved the highest growth rate of newly-established enterprises with over 110, 100 enterprises contributing to the total number of 1 million enterprises.
According to the report, FDI projects reduced losses after Vietnam Government worked out solutions to control transfer pricing and to inspect FDI enterprises in 2010-2011. In the meantime, the rate of FDI enterprises suffering losses was down 44, 2% & 45%, the lowest in the period of 2013-2017. In the period of 2012-1015, however, this rate increased due to common economic difficulties. In 2015, the rate of FDI enterprises suffering losses ranked second after State-owned enterprises.
This year’s report showcased the picture of current status and capability of Vietnamese businesses in 2016. Amongst, corporate governance was considered the most important factor in many countries, especially after world’s financial crisis 2008. However, this factor is not paid special attention by business community as well as policymakers. Apart from assessing business environment and competitiveness, the report also focused on analyzing activities of businesses.