On May 6, the Vietnam Federation of Commerce and Industry (VCCI) announced the Provincial Competitiveness Index (PCI) for 2024. The report was published with the aim of assessing the quality of provincial-level economic management to promote business development.
Accordingly, Hanoi reached 68.38 points, ranking 24th out of 63 provinces and cities - up 4 places compared to last year, but is still considered not commensurate with the potential and role of a leading economic center in the country.
The PCI 2024 report is the final release period with full data of 63 localities, before rearranging provincial-level administrative units according to the Central Resolution. This makes this year's report of special significance, as a comprehensive summary of 20 years of monitoring and improving the local business environment.
Hai Phong leads the rankings with 74.84 points, pushing Quang Ninh - the locality that has held the No. 1 position for many consecutive years - down to second with 73.2 points. Other localities such as Long An (72.64 points), Bac Giang (71.24 points) continue to maintain high positions. Notably, Hung Yen entered the top 10 PCI for the first time.
Analyzing that Hanoi has only reached the ranking of 24/63 provinces and cities, Mr. Dau Anh Tuan - Deputy General Secretary and Head of VCCI Legal Department said that the national PCI average score reached 67.67 points - a slight increase compared to 2023 and the 8th consecutive year exceeding the mark of 60 points, showing a positive signal about improving the business environment.
"The investment and business environment in Vietnam continues to record many positive changes. The company highly appreciated the obvious improvements in labor quality, information transparency, market entry procedures and the operational efficiency of legal institutions.
However, there are still limitations that need to be overcome, such as difficulties in land access, the situation of unofficial costs tending to return, and the dynamism of some local governments showing signs of decline," said Mr. Tuan.
Hanoi in particular, although making progress compared to last year, still has a lot of room to break through. As a locality with a large volume and complexity of economic activities, the capital always faces higher challenges in management, while also being under greater pressure from the expectations of the business community and people.
In recent times, Hanoi has been promoting administrative reform, enhancing information transparency, reducing informal costs and promoting its role in innovation and digital transformation. However, the challenge is that it is necessary to synchronously implement reforms at the department, branch and district levels to create substantial changes in management and investment attraction.
This effort is expected to help Hanoi rise more strongly in the PCI rankings in the coming time, commensurate with the country's position as a political, economic and cultural center.
