For the seventh consecutive year, Quang Ninh province in northern Vietnam has secured the top spot in the country's Provincial Competitiveness Index (PCI).

Investors and businesses lauded the province's ongoing commitment to improving the business environment. Quang Ninh also leads Vietnam's inaugural Provincial Green Index (PGI), demonstrating its focus on sustainable economic development.

The impressive results, announced on May 9, come from surveys conducted by the Vietnam Confederation of Commerce and Industry (VCCI) and the United States Agency for International Development (USAID).

This marks the 19th year of PCI results being published, and the second year for the PGI.

Quang Ninh's success underscores the province's consistent efforts and its reputation as a frontrunner in Vietnam's drive to enhance its investment climate. This year's PCI score of 71.25 points places Quang Ninh ahead of Long An province and the major port city of Hai Phong.

In the PGI, Quang Ninh also holds the highest position with a score of 26, showcasing its balanced approach to economic growth and environmental protection. Notably, Da Nang, Dong Nai, Hung Yen, and Ho Chi Minh City followed closely in the green rankings.

The Significance of the PCI and PGI

The PCI and PGI play a crucial role in assessing Vietnam's progress in promoting administrative reforms and enhancing the business environment.

These indices, built on years of extensive surveys, offer objective insights into how local governments are fostering economic restructuring and innovation, alongside sustainable growth models.

They particularly align with recent directives from the Vietnamese government to promote a "green and carbon-neutral" economy, a balance that will be key for the country's future economic trajectory.

Quang Ninh: A Model of Reform

Quang Ninh's consistent high rankings have made it a valuable case study for other provinces seeking to improve their investment climate. The province's success reflects the proactive stance of the local government in creating an equitable and transparent business environment.

Investors and businesses surveyed have repeatedly acknowledged Quang Ninh for its continued streamlining of administrative procedures, reductions in bureaucratic red tape, and decreased informal costs associated with operations.

This investor-centric approach underscores the province's understanding of the link between a welcoming business environment and attracting both domestic and international capital.

Quang Ninh's leadership in both the PCI and PGI reflects a recognition that environmental considerations are integral to long-term economic success.

Investors are increasingly scrutinizing not just regulatory frameworks, but also a province's commitment to sustainable practices, resource management, and climate change responsiveness.

The PGI's inclusion in government assessments demonstrates Vietnam's awareness of these global investment trends.

While Quang Ninh is setting the pace, other provinces are likely to intensify their efforts to develop sustainable practices while boosting their competitiveness to attract more ethical and environment-conscious capital.

Vietnam's Economic Outlook

Vietnam's dedication to continuous improvement of its business environment, underscored by indices like the PCI and PGI, positions the country well to maintain its strong economic trajectory.

With a focus on streamlining processes, fostering transparency, and prioritizing sustainable development, Vietnam can further strengthen its appeal as an attractive destination for international investment.

However, it's equally important for Vietnam to address remaining challenges beyond the top-performing provinces. Closing the gap in business climate improvements across the nation will be critical to fulfilling the country's ambitious growth targets and promoting more inclusive development.