On the morning of May 6, 2025, the results of the Provincial Competitiveness Index (PCI) 2024 announced by the Vietnam Chamber of Commerce and Industry (VCCI) attracted special attention from the public when Hung Yen province was for the first time in the Top 10 provinces/cities with the best governance quality in the country.

This is a significant step forward for Hung Yen province, especially when the province's PCI index has improved significantly in its component indicators. These improvements clearly reflect the province's efforts in improving the investment environment and supporting businesses, while also showing positive factors in the governance of local authorities.

Hung Yen province's PCI ranking and score increased strongly over the years (2020-2024)

Up to 7/10 component indices increased in points

According to the PCI 2024 results, Hung Yen province's component indices all had impressive growth compared to 2023. Specifically:

- Market Entry Index increased from 6.90 points (2023) to 7.48 points (2024). This increase shows that Hung Yen province has improved the business environment, creating favorable conditions for new businesses to enter the market, while minimizing cumbersome administrative procedures.

- The Land Access Index also increased from 6.92 points (2023) to 7.17 points (2024), demonstrating the province's efforts to improve transparency and convenience in land allocation for investment projects, making it easier for businesses to implement projects.

- The Transparency Index increased from 5.89 points (2023) to 6.26 points (2024), showing an improvement in transparency in the decision-making process, information is public and clear, creating trust for investors.

- The Time Cost Index also increased from 7.63 points (2023) to 7.90 points (2024), showing that the province has made efforts to reduce complicated administrative procedures, helping businesses save time when carrying out necessary procedures.

- The Competitiveness Index increased from 5.88 points (2023) to 6.24 points (2024), reflecting the improvement in ensuring a healthy competitive environment among enterprises, where all economic sectors have equal opportunities for development.

- The Government Dynamism Index increased from 6.85 points (2023) to 6.87 points (2024), showing the dynamism in the management and operation of the provincial government, with the ability to respond quickly and flexibly to the requirements and challenges of the economy.

- The Business Support Policy Index increased from 6.68 points (2023) to 7.13 points (2024), showing the province's strong commitment to creating policies to support enterprises, encourage investment and develop production and business.

The remaining 3 component indices decreased slightly, namely: Labor training (6.38 points in 2023 reduced to 6.36 points in 2024); Legal institutions and security and order (8.09 points in 2023 reduced to 7.65 points in 2024); Informal costs (7.54 points in 2023 reduced to 7.30 points in 2024).

In 2024, Hung Yen province had 7/10 PCI component indexes increase in points compared to 2023

Recognized efforts

The strong growth in PCI component index scores is the result of many positive factors in the management of Hung Yen provincial government. One of the important factors is administrative reform, helping to reduce cumbersome procedures and increase transparency in handling administrative procedures. The provincial government has also focused on improving transport infrastructure, facilitating the transportation of goods, as well as improving the quality of public services.

Businesses also recognize the government's initiative in creating practical support policies, helping to reduce production costs and increase competitiveness. The increase in land access and time cost indexes is also a testament to the efforts in creating a favorable investment environment, helping businesses operate more effectively.

VCCI Chairman Pham Tan Cong presented the PCI Top 10 Medal to Mr. Nguyen Le Huy, Permanent Vice Chairman of Hung Yen Provincial People's Committee

At the PCI 2024 announcement ceremony, Mr. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) said: “The PCI Index in 2024 is the result of the tireless efforts of provinces and cities in improving the business environment. The fact that Hung Yen entered the Top 10 for the first time is a clear demonstration of the efforts of the local government in supporting businesses and promoting economic development. This also reflects the strong leadership and correct development strategy of the province in recent years.”

According to Mr. Pham Tan Cong, over the past two decades, PCI has become a reliable tool to promote administrative reform, improve the business environment and enhance the competitiveness of localities. In particular, PCI has contributed to nurturing and developing the private economic sector, creating a solid foundation for the country's dynamic and sustainable economy. This is recognized in Resolution No. 68-NQ/TW of the Politburo on private economic development, signed and issued by General Secretary To Lam on May 4, 2025, which emphasizes the need for administrative reform and improving the business environment to promote the strong development of the private economic sector - one of the important pillars of the national economy.

In that context, PCI is not only an index to assess competitiveness but also an indicator reflecting the strong reform of localities, while helping local authorities self-assess and improve their management capacity, thereby creating a favorable business environment, attracting investment and creating momentum for economic development.