Breakthrough in institutional reform creates an impetus for economic development

Dr. Vu Tien Loc, Member of the Economic Committee of the National Assembly, Chairman of the Vietnam International Arbitration Center.

How do you evaluate the Government's Resolution 01/NQ-CP dated January 6, 2023, which has just been issued?

This year's resolution of the Government has integrated both contents, which are the socio-economic development plan for the whole year and the reform plan to improve the business environment and enhance the competitiveness of the economy.

Thus, improving the business environment and competitiveness will no longer be merely a solution to contribute to growth, but will become an important goal in the Government's action plan. After all, improving the business environment and enhancing competitiveness is the foundation for sustainable growth.

For the long-term development of the economy, capital is very important but institutions are even more important. Liberating the institution will free up resources, thereby taking advantage of the capital market. Institutional reform is an important foundation for growth, a top task and a breakthrough solution not only in 2023 but also in the coming years.

Resolution 01/2023 can be considered an important resolution on reform and development. Over the past three years, we have always put forth urgent requirements for institutional reform, creating breakthroughs for the economy, but the Covid-19 pandemic and many external factors have slowed down the reform process.

Accordingly, in the future, the State needs to promote strong institutional reforms, namely improving the business environment, simplifying specialized inspection procedures in import and export, and promoting digital transformation; amend the law to reduce the situation of overlapping regulations that make it difficult for businesses. In particular, it is necessary to appreciate the role of associations, not skipping the stage of consulting businesses and associations in the process of reviewing legal documents.

What suggestions do you have to put the contents of Resolution 01 into practice and best support businesses?

In my opinion, solutions to improve the business environment, enhance competitiveness or other solutions to remove obstacles to promote production and business of enterprises have been mentioned quite clearly in the documents of government. It can be said that when the Government has the right policy, it is extremely important to organize the implementation in a timely and synchronous manner.

On that basis, we must improve institutions and administrative procedures by all means, create conditions to speed up disbursement, and implement production and business investment projects.

For solution groups, it is necessary to keep a close eye on the difficulties of the business community to promptly solve problems. One of those problems is mechanisms and institutions such as public investment, solving new problems, new problems, avoiding sudden and unpredictable decisions, and creating favorable conditions for businesses to cope with difficulties.

At the same time, the Government should continue to improve the business environment and pay special attention to transparency and fairness towards higher quality. Not only solving administrative procedures but also creating opportunities for businesses to overcome challenges, develop and break through in the future.

What opportunities and challenges face businesses in 2023, sir?

In 2023, accessing development resources and capital is the biggest difficulty of the business community. The Government, ministries and branches have taken important measures to increase the supply of credit to the economy. We also have solutions to promote the completion of the stock market and the bond market for business operations.

However, the most important thing is still the solution to execute. I think that one of the important things reflected by businesses is the current procedural and legal problems in the implementation of projects at all levels and sectors. Therefore, if legal procedures are resolved quickly so that production and business projects can be put into operation soon, on the one hand, businesses can take advantage of market opportunities, on the other hand. resources can be unleashed. It is the quick resolution of administrative procedures that will pave the way for businesses to access development resources, not just relying on the resources provided by the State.