New law for business in pipeline

The Ministry of Planning and Investment will continue to draft a law designed to overcome difficulties in conducting business in Vietnam after a set of new laws and decrees just took effect on July 1.
new law for business in pipeline 57 Vietnamese businesses allowed to export Pangasius to US
new law for business in pipeline Policies must not be affected by group interests
new law for business in pipeline Building a win win partnership

Minister of Planning and Investment Nguyen Chi Dung told Dau Tu (Vietnam Investment Review) that a new law regulating future revision of the enterprise and investment laws is expected to be presented to the National Assembly in October.

“The goal is to create a good legal system to boost business development and attract new investment flows,” he said.

Experts have recently expressed doubts about the quality of the new decrees, which might have been drafted too hastily as ministries rushed to complete them by the target date.

 

new law for business in pipeline
Hanosimex Ha Dong Textile factory at Ha Nam Province’s Dong Van 2 industrial zone

With regard to this matter, the Central Institute for Economic Management (CIEM) Deputy Director Phan Duc Hieu said: “They should not be overly doubtful.”

Hieu said the ministries compiled the documents based on more than 300 suggestions by the Vietnam Chamber of Commerce and Industry (VCCI), which represents the domestic business community, and nearly 70 suggestions by the CIEM, an agency advising the Government on economic management policies.

Hieu said yesterday was not the “dead-end” of the Vietnamese business conditions reform.

“The last legal reviewing period can be considered a practise step for ministries and sectors for a much greater task, required by the Investment Law, to abolish or supplement certain business conditions annually," he said.

The latest enterprise and investment laws and some 50 new decrees providing guidelines for their implementation took effect on July 1, making about 3,000 business conditions previously stipulated in ministry circulars null and void.

Industry insiders said it will take time to assess exactly how the new decrees change the business environment, and Minister Dung said legal revisions will go on.

Dau Anh Tuan, head of the VCCI’s legislation department, said the ending of many unnecessary business conditions will bring about big changes in the rights of enterprises and people in doing business.

For example, elimination of requirement regarding office space, number of employees or the contents of equipment will foster equality and competition in the market and remove obstacles to the creativeness of enterprises – a factor influencing their product quality and prices, Tuan said.

Fewer unnecessary conditions also means less chance for State management agencies to burden companies with business licencing and certifying processes, he said.

CIEM Director Nguyen Dinh Cung said that by erasing the unnecessary business conditions, ministries and sectors have shown a change in their thinking.

“Civil servants are aware that they cannot sit in air-conditioned rooms to ‘give birth’ to business conditions. They understand that they must work out regulations and standards based on production processes of companies and sectors,” he told Dau Tu.

VCCI Chairman Vu Tien Loc said the Government now mainly supervises enterprises in post-licensing phases, instead of controlling their establishment with conditions set in advance.

“This creates conditions for enterprises to mature in terms responsibility and business culture,” he said.

Source: VNA

Related News

AEOs make great contributions to Vietnam’s trade development

AEOs make great contributions to Vietnam’s trade development

VCN – Currently, there are 76 Authorize Economic Operators (AEOs) across the country. The operators have made great contributions to Vietnam’s trade in goods.
Businesses cooperate to develop advanced technology

Businesses cooperate to develop advanced technology

VCN- In order to foster development of the high-tech sector, one of factors is close cooperation between businesses to improve competitiveness and promote innovation.
Note for businesses when converting green and digital

Note for businesses when converting green and digital

VCN - Green transformation and digital transformation have been identified by businesses as a mandatory path if they want to develop long-term. However, there are many issues that businesses need to pay attention to right from the start of the transformation if they want to achieve efficiency.
Businesses will be confident in exporting to the EU when they have enough green capacity

Businesses will be confident in exporting to the EU when they have enough green capacity

VCN - It is extremely necessary to grasp and understand the new EU regulations such as CBAM and EUDR. Thereby, businesses have plans, measures and roadmaps to adjust export production activities, maintain and develop export markets.

Latest News

Flexible tax policy to propel Việt Nam’s economic growth in 2025

Flexible tax policy to propel Việt Nam’s economic growth in 2025

The Vietnamese government has extended and enhanced tax relief for 2025, offering reductions and deferrals to boost economic growth.
Brandnew e-commerce law to address policy gaps

Brandnew e-commerce law to address policy gaps

The proposed law seeks to address gaps in existing regulations and keep pace with technological advancements and evolving business models.
From January 1, 2025: 13 product codes increase export tax to 20%

From January 1, 2025: 13 product codes increase export tax to 20%

VCN - According to the Export Tariff (XK) issued with Decree 26/2023/ND-CP, from January 1, 2025, there will be 13 commodity codes with an export tax rate of 20%.
Export tax rates of 13 commodity codes to increase to 20% from January 1, 2025

Export tax rates of 13 commodity codes to increase to 20% from January 1, 2025

VCN – According to the Export Tariff issued with Decree 26/2023/ND-CP, the tax rates of 13 commodity codes will increase to 20% from January 1, 2025.

More News

Proposal to reduce 30% of land rent in 2024

Proposal to reduce 30% of land rent in 2024

VCN - The Ministry of Finance has finalized a draft Government Decree outlining the reduction of land rent for 2024. The draft is currently under review by the Ministry of Justice before being submitted to the Government for approval.
Resolve problems related to tax procedures and policies for businesses

Resolve problems related to tax procedures and policies for businesses

VCN - Immediately after the end of the Dialogue Conference between the Ministry of Finance and enterprises on tax and customs policies and administrative procedures in 2024, the General Department of Customs proactively removed obstacles related to tax procedures and policies for the business community.
New regulations on procurement, exploitation, and leasing of public assets

New regulations on procurement, exploitation, and leasing of public assets

VCN - Decree No. 114/2024/ND-CP, which amends and supplements certain articles of Decree No. 151/2017/ND-CP detailing the implementation of the Law on Management and Use of Public Assets, introduces significant changes. These include updates on authority, methods of asset exploitation in agencies and units, plans for leasing, joint ventures, and partnerships in public service units, as well as centralized procurement procedures.
Actively listening to the voice of the business community

Actively listening to the voice of the business community

VCN - Recognizing the Customs-business relationship as a long-term partnership, the Customs authority has organized hundreds of dialogues with businesses since the beginning of the year. These efforts aim to promptly address challenges, resolve obstacles, and facilitate import-export activities. Such meetings offer an opportunity for the Customs authority and the business community to exchange, share insights, and find solutions to enhance operational quality and efficiency.
Step up negotiations on customs commitments within the FTA framework

Step up negotiations on customs commitments within the FTA framework

VCN - Promoting negotiations on customs commitments within the framework of free trade agreements (FTAs) plays an important role in facilitating import and export activities. These commitments not only help optimize the customs clearance process but also minimize costs and risks for businesses, opening up great opportunities for Vietnamese goods to access deeper into the international market.
Proposal to amend regulations on goods circulation

Proposal to amend regulations on goods circulation

VCN - To perfect the policy on customs procedures, inspection and supervision, enterprises and associations have contributed many ideas from practical activities. Thereby, the Drafting Committee (General Department of Customs) has more perspectives to build policies to meet the goal of facilitating trade and ensuring state management of customs.
Review of VAT exemptions for imported machinery and equipment

Review of VAT exemptions for imported machinery and equipment

VCN - The General Department of Vietnam Customs has directed provincial and municipal customs departments to review, inspect, and address issues related to the implementation of VAT exemption policies for specialized machinery and equipment used in agricultural production.
Customs tightens oversight on e-commerce imports

Customs tightens oversight on e-commerce imports

VCN - The General Department of Vietnam Customs has issued new directives to enhance the management of imported goods transacted through e-commerce platforms, addressing ambiguities and ensuring consistent enforcement across provincial and municipal customs departments.
Bringing practical experience into customs management policy

Bringing practical experience into customs management policy

VCN - At the workshop to collect opinions from Southern Customs units on the draft Decree amending and supplementing Decree 08/2015/ND-CP dated January 21, 2015 of the Government; the draft Circular amending and supplementing Circular 38/2015/TT-BTC dated March 25, 2015 and Circular 39/2018/TT-BTC dated April 20, 2018 of the Minister of Finance, organized by the General Department of Customs last weekend, many Southern Customs units contributed specific contents from practical operations in the locality.
Read More

Your care

Latest Most read
Flexible tax policy to propel Việt Nam’s economic growth in 2025

Flexible tax policy to propel Việt Nam’s economic growth in 2025

The Vietnamese government has extended and enhanced tax relief for 2025, offering reductions and deferrals to boost economic growth.
Brandnew e-commerce law to address policy gaps

Brandnew e-commerce law to address policy gaps

The proposed law seeks to address gaps in existing regulations and keep pace with technological advancements and evolving business models.
From January 1, 2025: 13 product codes increase export tax to 20%

From January 1, 2025: 13 product codes increase export tax to 20%

VCN - According to the Export Tariff (XK) issued with Decree 26/2023/ND-CP, from January 1, 2025, there will be 13 commodity codes with an export tax rate of 20%.
Export tax rates of 13 commodity codes to increase to 20% from January 1, 2025

Export tax rates of 13 commodity codes to increase to 20% from January 1, 2025

VCN - 13 commodity codes with export tax rates increased to 20% from January 2025 include:
Proposal to reduce 30% of land rent in 2024

Proposal to reduce 30% of land rent in 2024

The Ministry of Finance has finalized a draft Government Decree outlining the reduction of land rent for 2024. The draft is currently under review by the Ministry of Justice before being submitted to the Government for approval.
Mobile Version