There is room for stronger reforms: VCCI
At an event on January 12, VCCI Chairman Vu Tien Loc announced the report about Vietnam's business regulations in 2020, saying that Vietnam was among few countries recording positive economic growth last year.
Loc said drastic efforts in hastening institutional reforms and improving policies and mechanisms for enterprises helped the economy overcome difficulties as the COVID-19 pandemic heavily affected every socio-economic field.
The report, which looked at notable business regulations in 2020 with a focus on market entry and the legal framework for the digital economy, revealed that there were 17 laws, 158 decrees, 39 decisions and 310 circulars issued last year.
The number of circulars issued strongly decreased compared to previous years, which reflected that the quality of legal documents improved significantly, thus, it would not be necessary to issue too many circulars to provide instructions, VCCI pointed out.
About 55% of opinions of businesses were received and responded to, compared to 44.08% in 2019 and 42.51% in 2018, the report found.
“Policy-makers are paying more attention to enterprises’ opinions,” the report wrote, adding that the management thinking of policy-makers was witnessing renovations in recent years.
The current business legal system was not perfect, VCCI said, however. Some legal documents issued in 2020 still put in place unnecessary regulations which caused difficulties for businesses.
Dau Anh Tuan, head of the VCCI’s Legal Department, said that there were still overlaps, inconsistencies and a lack of transparency in existing legal documents.
Some inspections were also causing burdens and delays for enterprises.
Tuan said the existing overlaps, inconsistencies and lack of transparency required stronger reforms to be carried out with a drastic spirit to create the most favourable business environment for enterprises and position Vietnam among countries with the best business climate in ASEAN.
The management thinking must be renovated in the trend of rapid and intensive international integration to raise transparency and develop practical regulations which serve enterprises in an effective way, Tuan said.
Related News
Open export markets
08:07 | 11/02/2024 Import-Export
Supporting businesses in cost reduction
10:42 | 15/01/2024 Headlines
Restricting scrap import can affect many businesses
09:42 | 28/12/2023 Regulations
Restrict the import of scrap can affect many businesses
10:07 | 27/12/2023 Regulations
Latest News
VN needs drastic reforms to create firm ground for economic growth: experts
13:57 | 26/04/2024 Headlines
E-commerce contributes $7 million in taxes during 2022-23
13:56 | 26/04/2024 Headlines
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
13:51 | 25/04/2024 Headlines
Investor confidence gains traction on improved business climate
13:46 | 25/04/2024 Headlines
More News
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines
Many new regulations aim to drastically remove the IUU "Yellow Card"
15:36 | 24/04/2024 Headlines
PM chairs meeting of national committee for digital transformation
13:42 | 24/04/2024 Headlines
Seize the golden opportunity as retail giants look for supplies in Vietnam
10:34 | 24/04/2024 Headlines
Government’s action programme cracks down on illegal fishing
13:53 | 23/04/2024 Headlines
PM calls on ASEAN to pen strategic development vision
13:50 | 23/04/2024 Headlines
Forum to discuss new initiatives on ASEAN future vision: Deputy FM
15:13 | 22/04/2024 Headlines
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Green transformation and ESG practice to participate in the global competition
18:11 | 21/04/2024 Headlines
Your care
VN needs drastic reforms to create firm ground for economic growth: experts
13:57 | 26/04/2024 Headlines
E-commerce contributes $7 million in taxes during 2022-23
13:56 | 26/04/2024 Headlines
Standard Chartered revises down Vietnam’s GDP growth forecast in 2024 to 6%
13:51 | 25/04/2024 Headlines
Investor confidence gains traction on improved business climate
13:46 | 25/04/2024 Headlines
Vietnam's exports to Canada lead among CPTPP countries
09:41 | 25/04/2024 Headlines