Minister of Planning and Investment Nguyen Chi Dung said that a new law regulating future revision of the enterprise and investment laws is expected to be presented to the National Assembly in October. This new law is to create a good legal system to boost business development and attract new investment flows, he added.
According to Central Institute for Economic Management (CIEM) Deputy Director Phan Duc Hieu, the MPI compiled the documents based on more than 300 suggestions by the Vietnam Chamber of Commerce and Industry (VCCI) and nearly 70 suggestions by the CIEM. VCCI is the organization which represents the domestic business community while CIEM is an agency advising the Government on economic management policies.
Mr.Phan Duc Hieu said that Vietnamese business conditions will continue to reform and Mr.Nguyen Chi Dung said legal revisions will go on.
“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, 2016 making about 3,000 business conditions previously stipulated in ministry circulars null and void.
Head of the VCCI’s legislation department Dau Anh Tuan 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, Mr.Dau Anh Tuan said.
CIEM Director Nguyen Dinh Cung said that by erasing the unnecessary business conditions, ministries and sectors have shown a change in their thinking.
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.
