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Business law reform in focus

Business law reform in focus

Thursday 27, 08 2020
Viet Nam News HÀ NỘI – Prime Minister Nguyễn Xuân Phúc on Monday chaired the first meeting with ministerial and sector leaders in Hà Nội seeking to remove obstacles to the enforcement of Laws on Enterprises and Investment.

Viet Nam News

HÀ NỘI – Prime Minister Nguyễn Xuân Phúc on Monday chaired the first meeting with ministerial and sector leaders in Hà Nội seeking to remove obstacles to the enforcement of Laws on Enterprises and Investment.

Minister of Planning and Investment Nguyễn Chí Dũng reported that the two laws came into effect on July 1, 2015. 

Under the new laws, the time required for fresh business registrations was slashed to 2.9 days on average while the time required for adjustment of business licence took 2.7 days on average. 

The reform of the two laws was welcomed by international organisations, especially the Word Bank.

“The outcomes showed that the business environment improved right after the Law on Enterprises and the Law on Investment took effect,” said Minister Dũng.  

However, problems still lie ahead during the implementation of the two laws, according to the minister.

The MPI pointed out the top 3 problems including differences and inappropriate regulations between the Law on Investment, Decree 118/2015/NĐ-CP and related laws and documents on investment procedures, difficulties in collecting, reviewing and reforming investment conditions in accordance with the Law on Investment and obstacles in conducting investment and business registration.

Phúc underlined the necessity to enforce the two laws with the Government’s Resolution 19/NQ-CP, dated March 12, 2015 on key duties and solutions to improve the business environment and national competitiveness in 2015-2016.

Phúc also pledged to uphold the role of the Task Force on Implementation of the Enterprise Law and Investment Law.

Public servants need to serve citizens and enterprises, the Government leader said.

He also agreed to issue guiding documents on the implementation of the two laws before July 1, 2016 and assigned the MPI to work with the Office of the Government and relevant ministries and agencies to implement the new regulations. — VNS

>>> EVFTA to be signed soon

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Financial News

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