VN to strengthen simplification of business regulations in 2020-25 period

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Tra fish processed at the Southern Seafood Corporation. Việt Nam targeted to remove and simplify at least 20 per cent of the number of regulations and reduce at least 20 per cent of compliance costs for firms by 2025. — VNA/VNS Photo

HÀ NỘI — Việt Nam will strengthen the removal and simplification of business regulations in the next five-year period to create favourable conditions for enterprises and promote their development as a driver for socio-economic growth.

Under the Government’s Resolution No 68/NQ-CP issued early this week, Việt Nam targeted to remove and simplify at least 20 per cent of the number of regulations and reduce at least 20 per cent of compliance costs firms incurred to adhere to Government regulations which were in effect as of May 31.

The list of existing legal documents regulating business operation must be announced before October 31.

At the same time, the Government’s programme also aimed to strictly control the promulgation of new legal documents regulating business operation, especially ministers’ circulars, Prime Minister’s decisions and Government’s decrees to prevent the creation of unnecessary and unreasonable regulations.

This year, software providing adequate and accurate updates about business regulations and compliance costs would be put into operation, which would be a base for reviews for cuts and simplifications. Priority would be placed on regulations about checks on imported-exported products.

Dialogues between the management agencies and businesses would be increased so that the quality of simplification would be improved, meaning that the effort would really bring benefits to enterprises.

The Government Office’s statistics showed that the since 2016, 3,893 out of 6,191 business prerequisites had been removed or simplified, together with 6,776 out of 9,926 categories of goods subjected to customs checks and 20 out of 120 administrative procedures related to customs checks.

The effort helped save an estimated 18 million workdays per year, equivalent to more than VNĐ6.3 trillion.

Việt Nam ranked 70th among 190 economics in the World Bank’s Doing Business 2020 report. VNS

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