Industry-trade sector eases regulation
Industry-trade sector eases regulation
A newly-published report reviewing conditions for business lines under the purview of the Ministry of Industry and Trade (MoIT) has found that amendments of recent years have ensured conformity and consistency.
The report by the Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment reviewed conditional business lines in five areas of the industry and trade sector - petroleum trading, gas trading, food trading under specialized management of the MoIT, rice exports and e-commerce activities.
Vietnam’s rice exports have shown positive change |
CIEM Deputy Director Nguyen Hoa Cuong explained that these areas have a major impact on the Vietnamese economy. For example, the petroleum business is a key underpinning of daily life and business activities, Vietnam is one of the world’s top rice exporters and e-commerce is considered an important platform for Vietnam’s digital economic development.
Director of the CIEM’s General Research Department Nguyen Anh Duong said the MoIT has been considered a bright spot in terms of reviewing conditional business lines and business conditions. The products under MoIT’s management are not only important for domestic production and business but also for the export market.
The report noted that current business conditions now ensure conformity and consistency, for example, in the petroleum industry’s requirements for fire prevention and fighting.
Management of petroleum business meets practical requirements |
Under government direction, the MoIT has been amending business conditions for the past five years in order to reduce the large number of administrative procedures and simplify business activities and investment. In 2020, 205 business conditions were eliminated and/or simplified, Duong said.
According to the report, business conditions under the management of the MoIT still apply to requirements of facilities such as warehouses, wharfs, and storage tanks for petroleum trading and rice export in order to filter out unqualified businesses. However, the report’s authors recommended further review of these requirements, which are time and cost consuming, to identify inadequacies and make appropriate adjustments to facilitate business operations.
| Aedan Puleston, Second Secretary at the Australian Embassy in Vietnam: The deregulation of conditional business lines improves the business environment, reduces corruptions and draws high-quality foreign investments. |
