General Secretary calls for eliminating at least a third of business conditions

General Secretary calls for eliminating at least a third of business conditions

Party General Secretary Tô Lâm stated that efforts should be made to eliminate at least 30 per cent of business conditions, aiming to position Việt Nam among the top three investment environments in ASEAN.

A mobile phone assembly line at Samsung's Việt Nam's factory. — Photo courtesy of Samsung

To drive Việt Nam’s economic development, Party General Secretary Tô Lâm has recently emphasised the need for continued institutional reform and improvements in the business environment. 

The goal is to reduce administrative processing time by at least 30 per cent, along with cutting business costs and unofficial expenses.

Institutional reform should focus on eliminating over a third of unnecessary business conditions.

This initiative aligns with the General Secretary’s directive to elevate Việt Nam’s investment environment into ASEAN’s top three within two to three years.

For 2025, Việt Nam has set a growth target of at least 8 per cent, laying the foundation for double-digit growth in the coming years.

Currently, the legal framework has yet to keep pace with the rapid development of the digital economy, innovation and international integration, particularly in financial technology, artificial intelligence (AI), platform economy, e-commerce and special economic zones.

The General Secretary suggested that Việt Nam should boldly adopt specialised legal frameworks. Examples include a controlled regulatory sandbox for emerging technologies, special tax incentives for economic and technological zones and unique mechanisms for resolving commercial disputes within these zones.

Open financial policies for international financial centres should be implemented while establishing 'duty-free ports' to develop into a major logistics hub.

Furthermore, the application of a National Investment One-Stop Portal, along with policies to attract top talent and offer special incentives for high-achieving public officials and civil servants, has been suggested.

To remove bottlenecks and stimulate growth drivers, the government has set the goal of enhancing the business environment, focusing on five key reform areas.

These include addressing legal and implementation challenges in investment projects, improving the quality of conditional business sectors and regulations, modernising specialised management and inspection, expanding the use of information technology and inter-agency data sharing and improving the quality of business development services. 

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