Report on Business Law Flow 2021 released

The Vietnam Chamber of Commerce and Industry (VCCI) on March 29 publicised its Report on Business Law Flow in 2021, the fourth edition since 2018, which reviews laws related to business in the year and reflects the view of enterprises to drafted or issued policies.

The report analyses various important legal issues affecting the business environment. This edition focuses on the quality of circulars, dispartches and the Sandbox legal space.

VCCI President Pham Tan Cong expressed his hope that the report is a useful information source for businesses, business associations and State agencies.

He noted that last year, the implementation of the Government’s resolution on cutting and simplifying regulations related to business activities in the 2020-2025 period was sped up. The majority of the ministries have built their own plans to reduce compliance costs towards the goal of cutting at least 20 percent of the cost in current legal regulations, he said, commenting that the business environment has become smoother thanks to the efforts.

However, the VCCI leader also pointed to the fact that policy-making activities in 2021 resulted in tighter regulations for businesses, while there remain legal documents that create new barriers and burden on enterprises.

He stressed the need to improve the quality of circulars at the ministry level and make the implementation of policies faster and smoother.

Meanwhile, Dau Anh Tuan, head of the VCCI Legal Department, said last year - the first year of the new-tenure National Assembly - policies related to COVID-19 created a great support to businesses, removing bottlenecks and creating favourable conditions for business activities and companies.

The report pointed out a number of problems in circulars and official dispatches which are closely related to businesses’ operations. It also clarified that amid the Government’s efforts to promote administrative reform activities and cut down compliance costs, a number of proposed policies in 2021 tended to increase business conditions.