Ministry urged to complete guiding decrees for new laws
By Quoc Hung – The Saigon Times Daily
HCMC – The Ministry of Planning and Investment has been told to quickly review and improve draft decrees guiding the implementation of the revised laws on enterprise and investment for submission to the Government before September 15.
According to the Government’s recent resolution on the implementation of the two laws, the ministry should work with the Government Office to conduct necessary procedures in preparation for the Government to issue the decrees before mid-September.
The revised laws came into force on July 1 this year but a lack of guiding documents has caused many difficulties for business establishment and investment applicants and law enforcement agencies.
At the Vietnam M&A Forum 2015 in HCMC last week, corporate representatives identified the slow issuance of specific guidance and clarification of conditional business areas as a major barrier to market entry.
However, Deputy Minister of Planning and Investment Dang Huy Dong said local and foreign firms had responded positively to the two new laws. The clear evidence was that the number of startups registered a 66% year-on-year increase in the first month of the new laws taking effect.
According to the national database, 7,662 businesses were established in July with total registered capital of VND43.85 trillion under the revised enterprise law, up 66.2% in number and up 49.4% in capital against the year-earlier period.
Dong believed the guiding decrees would be issued next month.
In the resolution, the Government requires relevant ministries and agencies to frequently review regulations on business conditions and propose amendments to improve the business environment and increase the country’s competitiveness.
Review reports on such conditions should be submitted to the Ministry of Planning and Investment by December 15 before they are forwarded to the Prime Minister for consideration.
The investment ministry has to coordinate with the Government Office and relevant ministries to assess the effect of regulations on business conditions, propose removal or adjustment of conditions that are deemed unnecessary or unreasonable, and simplification of relevant rules.
This month the investment ministry should complete a list of conditions for foreign investors for having them posted on the national portals for foreign investment and business registration. The ministry will have to review business conditions illegally set by ministries, agencies and local governments, and propose the Government remove these illegal conditions before early July next year.
The ministry should have the portals upgraded in December to facilitate business and investment registration.
Meanwhile, the ministries of finance and planning-investment are tasked with completing a system for automatic issuance of business codes next month.
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