A new set of law amendments will go into effect next month, removing thousands of requirements for new businesses in Vietnam.
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Changes to the Law on Business and the Law on Investment include the removal of 3,299 legal requirements in an effort to make it easier for entrepreneurs to get their businesses off the ground, reports Thanh Nien.
These scrapped requirements represent about half of all existing prerequisites, according to the Minister of Planning and Investment.
Minister Bui Quang Vinh cautioned that it may take one year before agencies are able to adopt the new regulations, adding that streamlining business and investment rules are "vital to improving Vietnam's business environment."
Two previous government decrees passed last March have already begun to chip away at the red tape as it now takes 17 days to start a business, down from 34 days.
The minister added that businesses now spend only 335 hours per year on taxes, compared to 537 hours before last year’s changes went into effect.
Vietnam still has a ways to go when it comes to improving its business environment, ranking 66th out of 144 economies in a global competitiveness index released by the World Economic Forum last September.
“When it came to the burden of government regulation and transparency of government policymaking, for which it ranked 101st and 116th, respectively,” wrote the paper.
[Image via govap.hochiminhcity.gov]
