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Government to cut, simplify at least 20% regulations on business by 2025

Last Updated: 5/19/2020

The Government of Vietnam will cut or simplify at least 20% of the current regulations on business through 2025, according to Resolution No. 68/NQ-CP released on Wednesday.

The Government it will also slash at least 20% of business procedure compliance costs as currently regulated while minimizing the number of legal documents related to business operations, according to a report on the Vietnam’s Government Portal.

Related: Vietnam has become one of the leading and safest destinations for foreign firms to reconstruct their manufacturing

In 2020, the Government targets to launch a statistics system to control business regulations and improve capacity of staff in charge of calculating compliance costs and evaluating the business regulations.

Ministries and Governmental bodies are assigned to adopt and implement annual plans on reduction and simplification of business-related regulations in order to rule out the regulations that hinder business operations.

They are also tasked to collect comments sent by businesses and people to the National Public Service Portal, or via dialogues and consultations to have a list of procedures/regulations that need to be cut or simplified.

Source: Online newspaper of the Government