Regulatory reform: Breakthrough for Vietnam in next decade

Regulatory reform is designated one of three breakthroughs for Vietnam’s development in the next 10 years, along with manpower, and synchronized infrastructure.

Vietnam’s Prime Minister Pham Minh Chinh at the 26th Future of Asia conference held on May 20-21. Photo: Nhat Bac/VGP

The key aspects were highlighted at the speech delivered by Vietnam’s Prime Minister Pham Minh Chinh at the 26th International Conference on THE FUTURE OF ASIA on May 20-21.

“We stress special importance to digital economy, green economy, circular economy, and climate resilience,” Chinh made the statement at Nikkei’s conference that marked the participation of Japan’ PM Suga Yoshihide, Malaysia’s PM Muhyiddin Yassin, Thailand’s PM Prayut Chan-o-cha, Pakistan’s PM Imran Khan, Malaysia’s former PM Mahathir bin Mohamad, among others.

Regulatory reform concerns the quality improvements of government regulation.

Regulatory reform reduces barriers to competition and market openness, and fosters market dynamics, while ensuring essential social and environmental welfare. Incorporating practices for consultation, transparency and access to law, regulatory reform also contributes to reduced corruption, according to the Organization for Economic Co-operation and Development (OECD).

For that reason, Chinh emphasized Vietnam’s viewpoints on the development, including (1) creating favorable business environment for all economic sectors; (2) digital transformation-based sustainable growth with a focus on environment protection, climate change adaptation, and increasing labor productivity; (3) upholding people-centered approach for the development; (4) building technology-based economy with further integration into the world’s economy; and (5) pursuing self-resilient diplomacy, multilateralism, and being a responsible member of the international community.

The Vietnamese PM noted that Vietnam, the country of 100 million people, will maintain its dynamic growth momentum in the years to come.

He said the strong resilience of Vietnam will open up opportunities for regional and global investors, mostly in infrastructure, energy, manufacturing and supporting industries, hi-tech agriculture, electronics, ICT, biology, smart city, and logistics.

The PM noted that Vietnam not only creates favorable conditions for the investors but also shares risks with them in unexpected cases.