Upcoming laws on Enterprises and Investment to improve Vietnam business landscape
Changes in these laws make it easier for market entry and create favorable conditions for enterprises doing businesses, which is expected to facilitate more investment and business activities in Vietnam.
Both the Law on Enterprises and Investment Law, which have been ratified by the National Assembly on 2020 and set to take effect next year, are expected to have a major impact on the business community.
Overview of the workshop. |
Lawyer and Chairman of Vietnam International Arbitration Center (VIAC) Tran Huu Huynh made the statement at a workshop on December 18.
“While the current business law has not been up to expectation in terms of consistency, feasibility and transparency, there have been gradual improvements in this regard with strong efforts from the government,” he noted.
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong said amid a global economic recession as a result of the Covid-19 pandemic, Vietnam has put in place measures, including stimulus programs, to support enterprises and people.
“Efficiency of these measures, however, remain limited, due to the global scale of the crisis that leads to low demand from international market, disruption of supply chains and limited working capital,” said Mr. Phong.
The VCCI Chairman noted Vietnam is participating in a large number of free trade agreements, including next-generation trade deals with high commitments for market access and economic integration.
“Local firms need to thoroughly understand the Law on Enterprises and the Investment Law to take advantage of opportunities from new updates in these laws,” he said.
Director of the Legal Department at the British University of Vietnam Nguyen Kim Dung said the revised laws will help create more convenience for enterprises’ operation in the future.
“The 2020 Investment Law has included investment in education at university level into the list of fields subject to preferential treatment, I hope in the future universities could receive more incentives in terms of taxes and land resources,” she noted.
Other News
- Better links with FDI firms to support Hanoi businesses
- Vietnam calls for more US investment in innovation, hi-tech
- Vietnamese leader urges Boeing to build production facility in Vietnam
- Foreign capital pouring into Vietnam's real estate market
- Vietnam news in brief - August 24
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
Trending
-
Vietnam Party Chief holds talks with US President-elect Donald Trump
-
Vietnam news in brief - November 12
-
Hanoi's businesses place focus on digital transformation
-
Hanoi Festival of Creative Design 2024: celebrating the capital's cultural innovation
-
Expatriate workforce in Hanoi: Growth engine requring thorough administration
-
Ethnic minorities want more policies for socio-economic improvement
-
From tradition to trend: How modern approaches spark cultural pride in Vietnam's Gen Z
-
Hanoi works to make bus system greener
-
Capital Law to make Hanoi major center for quality education