Firms in Vietnam want reforms for favourable business environment

Many drafted regulations were raising concerns among companies that the policies would impose an additional cost burden on businesses.
By: | April 21, 2022
Topics: Digital Transformation | News | Restructuring | Vietnam

Companies in Vietnam expect greater reforms to the business landscape to foster a favourable business environment, according to the Vietnam Chamber of Commerce and Industry (VCCI).

While the Vietnam government aims to reduce compliance costs for enterprises, some drafted policies might push up costs and cause difficulties for firms, revealed a recent VCCI report. 

“This makes the business environment improvement effort inconsistent and inefficient,” said Head of the VCCI’s Legal Department Đậu Anh Tuấn, reports Asia News Network. 

The majority of the business community expect the government to remove and amend certain regulations that were causing difficulties for firms.  Many drafted regulations were raising concerns among companies that the policies would impose an additional cost burden on businesses, said Tuấn.  

READ: Number of new businesses in Vietnam hits record high in Q1’2022

New trends in the market should be put into careful consideration to avoid firms from being left behind, such as the application of artificial intelligence in securities investment, noted Hoàng Hải Anh, deputy president of the Vietnam Association of Securities Business.