The amendment of the Law on Bidding aims to update regulations in line with the free trade agreements (FTAs) that Vietnam has joined, to create a favorable business environment, and promote innovation.

A more open mechanism is needed to create resources and driving forces for socio-economic development amid the safe and flexible adaptation to the pandemic.

Business environment reform has been slowing down over the last two years. Some bad regulations that were removed because they hindered the development of enterprises have been revived.

Institutional reform is facing difficulties because the power of ministries, State agencies and local authorities is too great. Proposals to cut off privileges and the "ask-give" mechanism are not welcome by many people who benefit. 

The COVID-19 pandemic has caused local firms to face an array of risks, with there being a large and possible long-lasting vulnerability for them.

Vietnam is a "rising star" and will emerge as the third-largest startup ecosystem in Southeast Asia in2022, according to a report by venture capital firm Golden Gate.

In business activities, Vietnam is assessed to be competitive in terms of phone costs, labor costs, and operating costs compared to other countries in Asia.

The required customs procedures related to imports and exports have been simplified but enterprises are far from satisfied.

The draft revised Decree 107/2018/ND-CP on rice export has worried local rice exporters as business conditions that had been previously removed may return.

In the first quarter of 2021, the number of businesses withdrawing from the market was higher than the number of newly established ones. The Covid-19 pandemic continues to affect production and business activities in Vietnam.

European business leaders began the year positive and optimistic about Vietnam’s trade and investment environment, according to new data from the European Chamber of Commerce in Vietnam (EuroCham).

Vietnamese people and businesses are still struggling with administrative procedures and are being held back by an unstable business environment.

Institutional reform and improving the business environment reflect the Government's enduring determination over the years, benefiting people and businesses.

As the new Law on Enterprises comes with comprehensive adjustments to the issuance of shares, preferential rights for existing shareholders, and simplifies participation of foreign players in the market, 

The Government is determined to take drastic measures to realise the socio-economic development plan, better business climate, as well as improve national competitive capacity in 2021 through the issuance of Resolutions No.01/NQ-CP and 02/NQ-CP.

The local business community anticipates that the Government will take specific and efficient measures aimed at immediately resolving bottlenecks that hinder their operations, said Vu Tien Loc, chairman of VCCI.