Vietnam will amend several laws to faciliatate foreign-invested businesses' expansion in Vietnam.

The government asked ministries, agencies, and cities and provinces to fast track the amendments of several regulations which are overlapping and impractical, hindering investment and business activities.

The 10 laws include the laws on customs, special consumption tax, the investment, public investment, public procurement, public-private partnerships, and enterprises, among others.

Ministries were asked to send the revisions to the laws to the Ministry of Justice before August 23 for completion before sending them to the government for discussion in late August.

The Minister of Justice as authorised by the government will submit the proposal to the National Assembly Standing Committee to add the drafts to the country’s policy-making programme in 2021, so that the National Assembly can approve these, which is expected to take place in October.

Vietnam remains an attractive destination to foreign investors despite COVID-19 thanks to its success in tackling the coronavirus and improvements of the business climate.

The amendments, once completed, are expected to create more favourable conditions for businesses and investors, thus contributing to improve the local business climate and increase its attraction in the months to come.

Source: VIR

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