Good institutions are the "support" for the development of the private economic sector
Mr. Tran Thanh Phuong - Director of ExtendMax Vietnam Co., Ltd. - commented that perfecting institutions, legal systems and reforming business conditions in recent years has become a focus to improve the investment environment in Vietnam.
In the field of information technology, he highly appreciated the progress in reforming technical standards, especially in the period of 2023-2024. According to him, the bright spot is the extension of the transition time between issuing and applying technical regulations, helping businesses have more time to adapt.
The report of the Vietnam Federation of Industry and Trade - VCCI shows that last year, the National Assembly issued 31 laws, the Government issued 182 decrees and ministries issued 629 circulars, showing that the intensity of legislation increased strongly compared to last year. However, increasing quantity does not mean quality.
Speaking with Lao Dong, Mr. Pham Van Hung (Legislative Board, VCCI) said that perfecting institutions and the legal system is considered an extremely important tool, with a comprehensive impact to promote the development of the business community in particular and the prosperity of the country in general. A synchronous, transparent and stable legal system will facilitate production and business activities, which is a springboard to attract entrepreneurs to confidently invest in business, expand production, thereby supporting the growth of businesses.
Completing institutions does not stop at reducing business conditions and administrative procedures, but must also ensure a fair and equal legal environment among economic sectors, protecting property rights and legitimate business freedom of enterprises. At the same time, there should be policies to support businesses in accessing development resources such as capital, land, high-quality labor, technology and market information.
"It can be said that good institutions are the "support" and also an important "push" for the development of the private economic sector, thereby contributing to the sustainable development of the country's economy" - Mr. Hung said.
Expected to have breakthrough mechanisms and policies
Dr. Nguyen Quoc Viet - Deputy Director of the Institute for Economic and Policy Research, University of Economics, Vietnam National University, Hanoi - said that the work of perfecting institutions and improving the quality of legal documents will help businesses feel more confident when they expand their investment and business activities. The number of enterprises returning to the market has increased significantly, with an average of more than 20,000 enterprises newly established or returning to the market each month.
When procedures are reduced, management standards are close to actual conditions, meeting the requirements of the economy, businesses will have many resources in the new growth model, because to grow, we must mention the role of businesses and workers.
"Vietnam is perfecting institutions and policies and I expect we will have breakthrough mechanisms and policies or Sandbox to test those new models in practice. Through testing, we have gained experience and perfected the institution to be able to widely apply it in the near future" - Mr. Viet assessed.
