New enterprise law to boost business climate
(VOV) - The impact of Vietnam’s new enterprise and investment laws on the country’s business climate was the topic under discussion at a seminar in Hanoi on April 6 held by the Central Institute for Economic Management (CIEM).
The new legislation, which takes effect July 1, has been created by the government to protect consumers, the environment and the community, as well as to promote fair trading and competition, speakers at the seminar said.
There was general consensus by economic experts in attendance that the laws will better govern how businesses interact with their suppliers, customers and other businesses.
They will also more clearly outline the rights of businesses and business owners when conflicts arise and therefore result in a business and investment climate more conducive to the needs of the business community.
In the past, inadequate legislation was one of the most important growth inhibitors and the new legal and regulatory framework will encourage private investment, accelerate business development and increase economic growth.
Speaking at the seminar, Professor Michael Wools emphasised that creating a favourable business climate is one of the pivotal factors central to improving the nation’s competitive edge.
There are bound to be some problems with the new laws Wools said, adding that governmental agencies should supervise their implementation closely and make recommendations for improvement as the need arises.