Reducing business costs in Vietnam by at least 30% in 2025

Reducing business costs in Vietnam by at least 30% in 2025​ (Image from the Internet)

Reducing business costs in Vietnam by at least 30% in 2025​ according to Directive 05/CT-TTg

According to Directive 05/CT-TTg in 2025, the Prime Minister requires ministries, agencies, and localities to continue to prioritize time and resources to focus on completing institutions, mechanisms, policies, and legal regulations, specifically:

- Ministers, heads of agencies, and Chairmen of provincial People's Committees must personally oversee and take responsibility for the work of building and completing institutions, mechanisms, and policies.

- Focus on reviewing, amending, and completing regulations that are no longer suitable, overlapping, or incomplete according to the principle of resolving issues as they arise. At whichever level the issue occurs, that level must proactively handle it, execute immediately according to authority, or propose that the competent level amend and complete it; intensively delegate, decentralize, and strengthen the supervision and enhancement of the performance capacity of officials and public employees. Institutions, mechanisms, and policies must aim to mobilize all economic sectors, enterprises, and people to participate in socio-economic development, contributing to the growth and development of the country. Monthly reports to the Prime Minister of the Government of Vietnam on bottlenecks, difficulties, obstacles, and barriers for people, businesses, including foreign investors.

- Urgently conduct research to amend and ensure the timeline of amending and issuing Laws: Enterprises; Investment; Investment in the form of public-private partnerships; Bidding; Management and use of state capital invested in business activities (implemented by the Ministry of Finance); Science, Technology and Innovation; Nuclear Energy (implemented by the Ministry of Science and Technology)...

- Focus on reviewing, reducing administrative procedures to minimize inconvenience, save costs for people and businesses; improve the investment business environment, create all conditions to fast-track investment procedures, encourage investment from all economic sectors. Strive in 2025 to reduce at least 30% of the time for handling administrative procedures; reduce at least 30% of business costs; abolish at least 30% of unnecessary business conditions; all business-related procedures must be conducted online, seamlessly, efficiently, ensuring transparency, and minimizing paperwork; 100% of administrative procedures are carried out independently of administrative boundaries within the province's scope.

- Further promote the role and effectiveness of the Steering Committee for reviewing and resolving difficulties and obstacles related to projects; promptly and effectively implement the National Assembly's resolutions on special mechanisms and policies to resolve difficulties and obstacles concerning projects and land in inspection, audit conclusions, and judgments in Ho Chi Minh City, Da Nang, and Khanh Hoa province.

- Review and resolve difficulties and obstacles to hand over, soon put into operation, and commercially exploit constructions, projects, especially delayed ones, to free up resources, contribute to economic growth, and avoid losses and waste.

- Continue to expand the model of Task Forces working with each large global technology enterprise and strategic investor, proactively and promptly report to the competent level on incentives, outstanding and internationally competitive policies to attract large-scale, high-tech FDI projects capable of leading domestic businesses to participate in regional and global value chains. Develop the "National Investment One-Stop Portal" to enhance attracting foreign investors to Vietnam.

- Research, apply specialized legal frameworks to contribute to the Vietnamese legal system catching up with the development speed of the digital economy, innovation and international integration, especially financial technology, artificial intelligence, platform economy, e-commerce, special economic zones; propose a controlled trial legal framework for new technology industries.

The above outlines the content to reduce at least 30% of business costs in 2025 according to Directive 05/CT-TTg.

Le Quang Nhat Minh

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