The petition collects ideas from specialists, economists, lawyers and entrepreneurs under the arrangement of the Vietnam Chamber of Commerce and Industry (VCCI) and the Government Office.
Sixteen laws and guidelines that need amendments include the Enterprise Law, Investment Law, Trade Law, Intellectual Property Law, Civil Law, Land Law, Value-added Tax Law, Corporate Income Tax and Customs Law.
At a seminar on the petition’s review on Wednesday held in Hanoi, Tran Huu Huynh, head of VCCI’s Legislation Committee, supposed prevailing regulations have created the most fundamental legal foundation for the market economy.
According to Huynh, this has helped mobilize resources and creativeness for the nation’s economic development.
“These legal documents have protected businesses and investors whose rights to capital and asset possession are recognized,” affirmed Huynh.
Nonetheless, the 16 laws have also unveiled so many shortcomings, with the free trading right of investors and firms having yet to be ensured.
When the Enterprise Law and Investment Law make the environment more liberal, industries’ regulations tend to be stricter, explained Huynh.
There are also instances of laws and other legal documents by the National Assembly and the Government being more open, while lower-ranking agencies insist on many kinds of licenses and non-essential troublesome procedures, stressed Huynh.
In addition, a number of rules have failed to facilitate investors in their access to necessary resources in their investment and business activities. For example, certain policies on land withdrawal and site clearance have hindered companies from approaching land fund at many localities.
A few stipulations have unfairly treated economic sectors, organizations and individuals in terms of investment.
During the seminar, numerous experts agreed that reviewing and amending the 16 laws will be a motivation helping the economy overcome the current challenges.
SGT
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