Vietnam Businesses Urge Swift Implementation of New Laws to Fuel Growth – Breaking News
Hanoi, Vietnam – Vietnamese private entrepreneurs are expressing both optimism and urgency as the National Assembly concludes its tenth session, having passed a landmark 49 laws designed to stimulate economic development and streamline bureaucratic processes. The business community, however, is emphasizing the critical need for *immediate* and effective implementation, warning that delays could negate the intended benefits and hinder the nation’s ambitious growth targets. This is breaking news with significant implications for Vietnam’s economic future and a key story for Google News watchers.
Cutting Red Tape: A Top Priority
Man Ngoc Anh, a member of the Central Committee of the Vietnam Private Entrepreneurs Association, voiced a common concern: despite recent reforms aimed at reducing administrative hurdles – including a restructuring of local government – practical implementation remains slow. “Even three to four months after the merger, there are still cases where the government has no concrete plans or measures and avoids processing documents,” Anh stated. He highlighted the significant financial costs associated with delayed investment permits, citing interest accrual and lost business opportunities for projects even as small as VND 1 billion (approximately $40,000 USD). This isn’t just about efficiency; it’s about preventing substantial economic waste.
The call for streamlined procedures is particularly acute in areas like land clearance and construction project approvals. Entrepreneurs are hoping for a dramatic reduction in consultation periods – suggesting a target of just five to seven days – to accelerate project timelines. This demand underscores a growing frustration with the pace of change, even after significant legislative efforts.
Decentralization and a ‘Yes, And…’ Approach
Beyond simply speeding up existing processes, business leaders are advocating for greater decentralization, empowering local authorities to take initiative and implement regulations more effectively. This push for local autonomy is coupled with a plea for a more flexible regulatory environment. The sentiment, as expressed by Anh, is to allow innovative practices that benefit society, even if they lack immediate legal precedent, and then develop a legal framework to support them. This “yes, and…” approach represents a shift towards a more dynamic and responsive regulatory system.
Addressing Immediate Crises: Storm Recovery and Insurance
The timing of this legislative session is particularly significant, coinciding with the country’s preparations for the 14th Party Congress and the aftermath of devastating storms and floods. Nguyen Thi Thao, Chairman of Sahara Mining Joint Stock Company, emphasized the urgent need for policies to address the consequences of these natural disasters, specifically focusing on property insurance for both individuals and businesses. A swift resumption of economic activity is seen as crucial to achieving Vietnam’s ambitious double-digit growth targets.
Legal Clarity and Accessibility: A Focus on SMEs
While welcoming the passage of new laws – including amendments to the Investment Law, the Artificial Intelligence Law, and the High Technology Law – businesses are also stressing the importance of clear, practical regulations. LPG Loan Exam Nguyen, Direktor der Hoang Anh Gas Company Limited, highlighted the challenges faced by small and medium-sized enterprises (SMEs) in navigating a rapidly changing legal landscape. “With so many laws passed in such a short period of time, small businesses do not have enough staff to familiarize themselves with all relevant regulations,” Nguyen explained. She called for administrative authorities to provide comprehensive training programs and legal communication initiatives to ensure businesses can effectively comply with the new rules.
Nguyen also pointed to Resolution No. 198/2025/QH15, a landmark set of policies for private economic development, as a positive step. Specifically, she expressed hope for easier access to land, as outlined in the resolution, to facilitate business expansion.
Performance Metrics and Accountability
A recurring theme throughout the discussions is the need for accountability. Man Ngoc Anh advocated for the establishment of performance metrics for government agencies and officials, coupled with appropriate rewards and sanctions. This emphasis on performance management is seen as essential to ensuring the effective implementation of the new laws and fostering a culture of proactive problem-solving within the government.
The collective message from Vietnam’s business community is clear: the National Assembly has laid the groundwork for significant economic progress. Now, the focus must shift to swift, decisive implementation, coupled with a commitment to transparency, accessibility, and accountability. The success of these reforms will not only determine Vietnam’s economic trajectory but also serve as a model for other developing nations seeking to foster a thriving private sector. Stay tuned to archyde.com for continued coverage of Vietnam’s economic development and the impact of these crucial legislative changes.