VCCI recommended 8 solutions to the National Assembly

VCCI recommended 8 solutions to the National Assembly

At the meeting, VCCI President Pham Tan Cong said: "Amid business recovery, firms continued to face the challenges in obtaining support policies to resume their operations following the COVID-19 epidemic. Additionally, there are still disagreements and overlaps among many business and investment-related legal documents, which hinders their operations”.

In order to continue assisting business growth and recovery in the final quarters of 2022 and 2023, VCCI proposed implementing 8 significant solutions.

First, puting attention on streamlining the legal environment for corporate investment and business. The Law on Land, the Law on Bidding, the Law on Housing, and the Law on Real Estate Business are just a few of the draft laws that are now being created that have an impact on business and investment operations. This is a good chance to examine the business legal system as a whole, to resolve any inconsistencies and overlaps in the current laws, and to hear the opinions of the business community. As a result, it is recommended that the business community continue to be consulted broadly during the law-drafting process.

The second is to keep business expenses low while improving access to support services. The scope to implement these support measures is still quite broad. For example, plans are being made to lower the special consumption tax on gasoline and the value-added tax, research is being done to lower the preferential tax rate for gasoline imports, and an urgent plan is being developed to lower electricity costs, one of the major input costs for many production and business sectors.

Third, making regulations that aid business recovery from the COVID-19 outbreak more effective. Support packages have been deployed, as shown, but the speed of dispersal is still slow. Therefore, in order for support policies to be truly successful, steps must be taken to remove hurdles.

Fourth, there is a need for quick fixes to help a number of sectors that are making a strong comeback, like tourism and services, which are now in lack of qualified workers. In order to improve the quality of human resources in the future, the National Assembly can therefore create programs to monitor the implementation of vocational training programs.

Vice Chairman of the National Assembly Nguyen Duc Hai

Fifth, creating and perfecting the legal environment to support the creation of innovation-based business models. A suitable policy is essential for encouraging businesses to invest in innovative and creative ventures while balancing the interests of all participants in the economy. In order to achieve the objective of sustainable economic development, it is also proposed to create and adopt a distinct law on the circular economy.

Sixth, pushing the program to enhance the business climate and national competitiveness, with an emphasis on improving business conditions and reducing costs for companies; concentrating on improving several administrative processes that have a significant influence on businesses and continue to cause problems as evidenced by firms in the areas of land, tax, social insurance, construction, market administration, traffic, and labor...

VCCI President Pham Tan Cong

Seventh, expanding the opportunity to benefit from tariff favors provided by FTAs and opening rules of origin regulations. With 15 FTAs now in force, Vietnam enjoys a number of advantageous markets as its main rivals do not. It is advised to have a clear and actionable plan in place to handle issues with rules of origin in the local market and enhance the ability to benefit from the tariff favors provided by FTAs for import and export of goods.

Eighth, increasing the effectiveness of government authorities at all levels in terms of enforcement. It is essential to have solutions to monitor the implementation process and pay attention to enhancing local authorities, sectors, and ministries' capacity for effective implementation; Emphasize the head's personal accountability in State authorities; Encourage and reward those who take the initiative to innovate, be creative, and flexible in the implementation of measures to battle the pandemic and remove bottlenecks in production and commercial operations of firms as soon as possible.