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No more than one business inspection a year - PM
Tu Hoang
Friday,  May 19, 2017,00:08 (GMT+7)

No more than one business inspection a year - PM

Tu Hoang

Prime Minister Nguyen Xuan Phuc makes a point at his meeting in Hanoi on May 17 with private business - PHOTO: VGP

HANOI – In trying to appease the business community which is fed up with so many inspections by government agencies, Prime Minister Nguyen Xuan Phuc said on May 17 there will be no more than one inspection into businesses a year.

Speaking at his highly-anticipated meeting in Hanoi on May 17 with private business, he said, “On May 18, I heard people talking a lot about overlapping inspections. I’ve told relevant agencies to prepare a directive that will allow for one inspection a year and restrict snap checks on alleged violations.”

In his closing remarks at the meeting, he said the directive was signed on May 17 afternoon and would be announced immediately.

A year in review

PM Phuc said an enabling and upright government must make sure the business environment is good, friendly, competitive and safe for investors.

He promised to create a low-cost, low-risk business environment, put monopoly under control and intensify the fight against fake goods.

Since the PM’s first meeting with private enterprises in HCMC last year, the Government has issued 50 decrees, with most of them designed to eliminate business and investment conditions.

In international cooperation and investment promotion, the general picture has improved as companies have continued to win new orders from international markets. The latest Nikkei report shows that the Purchasing Managers’ Index (PMI) reached 54.1 points this April, indicating a dramatic improvement in the health of the manufacturing sector in the first quarter of 2017.

Improved business conditions during the past 17 months with new overseas orders rising at a record level assist production growth, employment and purchasing activity in the manufacturing sector.

Many barriers remain

PM Phuc however said: “We also see clearly there are many barriers to the development of business. The Government has identified this problem.”

He underscored the need to build institutions and policies that ensure equal treatment between the public and private sectors, and create a transparent investment environment.

Complicated administrative and licensing procedures, and tough business conditions are still making life difficult for enterprises, he admitted.

Regarding access to credit, he said conditions for using assets as collateral for bank loans would be relaxed to make it easier for private individuals and organizations to do business.

Vietnam still lacks full-fledged markets for land, credit, labor, capital and innovation, he noted.

He said the Government would do whatever it takes to create a fair and friendly business climate. “I reassure you that all economic sectors are equal, be they public or private.”

The Government will review regulations and take bold measures to relieve the cost burden on businesses.

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