Speaking at the eighth sitting of the 15th National Assembly on October 21, Party General Secretary To Lam emphasized that institutional challenges are the most significant bottlenecks for the country’s development. He stressed the urgent need to address these issues, starting from the law drafting stage, as a priority for the National Assembly. Impact on business environment The institutional framework directly affects Vietnam’s business environment. While the country has managed to maintain a stable macroeconomic foundation with consistent GDP growth, global rankings still paint an unattractive picture of its business landscape. In early 2024, the European Chamber of Commerce (EuroCham) released a report on the Business Confidence Index (BCI) for Q4 2023. Despite some positive insights, the report highlighted persistent challenges around legal frameworks, administrative regulations, and procedures. Fifty-two percent of respondents pointed to “administrative burden and inefficiency” as one of the three major obstacles, underlining the impact of bureaucracy on business operations. Additionally, 34% cited “unclear rules and regulations with varying interpretations,” stressing the need for clarity and consistency in the legal environment. At a recent Q&A session of the National Assembly Standing Committee, Minister of Planning and Investment Nguyen Chi Dung described the current investment climate as “very […]
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