Too many rules hamper Vietnam’s business climate, says CIEM chief
The business climate in Vietnam suffered from many inadequacies and shortcomings that hindered development and global integration of Vietnam- ese businesses, said Nguyen Dinh Cung, director of the Central Institute for Economic Management ( CIEM).
At a seminar on improving business environment to raise competitiveness held in Can Tho City on Tuesday, Cung told participants that improving the business climate was vital to ensure businesses remained competitive.
Cung said currently over 50 percent of legal document dealing with financial aspects were no longer suitable and must be scrapped or amended immediately. For instance, some legal documents required ID number of people who carry out money transaction on behalf of two companies. This regulation was not suitable with international rules and only annoys foreign investors.