Too many rules ham­per Viet­nam’s busi­ness cli­mate, says CIEM chief

The China Post - - WORLD BUSINESS -

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.

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