Vietnam Charts Course for Substantive Business Deregulation to Fuel Double-Digit Growth

Vietnam is embarking on a critical mission to accelerate its economic trajectory, targeting double-digit growth through a significant overhaul of its business regulations. Tuoi Tre reports on the government's commitment to 'substantively cut' business conditions and administrative procedures, a move long advocated by the business community. While past efforts have been made, many enterprises and citizens feel that cumbersome regulations continue to stifle production and business activities. This time, the focus is on ensuring reforms are not merely superficial but lead to tangible improvements. The real estate sector, a key driver of the economy, exemplifies the deep-seated issues. Developers like Pham Duc Toan highlight the protracted approval processes, where even projects with clear legal frameworks can take up to nine months to navigate the necessary permits, particularly for social housing. This intricate web of procedures, likened to unlocking multiple doors within a house, demands urgent attention. The government's renewed push for practical deregulation is seen as essential for unlocking Vietnam's full economic potential and fostering a more conducive environment for investment and growth.

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In the field of construction, investment, and real estate business, although the legal framework is quite open, when it comes to specific regulations, businesses spend a lot of time.