Vietnam’s Finance Ministry proposes major cuts to business requirements

Saturday, 2018-04-07 11:09:10
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Minister of Finance Dinh Tien Dung
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NDO - Minister Dinh Tien Dung has proposed abolishing and simplifying more than half of the 370 business requirements under his Ministry of Finance (MOF) as part of a government-wide effort to improve the business climate in Vietnam.

The proposal was announced at a meeting between the MOF and the Prime Minister’s working group led by Chairman of the Government Office Mai Tien Dung, on April 6.

Such measures will require the revision of 5 laws and 11 decrees, the finance ministry said.

Regarding the decrees, the ministry will submit the changes to the Government so they may be enacted before June 30, while concerning the laws, the ministry will report to the Government, which will then submit them to the National Assembly for inclusion on its law-making agenda before the same date.

The Finance Ministry is also planning to reduce the number of local taxation, customs and treasury offices in a bid to make its apparatus more streamlined, said Minister Dung.

According to the Vietnam Chamber of Commerce and Industry, the Finance Ministry is a reform pioneer and its efforts have helped Vietnam jump 81 places on the paying tax index of the World Bank’s latest Doing Business report.

Minister Dung stated that his ministry will need to make greater efforts but noted that in order for the reforms to succeed, it also requires the participation of other ministries and agencies.