Vietnam government seeks to cut half of business rules in 2018

Tuesday, 2018-01-02 04:16:35
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NDO - The government will strive to reduce and simplify half its of current existing conditional business requirements in 2018 in an effort to improve Vietnam’s business climate to boost growth.

It is part of a string of measures outlined in a resolution signed by Prime Minister Nguyen Xuan Phuc on January 1.

The government is aiming for growth of 6.7% in 2018 after the Vietnamese economy performed better than expected last year, expanding by 6.81%.

In addition to streamlining the business rules, the government also aims to halve the roster of goods subject to inspection and simplify the checking procedures to bring Vietnam to the group of the four most business-friendly countries in ASEAN.

Under the resolution, the government will strengthen macroeconomic stability, take bold administrative reforms, step up the fight against corruption and wastefulness and cut recurrent spending from the central budget.

In 2018, the government seeks to curb the budget deficit at 3.7% of GDP and public debt at 63.9% of GDP with government debt at 52.5% of GDP and external debt at 47.6% of GDP.

Also high on the government’s agenda in 2018 is the effort rein in the implementation of public-private partnership projects, especially toll road projects, which were a source of public objection in 2017.

This year the government will also concentrate resources to speed up major national projects such as the north-south expressway and the Long Thanh International Airport project.

At the same time, the government will be more selective in attracting foreign direct investment with a priority placed on high-tech and environmentally friendly projects as well as stepping up the equitisation of State-owned enterprises.