Society

Experts argue against regulations in new laws

Economic experts lauded positive changes in the new business and investment laws, which are expected to broadly improve the business climate, but said complex regulations could hamper enforcement.
Economic experts lauded positive changes in the new business andinvestment laws, which are expected to broadly improve the businessclimate, but said complex regulations could hamper enforcement.

The stance was declared during the ‘Business Conditions:International experience and challenges for Vietnam’ conference held bythe Central Institute for Economic Management (CIEM) on April 6 inHanoi.

Nguyen Dinh Cung from the CIEM said theenterprise community generally welcomed the content of the Business Lawand the Investment Law, calling them clear and specific. The adjustmentsare scheduled to take effect on July 1.

However, the firms expressed concerns over regulating the changes, suchas market entry obstacles and costs as well as high time requirementsand inequitable access for approaching business opportunities.

Michael Wools, former Vice Chairman of Australia ProductivityCommission, said too many regulations and guiding documents would causeunnecessary burdens on enterprises and reduce labour productivity,national competitiveness and effectiveness in resource allocation.-VNA
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