New expectations on business environment improvement hinh anh 1​Containers of goods are loaded at a seaport (Photo: VNA)

Hanoi (VNA) – The Ministry of Planning and Investment has chaired the drafting of a law on revising and supplementing the laws on investment and business, which sparks hopes for productive improvements in the business climate in the country.

According to Deputy Minister of Planning and Investment Dang Huy Dong, the prominent point in the draft law is the screening of Appendix 4 pertaining to conditional business and investment lines in the Law on Investment.

Over 50 out of the current 267 conditional business sectors and lines are suggested to be cut with a view to providing a more relax investment environment for businesses.

In addition to that, 12 laws with regulations relating to business and investment conditions, including the Law on Investment and the Law on Enterprises, will be reviewed, Dong said.

He noted that the review followed Prime Minister Nguyen Xuan Phuc’s instruction on establishing a smooth investment environment in the next three years, and aims to tackle inconsistencies in relevant regulations contained in different laws.

Dong admitted that many legal documents pertaining to business and investment have not been fine-tuned promptly with revisions of the Law on Investment, thus causing difficulties for businesses and investors.

The draft law on revising and supplementing the laws on investment and business is expected to be submitted to the National Assembly for consideration at its second meeting.-VNA