The revised Investment and Enterprise Laws, adopted by the National Assembly last week, will further improve the country’s investment environment, Minister of Planning and Investment Bui Quang Vinh has said.

He mentioned to the identification of the areas prohibited from business and investment as a noticeable change that makes the country move closer to the world’s standard practices.

Other fresh change is that local businesses are not entitled to getting business licenses since they are allowed to do business in the areas that are not banned by law, except for those wishing to join conditional fields.

Among 267 conditional business areas, the Government determines which will need licenses, he said, explaining that required conditions aim to serve people’s developmental benefits, ranging from health issues, security, to environmental protection.

Regarding the management and use of seals at enterprises, Vinh said the revised Enterprise Law allows businesses to decide the format and content of seals and requires them to be responsible for their own seals.

The law also encourages the use of personal signatures, especially e-signatures, as a legal basis replacing the seals, he said, adding that seals, however, cannot be immediately abolished due to the reality in the country.

The amended Investment and Enterprise Laws are expected to create a wave of new businesses as they encourage people to invest their idle money in business activities, the minister said.

They are also expected to generate millions of jobs and other important values for the country, he noted.-VNA