Illustrative image. (Photo: VNA)

Hanoi (VNA) – The Government issued Resolution 19-2016/NQ-CP on measures to improve national business climate and competitiveness between now and 2017 with a vision to 2020 on April 28.

To help Vietnam achieve the average level of business climate criteria set for top-four ASEAN state members, the document stresses the need of overhauling trade regulations and state management over import-export products. This means the elimination of outdated regulations and simplification of administrative procedures.

The shake-up will lead to shortened duration for granting businesses permissions.

Accordingly, it will take up less than 77 days for the issuance of a building permission and relevant papers and under 14 days for the registration of property possession. Maximum times to handle contract conflicts will be halved the current 400 days, and duration to process bankrupt cases will be within 24 months instead of five years at present. Maximum customs duration will be 10 days for exports and 12 days for imports.

Taxation reform is also set to take place in terms of tax refund, inspection risk management and petition tackling.

Relevant ministries, ministry-level agencies, municipal-level people’s committees are tasked with designing action plans to realise the resolution prior to May 30.

The implementation of Resolution 19 is expected to pay the way for Vietnam to realise the average level of business environment and competitiveness criteria set for top-three ASEAN state members by 2020.-VNA