Vietnamese businesses rank best, worst government regulations

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Vietnamese businesses have found more poor government regulations than good rules, based on the rating published by the Vietnam Chamber of Commerce and Industry (VCCI), which will enable a better policy making process to improve the country's business environment.

Businesses ranked 114 regulations as "best" and 123 as "worst" among 9,297 nominations suggested by people from different government agencies and business associations, the VCCI said at a conference Tuesday in Hanoi. 

“VCCI has collected and reflected opinions and wishes from businesspeople to advise the Party and the government on socio-economic policies, a task it was assigned under Resolution 19/NQ-CP about reforming and improving business environment, increasing the national competitiveness and Resolution 35/NQ-CP about supporting business development by 2020,” said VCCI Chairman Vu Tien Loc.

VCCI Chairman Vu Tien Loc speaks at the conference

VCCI, which represents thousands of businesses in Vietnam, began compiling the rating at the start of 2016. Many businesses expressed their support when the government issued policies that facilitate their operation, boost the economy and create reforms that clear major difficulties and obstacles.

The rating result is expected to help government officials build laws and policies that can create a convenient and transparent business environment, boost creativity and healthy competition. The rating came up with the best and worst regulations, as assessed by businesses, VCCI and a council of economists.

The evaluation aims to recognize good legal regulations to applause the relevant government agencies for being supportive in empowering businesses and residents and giving them large access to employment as well as investment opportunities, said Dau Anh Tuan, head of VCCI’s Legal Department.

The rating is also aimed at identifying regulations which are deemed troublesome and caused difficulties to business operations as well as competition, and by that, to encourage legislative units to make suitable adjustments.

Ministries and government agencies could find the rating useful because it highlights the caution in designing and constructing legal regulations and promotes the use of a wide variety of criteria for evaluating the quality of legal documents.

Tuan said the rating creates opportunities for businesses and the community, and encourages them to participate more in the construction and amendment of legal regulations, by sharing their opinions over regulations related to business activities.

Nguyen Dinh Cung, director of the Central Institute for Economic Management, said the rating holds a big meaning at a time when the economy is going through continuous transformation, the government administration is being reformed to be more integrative, and building a perfect legal system has become a top government mission.