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Regulations needed to support household businesses

The amendments to enterprise and investment laws should be aimed at promoting the development of the private sector, a conference held in Hanoi was told on February 20.

Organized by the Vietnam Chamber of Commerce and Industry (VCCI), the conference aimed to collect opinions about plans to amend the Law on Investment and the Law on Enterprise being compiled by the Ministry of Planning and Investment.

household businesses, investment laws, legal framework,  favorable conditions, high technology, foreign-invested companies,  business activities

Customers buy goods at a household grocery store in Hanoi.

VCCI’s Chairman Vu Tien Loc said it was critical to create the legal framework for business households to promote their development.

He cited statistics showing there were nearly five millions business households in Vietnam who contributed more than 30 percent to the country’s gross domestic product (GDP). However, the existing policy framework for business households is inadequate and there was a lack of equalities between business households and official enterprises.

He added that many existing policies made business households reluctant to transform into enterprises.

Loc said the amendments to the law should regulate business households to be a type of enterprise while creating favorable conditions, especially in tax and accounting policies for small and micro businesses at the same time.

Deputy Minister of Planning and Investment Vu Dai Thang said the ministry would take into account VCCI’s recommendations, admitting that the current policies of encouraging businesses households to transform into enterprises did not bring about expected results.

According to lawyer Le Van Ha from Pathlaw law firm said it was necessary to recognize their legal status and develop a policy framework for their development.

Loc also said that the procedure for registering a business needed to be simplified further, adding that Vietnam’s ranking in the market entry by the World Bank remained low.

Regarding the Law on Investment, Loc said the amendments should focus on effectively deregulating business prerequisites.

 

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Source: VNS/VNA

household businesses, investment laws, legal framework, favorable conditions, high technology, foreign-invested companies, business activities
 
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