Revised Enterprise Law to meet international standards

(VOVworld) – National Assembly deputies discussed in groups revisions to the Enterprise Law on Wednesday morning. The draft law is expected to create more favourable conditions for the establishment of businesses, and equal opportunities for domestic and foreign investors, as well as Vietnam’s commitments in international regulations.

Lawmakers agreed on the supplement of a definition of social corporates to encourage their contribution to addressing social and environmental issues.

Revised Enterprise Law  to meet international standards - ảnh 1

They also reached a consensus on removing requirements regarding certificate of practice, such as not mentioning specific trades on business registration certificate. Cao Sy Kiem, a Deputy from Thai Binh province, said: "The revised Enterprise Law has addressed 3 major issues. Firstly, it would better ensure the rights of free trade in accordance with the Constitution. Secondly, it would cut expenses and worrisome procedures while enabling businesses to develop their self-control and creativity. Thirdly, the draft law also targets international integration, especially the upcoming TPP. This will help address existing shortcomings, devise future orientations, and prepare necessary for international integration for both presence and future."

Vietnam currently ranks 109/189 regarding the quality of the government regulations on business establishment. The country’s competitiveness ranking is expected to come up 50 levels if the Law on Enterprises is revised as proposed by the government, which means Vietnam would be among 30 countries with the best business environmental in the world.