The 2014 Law on Enterprises, in effect since July 2015, states more specific regulations for business establishement and businesses that operate in conditional sectors. The second half of 2015 saw over 46 thousand newly-registered businesseses, an increase of 25% compared with the same period in 2015.
"These adjustments are beneficial to all enterprises, especially foreign-invested companies." - Nguyen Huu Thang, Chairman, Hanoi Trade Corporation (HAPRO)
The issuance of the amended Law on Enteprises and Law on Investment have significantly improved Vietnam’s business environment. Vietnam has recorded improvement in 5 of the 10 indices on ‘business environment’ ranked by the World Bank. To gear up for the TPP, specific support measures for businesses should be put in place to help domestic enterprises bolster their internal strength.
"The government's responsibility is to offer specific tax incentives and technical barriers. The government is also responsible for policies related to institutional reforms to improve the business climate." - Bui Quang Vinh, Minister of Planning and Investment.
The TPP has 30 chapters, almost all of which clearly state what the government and enterprises are expected to do, in addition to high standards of transparency and anti-corruption. This puts great pressure on government agencies to overcome difficulties to comply with these commitments.
