The stance was declared during the ‘Business Conditions: International experience and challenges for Vietnam’ conference held by the Central Institute for Economic Management (CIEM) on April 6 in Hanoi.

Nguyen Dinh Cung from the CIEM said the enterprise community generally welcomed the content of the Business Law and the Investment Law, calling them clear and specific. The adjustments are scheduled to take effect on July 1.

However, the firms expressed concerns over regulating the changes, such as market entry obstacles and costs as well as high time requirements and inequitable access for approaching business opportunities.

Michael Wools, former Vice Chairman of Australia Productivity Commission, said too many regulations and guiding documents would cause unnecessary burdens on enterprises and reduce labour productivity, national competitiveness and effectiveness in resource allocation.