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Red tape forces investors to waste money
Administrative procedures that constrain the competitiveness of firms should be scrapped to create a conducive business environment, the chairman of the Ha Noi Trade and Industry Association has said.
The tortuous regime is burdening investors, Vu Duy Thai said, explaining that the lack of clarity and transparency in regulations is forcing both domestic and foreign investors to waste large amounts of money.
A survey by the Central Research Institute for Economic Management found half the polled firms complained about administrative procedures and 38.5 per cent about the lack of clarity in policies, he said.
A recent survey by the Ministry of Construction of projects in new urban areas found each involved an average of 33 administrative procedures and took three years to be completed.
Tran Huu Huynh, head of the Viet Nam Chamber of Commerce and Industry’s legal section, said ministries and agencies should reform administrative procedures.
If the procedures were simplified, the Government could help save time and cost, he said.
He suggested the Government focus more on macroeconomic management and economic forecast.
It should collect feedback from experts and enterprises to streamline procedures for issue of investment licences, tax collection and refund, customs duties and procedures and others, he added.
The Japan External Trade Organisation said poor financial management, elaborate administrative procedures, poor infrastructure, and a shortage of human resources are hurdles to Viet Nam’s economic development.
Viet Nam News
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