Private economic groups to be allowed in Vietnam

The Prime Minister has released a decision stating, in principle, private economic groups will be allowed in Vietnam.

The Prime Minister confirms that the government will create favourable conditions in terms of law, administrative formalities and business environment to create more new businesses in Vietnam.

The PM agreed in principle to the establishment of private economic groups in Vietnam and assigned the Ministry of Planning and Investment, the Vietnam Young Business Association and related agencies to research and suggest models.

The Ministry of Industry and Trade has been asked to work out a mechanism to support outstanding businesses to develop global brands for products.

The government also assigned the Finance Ministry to work with competent agencies to compile laws on export credit insurance. The National Assembly Standing Committee also asked the People’s Supreme Court to compile the amended laws on enterprise bankruptcy.

VietNamNet, CAND

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