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Vietnam Today

Resolution on enterprise support issued

Released at: 14:10, 17/05/2016

Resolution on enterprise support issued

Government issues directions to bolster business environment.

by Minh Tuyet

The government has introduced Resolution No. 35 on supporting enterprises to 2020.

The resolution targets to provide the best possible conditions for the operations of enterprises, putting economic wrongdoings under civil jurisdiction not criminal jurisdiction, with there to be at least 1 million enterprises by 2020, of which large-scale enterprises with good financial capacity are to contribute at least 50 per cent to GDP.

Serving enterprises

The government not only has responsibility for managing enterprises but must also be in their service. Enterprises can do business in sectors that are not specifically banned by law.

The State must ensure the stability, consistency and predictability of policy, stabilize the macro-economy, and improve the business environment.

Equal rights will be maintained for all enterprises and there will be no discrimination in economic sectors. All economic sectors will be provided the conditions necessary for obtaining access to capital, land and investment.

While wrongdoings are now under civil jurisdiction, any violations will still be strictly punished.

Chairmen of people’s committees in cities and provinces most hold at least two meetings annually with the local business community and media to understand and resolve difficulties facing enterprises. They must also set up a public hotline and online inquiry page on official city and provincial websites to receive questions and feedback from enterprises.

Company leaders and local authorities will be held responsible for the mistakes of their staff.

Cutting taxes and procedures

The resolution states that related agencies are to research and propose cutting 50 per cent of personal tax obligations in fields such as the application high-technology in information technology and in agriculture and agriculture processing.

The Ministry of Finance (MoF) will coordinate and cooperate with related enterprises to submit reports to the government this year on removing difficulties facing enterprises and cutting taxes for small and medium-sized enterprises (SMEs).

The Ministry of Natural Resources and Environment will work with related agencies to amend the existing Land Law to permit industrial infrastructure enterprises and secondary investors to mortgage land use rights to borrow money from banks and mobilize long-term capital. A proposal is to be submitted to the government in the third quarter of this year.

MoF and related agencies must revise all stipulations on land to reduce land rentals and fees imposed on changing the land use purpose and adjust transportation fees.

The Ministry of Labor, Invalids and Social Affairs is to adjust the minimum salary to make it suitable with labor productivity), economic growth, the competitive capacity of enterprises, and minimum living standards.

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