Deputy Vu Tien Loc of Thai Binh province suggested that the Law on Enterprises and the Law on Investment promote innovative start-ups once the COVID-19 pandemic is over. Recognizing the legal status of household businesses as one type of enterprise would encourage their operation.

Mr. Loc said: “Household businesses contribute 30% of Vietnam’s total GDP but are an unofficial sector of the national economy. Recognizing those businesses as one type of legal enterprise would be a breakthrough for the Law on Enterprises. There are 800,000 regular enterprises, but millions of household businesses. They need fair treatment, too.”

According to Deputy Do Van Sinh of Quang Tri province, revisions to the Law on Enterprises must include a review of administrative measures to save businesses time and money. Revisions should also increase the transparency of establishing, operating, and managing businesses.      

“Recent clashes have occurred between the shareholders and the board of directors of joint stock companies. Legislators are trying to clarify the authority of each side to avoid future confrontations. Ultimately we hope to foster better management and competitiveness for Vietnamese companies to help them secure their foothold in the domestic market and gain new footholds in foreign markets,” Sinh said.