The National Assembly on June 17 approves the revised Law on Enterprises, which is scheduled to take effect on January 1, 2021. (Photo: hanoitimes.vn)

Amendments will improve Vietnam’s investment and business environment and corporate governance, simplify administrative procedures, cut costs, and protect the rights of investors and stakeholders.  

Hoang Van Cuong, a deputy for Hanoi, said, “The revised law will remove difficulties and create a more favorable legal framework for businesses in the long term. The law has clarified many legal issues and offers support for business autonomy. It is a foundation for better business operations.”

Deputy Ton Ngoc Hanh of Binh Phuoc province said that the revised law will make business registration and investment attraction easier.

“This is the expectation of a majority of businesses. Specialized agencies also want more growth mechanisms. But the most important thing is law enforcement. National Assembly deputies and the compiling committee made sure the revisions will resolve pending issues and difficulties,” said Hanh.