The BGA Vietnam Team, led by Managing Director Nguyen Viet Ha, wrote an update to clients on two important resolutions passed in the first week of January 2024.

Context

  • The government of Vietnam issued two important resolutions in the first week of January 2024 that set specific goals and action plans for the government to implement the national socioeconomic development plan and improve the business environment.
  • The resolutions include important tasks and timelines of the government’s action plan, deadlines for the submission of some draft laws and regulations by ministries, specific infrastructure projects that will be advanced in 2024 and the removal of or improvements to some administrative procedures.

Significance

  • Resolution 01 establishes specific goals and provides a comprehensive action plan to achieve the goals. The actions range from maintaining macroeconomic stability, improving laws and institutions to streamline administrative procedures and accelerating strategic infrastructure development to address climate change. The resolution sets specific timelines for ministries and ministerial authorities to submit draft laws and regulations to the government for consideration.
  • Resolution 02 focuses on specific actions that aim to improve the business environment, such as streamlining administrative processes and reducing time, financial burdens and regulatory risks for businesses. The resolution emphasizes the importance of adapting to emerging trends, including innovation, digital transformation and sustainability. It calls for collaboration between ministries, central authorities and the Vietnam Chamber of Industry and Commerce and business associations to promptly gather feedback from enterprises, address challenges and prevent trade and investment disputes.

Implications

  • These resolutions reflect the government’s strong commitment to grow the economy and improve the business environment with an emphasis on trends like innovation, digital and green transformation and the circular economy.
  • Resolution 02 states that ministries and local authorities must promptly and efficiently address regulatory obstacles hindering investment activities and report any issues outside their jurisdiction to the prime minister’s task forces for guidance to ease of doing business.

We will continue to keep you updated on developments in Vietnam as they occur. If you have any comments or questions, please contact BGA Vietnam Managing Director Ha Nguyen at vietha@bowergroupasia.com.

Best regards,

BGA Vietnam Team

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Managing Director

Ha is a highly respected Vietnamese lawyer, with special expertise in financial transactions, mergers and acquisitions, as well as general business, trade and investment-related issues. Before joining BGA as managing director for Vietnam, Ha managed the Vietnam operations of BrooksBowerAsia for three years. She built and led the Vietnam team and serviced clients in various sectors ranging from energy and ICT to healthcare, logistics and consumer production. Ha practiced law in Vietnam in the 1990s, providing legal advice and consulting services to Fortune 500 clients. She also participated in drafting a number of laws and regulations, including the Foreign Investment ... Read More