Businesses on the threshold of opportunity from policy changes

Inspire many business ideas

Mr. Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department of the Vietnam Federation of Commerce and Industry (VCCI), commented that Vietnam is witnessing a major turning point in the process of building, amending and promulgating policies and laws – at an "unprecedented speed".

He was particularly impressed with the changes in Resolution 68-NQ/TW on the development of the private economic sector – a breakthrough change in development thinking, with the goal of creating a fair playing field without discrimination between economic sectors. Accordingly, the capacity and ability of enterprises will be the decisive factor for success in the market.

On May 15, the National Assembly continued to discuss mechanisms and policies for private economic development, approving the Government's draft Resolution. The draft proposes a series of special policies such as improving the business environment; supporting access to land, finance, credit, and public procurement resources; promoting science and technology, innovation; training human resources; and forming medium, large, and leading enterprises.

Along with Resolution 68, Resolution 66-NQ/TW on innovation in law making and enforcement also clearly demonstrates a trend of shifting from removing barriers to proactively creating advantages for businesses. According to Mr. Tuan, the open spirit in current policies has inspired and motivated many businesses to boldly think big and do big – many business ideas that were previously “frozen” due to legal barriers are now being cleared.

He emphasized: “The spirit of openness in policy is inspiring many new business ideas, paving the way for the formation and development of many potential industries.”

Businesses on the threshold of opportunity from policy changes — Businesses need to understand and apply correctly to avoid risks.

Not only stopping at the two resolutions mentioned above, in recent times, the domestic legal policy system has also had many important adjustments related to Value Added Tax, Corporate Income Tax, Special Consumption Tax, regulations on environment, investment - business support, e-commerce, protection of small retailers, as well as reform of land procedures and planning. Experts evaluate these adjustments as a "legal compass", helping businesses to have clear orientation, timely adaptation, update strategies and take advantage of opportunities from the new wave of policies.

The policy shift has had a clear positive impact. While many businesses had to withdraw from the market (an average of over 24,100 businesses ceased operations each month in the first four months of 2025), during the same period, over 89,900 businesses registered to be newly established or resume operations, an increase of 9.9% over the same period last year. On average, nearly 22,500 new businesses entered or re-entered the market each month – an indication that confidence is gradually recovering.

For foreign investors, the Government’s recent reform efforts have also received positive reviews. In the White Book 2025 of the European Chamber of Commerce in Vietnam (EuroCham), institutional reform initiatives, especially the amendment of nearly 30 laws and the implementation of the “one law amends many laws” model to simplify legal regulations, have clearly demonstrated Vietnam’s commitment to building a transparent and favorable business environment. At the same time, streamlining the management apparatus from the ministerial to provincial levels and improving the effectiveness of public administration are also considered to be driving forces for economic growth and strengthening the confidence of the business community and investors.

Understand correctly, do correctly to avoid risks

The latest survey from EuroCham shows that the European business community still highly appreciates the long-term development potential in Vietnam. Up to 75% of businesses participating in the survey predict that the business environment in Vietnam will be favorable in the next 5 years and expressed their willingness to introduce Vietnam as an attractive investment destination in the region.

This belief is a positive signal for the economy, but to turn expectations into reality, the business community – especially investors – need better support in understanding and applying new legal regulations. Correct understanding and correct implementation not only helps businesses avoid risks, but also creates conditions for policies to truly be effective in practice.

In fact, many current regulations are still unclear or inconsistent when implemented in localities. For example, the field of golf course investment - a highly specialized type of business - is still facing many confusions.

Lawyer Pham Thanh Tuan (Hanoi Bar Association) pointed out that the criteria for selecting investors and the method of accessing land for this type of project have not been uniformly regulated. In some localities, the understanding and implementation of golf course projects can be very different, even contradictory, leading to difficulties for both investors and management agencies.

According to Mr. Tuan, what is needed now is to clarify: whether access to land is subject to State acquisition or not; whether the investor selection mechanism is bidding or investment policy approval. When these core points are inconsistent, it will be very difficult for projects to be implemented stably and transparently.

Not only the golf course sector, the entire business sector is also facing major changes in legal policies, especially when Law No. 57/2024/QH15 officially takes effect from January 15, 2025.

This is a law amending and supplementing 4 important laws directly related to investment and business activities. Lawyer Chau Viet Bac - Deputy Director of the Vietnam International Arbitration Center (VIAC), Ho Chi Minh City branch - said that the adjustments in this law bring many positive reforms, but at the same time, it also places very high requirements on businesses to proactively grasp information, review all their processes and activities to ensure compliance with regulations.

According to Mr. Bac, in the context of constantly updated laws, it is important that businesses not only need a strong legal department but also build an effective dispute resolution mechanism, early and remotely. This helps businesses control risks and protect their legitimate rights and interests in a timely manner.

The problem now is not only "understanding correctly" but also "understanding deeply" and "understanding sufficiently", especially with new regulations or regulations of an interdisciplinary nature. Each policy, if communicated clearly, transparently and with specific instructions, will open up opportunities for healthy development for businesses. And conversely, if there is a lack of support from the authorities in disseminating and guiding implementation, many businesses - especially small and medium enterprises - will be confused and easily fall into a passive position.

Obviously, to make the investment environment in Vietnam increasingly attractive and sustainable, not only good policies are needed but also smooth coordination between management agencies and the business community. From there, each decision will be put into practice - in the right direction, for the right target and with the right expectations.

Source: https://baodaknong.vn/doanh-nghiep-truoc-nguong-cua-co-hoi-tu-nhung-chuyen-bien-chinh-sach-252779.html