New driving force for private economic development

Workers produce mechanical products at Alphal ECC Company Limited (Dong Xuyen Industrial Park, Vung Tau City). Photo: QUANG VU

Eliminate unnecessary business conditions by December 31, 2025

The Government requires ministries, branches and localities to improve the business environment, perfect mechanisms and policies on inspection, examination, licensing, certification, competition and business bankruptcy.

By December 31, 2025 at the latest, complete the review and elimination of unnecessary business conditions, overlapping and inappropriate regulations that hinder the development of private enterprises; reduce at least 30% of administrative procedure processing time, at least 30% of legal compliance costs, at least 30% of business conditions and continue to cut them sharply in the following years.

Thoroughly apply digital transformation to minimize administrative procedure processing time, legal compliance costs and business conditions in regulations on market entry and exit, land, planning, investment, construction, tax, customs, insurance, intellectual property, standards, regulations... Deploy public service provision for businesses and business households regardless of administrative boundaries.

The Ministry of Finance shall preside over and coordinate with sector management ministries to review the list of conditional business lines prescribed in the Investment Law to study and cut unnecessary conditional business lines, to be completed no later than December 31, 2026.

The Ministry of Industry and Trade shall promote the enforcement of the Competition Law and its guiding documents to ensure a fair, equal and transparent competitive environment among economic sectors; strictly handle acts of abusing dominant positions, monopolies and unfair competition; and improve the effectiveness of the National Competition Commission.

End overlapping and duplicate testing

Ministries, sectors and localities shall review and classify inspection subjects; end the situation of overlapping, duplicate and prolonged inspections of the same content and field; the number of inspections at enterprises, business households and individual businesses, including inter-sectoral inspections, shall not exceed once a year, except in cases where sudden inspections are required when there are clear signs of violations. Strictly handle acts of abusing inspections to harass and cause difficulties for enterprises.

Promote online and remote inspection activities; prioritize inspections based on electronic data, minimize direct inspections. Develop and publish on the unit's website and information portal tools and solutions to provide early warnings to businesses and business households about risks of law violations based on the integration of management data and warnings from state management agencies. Direct agencies and units to resolutely fight against counterfeit, pirated, and copyright infringement goods to protect the legitimate rights and interests of businesses and business households in accordance with the law.

The Ministry of Public Security completes the draft Decree guiding the Data Law to enhance data sharing, facilitating online and remote inspection and examination activities; to be completed in 2025.

Reduce at least 30% of land lease procedure processing time

The Government assigned the Ministry of Agriculture and Environment to review and amend the Land Law and documents guiding its implementation; localities to allocate land funds for investment in infrastructure of industrial parks, industrial clusters, and technology incubators for lease to high-tech enterprises, small and medium-sized enterprises, and innovative startups; complete the construction of the national land database and connect it with the National Data Center and related databases; issue regulations on management, operation, and exploitation of the national land database, to be completed in 2025.

The Ministry of Finance reviews and amends Decree No. 35/2022/ND-CP of the Government regulating the management of industrial parks and economic zones, supplementing mechanisms and policies to assign localities to reserve at least 20 hectares/industrial park or 5% of the total land fund invested in industrial park infrastructure for lease to high-tech enterprises, small and medium-sized enterprises, and innovative startups, to be completed in 2025.

The Ministry of Finance has submitted to the Government a document guiding the policy for high-tech enterprises in the private economic sector, small and medium-sized enterprises, and innovative startups to be supported with a minimum reduction of 30% of land rental fees within the first 5 years from the date of signing the land rental contract with the investor in the infrastructure business of industrial parks, industrial clusters, and technology incubators. This land rental support will be refunded by the State to the investor according to Government regulations; to be completed in 2025.

The Ministry of Industry and Trade reviews and amends Decree No. 32/2024/ND-CP of the Government on management and development of industrial clusters to supplement mechanisms and policies for localities to reserve at least 20 hectares/industrial cluster or 5% of the total land fund invested in industrial cluster infrastructure for high-tech enterprises, small and medium enterprises, and innovative startups to lease, to be completed in 2025.

Localities promptly publicize land use planning and plans in the area; actively coordinate with political and social organizations to support businesses in site clearance. Thoroughly apply digital transformation to provide online public services throughout the implementation of land administrative procedures, reducing at least 30% of the time to process land lease procedures and grant land use right certificates to people and businesses.

Support interest rate of 2%/year for green projects

The Government assigned the State Bank of Vietnam to submit to the Government a document guiding the state policy of supporting interest rates of 2%/year through the system of commercial banks for enterprises in the private economic sector, business households, and individual businesses to borrow capital to implement green, circular projects and apply the environmental, social, and governance (ESG) standards framework; to be completed in 2025.

The Ministry of Finance submits to the Government a document guiding the state policy of supporting interest rates of 2%/year through non-budgetary state financial funds for enterprises in the private economic sector, business households, and individual businesses to borrow capital to implement green, circular projects and apply the environmental, social, and governance (ESG) standards framework; to be completed in 2025.

Exemption from corporate income tax for the first 3 years of establishment

The Ministry of Finance submitted to the Government a document guiding the implementation of the policy: Exemption from corporate income tax for a period of 2 years and a 50% reduction in the amount of tax payable for the next 4 years for income from innovative start-up activities of innovative start-up enterprises, companies managing innovative start-up investment funds, and intermediary organizations supporting innovative start-ups; exemption from personal income tax and corporate income tax for income from the transfer of shares, capital contributions, capital contribution rights, rights to purchase shares, and rights to purchase capital contributions in innovative start-up enterprises; exemption from personal income tax for a period of 2 years and a 50% reduction in the amount of tax payable for the next 4 years for income from salaries and wages of experts and scientists received from innovative start-up enterprises, research and development centers, innovation centers, and intermediary organizations supporting innovative start-ups; Exemption from corporate income tax for small and medium enterprises for 3 years from the date of issuance of the first Business Registration Certificate; training and retraining costs of large enterprises for small and medium enterprises participating in the chain are included in deductible expenses to determine taxable income when calculating corporate income tax; to be completed in 2025.

The Ministry of Finance shall review, amend, supplement or report to competent authorities to amend and supplement relevant legal documents on business households and business individuals not applying the tax lump-sum method from January 1, 2026.

The Ministry of Finance submits to the Government a document guiding the policy for bidding packages for construction, goods procurement, and mixed bidding packages for goods supply and construction using the state budget with a package price of no more than VND 20 billion for small and medium-sized enterprises, with priority given to enterprises owned by young people, women, ethnic minorities, people with disabilities, and enterprises in mountainous, border, and island areas; to be completed in 2025.

LAN DUC

Source: https://baobariavungtau.com.vn/kinh-te/202505/dong-luc-moi-phat-trien-kinh-te-tu-nhan-1042981/