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Last updated: Monday, November 19, 2018


Business Development Support Programme Launched

Posted: Wednesday, August 02, 2017

On July 4, 2017, Finance Minister Dinh Tien Dung signed Decision 1247/QD-BTC to launch the Action Programme for implementation of the Prime Minister’s Directive 26/CT-TTg dated June 6, 2017 and Resolution 35/NQ-CP on business development support in 2017, with a vision to 2020.

Central solutions to be firmly carried out in the coming time will be administrative reform, business facilitation, business rights guarantee, and equal access to resources and business opportunities for enterprises.

In tax and customs fields, the ministry will review, study and propose amendments and supplements to current regulations on tax and customs administration to match with those provided by other bodies to reduce the time and expense for enterprises. It will study to prevent tax loss while applying simple accounting regimes appropriate to small enterprises, especially those transformed from business households. It will try to make sure that specialised inspection is exercised on less than 20 per cent of export and import shipments, similar to that imposed by major trade partners of Vietnam. Implementation results will be submitted to the Prime Minister in the third quarter of 2017.

The ministry will draft a decree on electronic invoices and records for basic implementation in 2018 for the whole economy; study and coordinate with Provincial/Municipal People's Committees to pilot electronic invoices and records with tax codes of tax authorities and connect information with retail outlets, with pilot to be first launched in Hanoi and Ho Chi Minh City in 2018.

It will apply electronic VAT refund at Level 4 to at least 70 per cent of procedures and 70 per cent of VAT refund records in the fourth quarter of 2017; consolidate and expand the settlement of administrative procedures at the National Single Window (NSW); monitor, urge and report on activities in the fight against smuggling, trade fraud and counterfeiting.

In corporate finance and securities fields, the Ministry of Finance will lead and coordinate with the Ministry of Planning and Investment, the Ministry of Justice and the State Bank of Vietnam to amend the Law on Securities and other guiding documents for the enforcement of the Law on Securities to improve foreign indirect investment conditions; study and propose measures to increase the supply of good shares to the stock market and improve the quality of supply; and submit drafts to the Government to replace Decree 59/2011/ND-CP, Decree 189/2013/ND-CP and Decree 116/2015/ND-CP on equitisation.

In finance, banking and insurance, the Ministry of Finance will submit a draft decree on agricultural insurance to the Government; revise regulations on credit guarantee for SMEs via credit guarantee funds for SMEs; and collaborate with the State Bank of Vietnam to study and develop mechanisms and policies on development support of microfinance operations.

In particular, with the aim of reducing business costs for enterprises, the Ministry of Finance will study and assess land laws and land-related financial obligations to propose solutions to slash land rents, fees for changing land-use purposes and other expenses for enterprises; reform administrative procedures on land rent and land use fee computing. At the same time, the ministry will coordinate with the Ministry of Natural Resources and Environment to study and propose amendments and supplements to Land Law 2013 towards administrative reform, publicity and transparency of land allocation, land lease, land auction and other contents. These will be reported to the Prime Minister in the third quarter of 2017.

Le Hien

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