Key Highlights of the Resolution

• Amending and supplementing many important laws: The resolution has assigned the Ministry of Finance to take the lead in drafting a bill to amend and supplement a number of important laws such as the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Property, Tax Management Law, and Law on National Reserves. The aim is to create a unified, modern, and practical legal framework.
• Removing difficulties for businesses: The new draft law aims to remove obstacles in the production and business activities of enterprises, contributing to macroeconomic stability and promoting growth.
• Improving the investment environment: The law amendment aims to create a transparent, safe, clear, and expeditious investment environment, attracting more domestic and foreign investors.
• Strengthening decentralization and delegation: The resolution emphasizes the strengthening of decentralization and delegation to ministries, sectors, and localities, enabling localities to be more proactive in addressing emerging issues.
• Administrative procedure reform: The reduction and simplification of administrative procedures will help reduce costs for people and businesses, creating favorable conditions for production and business activities.

Significance of the Resolution for the Economy

The enactment of Resolution 126/NQ-CP demonstrates the government’s determination to improve the legal system and create a transparent, fair, and favorable business environment. This will contribute to:

• Promoting economic growth: By removing legal barriers and creating favorable conditions for businesses, the resolution will contribute to economic growth and job creation.
• Enhancing competitiveness: A transparent and stable business environment will help enhance the competitiveness of Vietnamese enterprises in the international market.
• Limiting corruption: Strengthening decentralization, delegation, and administrative procedure reform will help limit corruption and negativity.

Conclusion

Resolution 126/NQ-CP is a positive signal, demonstrating the government’s determination to reform institutions and create favorable conditions for socio-economic development. However, for the resolution to be effectively implemented and achieve high efficiency, there needs to be close coordination among ministries, sectors, localities, and the business community.