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MoC Secures PM Approval for Major Business Investment Reforms

The MoC's plan promises to cut 181 conditions and streamline 12 more. It also focuses on promoting innovation and Vietnam's digital transformation.

In this picture we can see the yellow building in the front. In the front bottom side there are...
In this picture we can see the yellow building in the front. In the front bottom side there are some shop and naming board on white "Metro" is written.

MoC Secures PM Approval for Major Business Investment Reforms

The Ministry of Construction (MoC) has secured the prime minister's approval for a plan to significantly reduce and simplify business investment conditions. The ministry aims to cut 181 conditions and streamline 12 more, marking a substantial step towards fostering a more favourable investment climate.

Minister Tran Hong Minh has called upon various institutions to actively collaborate with research institutions and companies. The goal is to promote innovation and Vietnam's digital transformation, particularly in the construction and transport sectors. Key initiatives include setting up innovation centres and developing IoT infrastructure in urban technical infrastructure and smart cities.

The MoC has been diligently working on completing and submitting several crucial laws and decrees. This includes the Railway Law and six resolutions. Additionally, the ministry is updating the meta for the draft Water Supply and Sewerage Law, with a scheduled completion date of 2026. Looking ahead, the MoC is committed to finalising a business investment calculator by 2025.

In terms of policy implementation, the MoC will focus on executing strategic resolutions and completing legal documents for submission to the 13th Party Central Committee Conference and the 10th session of the 15th National Assembly. A recent meeting on October 3 reviewed the ministry's nine-month performance and set tasks for the upcoming months.

Vietnam is also working on a pilot model of a real estate and land use rights transaction centre. Meanwhile, the MoC is carefully considering the potential impact of eliminating construction licensing procedures.

The MoC has successfully surpassed its target for reducing and simplifying business investment conditions. Minister Tran Hong Minh has praised the work done in building and perfecting institutions, highlighting the ministry's strong and effective implementation of its goals. These efforts are expected to continue, driving Vietnam's business sector forward and contributing to the nation's overall economic growth.

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