Legal News
Central bank cuts 257 business conditions

20 - 07 - 2018
VNS

The State Bank of Viet Nam (SBV) has approved a plan to remove or simplify 257 business conditions under its management.

Among the total, 84 business conditions regulate business operations of commercial banks, 52 are for non-bank credit institutions and 59 are for cooperative banks, people’s credit funds and microfinance institutions.

Requirements for providers doing business in intermediary payment services and credit information services are also eased, with cuts of 8 and 12 business conditions, respectively.

Business conditions in foreign currency exchange services (for non-credit institutions), gold trading, monetary printing and minting, and debt trading are also among the restructure, with cuts of 19, 12, 6 and 4, respectively.

According to SBV, the removal plan was developed after it revised eight decrees and ten circulars.

SBV said that it would further step up scrutiny to enable more revisions and simplification to ease firms in doing business in the fields under its management.

SBV’s move was part of the Government’s plans to streamline the nation’s business environment.

Prime Minister Nguyen Xuan Phuc in a recent directive noted that the removal of business conditions is one of the key measures for economic growth and efficiency, requiring strong efforts from Government leaders and ministers.

He instructed relevant ministries and agencies to submit proposals on simplifying business conditions and reforming the specialised inspection process before August 15 this year.

The Government has set a target of removing 50 per cent of total business conditions at all ministries and ministry-level agencies before October 31 this year.

Before SBV’s move, several ministries also cut or planned to cut a large amount of business condition under their management. Notably, the Ministry of Industry and Trade cut 675 investment and business conditions, equal to 55.5 per cent of its total business conditions.

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