Post by : Shakul

Vietnam has launched an ambitious wave of institutional reforms aimed at accelerating economic growth, encouraging innovation and reducing administrative barriers that officials say have slowed development for years. The government announced 11 major resolutions designed to simplify regulations, reduce business conditions and improve the overall investment climate across the country.

Authorities described the reforms as a major effort to remove what economists call “institutional friction,” a term used to explain how excessive bureaucracy, overlapping procedures, unclear regulations and administrative delays can weaken economic momentum and discourage innovation.

According to government data, the new resolutions have already helped eliminate hundreds of administrative procedures and thousands of business conditions. Officials also reduced the number of conditional business sectors from 198 to 142, a move expected to save businesses and society nearly 23 trillion Vietnamese dong annually in compliance costs.

The reforms are closely linked to Vietnam’s long-term development strategy focused on high economic growth, private sector expansion, digital transformation and stronger global competitiveness. Officials stressed that the country’s greatest development resource is not only capital or natural resources, but the creativity, ambition and entrepreneurial spirit of its people.

Government leaders acknowledged that many businesses and local authorities had become cautious about investment and innovation because of complex regulations and fear of administrative risks. Officials believe the new policies will help restore confidence and reactivate economic energy across both the public and private sectors.

A major shift highlighted in the reforms is the transition from a strict control-based management model toward a development-oriented governance approach. Instead of relying heavily on pre-approval systems and detailed administrative controls, the government plans to focus more on transparency, accountability and performance-based management.

Authorities said the reforms also aim to strengthen decentralization by giving more power and flexibility to local governments while reducing unnecessary intervention in business activities. Officials believe this approach will create a faster and more dynamic environment for startups, investors and innovation-driven enterprises.

The government compared the reforms to Vietnam’s historic economic opening in 1986, describing the current changes as a “liberation of creativity.” Leaders stated that future economic success will depend not only on investment but also on public confidence, social motivation and the ability of citizens and businesses to innovate freely.

Officials added that the reform agenda represents a critical step toward building a modern digital economy capable of sustaining long-term growth and helping Vietnam compete more effectively in the global market.

#Economy #Policy #Vietnam #World News