Vietnam Cuts Business Costs by 23 Trillion Dong

Why this is here: The government simplified 704 administrative procedures, decreasing compliance costs by about 55 percent compared to 2024 levels.

The Vietnamese government recently reduced compliance costs for citizens and businesses by 23 trillion dong through regulatory reforms. Over the past month, the government issued 11 resolutions abolishing 56 business sectors and amending 14 others. These actions cut 697 procedures and 1,754 business conditions, simplifying 704 procedures overall.

Compared to the 2020 Investment Law, the total number of conditional business sectors has decreased by 40 percent—95 out of 237 sectors were eliminated. The resolutions also reduced the time to complete administrative procedures by 53 percent and compliance costs by roughly 55 percent.

The Prime Minister has instructed ministries and local authorities to refrain from adding new procedures or costs after these simplifications. The Ministry of Finance is currently drafting a program to train 10,000 executives by 2030, allocating 300 billion dong to the effort.