Vietnam will not criminalize civil, economic violations: PM

Vietnam will not criminalize civil and economic violations but will seriously punish violators in order to ensure a transparent, fair, and sustainable business environment for foreign investors, according to Prime Minister Pham Minh Chinh.

The prime minister's such commitment was reaffirmed in a conclusion of a meeting with foreign investors on October 16.

Vietnam always accompanies and appreciates investors for helping the country build a independent and self-reliant economy in line with global integration, amid the fast-changing world, he added.

The PM reiterated two other commitments involving protecting investors’ legitimate benefits and rights in all cases, and working with them to overcome challenges and facilitate long-term operations on the basis of shared benefits and risks.

To ensure these pledges, the PM asked the central and local authorities to update the legal framework to meet the trends of digitalization, green economy, circular economy, sharing economy, chips and semiconductors, and develop infrastructure to reduce logistics and production costs to improve competitiveness.

Another request made by the PM was to boost workforce training and to enhance public-private partnerships in order to utilize public investment to kickstart investment of all kinds, especially foreign investment.

The PM also asked authorities to improve the business environment, especially streamlining administrative procedures and providing aid related to loans, interest rates, taxes, and fees amid business difficulties.

The Ministry of Planning and Investment and relevant organizations and associations have been tasked with studying long-term strategies based on Vietnam’s competitive advantages, ensuring benefits for employees, learning about businesses’ difficulties and making consequential recommendations, and boosting domestic firms’ participation in the supply chain.