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[RECAP] Meeting with Central Economic Committee

[RECAP] On the afternoon of August 8th, in Hanoi, representatives from AusCham held a meeting with Mr. Ha Hai An - Director General of the Department of International Economics and Integration at the Central Economic Committee and the delegation. 

The purpose of the meeting was to discuss the challenges faced by Australian businesses in Vietnam and explore solutions to enhance the business environment in Vietnam, with the goal of attracting more foreign investment, including from Australia. Following discussions with AusCham and other Chambers, the Central Economic Committee (CEC) will compile a report for the Politburo and present recommendations. The Politburo will then direct the Government to implement specific solutions based on the CEC's report.

 

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AusCham representatives commended the Government of Vietnam for its efforts in economic reform over the years and highlighted the strong Strategic Comprehensive Partnership between Australia and Vietnam. However, AusCham also raised concerns regarding certain issues:

1. Administrative procedures: While the digital government initiative has streamlined administrative processes, there are still challenges with complexity and lengthiness, hindering business operations. Efforts to reduce steps in certain processes are ongoing, but inconsistencies in implementation persist between central and local authorities.

2. Fast-changing rules and regulations: The frequent amendments and changes to the legal system demonstrate Vietnam's commitment to global standards but pose challenges for businesses, particularly foreign investors. Swift decision-making can result in impractical legislation that overlooks crucial factors for foreign investment attraction. Focus should be on modifying existing laws for effective implementation.

3. Market entry challenges: Entering a new market involves a complex process with numerous steps. Devolution and delegation of authorities create challenges, as demands and regulations vary across provinces.

4. Opening of the economy: AusCham recommends opening certain sectors of the economy, such as vocational education training and wind power, where Australia has expertise.

5. Other suggestions: Long-term investment facilitating policies, combating corruption, technology exchange, and fostering a conducive environment for foreign investment are crucial.; potential webinar/workshop to update the community on any significant changes.

Overall, AusCham's recommendations aim to improve the business environment to attract more Australian investment into Vietnam and strengthen bilateral economic ties between Australia and Vietnam.