Vietnam Construction Rules to be Relaxed
By Dezan Shira & Associates
Posted: 3rd January 2018 08:19
Vietnam’s Ministry of Construction is going to introduce changes in construction regulations to create favourable conditions for construction and real estate businesses. The Ministry of Construction has proposed a new law to revise the Law on Construction 2014, the Law on Housing 2014, the Law on Real Estate Business 2014, and the Law on Urban Planning 2009. Changes in the laws would streamline and reduce the time-consuming and unnecessary administrative procedures leading to an open business environment.
The Ministry of Construction is planning to remove 41.3 percent of the existing construction preconditions and simplifying another 43.7 percent of regulations. Some of the amendments under consideration include reducing the number of subsectors which require practicing certificates and relaxing the requirements on capacity and company size. Other changes proposed include reducing and simplifying procedures for granting construction permits, which has been a major problem for firms in Vietnam.
The proposed changes will create a favorable climate for the construction and real estate industry and will lead to an increase in much needed foreign investments for infrastructure development. The government is also planning to make changes in the Law on Bidding, the Law on Advertising, and the Law on Investment.
The Ministry is going to propose the changes in construction rules to the Government in March 2018 and bring it into the National Assembly in May and October next year. It is expected to come into effect in early 2019.
This article was first published on Vietnam Briefing.
Since its establishment in 1992, Dezan Shira & Associates has been guiding foreign clients through Asia’s complex regulatory environment and assisting them with all aspects of legal, accounting, tax, internal control, HR, payroll, and audit matters. As a full-service consultancy with operational offices across China, Hong Kong, India, and ASEAN, we are your reliable partner for business expansion in this region and beyond.
For inquiries, please email us at email@example.com. Further information about our firm can be found at: www.dezshira.com