Prime Minister Pham Minh Chinh has asked for more efforts to cut administrative procedure processing time and business costs (compliance costs) by at least 30%, while also abolishing 30% of unnecessary business conditions.

The Prime Minister was quoted as identifying in his March 9 official dispatch some key tasks and solutions to cut down administrative procedures, improve the business environment, and promote socio-economic development.

PM Chinh also requested the timely and substantive settlement of difficulties, obstacles, and recommendations from citizens and businesses.

In the dispatch, the PM urged the implementation of concerted, drastic, and breakthrough solutions to develop science and technology, innovation, digital transformation, and high-quality human resources.

The Government leader also requested the continued extension and reduction of taxes to facilitate business operations, promote the development of the private sector, and mobilize resources for investment and development.

The PM suggested continuing to implement a decisive credit policy aimed at reducing the lending interest rate level; encouraging foreign banks to participate in the process of solving bad debts and restructuring poor-performing credit institutions, and boosting investment in Vietnam.