In a decisive move that at one point seemed too ambitious for Vietnam, government agencies have got rid of around 3,500 business requirements, effectively improving the country's investment environment.
The massive cut, affecting half of existing legal requirements for doing business in Vietnam, was required by the new Law on Investment. Under the law, only the central government can decide on business requirements.
Over the past year, many ministries and municipal governments have reviewed all their self-imposed rules to make sure they do not remove those deemed necessary.
Such rules will have to be proposed to the government for approval before they can be reintroduced.
The government announced on Thursday that 50 draft decrees containing those rules have been submitted. It is still unclear which regulations or formalities have been chosen for possible reintroduction.
The massive regulation cut "is a breakthrough," the government said.
At a press conference early that day, government spokesman Mai Tien Dung confirmed that all the requirements which were "unreasonable and obstructive" have been removed.
He promised that decrees to be approved in the future will be transparent and cause no trouble to businesses.
A few months ago many ministries and agencies reportedly claimed they would be unable to finish the review task by July 1, seeking the government's permission to extend the deadline.
Many of them were accused of doing the job half-heartedly as they wanted to keep as many rules as possible.
Their proposal, however, was rejected by Prime Minister Nguyen Xuan Phuc.