The Government has asked ministries, sectors and agencies to give advice to the Government and the Prime Minister on measures to deal with overlapping, incoherent and ambiguous legal regulations, mechanisms and policies.

Prime Minister Nguyen Xuan Phuc chairs a Government meeting (Photo: VNA) 

In a resolution released at the Government’s regular meeting for July, the Government stressed the need to build a smooth legal corridor to facilitate innovation activities and new business models in the Fourth Industrial Revolution such as digital and sharing economy, e-payment, virtual assets and virtual money.

 It is necessary to remove obstacles in terms of investment and business conditions to cut and simplify conditions for a better investment and business environment, according to the resolution.

 In the document, the Government requested the State Bank of Vietnam to continue regulating monetary policies in a proactive and flexible manner, while synchronising the policies with macro-economic economy, thus ensuring the control of inflation.

 The bank should keep suitable credit growth in line with credit quality control, meeting capital demand for economic development, strengthening foreign currency reserves and continuing restructuring and dealing with bad debts of credit institutions, especially weak ones, asked the Government.

 The Government also urged the bank to work with ministries, sectors and localities to ensure network safety and promote non-cash payments, especially transactions through banks for public services.