Hanoi (VNA) - To create an attractive business environment, at least 30% of the time and costs for administrative procedures must be cut, and unnecessary business conditions removed, as directed by Party General Secretary To Lam.

During a recent working session with representatives of the Party Central Committee’s Commission for Policies and Strategies, the leader urged greater efforts to position Vietnam's investment environment among the top three in ASEAN within the next two to three years.

According to Assoc. Prof. Dr. Nguyen Thuong Lang, an economic expert, Lam’s strong directive on simplifying and reducing administrative procedures is a positive signal for businesses, making it easier for them to grow further in the future.

Reducing administrative processing time by at least 30% will help businesses save time and resources, thus improving operational efficiency and competitiveness. Meanwhile, removing at least 30% of unnecessary business conditions will create a more open business environment, attract new market entrants, and foster competition.

Businesses will find it easier to access international capital and investment, thus growing stronger, Lang said.

Eric Johnson, Chairman of American Chamber of Commerce (AmCham) in Hanoi, said US businesses applaud Vietnam's efforts in fulfilling its commitments, streamlining the political apparatus, restructuring ministries and sectors, and simplifying administrative procedures.

The business community also calls for more decisive efforts in cutting and simplifying administrative procedures to improve the business environment.

Ngo Minh Phuong, Director of Viet Truong Co., Ltd, stated that overlapping and impractical management policies add more challenges for enterprises. He proposed amending and supplementing regulations on product quality management to align with international standards, shifting from pre-inspection to risk-based post-inspection, and speeding up the digitalisation of administrative procedures.

Meanwhile, Dang Thi Kim Oanh, Chairwoman of Kim Oanh Group, suggested the State address obstacles for businesses and support them in social housing investment, emphasing the need to shorten processing times, simplify procedures to attract i♉nvestors, lower mortgage interest rates, and extend loan terms./.