The Vietnamese government is taking progressive steps to stimulate the investment climate by drafting a simplification of regulations in the science and technology sector. In a meeting of the National Assembly Standing Committee held on Tuesday (16/7), the Vietnamese Minister of Science and Technology, Vu Hai Quan, proposed a draft revision amending four laws simultaneously: the Radio Frequency Law, the Telecommunications Law, the Electronic Transactions Law, and the Technology Transfer Law.
This bureaucratic reform measure is realized through plans to eliminate two major administrative procedures. In addition, the draft proposes cutting 47 business requirements, simplifying four regulations, and adjusting three other investment provisions to provide convenience for business actors and the wider public.
In the radio frequency sector, this amendment focuses on reducing permit requirements deemed inefficient to cut operating costs for business actors without neglecting state supervision functions. Special rules are also prepared to grant frequency band licenses to state-owned enterprises (SOEs) supporting the national defense and security sector. Meanwhile, in the telecommunications sector, the government proposes removing obsolete business licensing requirements.
As for the electronic transactions sector, this revision will ease licensing for trusted digital service providers to adapt to the dynamics of the digital economy. Meanwhile, in the Technology Transfer Law, the Minister of Science and Technology will be given direct authority to launch technology import programs and innovation market development. This decentralization is expected to speed up the bureaucratic decision-making process.
The Chairman of the National Assembly's Science, Technology, and Environment Committee, Nguyen Thanh Hai, welcomed the initiative. However, the committee noted critically that the transition of the supervision system from pre-approval to post-approval must be strengthened with adequate management instruments to anticipate potential legal loopholes.
The draft technology simplification law is scheduled for intensive discussion at the next National Assembly session to be held in early August.
