As Vietnam is among a handful of countries that are effectively containing the pandemic, it has a golden chance to step out of the economic deceleration much sooner than other economies.

Both short- and long-term solutions are needed for enterprises to avoid severe consequences of the pandemic, said VCCI Chairman Vu Tien Loc.

Empirical data in Vietnam proved institutional reform have direct impacts on economic growth.

Business conditions should be for the sake of public interests, not for government agencies to fulfill their state management responsibilities, said an expert.

This is despite the fact that Vietnam’s textile and garment industry is expected to benefit the most from the deal.

A growing role of the private sector in the economy would help Vietnam overcome challenges and quickly adapt to international practices, said experts.

Except for emergencies such as natural disasters or fire accidents, addressing business concerns should be at a top priority list of government leaders, said Prime Minister Nguyen Xuan Phuc.

The government remains steadfast in removing obsolete regulations that restrict business operations, while preventing the introduction of new regulations implying higher costs for enterprises.

It is also unclear as to how the construction of these kind of property was authorized, given the lack of legal framework governing it.