Ministry of Finance's headquarters in Hà Nội. —Photo chinhphu.vn

From 2024-25, the Ministry of Finance (MoF) will reduce and simplify administrative procedures relating to six lines of business under the ministry's management, according to Decision No. 412/QĐ-TTg.

Deputy Prime Minister Trần Lưu Quang on May 14 signed the Decision No. 412/QĐ-TTg approving the ministry's plan to reduce and simplify procedures for six types of enterprises: accounting and valuation services, banking-finance, tax, customs and those in the security sector.

The reforms are aimed at promoting digitalisation and cutting the number of paper-based documents and reducing the volume in national databases, specialised databases and information systems for handling administrative procedures.

The Decision No. 412/QĐ-TTg supplements methods of implementing online administrative procedures related to personal income tax reduction and business households and individuals facing difficulties due to natural disasters, fires, accidents and serious diseases.

In the customs field, the ministry will reduce the conditions for implementing procedures such as those required for documenting export and import turnover in the year for small- and medium-sized enterprises (SMEs).

According to the General Statistics Office, SMEs account for over 97 per cent of businesses nationwide.

The reductions in requirements on export and import turnovers should create favourable conditions for SMEs, recognised as a priority for the Viêt Nam's economy and help them shorten the customs clearance times for goods and improve supply chain efficiency. — VNS