Government agencies must be mindful in a situation where regional countries are accelerating efforts to improve their business environment, but Vietnam is still sluggish.

Delay in administrative reform is proving to be a bottleneck for economic development, said Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc.

Total capital expenditure in the 2016 – 2020 period would exceed the target of VND2,000 trillion (US$86.45 billion), accounting for 27 – 28% of total spending.

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

Any process that is deemed cumbersome for enterprises must be changed, said Minister of the Government Office Mai Tien Dung.