Vietnam to cut red tape for businesses

Vietnam’s Ministry of Finance is proposing major cuts to business bureaucracy for a broad section of industries, including lottery, casinos and betting companies, local media reports.

The MoF intends to cut 51.4 percent of the total number of business investment conditions that come under its remit and will amend or supplement 16 decrees. As well as gaming, the sectors include insurance, customs, accounting and securities, the report said.

For the insurance businesses, the MoF plans to abolish the conditions that insurance enterprises, foreign branches or insurance brokerage enterprises must meet to set up operations.

The reports didn’t provide any details on what changes may be made to casino or wagering laws.