Optimizing Trade Promotion Legislation: A Breakthrough for Vietnam's Economic Development

In the context of an increasingly integrated and rapidly developing global economy, enhancing trade promotion legislation has become a crucial factor in boosting competitiveness and driving business growth in Vietnam. Trade promotion not only helps businesses expand their markets and increase revenue but also contributes to enhancing brand reputation and value. Therefore, improving the legal framework related to trade promotion is necessary to support businesses and ensure a transparent and effective business environment.

Current Legal Framework

Currently, the legal framework for trade promotion in Vietnam includes various legal documents such as the Commercial Law, the Investment Law, decrees, circulars, and related policies. These regulations have established a basic legal framework for trade promotion activities, helping businesses implement their strategies and business plans more effectively. However, in practice, there are still some shortcomings and limitations that need to be addressed to meet the demands of the modern market economy.

Issues to Address

1. Lack of Coherence and Updates
   One of the prominent issues is the lack of coherence and outdated nature of legal documents. Existing regulations sometimes fail to keep up with the rapid development of the market and technology. This creates difficulties for businesses in applying and executing effective trade promotion activities. In particular, regulations related to e-commerce and online transactions still have many limitations and have not been timely adjusted.

2. Transparency and Administrative Procedures
   Although trade promotion regulations have been established, there are still issues related to transparency and the effectiveness of administrative procedures. Businesses often face complex and lengthy processes, reducing the effectiveness of trade promotion activities and incurring significant time and costs.

3. Business Support and Policy Reform
   Many businesses, especially small and medium-sized enterprises (SMEs), have not received sufficient support from the government in implementing trade promotion activities. Support policies, including training, consulting, and financial assistance programs, are limited and not aligned with the actual needs of businesses. Reforming these policies is necessary to create a more favorable environment for businesses.

Proposed Solutions

1. Update and Improve Legal Documents
   It is necessary to review and update legal documents related to trade promotion to ensure coherence and alignment with new development trends. This includes adjusting regulations related to e-commerce, protecting consumer rights, and encouraging innovation in trade promotion activities.

2. Enhance Transparency and Simplify Procedures
   Reforming administrative procedures, enhancing transparency, and simplifying steps to help businesses access support services more quickly and effectively. Implementing information technology in management and processing documents will also help reduce time and costs for businesses.

3. Strengthen Business Support
   The government and relevant agencies need to develop and implement more effective business support programs. This includes providing training, consulting, and financial assistance to businesses in executing trade promotion activities, especially SMEs.

Conclusion

Improving trade promotion legislation is not only a critical task for facilitating business operations but also contributes to the sustainable development of the national economy. By reviewing, updating, and reforming the legal system, Vietnam can create a more transparent, efficient, and business-friendly environment, thereby enhancing competitiveness and fostering the growth of domestic businesses. This is key to realizing the goals of sustainable economic development and successful international integration.