Mar. 9 – The government may soon simplify 256 administrative formalities after a review showed that it could cut costs by more than over VND6,000 billion annually or about US$312 million.

Project 30 studied administrative formalities in 2007-2010 in consultation with related ministries, agencies and the Administrative Reform Consultative Council. It recommends simplifying procedures to attract more business and save costs.

Project 30 will look at the remaining 5,400 administrative formalities and propose to the government to cancel or simplify them for 2010 to institute even more savings and help business.

The Ministry of Finance has proposed streamlining a third of its formalities on customs and taxation relating to 300,000 businesses, that could save VND2,100 billion annually.

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