To achieve high-income status by 2045, Vietnam must accelerate regulatory reforms to boost productivity. Vietnam's stellar economic success story over the last 30 years relied on export-oriented foreign direct investment (FDI), but reaching high-income status requires accelerating productivity growth. Firm-level analysis points to misallocation as a critical constraint to productivity growth in Viet Nam. Regulatory reforms can create favorable conditions for reallocating resources from less productive firms to more productive ones. They can also reduce costs, lower business risks, and promote firms' investment and productivity growth. Finally, they can encourage entry of new domestic and foreign firms, especially innovative, tech-based, green, and high-productivity firms, and exit of low-productivity ones as part of a creative destruction process. This report assesses the implementation progress at the mid-term of Viet Nam's program to reform business regulations between 2020-2025, governed by Resolution 68/NQ-CP of May 12, 2020. The report identifies areas for improvement to achieve its objectives in the short term and shares policy recommendations on how to continue developing the regulatory environment conducive to business dynamism and productivity growth in Viet Nam in the medium term.