A conference summarizing one year of implementation of the 2014 Enterprise Law and the 2014 Investment Law was held on September 20th in Hanoi.
Following a year of implementation of the 2014 Enterprise Law and the 2014 Investment Law, the Ministry of Planning and Investment held a conference on the morning of September 20th in Hanoi to summarize the results of these two laws.
At the conference, Mr. Bui Anh Tuan, Deputy Director of the Business Registration Management Department (Ministry of Planning and Investment), stated that approximately 95.000 new businesses were established in 2015.
And if nothing changes, by the end of this year, Vietnam could for the first time in history have over 100.000 new businesses established in a single year.
Mr. Tuan believes that the surge in the number of newly registered and established businesses demonstrates the initial effectiveness of the two laws.
Representatives from the Department of Business Registration Management also stated that, as of this time this year, Vietnam has seen 23.950 businesses increase their charter capital, totaling 690.000 billion VND.
Regarding FDI enterprises, in the past year, Vietnam has seen the establishment of nearly 2.000 new businesses, with over 68.000 billion VND in registered capital.
In addition, according to Mr. Tuan, the two aforementioned laws have significantly reduced the time and cost for businesses to enter the market. The rate of timely processing of applications and applications approved on the first attempt has increased significantly.
Specifically, nationwide, 86% of business registration applications are approved on the first attempt, and 89% are processed on time.
According to a report by the Ministry of Planning and Investment, the most significant change is in the time taken to receive and process business registration applications and procedures in localities.
The average processing time for business registration applications nationwide is 2,9 days. Tien Giang province has the fastest processing time at 1,3 days, followed by Hau Giang at 1,32 days, and Da Nang at 2,52 days.
Mr. Tuan argued that, with the liberation of business freedom as described above, the Enterprise Law has fostered the entrepreneurial spirit and created a wave of market entry within the business community.
Commenting on the overall implementation of the 2014 Enterprise Law and the 2014 Investment Law, Deputy Minister of Planning and Investment Dang Huy Dong stated that the figures compiled after one year of implementing the two laws are truly impressive.
"Through this summary, we once again affirm that the 2014 Enterprise Law and the 2014 Investment Law have truly come into effect, and the figures mentioned above are the answer to the questions and concerns raised during the law-making process," the Deputy Minister commented.
