Hanoi cuts new business registration time
Hanoi cuts new business registration time
Hanoi trimmed the time it takes to start a business to three days as of January 1, 2015.
Prior to the plan taking effect, the city’s Department of Planning and Investment announced that the city would be Vietnam’s first locality to reduce the time it takes to complete procedures for establishing an enterprise from the existing five days to only three days.
All procedures will be conducted at the department’s one-stop door.
Actually, under the new Law on Enterprise recently adopted by the National Assembly late last year, localities are similarly required to reduce the time for starting a business to only three days.
“But the city has taken the initiative in implementing this regulation now. This will help attract more investors as they will find it more convenient to establish enterprises,” said Deputy Minister of Planning and Investment Dang Huy Dong.
“I am sure that the city’s index for competitiveness will remarkably improve thanks to this move. Enterprises are the economy’s backbone and they have the right to enjoy the best business conditions,” he said.
“We highly value the city’s new move which will greatly benefit enterprises, especially amid their increasing difficulties,” said Trinh Thi Ngan, head of the Hanoi Small and Medium-d Enterprises Association’s Consultancy Board.
“However, the department will need to further clarify procedures and business incentives so that enterprises can more easily complete the procedures,” she suggested.
In 2014 in Hanoi, more than 13,400 enterprises were established, equal to 96.5 per cent of the 2013 figure. The total chartered capital was VND98.43 trillion ($4.7 billion), down 11.4 per cent on-year.
The number of enterprises that went bankrupt in the city was 735, up 1.5 per cent against 2013. More than 2,400 enterprises registered to suspend operations, down 11.5 per cent against 2013. The number of enterprises changing their business type was nearly 32,300, up 28 per cent on-year. Two enterprises had their business licences revoked as they had submitted fake business registration dossiers to the department.
In 2014, the city attracted 418 new foreign invested projects with the total registered investment capital of nearly $1.4 billion, up 26 per cent on-year and 7.4 per cent compared to the earlier set target of $1.3 billion.
