Thank Nien News, 1 July 2015. Vietnam looks to scrap 3,300 requirements for new companies.

An edited extract of the original article appears below.

It will become a lot easier to start a company in Vietnam when new law amendments take effect next month, abolishing thousands of business requirements.

The amendments to the Law on Business and the Law on Investment are set to remove 3,299 legal requirements for businesses, or around half of all existing prerequisites, local media quoted the Minister of Planning and Investment’s announcement at a government meeting on Monday…

Under a new rule, only the central government can decide on which conditions businesses have to meet, Minister Bui Quang Vinh said…

He said simplifying business and investment rules are “vital to improving Vietnam’s business environment,” the minister commented on the government’s latest move…

Vietnam has achieved “encouraging” results in improving business environment and national competitiveness since March last year, thanks to two decrees issued by the government, Vinh reported.

For instance, it now takes 17 days to start a business in Vietnam, compared to 34 days before.

During the start-up process, the time to acquire a business license has also been reduced by half to three days.

Meanwhile, businesses spent 335 hours a year paying taxes, instead of 537 hours like before, according to the minister.
Vietnam ranked 68th out of 144 economies on a global competitiveness index released by the World Economic Forum in September last year…

 

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