Want to be in the loop?
subscribe to
our notification
Business News
ID NUMBERS TO BE NEEDED FOR BUSINESS REGISTRATION
Personal identification (ID) numbers will be used to carry out business registration procedures, the Ministry of Planning and Investment (MPI) has proposed.
Under a revised decree on business registration drafted by the MPI, open for comments, the MPI explains if a person carrying out business registration procedures uses his/her personal ID number, the procedures will be streamlined as he/she will not have to declare personal information again.
Much of the information is already held on the national population database, so the time to perform administrative procedures can be shorter.
In particular, the regulation will prevent the act of falsifying records to illegally register the business establishment because personal information stored in the national population database is already verified by the Ministry of Public Security.
Previously, some individuals and organisations have taken advantage of the openness of the law to commit violations for the purpose of profiteering or evading responsibility, which have seriously affected the rights and legitimate interests of individuals, organisations and the State, besides distorting the business investment environment.
According to the MPI, the original decree dates from 2021, so needs updating to fit with a number of newly-issued laws. For example, the Law on Credit Institutions has different regulations on business registration for credit institutions and the Law on Cooperatives regulates business household registration.
The revised decree also aims to streamline lots of processes, creating maximum favourable conditions for enterprises, respecting the autonomy of enterprises and protecting the legitimate rights and interests of the company, members and shareholders, while still ensuring State management in business registration.
Representatives of the Business Registration Office, under the Hà Nội Department of Planning and Investment, welcomed the draft as it will mean moving a lot of operations online, currently, most of which remain in paper form.
Meanwhile, representatives of the Ministry of Justice proposed that the drafting committee strengthen post-inspection regulations, allow public comments and look at international experiences to simplify procedures and connect with relevant databases to suit the current context.
Source: VNS
Related News
![Card image cap](/uploads/news/Eco4.jpg)
GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
![Card image cap](/uploads/news/FDI.jpg)
FDI INFLOW INTO VIETNAM REACHES NEARLY 15.2 BILLION USD
Vietnam attracted nearly 15.2 billion USD in foreign direct investment (FDI) in the first six months of this year, a year-on-year increase of 13.1 per cent, according to the General Statistics Office.
![Card image cap](/uploads/news/Eco3%20%281%29.jpg)
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.
![Card image cap](/uploads/news/Eco8.jpg)
SPECIAL POLICIES PROPOSED TO DEVELOP THE SEMICONDUCTOR INDUSTRY
The draft law has proposed a number of outstanding policies to promote the development of the digital technology industry, develop the brand of Việt Nam's digital technology industry and develop domestic and foreign markets, as well as investing, purchasing and selecting suppliers of digital technology products and services using State budget capital.
![Card image cap](/uploads/news/FDI3%20%281%29.jpg)
CONGLOMERATES AID FOREIGN MANUFACTURING INVESTMENT
The manufacturing and processing sector is attracting major investment from abroad, thanks to the expansion of key conglomerates, especially from South Korea. With total revenues of about $16.2 billion and profit of $400 million last year, Hyosung Group, which works in textiles and garments, industrial materials, IT, construction, and chemicals, has expressed its plan to expand operations in Vietnam.
![Card image cap](/uploads/news/CN40.jpg)
ESTABLISHING NATIONAL COMPREHENSIVE DATABASE FOR DIGITAL TRANSFORMATION
Vietnam's Ministry of Public Security is drafting the data law project to unify, synchronize and effectively use data for administration and social economic development, for digital government development and for administrative procedure reform.