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Huge jump in new enterprises

Released at: 15:48, 31/08/2015

Huge jump in new enterprises

Amended investment and enterprise laws result in 13,000 new enterprises being registered within the first 50 days of them coming into effect.

by Minh Tien

In the 50 days since the new Law on Enterprises and Law on Investment came into effect on July 1, 13,000 new enterprises have been registered, a 73 per cent increase compared to the same period last year.

Minister of Planning and Investment Bui Quang Vinh said the main factors behind the increase included the country’s economic recovery, the stability of its macro-economic environment, and transparent and simplified procedures to register enterprises.

It now only takes 2.6 days on average to successfully register a new business, which is lower than the time regulated by the State, of three days.

Regarding the delay in issuing an accompanying decree, Minister Vinh said that, under the new Law on Investment, enterprises can conduct activities in every business field not specifically prohibited by the State. This has given the Ministry of Planning and Investment (MPI) and related government agencies a lot of work to do in determining what should be specifically prohibited.

“This is a substantial workload that requires a lot of time and attention to detail,” he said. “If we are not cautious then the consequences could be serious.” MPI had to work with 16 related ministries and government agencies, he added.

He insisted, however, that the decree would be issued in September.

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