The Ministry of Planning and Investment held a conference to review the first year of the Law on Investment and the Law on Enterprises, in Hanoi on September 20.
According to the Ministry of Planning and Investment’s Business Registration Management Agency, more than 105,975 newly established enterprises with a total registered capital of 767.9 trillion VND (34.28 billion USD) were set up in one year from July 1, 2015 to July 1, 2016.
The Business Registration Management Agency said that Vietnam has recorded a sharp surge in the number of newly established enterprises since two new laws on investment and enterprises took effect on July 1, 2015.
The number of newly established enterprises rose 27.8 percent against a year ago while the registered capital surged more than 42 percent, the Business Registration Management Agency reported.
The registered capital of newly established enterprises also averaged 7.25 billion VND, a year-on-year growth of 11 percent, according to the agency.
As for foreign direct investment (FDI) enterprises, the Ministry of Planning and Investment said that 1,660 FDI firms were set up in the period, with a total registered capital of 62.205 trillion VND.
Along with the surge in the number of newly established enterprises, the new laws also contributed to enhancing the freedom of enterprises to do business in all industries and sectors that are not prohibited.
The laws have also helped companies save time and money by shifting the attitudes of State management agencies.
According to the ministry, the most remarkable change is in the time it now takes to register firms across the country - an average of 2.9 days.
The greatest change was seen in Ha Tinh province, reducing the process of licensing newly established enterprises to one day. The southern provinces of Tien Giang and Hau Giang followed with 1.3 and 1.32 days, respectively.
Working hours at municipal and provincial departments of planning and investment nationwide also rose 40 percent to 10-15 hours per day, according to the ministry.
According to the Ministry of Planning and Investment’s Business Registration Management Agency, more than 105,975 newly established enterprises with a total registered capital of 767.9 trillion VND (34.28 billion USD) were set up in one year from July 1, 2015 to July 1, 2016.
The Business Registration Management Agency said that Vietnam has recorded a sharp surge in the number of newly established enterprises since two new laws on investment and enterprises took effect on July 1, 2015.
Illustrative image
|
The registered capital of newly established enterprises also averaged 7.25 billion VND, a year-on-year growth of 11 percent, according to the agency.
As for foreign direct investment (FDI) enterprises, the Ministry of Planning and Investment said that 1,660 FDI firms were set up in the period, with a total registered capital of 62.205 trillion VND.
Along with the surge in the number of newly established enterprises, the new laws also contributed to enhancing the freedom of enterprises to do business in all industries and sectors that are not prohibited.
The laws have also helped companies save time and money by shifting the attitudes of State management agencies.
According to the ministry, the most remarkable change is in the time it now takes to register firms across the country - an average of 2.9 days.
The greatest change was seen in Ha Tinh province, reducing the process of licensing newly established enterprises to one day. The southern provinces of Tien Giang and Hau Giang followed with 1.3 and 1.32 days, respectively.
Working hours at municipal and provincial departments of planning and investment nationwide also rose 40 percent to 10-15 hours per day, according to the ministry.
