In the first half of the year, the country has seen significant increases in both the number of newly-established enterprises and registered capital compared to the same period of last year, reported Ministry of Planning and Investment's Business Registration Management Agency. Specifically, over 54,500 enterprises were formed during the period, with a total registered capital of over VND427.7 trillion, up 20% in number of enterprises and 51.5% in capital over a year earlier. According to General Statistics Office, average registered capital of each enterprises reached VND7.8 billion, a year-on-year rise of 26.2%. The newly-established enterprises were mainly gathered in the Red River and Southeastern region. In addition, over VND774.7 trillion was added to the economy by operating enterprises, up 150% over a year earlier. On total, enterprises contributed over VND1,202,486 trillion to the economy in the six months. Notably, 14,902 enterprises recovered their operation, the … [Read more...] about Six-month business registrations rise 51% in capital
VietNamNet Bridge - A café owner was fined VND17 million and prosecuted because he took five days to file his business registration. Luckily, the prosecution was canceled after the Prime Minister’s intervention. Nguyen Van Tan, the owner of the ‘Xin Chao’ (Hello) Café in Binh Chanh district, HCM City was brought to court by the Binh Chanh district’s People’s Procuracy. The man was prosecuted for ‘doing business illegally’. Tan began selling food as he did not have a ‘business license’ and ‘certificate on food safety’. However, Tan was lucky when his case caught Prime Minister Nguyen Xuan Phuc’s attention. Le Manh Ha, deputy chair of the Government Office, said that Phuc, after reading the article about the prosecution on a local newspaper, ordered that it be stopped. The National Assembly’s Justice Committee also raised its voice asking to clarify the case and stop the … [Read more...] about Can Vietnam be a ‘startup nation’ if it prosecutes cafe owner for taking too long to file business registration?
Switzerland supports Vietnam’s business registration system (VOVworld) – Switzerland will provide Vietnam with nearly 5-million USD to help the country expand its business registration system. At Tuesday’s project launch, Deputy Minister of Planning and Investment Dang Huy Dong said the project would create favorable conditions for businesses to join the market. International organizations’ contributions to business registration reform play an important role in Vietnam’s construction and development, he said: "The project launch marks a milestone in collaboration between Vietnam and its sponsors in improving Vietnam’s business environment. A modern registration system recording business information regarding each nation is important for creating an attractive business environment, which can grant businesses unlimited opportunities." … [Read more...] about Switzerland supports Vietnam’s business registration system
Firms can do any business that is not illegal under the amendments being drafted by the Central Institute for Economic Management and to be presented to the National Assembly this year or next. Current regulations, effective since 2005, require firms to spell out their business areas when registering and doing any other business is punishable. Deputy Minister of Investment and Planning Nguyen Chi Dung said at a conference that the law over the past nine years has constrained business freedom since setting up one is complicated and unnecessarily costly. “That is why Vietnam’s business environment gets low rankings,” he said. He said firms complain that the requirement to spell out their areas of business increases risks and cost. Nguyen Dinh Cung, head of the institute, was quoted by Tuoi Tre newspaper as saying: “Sometimes a company sees a new business opportunity, but has to wait to change its registration. "However, by the time that is done, the chance might … [Read more...] about Vietnam government welcomes freeing up of business registration
Uber and Grab will have to play on a more even and regulated playing field This was announced by Le Dinh Tho, Deputy Minister of Transport, at the meeting reviewing the implementation of the two-year pilot programme of ride-hailing services via technology application, organised on December 19 in Hanoi, according to newswire Vnexpress. Tho said that during the past two years, Uber and Grab have expanded the transport market by bringing a larger variety of choices for customers. Besides, Uber and Grab’s appearance created competition with traditional taxi brands, forcing traditional taxi companies to adjust fares as well as improve service quality. However, Tho stated that the authorities’ management of Uber and Grab is still loose as the regulations on the enterprises operations have yet to be clarified, allowing them to take advantage of loopholes. Thus, Uber and Grab must have business registration certificates in order to create a fair playground for all … [Read more...] about Uber and Grab to need business registration certificates