Facilitating Business Registration

The project “Expansion of National Business Registration System (NBRS) to new commercial entities (2014-2018)” by the Agency for Business Registration (ABR), Ministry of Planning and Investment (MPI), was recently announced in Hanoi.

The NBRS was hosted by the ABR in collaboration with the General Department of Tax, the Ministry of Finance and provincial Business Registration Offices from 2008 – 2013, and funded by the United Nations Industrial Development Organisation (UNIDO), the Government of Switzerland and the Government of the Kingdom of Norway.

The NBRS was hosted by the ABR in collaboration with the General Department of Tax, the Ministry of Finance and provincial Business Registration Offices from 2008 – 2013, and funded by the United Nations Industrial Development Organisation (UNIDO), the Government of Switzerland and the Government of the Kingdom of Norway.

Ms. Nilgun Tas, Chief of the Competitiveness, Business Environment and Upgrading Unit and Deputy Director of the Business, Investment and Technology Services Branch at UNIDO Headquarters, said that the NBRS was at the cutting edge of international best practice in registration systems in the world. Allowing different types of businesses such as foreign-invested enterprises, state-owned enterprises, enterprises registered by management boards of industrial and export processing zones and not yet registered in NBRS, technological and scientific enterprises, credit institutions and other commercial entities such as law firms, and others, to register through NBRS will bring benefit to the private sector. Not only gaining access to efficient services of NBRS, but the private sector also gains benefits from more appropriate enterprise-supporting policies, designed and implemented based on the full picture of all commercial entities operating in Vietnam.

In addition, the NBRS is expected to link with additional public services such as social insurance, banking, trademark and patenting services to expand e-government more widely in Vietnam.

Up to the present time, the NBRS is fully computerized services for business, tax, customs, statistics and public security registration for enterprises in 63 provinces. As a result, data of 864,596 enterprises and subordinate units registered under the Enterprise Law and 164,000 financial statements of shareholding companies are available in the National Business Registration Portal dangkykinhdoanh.gov.vn. The registration time has decreased from 15 days in 2008 to 3.5 days in 2013.

According to the International Finance Corporation (IFC), the reduction in the number of days in business registration has contributed US$4 million in savings for enterprises registering for the first time and US$8 million when enterprise record amendment services are considered.

Mr. Dang Huy Dong, Deputy Minister of MPI, said that the reform of business registration not only reduced the time and cost for business registration but also contributed to improving the quality of the public administrative services for the common interests of the private sector. “MPI pledges to continue to support the expansion of the types of businesses registered in the NBRS in the future,” Mr. Dong said.

Mr. Miroslav Delaporte, Country Representative of SECO said that improving the business environment, more specifically reforms in business registration in Vietnam has supported the mobilization of investment and promoted the entrepreneurial spirit of the community.

vccinews.com