On 26 November 2014, Viet Nam’s National Assembly adopted the Law on Enterprise (Amended) and it came into effect on 1 July 2015.

The Director of the Da Nang Department of Investment and Planning, Mr Tran Van Son, said that the new law has created very favourable conditions for local businesses, including newly-established ones.

Mr Le Duc Hien from the city’s Lien Chieu District is a typical example.  He has recently established his business and found that the registration procedure was quite simple and time-saving.

Workers at an electronic components factory in Hoa Khanh Industrial Park

In particular, it now takes only 3 days to get an enterprise registration certificate once the application dossier is submitted, instead of the 5 days as before.  Furthermore, enterprises are now allowed to engage in all legal trading activities, and they are only required to send their business information online via the National Informative Gate of Enterprise Registration Data.

In the one month since the implementation of the new amended law, Da Nang has seen a total of 471 newly-established businesses, with a total registered capital of 1,521 billion VND.  In addition, 941 companies have changed their business activities, whilst 69 others were suspended and 71 were dissolved.