The Vietnamese government adopted a Decree which entered into force on October 15th 2021. The "Decree 122" has been designed to improve the ease of doing business and to facilitate business registration via government agencies.
The Decree prioritizes the streamlining of the registration processes for enterprises, small-medium companies, and its’ branches.
The Business Registration Authority, as a government body, is empowered to receive documents submission, and coordinate the related reviews.
Decree 122 keynotes
What follows below is a list of some of the Decree 122 keynotes.
Henceforth, the Business Registration Authority will work together with the social insurance agency, collecting information on employees, business categories etc. The Business Registration Authority (“BRA”) will remain in close contact with the Labor Ministry, reporting key information on businesses. As part of the government’s program to enhance digital transformation, The National Public Service portal will serve as an aggregator for submitted information.
The relevant government authorities will be able to approach the Business Registration Authority for copies of the enterprise registration certificates, without interacting with the enterprise itself.
It is expected that the Decree 122 will allow to simplify business registration process in Vietnam, which would result in business climate improvement. Instead of four sets of documents, now enterprises will be allowed to submit only set to one government body.
The Decree 122 is viewed as a part of Vietnam’s National Industrial Policy and it will be conducive to current business environment.
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Do you have any questions on the Decree 122 or do you want to know more about how to set up a company in Vietnam? Visit the website page of Fidinam (Vietnam) to learn more about our consultancy services or get in touch with our experts today.
