Ministry of Finance proposes to slash business costs
Household businesses may be exempted from paying fees for enterprise registration and first-time provision of information needed to become an enterprise.
Vietnam has nearly five million household businesses which contribute about 30 percent of the country’s gross domestic product (GDP). Fee exemptions for enterprise registration are expected to reduce business operating costs. (Photo: luatvietphong.vn)
Hanoi (VNS/VNA) - Householdbusinesses may be exempted from paying fees for enterprise registration andfirst-time provision of information needed to become an enterprise.
The Ministry of Finance (MoF) has completeda draft circular on the amount, collection, payment, management and use offees for information provision about enterprises and enterprise registration.
Vietnam has nearly 5 million householdbusinesses which contribute about 30 percent of the country’s gross domesticproduct (GDP), according to the Vietnam Chamber of Commerce and Industry(VCCI).
While the Government is building a supportpolicy for small- and medium-sized enterprises, VCCI Chairman Vu Tien Locsaid the current legal framework does not guarantee equality for householdbusinesses or encourage them to turn into enterprises.
In the draft, the finance ministry has proposedhalving the fee for enterprise registration from 100,000 VND (4.30USD) to 50,000 VND.
Charges for business registration include newestablishment, amendments to enterprise registration, reissuance of enterpriseregistration certificate, and operation registration certificate for branches,representative offices and business location.
The fee for providingcontent for enterprise registration has also been proposed to bereduced to 300 VND from 100,000 VND each time.
In addition, the draft proposesexempting fees for amendments to business registration resulting fromadjustment to administrative boundaries and business registrations viaelectronic network.
The reductions are expected to supportbusinesses' operations.-VNS/VNA
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Vietnam has nearly five million household businesses which contribute about 30 percent of the country’s gross domestic product (GDP). Fee exemptions for enterprise registration are expected to reduce business operating costs. (Photo: luatvietphong.vn) 
