The plan to develop household businesses into normal businesses has not succeeded. The goal of having 1 million businesses in the country by the end of 2020 will not be met.

The National Assembly (NA) approved the revised Enterprise Law at its ongoing ninth sitting this morning, June 17, which excludes household businesses.

The Law on Enterprises is seeking to open up business prospects for companies wishing to get involved in Vietnam’s future growth, ironing out limitations along the way. 

With fresh changes made by the National Assembly in the investment and enterprises laws, businesses are expected to benefit more from new improvements in the business climate.

VietNamNet Bridge - Under the Investment Law, there are seven prohibited business fields and 243 conditional business fields. 

VietNamNet Bridge - The high ‘fear-of-failure’ is a challenge that affects entrepreneurs in Vietnam, despite the efforts by the government to improve the business environment. 

VietNamNet Bridge – Decree No 96/2015/ND-CP, issued by the Government on October 19, 2015, regulates provisions of the Enterprise Law, such as those concerning enterprise seals and cross-ownership in enterprises.

VietNamNet Bridge - Tens of thousands of businesses have become disillusioned about the breakthrough they expected the 2014 Enterprise Law would bring. At the same time, business registration agencies have become overloaded.

VietNamNet Bridge - While many laws still lack legal documents guiding the laws’ implementation, other legal documents misinterpreted the spirit of the laws. 

The business registration division of the HCM City Planning and Investment Department has been overloaded for several days answering questions about new procedures to set up new businesses under the amended Enterprise and Investment Laws.

 VietNamNet Bridge – The number of people and firms seeking advice about business startups at the HCMC Department of Planning and Investment has surged since the amended enterprise and investment laws took effect on July 1.

VietNamNet Bridge - Business behavior that causes serious consequences to society may face criminal prosecution as lawmakers are considering adding an article to the amended criminal law they are drafting.

 VietNamNet Bridge – Foreign direct investment could sharply jump in the second half of this year, after the amended Investment Law and Enterprise Law take effect in July 2015.

VietNamNet Bridge – Deputy Minister of Information and Communications Truong Minh Tuan said the operation of Uber taxi service is not aligned with Vietnam’s regulations and that he supports a proposal

 The National Assembly on November 26 passed two revised business laws, namely the Enterprise Law and the Investment Law, which are expected to create breakthroughs in nurturing the entrepreneurship.

In order to create one dong of profit, businesses have to pay VND0.7-1 for “under-the-table fees”.

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The Government is expected to publish a list of prohibited and conditional business sectors to facilitate implementation of the Enterprise Law whose amendments and supplements will be passed at the ongoing NA session.

 VietNamNet Bridge – Amendments to the 2005 Enterprise Law aim to enable social enterprises to operate more efficiently, Director of the Central Institute for Economic Management, Nguyen Dinh Cung, told the Viet Nam Investment Review.