The amended Law on Enterprises planned to submit to the upcoming session of the National Assembly will have some important changes including business registration, according to the Authority of Foreign Information Service.

At the seminar on the amended Law on Enterprises held by the Central Institute of Economic Management (CIEM) in Hanoi on April 10, Nguyen Dinh Cung, Head of the CIEM said one of the most important changes in the amended Law on Enterprises this time is "fundamental change in business registration.”

In the time to come, enterprises will really be allowed to do what the law does not prohibit.
Cung said the new Law is certainly to create favourable conditions to boost the establishment of new enterprises but he did not expect a “boom” for this purpose.

According to Phan Duc Hieu, Deputy Head of the Business Environment and Competitiveness Board of the CIEM , the goal of this amendment is to “enhance the attraction and further mobilisation of all sources of capital and resources for production and business.”

Specifically, the law will create favourable conditions for the establishment of enterprises, especially for foreign investors; reduce the costs for the governing organisation of enterprises and restructuring of enterprises; guarantee better the rights and legal interests of investors, shareholders and members of enterprises and reduce the costs when enterprises and investors withdraw from the market.

Basically, the law maintains the structure of the current Law on Enterprises, but there are a lot of changes in its content. The amended law has 9 chapters, 222 articles.

Lawyer Cao Ba Khoat, one of the leading experts in business environment in Vietnam, said these amendments aim to remove a range of obstacles that enterprises have met in their business activities.-VNA