Online tool trims time for investors

FIA has announced the third phase of the e-regulations project. What is the significance of this milestone?

With support from the Luxembourg government and technical assistance from the United Nations Conference on Trade and Development (UNCTAD), e-regulations have been developed in Vietnam through three phases, with the first being implemented in Hanoi in 2007, the second expanded to Danang and Ho Chi Minh City in 2009 and 2010, and the third being expanded to Vinh Phuc, Hai Duong, Phu Yen, and Binh Dinh provinces in 2013-2015.

To date, the e-regulations portal deployed in the seven localities have been updated with all necessary procedures, and is qualified to satisfy investors and relevant agencies.

The portal will be regularly updated with changes in relevant laws and legal documents to ensure the accuracy of all investment procedures.

How can foreign investors benefit from this new tool?

Vietnam.eregulations.org is an online step-by-step tool showing all procedures for setting up a business or for investment activities in Vietnam. For each step, investors can see the entity/office/officer in charge, result of the step, requirements (forms and documents), cost, duration, and legal justification.

For example, investors who want to learn about investment procedures in Hanoi can visit hanoi.eregulations.org, from which they can access the procedures on company establishment with office or land lease, construction permits, business co-operation contracts, the amendment of investment certificates, company re-registration, and company conversion.

If investors have any complaints, they can send them on through the portal, after which they will receive feedback within a timely manner. During recent discussions, many investors highlighted the importance of e-regulations, and affirmed that this useful tool would facilitate their investment and business activities in Vietnam.

Do you think that the number of participating localities in the new national portal is too small?

In the coming months, we hope to continue receiving support from agencies and organisations to maintain the portal, and expand it to other cities and provinces. We would also encourage more provinces and cities to join it.

What are the impacts of the portal on Vietnam's investment climate?

Vietnam is the first country in Asia to adopt e-regulations. Thanks to this effort, e-regulations Vietnam is now among the best ranked in the Global Enterprise Registration portal (www.ger.co) out of the total 152 websites of countries and territories worldwide. This ranking proves improvements in Vietnam's investment climate, and shows the international recognition of Vietnam's efforts in providing transparency on rules and procedures to facilitate foreign investors in Vietnam.