Business reform project in Viet Nam gets boost with UN funding

The United Nations Industrial Development Organization (UNIDO), along with the Government of Norway, is providing $5.2 million so that businesses in Viet Nam will be able to register more quickly and efficiently, it was announced today.

Under the project there will be nationwide access to official information on businesses, which will be able to register at 63 offices in the country’s provinces.

The initiative will help streamline efforts to boost the country’s private sector, now that Viet Nam is a member of the World Trade Organization (WTO), according to UNIDO’s representative Nilgun Tas.

“Consolidated registration reform will contribute to improved transparency in the business environment, facilitate the implementation of the Enterprise Law and reduce the transaction costs and risks in executing business activities in Viet Nam,” she said.

“The National Business Registry will facilitate information sharing between the ministries and offices involved, reduce duplicate use of business names and offer web-enabled services, including on-line submission of registration applications,” she added.

As one of the fastest growing economies in the world, Viet Nam has cut poverty from 60 per cent to 20 per cent in little over a decade. Extreme poverty still exists however, especially in rural areas where 45 per cent of people still live below the poverty line compared with nine per cent in the cities.