Norway Funding Vietnam’s Business Registration Reform

Norway and the United Nations Industrial
Development Organization (UNIDO) will fund US$5.2 million to help Vietnam accelerate business administration
reform, according to the Norwegian Embassy in Vietnam.
    Under an
agreement signed Thursday, Norway
will grant $4.2 million and UNIDO $1 million to the first stage of a technical
assistance project.
    The $9
million project, to last until 2011, will help Vietnam develop a system of
business registration-related information and train office personnel in 63 provinces
and cities.
    The project
is also expected to help reduce the time and cost of business registration
procedures.
    In
addition, a web-based information distribution system for filing annual
financial statements of shareholding enterprises will be set up.
    Deputy
Minister Truong Van Doan of the Vietnamese Ministry of Planning and Investment,
said that in addition to providing transparent information on enterprises, the
one-stop registration service will ensure each enterprise has a unique ID,
which will serve as that business’s tax code.
    Norwegian
Ambassador Kjell Magne Storlokken praised the Vietnamese government’s efforts
in private sector development and public administration reform.
    “In the
post-WTO accession period, consolidated registration reform will contribute to
improved transparency in the business environment, and reduce the transaction
costs and risks in executing business activities in Vietnam,” Storlokken said.
    UNIDO
representative Nilgun Tas said the National Business Registry will facilitate
online information sharing between provincial business registration offices and
relevant ministries; reduce the duplication of business names; and offer
web-enabled services, including the option to submit registration applications
online.