"Digital revolution", reducing paperwork burden
The State Bank of Vietnam (SBV) is seeking opinions on a draft Circular amending regulations on administrative procedures in the field of foreign exchange management for capital transactions. This is considered a breakthrough step, promising to create a big boost for the investment and business environment in Vietnam.
The biggest bright spot in this draft is the promotion of digital reform and the maximum reduction of unnecessary documents.
Accordingly, businesses and investors will soon be able to carry out 100% of administrative procedures related to capital transactions completely online through the National Public Service Portal. This is a big change that helps replace the method of submitting documents directly or by post, which takes a lot of time and effort.
Notably, the draft proposes to remove the requirement to submit certain types of documents that management agencies can exploit themselves from national databases such as information on population, business registration, investment registration certificate or tax obligations confirmation. If approved, this regulation will officially end the situation of a type of document having to submit repeatedly, causing trouble for businesses.
In addition, regulations on dossier composition have also been simplified. Enterprises can submit their own certified copies instead of complicated notarized copies, and are allowed to self-translate and be responsible for the accuracy of documents in foreign languages.
Shorten time, remove cost barriers
The drafting of this Circular aims to implement Resolution 66 of the Government, with the specific goal of substantially improving the business environment.
The draft sets a target of shortening at least 30% of the processing time for some administrative procedures and reducing compliance costs by up to 34% compared to the current one. Significantly shortening the time for processing documents not only helps businesses save costs but also increases the speed of capital flow circulation, helping investment projects to be implemented soon, promptly grasping business opportunities.
With comprehensive and strong changes, the draft Circular is expected to create a more open, transparent and favorable environment for investors and businesses. This is a positive signal, demonstrating the determination of the Government and the State Bank in "paving the path" to welcome high-quality investment flows, contributing to promoting socio-economic development in the coming period.
catering opinions should be sent to the State Bank of Vietnam (Forex Management Department), phone: 024.3934 3313,; email: Viet.lequoc@sbv.gov.vn.
