The figures partly show the positive impact the Investment Law and Enterprise Law 2014 have had on the economy. Nevertheless, how to manage businesses' effectiveness and post-registration operations have been challenging for authorities.
This enterprise was one of over 110 firms that were established in 2016. It took them just 3 days to receive their business registration.
The Ministry of Planning and Investment has recently established a national database of registered businesses, connecting firms in the whole economy and enabling authorities to carry out post-inspections on businesses in observance of the law.
Experts, however, suggest further mechanisms are needed to better implement post-inspection stages. This includes a broader database that also incorporates citizen data, which should comprise of personal identification, household registration, judicial records, and other related issues.
Simplifying business registration procedures, according to authorities, is needed to maximise available production resources and encourage firms to seize their own opportunities. Meanwhile, post-registration processes should also be tightened to further supervise businesses' observance of laws and enhance their efficiency.
