This information was announced at a meeting to review the first year of the Law on Investment and the Law on Enterprises, held in Hanoi on September 20. Participants hailed that the laws have also helped enterprises save time and money by shifting the attitudes of State management agencies. The new laws also contributed to enhancing the freedom of enterprises to do business in all industries and sectors that are not prohibited.

The ministry reported that the most significant change is in the time it now takes to register firms nationwide - an average of 2.9 days.

According to Bui Anh Tuan, Deputy Director of the Ministry of Planning and Investment’s Business Registration Management Agency, the number of newly established enterprises rose 27.8 percent against the previous year while the registered capital surged more than 42 percent.

The registered capital of newly established enterprises also averaged 7.25 billion VND, a year-on-year increase of 11 percent, he said.

As for foreign direct investment (FDI) enterprises, the ministry reported that 1,660 FDI firms were set up in the period, with a total registered capital of 62.205 trillion VND.

The greatest change was recorded in Ha Tinh province, reducing the process of licensing newly established enterprises to one day. The southern provinces of Tien Giang and Hau Giang followed with 1.3 and 1.32 days, respectively.

Working hours at municipal and provincial departments of planning and investment nationwide also grew 40 percent to 10-15 hours per day, according to the ministry.