Prime Minister Nguyen Tan Dung has issued a decree allowing individuals to register their business online via the national business registration gateway, the government said in a statement Friday.
The decree will take effect on June 1 and online applications will have the same legal value as those done on paper.
Under the decree, the business registration time will be cut to five days from the current 10 days. Applicants can lodge complaints if they do not receive their business registration certificates within the five days.
The decree also stipulates that a business will not have to change its name even if the name has been taken by another company. Companies will be distinguished based on their business code, which also serves as a tax code.