A breakthrough in administrative procedure reform by the State Bank of Vietnam.

VTV.vn - The State Bank of Vietnam aims to shorten the time for processing administrative procedures by at least 30% and reduce compliance costs for businesses when conducting capital transactions by approximately 34%.

The State Bank of Vietnam is seeking feedback on a draft Circular amending regulations on administrative procedures in the field of foreign exchange management for capital transactions.

The State Bank of Vietnam (SBV) is seeking feedback on a draft Circular amending regulations on administrative procedures in the field of foreign exchange management for capital transactions, with a focus on promoting digitalization, simplifying processes, and reducing compliance costs for businesses.

According to the draft, the State Bank of Vietnam aims to shorten the time for processing administrative procedures by at least 30% and reduce compliance costs for businesses when conducting capital transactions by approximately 34%. This reform will not only help businesses save time and costs but also facilitate access to capital and promote the circulation of funds for investment, production, and business activities.

This draft circular is considered a breakthrough in the administrative procedure reform of the State Bank of Vietnam, as it allows businesses and investors to complete 100% of the process online through the National Public Service Portal. This will completely replace the previous method of submitting documents in person or via post, significantly saving time and effort for organizations and businesses.

Another noteworthy point is that the State Bank of Vietnam proposes abolishing the requirement to resubmit documents that the regulatory agency can obtain itself from national databases, such as business registration information, investment certificates, tax identification numbers, or population data.

Source: https://vtv.vn/buoc-dot-pha-trong-cai-cach-thu-tuc-hanh-chinh-cua-nhnn-100251008220135981.htm