Hundreds of thousands of Vietnam businesses missing

Hundreds of thousands of businesses missingIn early 2012 there were more than 545,000 corporates established (excluding the dissolved ones). Of these, more than 360,000 businesses were certified of operating at the time of 1/1/2012 and about 185,000 businesses (34 percent) were “missing.: “Thus, a third of the picture of businesses nationwide is still in the dark since the authorities lack accurate information about each business for management and supervision,” said the Mr. Pham Quang Huy, Deputy Chief, Business Registration Administration Information Database Office.

At a workshop on amendments to the Enterprise Law 2005 held on Tuesday, Mr. Pham Quang Huy – Deputy Chief of the Information Database Office of the Business Registration Administration, said the authorities are lacking information about businesses, provided by the parties involved such as creditors, customers, partners, competitors, associations and the public.

At the same time, the head of the Business Registration Administration suggested to have broader access to information of State-owned enterprises and foreign enterprises because at present only joint stock companies submit financial statements for the business registration agency.

On the database system for business registration, there are nearly 310,000 cases that lack of information, with false information or non-updated information. In particular, there are 79,000 businesses with wrong information about their operation status, 82,000 lack of information and 149,000 others with non-updated information.

http://www.vir.com.vn/news/en/corporate/the-fate-of-hundreds-of-thousands-of-businesses-unknown.html