Breakthrough in administrative procedure reform of the State Bank

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

The State Bank of Vietnam is seeking comments 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 comments 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 aims to shorten the time for handling administrative procedures by at least 30% and reduce compliance costs for businesses by about 34% when conducting capital transactions. This reform not only helps businesses save time and costs but also facilitates access to capital and promotes cash flow for investment and production.

This draft Circular is considered a breakthrough in the administrative procedure reform of the State Bank, when it allows businesses and investors to carry out 100% of the process online through the National Public Service Portal. This will completely replace the previous form of submitting documents directly or by post, helping to save a significant amount of time and effort for organizations and businesses.

Another notable point is that the State Bank proposed to abolish the requirement to resubmit documents that management agencies can exploit themselves from national databases, such as business registration information, investment certificates, tax codes or population data.

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