Vietnam Ministry of Finance accelerates business dissolution procedures

The Vietnamese Ministry of Finance has issued Official Dispatch No. 16148/BTC-DNTN to expedite the business dissolution process. The directive aims to facilitate companies exiting the market by streamlining coordination between provincial business registration authorities and tax agencies.

Under the new guidelines, provincial business registration authorities must process dissolution applications and forward information to tax agencies within one working day of receipt. Tax authorities are required to provide feedback regarding a company’s tax obligations within two working days. If no response is received within this timeframe, the registration authority will proceed to update the company’s legal status to ‘Dissolved’ within one subsequent working day.

For cases where a company fails to submit formal dissolution documents, the authority will transition the legal status to ‘Dissolved’ one working day after a 180-day period has elapsed, provided there are no written objections from tax authorities or relevant organizations.