Vietnam Ministry of Finance targets business registration irregularities

The Department of Private Enterprise and Collective Economic Development, under Vietnam's Ministry of Finance, has identified 42,911 businesses that have failed to declare beneficial ownership information. These entities, which were established or underwent registration changes since July 1, 2025, are now prioritized for inspection. Under Decree 288/2026/ND-CP, businesses may face fines of up to 100 million VND for failing to declare or supplement required ownership information.

In a separate regulatory effort, the General Department of Taxation has addressed reports of identity theft involving approximately 4,000 cases where individuals' information was allegedly used to fraudulently establish businesses or household businesses. Tax authorities have been instructed to coordinate daily with business registration agencies and local authorities to resolve these cases and protect the legal rights of the affected individuals.