Since its implementation more than 20 years ago, the Law on Enterprises has facilitated the establishment of hundreds of thousands of enterprises through quick, simple procedures. The number of newly registered enterprises in 2023 was 159,294, up 7.2% from the same period in 2022. This marked the first time the number of enterprises reached this record level, at 1.2 times the average for the 2017–2022 period and 4.6% above the estimated total for 2023. Vietnam aims to have 1.5 million enterprises by 2025. However, this trend has also seen the emergence of numerous shell enterprises—businesses that have completed registration procedures but do not actually engage in production or business activities. They are established for illicit gain through activities such as money laundering, illegal cross-border transfers of currency, trading in value-added tax invoices, or fraud to obtain illicit profits before fleeing.

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