Back Stories » Vietnam » The Era Of Red Company Stamps May Be Coming To An End In Vietnam

The Era Of Red Company Stamps May Be Coming To An End In Vietnam

If you’ve ever had to do commercial paperwork in Vietnam, you’re probably familiar with red company stamps. If Prime Minister Dung has his way, this era may soon be coming to an end, replaced by one of digital signatures, according to Thanh Nien.

“It’s special as the idea of changing the traditional use of corporate seals came from the Prime Minister, not the business community,” said Nguyen Dinh Cung, Director of the Central Institute for Economic Management at a seminar in Hanoi last week.

“I call these revisions ‘a major change in thinking,” Cung added.

The draft amendment will be voted on by the National Assembly within the next month. If it passes, company seals will become optional as “businesses can use a stamp and/or handwritten and/or digital signature of managers to render contracts and other official documents valid and legal.”

Currently, any contract without a company seal is not considered official and valid.

World Bank senior specialist, Jean Michel Lobet welcomed the proposal:

“As business activities become fluid and technology enters the digital age, corporate seals have become obsolete and are, to some extent, a hindrance,” Lobet said at the seminar.

As do the majority of the country’s businesses:

“Nguyen Minh Duc, a representative of the Vietnam Chamber of Commerce and Industry (VCCI), said a recent VCCI survey showed that 52 percent of businesses voted for abolishing the corporate seal.

Meanwhile, 30 percent would like to have the freedom to make their own seals with their favorite shapes and colors. Only 28 percent hoped that matter remain unchanged.”

Others have supported the idea as well, saying that it will reduce fraud and speed up the business registration process.

We’re for any plan that cuts through some of the red tape for local businesses.

[Thanh Nien]

Related Articles

in Vietnam

$14 Million Approved For Restoration Of Hanoi’s 112-Year-Old Long Biên Bridge

The fate of one of Vietnam’s most beloved and storied structures took another positive turn last week when the government approved a $14 million restoration package for Long Biên Bridge.

in Vietnam

'Amazing Race Vietnam' Apologizes for Challenge Harming Coral Reef

An underwater challenge during this year’s installment of The Amazing Race Vietnam is not sitting well with environmentalists.

in Vietnam

10 Beautiful Photos of Sapa's Majestic Snow

Last weekend's snowstorm in Sapa drew photographers from all over northern Vietnam who jumped at the opportunity to capture some great photos of the town's snow-covered hills, roads and residents.&nbs...

in Vietnam

104-Year-Old Great-Great Grandmother Fights Off Robber

Taking advantage of the elderly will inevitably result in some bad karma, a lesson a Dong Nai man quickly learned after attempting to rob Vo Thi Bai, a 104-year-old woman.

in Vietnam

116-Year-Old Recognized As Vietnam's Oldest Man

The Vietnam Record Organization (VRO) has recognized 116-tear-old Y'N Dong of Đắk Nông Province as the country’s oldest man, reports Vietnam Net.

in Vietnam

12 Dead, 41 Injured After Illegal Bus Falls Into Gorge Near Sapa

12 people have been reported killed and 41 injured in a bus accident in the hills of Northern Vietnam’s Lao Cai province, reports VN Express.