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NA adopts revised laws on enterprises and investment

26 November 2014

The National Assembly on November 26 adopted the revised Laws on Enterprises and Investment which are expected to give a strong boost to the country's business environment.

The revised Law on Enterprises was passed by a majority of voters (86.12%).

With 10 chapters and 213 articles, the revised law regulates the establishment, management, organization, re-organization, dissolution and related activities of different types of business. It also defines categories of business, business registration process, contents of business registration certificates and contributed assets.

The regulation on providing industry code when implementing business registration is removed and the number of sectors are not limited to enterprises.

Regarding Article 44 on enterprises’ seals, Chairman of the National Assembly Economic Committee Nguyen Van Giau said that enterprises can make their own decisions on forms, contents, management and use of their seals, which must be informed to business registration agencies for publication in the National Database on Business Registration.

Article 188 is supplemented with the regulation that economic groups and corporations are groups of companies which have relations through share ownership, contributed capital or other linkage.

Regarding the revised Law on Investment, Article 6 reduces the number of sectors, jobs, goods and services prohibited to invest and do business from 51 to six.

Article 7 defines conditions for doing business in certain sectors, helping investors make decisions on their operation.

To improve administrative proceduces, the revised law regulates principles on ensuring transparency, objectivity, time and cost saving for investors. Basing on regulated lists of conditioned sectors for doing business, the Government will collect and publicize investment conditions required for  local and foreign investors on the Enterprises’ Portal.
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