On 26 November 2014, the Vietnamese National Assembly passed the Law on Enterprises 2014 No.68/2014/QH13, which will come into effect from 01 July 2015. In comparison with Vietnamese Law on Enterprise 2005, the Vietnamese Law on enterprises 2014 has following new key points:
1. Limited Liability Company and Shareholding Company may have one or more legal representatives;
2. The organization and management of Shareholding Company is regulated as follows:
3. New regulation on the enterprise’s seal: An enterprise has the right to decide on the form, number and contents of its seal. Before use, the enterprise is obliged to notify the business registration office of the sample seal for the purpose of publicly publishing it on the national enterprise registration information portal.
4. Focusing on information technology: Enhancing the application of information technology on the national enterprise registration information portal; All meetings of the Members’ Council must be recorded in minutes and may be sound recorded or recorded and stored in other electronic forms;
6. Business lines not recorded on enterprise registration certificate: the contents of enterprise registration certificate only record four contents without business lines, legal capital etc which is realizing the right to conduct business freely in the sectors and industries not prohibited by law as stipulated by Article 33 of the Constitution.
8. A limited liability company with one member is allowed to reduce charter capital.
Download document here. (Vietnamese verson)