29 Jul Assurance Of Vietnam Government About Non State-Owned Enterprises And Owners Of Enterprises
There is an only Business Law system for both local and foreigner investors to do business in Vietnam, deals with the establishment, organization, restructuring, dissolution, and relevant activities of enterprises, including limited liability companies, joint-stock companies, partnerships, sole proprietorships, and groups of enterprises. We would like to introduce to you the assurance of Vietnam Government regarding the protection of the ownership of assets, capital, income, other lawful rights and interests of enterprises and investors who are doing business in Vietnam.
We would like to introduce to you key topics to know about doing business in Vietnam:
- Doing business in Vietnam – General terms and conditions.
- How to set up a company/enterprise in Vietnam?
- Enterprise establishment procedures.
- How to name a company?
- Manage company’s compliance procedures.
- Form of enterpises – advantages and disadvantages.
- Restructuring, dissolution, and bankruptcy of enterprises.
Vietnam Government’s assurance about enterprises and owners of enterprises includes important points as follow:
- The State recognizes the continued existence and development of types of business entities defined in the Enterprises Law; ensures the legal equality of enterprises regardless of their forms and economic sectors, and acknowledges the legitimate profitability of the business.
- The State recognizes and protects the ownership of assets, capital, income, other lawful rights and interests of enterprises and owners of enterprises.
- Legitimate assets and capital of enterprises and enterprise owners shall not be nationalized and shall not be administratively confiscated.
- The State shall purchase or requisition enterprises’ assets for reasons of national defense and security, national interests, state of emergency, natural disaster response, and pay enterprises according to market prices at such times. The payment or compensation must ensure enterprises’ interests without discrimination between types of business entities.
- The investors allowed to withdraw annually profit based on financial statements and withdraw the investment capital if no longer invest in Vietnam.
This Vietnam Government’s assurance shall be very stable in the long term thanks to an expansion of relations and reform policies and Vietnam has been completely joining and developing strongly after joining the World Trade Organization (WTO) more than 10 years. Vietnam has already signed 12 bilateral and multilateral free trade agreements (FTA) and concluded negotiations on the EU-Vietnam Free Trade Agreement (EUFTA) and the Vietnam-Korea Free Trade Agreement (VKFTA), including new-generation pacts with high commitments such as the Trans-Pacific Partnership (TPP) Agreement.
Vietnam is also forging ahead with negotiations on four other FTAs, including the Regional Comprehensive Economic Partnership (RCEP), which is expected to become a century FTA stipulating all trade activities of the whole ASEAN region. Such agreements are opening up opportunities for Vietnam to develop stronger and have free trade relations with 55 global partners, including those in G7 and 15 out of the G20 members.
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