Tran Hao Hung, director of the Legal Department under the Ministry of Planning and Investment The overall targets of the amended Law on Enterprises are to facilitate the establishment and business registration activities; slash costs and required time for startups; perfect the mechanism to shield the rights and legitimate benefits of investors, shareholders, and enterprise members; and push corporate governance to reach international standards. Another important objective is to raise the efficiency, publicity, transparency, and accountability of enterprises in which the state holds the controlling stake. Along with this, substantial changes in the law involve annulling the procedures announcing seal models and allowing businesses to use digital seals to supersede traditional ones. Additionally, the law aims at facilitating smooth online business registration procedures and simplifying business by not requiring companies to submit additional paper records. Shareholders now have extended rights, and the law supplements regulations on shareholding management pursuant to good international practice on business management. Moreover, the law amends the concept of state-owned enterprises (SOE) and defines both types of SOEs, the one in which the state holds 100 per cent of charter capital and the one in which the state holds more than 50 per cent, in order… Read full this story
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