Altered Enterprise Law Approved by National Assembly
Revised Article
Today's the big day - the 15th National Assembly of Vietnam has given the thumbs-up to a spiffy new version of the Law on Enterprises, introducing a slew of changes and tightening the rules across the board. The vote counted 455 in favor, with just a couple of abstentions, so it's pretty much a done deal.
What's all the fuss about, you ask? Well, let's dive into the juicy details.
First off, there's a new requirement for enterprises to disclose their Ultimate Beneficial Owners (UBO). Why would they need to do that, you wonder? It's all part of a bigger plan to make the business world more transparent and rein in money laundering activities. By maintaining records of the people who truly own or control these businesses, the government aims to clean things up and keep folks accountable.
Next, public employees and civil servants will find their ability to jump into the world of business a little more restricted from now on. These hardworking folks will no longer be allowed to establish, manage, or invest capital in businesses, with a few exceptions related to innovation, digital transformation, and scientific research. As you can imagine, the government is keen on ensuring these changes don't interfere with their regular duties.
Moving on to corporate bond issuance, there are some new regulations to watch out for. While the specifics aren't spelled out in the document, it seems like the government aims to implement greater oversight and create more transparent guidelines for this process. By promoting better capital markets, they hope to make the financial landscape more robust.
Finally, let's talk about the role of provincial People's Committees (PPCs) in the process of registering enterprises. The amendments have beefed up the responsibilities of these committees, making them key players in facilitating registration and ensuring compliance with the new regulations. This is a move meant to bolster local government oversight and offer more support to businesses registering within their jurisdiction.
NA deputies vote on the amended Law on Enterprises this morning, June 17, 2025 in Hà Nội. VNA/VNS Photo
All in all, the amended regulations seek to promote transparency, strengthen governance, and streamline administrative procedures, with the ultimate goal of creating a more open and trustworthy business environment in Vietnam. It's an exciting time for entrepreneurs and investors alike! 💼🚀💪
- The update in the Law on Enterprises now requires businesses to disclose their Ultimate Beneficial Owners (UBO) to promote transparency and combat money laundering.
- As part of the new Law on Enterprises, government employees and civil servants are restricted from establishing, managing, or investing in businesses, with exceptions for innovation, digital transformation, and scientific research.
- The regulations for corporate bond issuance have been amended to implement greater oversight and create more transparent guidelines, aiming to make the financial landscape more robust.
- Provincial People's Committees (PPCs) now have enhanced responsibilities in facilitating enterprise registration and ensuring compliance with the new regulations, bolstering local government oversight and supporting businesses.
- The amendments to the Law on Enterprises aim to promote transparency, strengthen governance, streamline administrative procedures, and create a more open and trustworthy business environment in Vietnam, attracting entrepreneurs and investors.
