Laws of Vietnam

In order to achieve the real objectives set for the Law on Enterprises; to make the business environment in Vietnam more favorable, open and attractive, to increase the investors’ confidence in establishing enterprises and conducting business activities; to create an important legal basis for capital mobilization and concentration; at the same time, to ensure the State management over the activities of enterprises, the Prime Minister hereby instructs:

1. The Ministry of Planing and Investment to assume the prime responsibility and coordinate with the Ministry of Justice, the Ministry of Culture and Information, the Government’s Council for coordination in legal education and popularization, the People’s Committees of the provinces and centrally-run cities, the Vietnam Chamber of Commerce and Industry and other concerned organizations in organizing the propagation and popularization of the Law on Enterprises, especially to enterprise managers and concerned State officials and employees in practical and effective forms.

2. The Ministry of Justice to assume the prime responsibility and coordinate with the Ministry of Planing and Investment, the Government’s Office and the concerned ministries and branches in systematizing and revising all decrees, decisions, directives and circulars guiding the implementations of December 21, 1990 Law on Companies and Law on Private Enterprises in order to annul, supplement, amend or submit to the competent authorities for annulment, amendment or supplementation of already promulgated documents, making them conform to the Law on Enterprises.

3. The Ministry of Planing and Investment to assume the prime responsibility and coordinate with the Government’s Office, the Ministry of Justice, the Ministry of Finance, the Central Board for Renewal of Enterprise Management, the Prime Minister’s Research Board as well as the concerned ministries and branches in studying and elaborating the Government’s decrees guiding the implementation of the Law on Enterprises, which shall include:

a) The Government’s decrees detailing the implementation of a number of Articles of the Law on Enterprises;

b) The Government’s decrees providing for the order and procedures for turning State enterprises as well as enterprises of political organizations and socio-political organizations into joint-stock companies;

c) The Government’s decrees providing for the order and procedures for turning State enterprises as well as enterprises of political organizations and socio-political organizations into one-member limited liability companies;

d) The Government’s decrees stipulating the establishment and operation of individual business house-holds to replace Decree No. 66/HDBT of March 2, 1992;

e) The Government’s decrees defining the functions, tasks and organizational structures of the business registration bodies and the coordination among the State agencies in exercising the State management over enterprises;

The elaboration of above-said decrees must be completed to submit to the Government for promulgation in December 1999 at the latest. During the elaboration process, the Ministry of Planing and Investment shall have to gather comments from enterprises so as to ensure that such decrees conform to laws as well as reality, thus creating favorable conditions for investment and business.

4. The Office of the Government shall have to supervise and urge the implementation of this Directive.