New Updates of Law on Enterprises 2020

On 17 June 2020, the National Assembly had issued Law on Enterprises No. 59/2020/QH14 (“EL 20”) replacing Law on Enterprises No. 68/2014/QH13 (“EL 14”). EL 20 is effective from 1 January 2021 with the main points as below:

1. Changing the “state enterprise” definition

2. Adding more entities prohibited from establishing and managing enterprises

3. Abolishing regulations regarding notification of corporate stamp specimens before use

4. The name of business location shall consist the enterprise’s name and the phrase “Địa điểm kinh doanh” respectively

5. Amending the regulation regarding common shareholder’s rights

6. Abolishing the regulation “Report on changes of information of company’s managers”

7. Shortening time limit for prior notice of temporary business suspension

8. Forcing state enterprises to set up the Control Board

 

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