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Law on Enterprises, 2014 THE NATIONAL ASSEMBLY SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom – Happiness Law No. 68-2014-QH13 Hanoi, November 26, 2014 LAW ON ENTERPRISES Pursuant to the Constitution of the Socialist Republic of Vietnam; The National Assembly promulgates the Law on Enterprises. CHAPTER I General Provisions Article 1. Governing scope This Law regulates the establishment, organization of management, re-organization, dissolution and related activities of enterprises, comprising limited liability companies, shareholding companies, partnerships and private enterprises; and regulates corporate groups. Article 2. Applicable entities 1. Enterprises. 2. Agencies, organizations and individuals involved in the establishment, organization of management, re-organization, dissolution and related activities of enterprises. Article 3. Application of Law on Enterprises and specialized laws If any specialized law provides special regulations on the establishment, organization of management, re- organization, dissolution and related activities of enterprises, the provisions of such law apply. Article 4. Interpretation of terms In this Law, the following terms are construed as follows: 1. Foreign individual means a person without Vietnamese nationality. 2. Shareholder means an individual or organization holding at least one share of a shareholding company. 3. Founding shareholder means a shareholder holding at least one ordinary share and signing the list of founding shareholders of a shareholding company. www.economica.vn Unofficial Translation. For Reference only. 1 4. Dividend means the net profit to be paid for each share in cash or other assets from residual profit of a shareholding company after discharge of its financial obligations. 5. Limited liability company comprises one [single] member limited liability companies and limited liability companies with two or more members [multi-member]. 6. National enterprise registration information portal means an electronic information portal to be used for enterprise registration online and for access to information about enterprise registration. 7. National enterprise registration database means the collection of data on enterprise registration throughout the whole country. 8. Enterprise means an organization having its own name, having assets and a transaction office, and registered for establishment in accordance with law for trading purposes. 9. State owned enterprise means an enterprise in which the State holds one hundred (100) per cent of the charter capital. 10. Vietnamese enterprise means an enterprise established or registered for establishment in accordance with the law of Vietnam and having its head office in Vietnam. 11. Permanent residential address means the registered head office address in the case of an organization; or the registered permanent residential address or the workplace address or any other address of an individual who registered such address with an enterprise as the contact address. 12. Market price of share of capital contribution or of a share means the highest market price for trading on the previous day, the agreed price between a seller and a purchaser, or the price determined by a professional price evaluation organization. 13. Enterprise registration certificate means the written or electronic document which an business registration office issues to an enterprise and which records information about enterprise registration. 14. Capital contribution means the contribution of assets [to a company] so as to form the charter capital of the company. Capital contribution comprises capital contribution for establishment of an enterprise or additional contribution to the charter capital of an enterprise already established. 15. National system of information about enterprise registration comprises the national enterprise registration database, the national enterprise registration information portal and systematic technical infrastructure. 16. Valid file means a file containing all documents stipulated in this Law and the contents of which contain complete declarations as required by law. 17. Business means the continuous conduct of one, several or all of the stages of an investment process, from production to sale of products or provision of services on the market for profit-making purposes. 18. Related person means any organization or individual with a direct or indirect relationship with an enterprise in the following cases: (a) With regard to a subsidiary company in a corporate group, [related person] means the parent company, a manager of the parent company or any person with the authority to appoint such manager; www.economica.vn Unofficial Translation. For Reference only. 2 (b) With regard to a parent company in a corporate group, [related person] means any subsidiary company; (c) A person or a group of persons with the ability to control issuance of decisions by or activities of such enterprise via an entity which manages such enterprise; (d) A manager of the enterprise; (dd) Spouse, natural father, adoptive father, natural mother, adoptive mother, child, adopted child, sibling, brother-in-law or sister-in-law of any manager of the company, or of any member or shareholder holding a share of capital contribution or controlling shares; (e) An individual who is authorized to act as representative of any person or company stipulated in sub- clauses (a), (b), (c), (d) and (dd) of this clause; (g) An enterprise in which any person or company stipulated in sub-clauses (a), (b), (c), (d), (dd), (e) and (h) of this clause owns [shares] at a level entitling it to control issuance of decisions by any managerial entity in such enterprise; (h) A group of persons who reach an agreement to co-operate amongst themselves to takeover a share of capital contribution, a share or interest in the company or to control issuance of decisions by the company. 19. Manager of an enterprise means a manager of a company or a manager of a private enterprise, comprising the owner of a private enterprise, an unlimited liability partner, the chairman of a members’ council, a member of a members' council, the chairman of a company, the chairman of a board of management, a member of a board of management, a director or general director, and an individual holding another managerial position, who is authorized to enter into transactions of the company in the name of the company as stipulated in the charter of the company. 20. Founder of an enterprise means an organization or individual establishing or contributing capital to establish an enterprise. 21. Foreign investor means an organization or individual who is construed as a foreign investor by the Law on Investment. 22. Share of capital contribution means the total value of assets contributed or undertaken to be contributed by a member to a limited liability company or partnership. Capital contribution ratio means the ratio of the share of capital contribution of a member to the charter capital of the limited liability company or the partnership. 23. Public utility products or services means products or services which are essential for the life, economy and social affairs of the country or of civilian communities in territorial zones, which the State needs to ensure for the general interest or for national defence and security purposes, and for which it would be difficult to cover costs if production and supply was implemented in accordance with the market mechanism. 24. Member of a company means an individual or organization holding part or all of the charter capital of a limited liability company or partnership. 25. Partner of a partnership comprises unlimited liability partners and limited liability partners. www.economica.vn Unofficial Translation. For Reference only. 3 26. Re-organization of an enterprise means the division, separation, consolidation, merger or conversion of the type of the enterprise. 27. Foreign organization means an organization which is established overseas in accordance with foreign law. 28. Share or capital contribution ownership ratio of a foreign investor means the aggregate ratio of ownership of voting capital by all foreign investors in a Vietnamese enterprise. 29. Voting capital means the amount of capital contribution or shares entitling the owner to vote on matters which fall within the decision-making power of a members’ council or a general meeting of shareholders. 30. Charter capital means the total value of assets contributed or undertaken to be contributed by members when establishing a limited liability company or partnership; or means the total aggregate par value of shares sold or registered for subscription when establishing an enterprise in the case of a shareholding company. Article 5. State guarantees for enterprises and owners of enterprises 1. The State recognises the long term existence and the development of the types of enterprise prescribed in this Law, ensures the equality of enterprises before the law irrespective of their form of ownership and economic sector; and recognises the lawful profit-making nature of business activities. 2. The State recognises and protects the ownership of assets, invested capital, income and other lawful rights and interests of an enterprise and its owner(s). 3. The lawful assets and invested capital of an enterprise and its owner shall not be nationalized or expropriated by administrative measures. In extremely necessary cases where the State compulsorily acquires or requisitions with compensation the property of an enterprise for reasons of national defence
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