The National Assembly (NA) approved the revised Enterprise Law at its ongoing ninth sitting this morning, June 17, which excludes household businesses.
Household businesses will be regulated by a separate law, Lao Dong Online reported.
The revised Enterprise Law, which was voted for by 90.68% of the NA deputies present at the meeting, stipulates the establishment, management, restructuring, dissolution and relevant activities of enterprises, including limited liability firms, joint stock companies, partnerships and private firms.
In addition, the law with 10 chapters and 219 articles, stipulates that State firms are those where the State holds 100% of chartered capital and enterprises where the State holds over 50% of chartered capital or voting rights.
The NA deputies passed Article 88 on State-owned enterprises, Article 115 on the rights of shareholders and Article 128 on the sale of bonds issued in a private placement before voting on the entire revised law.
The amended Enterprise Law is set to take effect from January 1, 2021. SGT