Vietnam Law and Legal Forum (VLLF) has selected top 10 Vietnamese legal documents in 2014.

1. The Revised Enterprise Law (based on the 2005 Enterprise Law) which was promulgated on November 26. Under this Law, enterprises really have the right to do what is not prohibited by law. They will be free to choose to use seals as registered with licensing authorities. Enterprises will no longer be required to specify their business lines in their licences when carrying out business registration procedures. The law redefines state-owned enterprises as wholly state-owned enterprises. This is a totally new concept compared to the 2005 Enterprises Law’s definition that state-owned enterprise is an enterprise with more than 50 percent state capital. It will take effect on July 1, 2015.

2. Government Resolution No. 19/2014/NQ-CP of March 18, on implementing three strategic breakthroughs, including improving institutions, developing infrastructure and raising the quality of human resources, along with restructuring the economy and changing the growth model. During 2014-15, the nation will focus on improving the business environment, strongly reforming administrative procedures, reducing administrative processes and costs, ensuring publicity and transparency, and increasing the accountability of state administrative agencies. It sets the goal of reaching, by the end of 2015, the average of the ASEAN-6 group’s key performance indicators.

3. Decree No. 01/2014/ND-CP of January 3, on foreign investors’ purchase of shares of Vietnamese credit institutions. It prescribes conditions and procedures for share purchase, maximum total shareholding of foreign investors and maximum shareholding rate of a single foreign investor in a Vietnamese credit institution; as well as for Vietnamese credit institutions to sell shares to foreign investors. It took effect on February 20, 2014, and replaces Government Decree No. 69/2007/ND-CP of April 20, 2007.

4. Decree No. 42/2014/ND-CP of May 14, regulating multi-level marketing activities in the Vietnamese territory. It applies to multi-level marketing businesses and participants as well as agencies, organisations and individuals involved in multi-level marketing activities. It took effect on July 1, 2014, and replaces Decree No. 110/2005/ND-CP of August 24, 2005.

5. Decree No. 63/2014/ND-CP of June 26, detailing a number of articles of the Bidding Law regarding selection of contractors to perform bidding packages; selection of petroleum contractors other than those to conduct activities directly related to petroleum exploration, field development and exploitation. It took effect on August 15, 2014, and replaces Decree No. 85/2009/ND-CP of October 15, 2009; Decree No. 68/2012/ND-CP of September 12, 2012; and the Prime Minister’s Decision No. 50/QD-TTg of November 9, 2012.

6. Circular No. 03/2014/TT-BLDTBXH of January 20, of the Ministry of Labour, War Invalid and Social Affairs, guiding a number of articles of Government Decree No. 102/2013/ND-CP of September 5, 2013, detailing the identification of working positions and grant of work permits under the Labour Code for foreign workers in Vietnam. It took effect on March 10, 2014, and replaces Circular No. 31/2011/TT-BLDTBXH of November 3, 2011.

7. Circular No. 04/2014/TT-BTTTT of March 19, of the Ministry of Information and Communications, guiding a number of articles of Government Decree No. 88/2012/ND-CP of October 23, 2012. It provides for issues related to press activities of foreign representative agencies and organizations in Vietnam. It took effect on May 5, 2014, and replaces Circular No. 21/2011/TT-BTTTT of July 13, 2011.

8. Circular No. 103/2014/TT-BTC of August 6, of the Ministry of Finance, on tax obligations of foreign entities doing business or earning incomes in Vietnam. It applies to foreign businesses with or without permanent establishments in Vietnam and foreign businesspeople being residents or non-residents in Vietnam that do business or earn incomes in Vietnam under contracts, agreements or commitments between foreign contractors and Vietnamese entities or between foreign contractors and subcontractors to perform part of the contracts. It took effect on October 1, 2014, and replaces Circular No. 60/2012/TT-BTC of April 12, 2012.

9. Circular No. 19/2014/TT-NHNN August 11, of the State Bank, guiding management of foreign exchange of foreign-invested enterprises in Vietnam, covering capital contribution, opening and use of foreign-currency and Vietnam-dong accounts for direct investment; transfer of investment capital, remittance abroad of profits and lawful revenues; and transfer of investment capital in the pre-investment stage. It took effect on September 22, 2014, and annuls Article 9 of State Bank Circular No. 05/2014/TT-NHNN of March 12, 2014.

10. Circular No. 36/2014/TT-NHNN of November 20, on capital adequacy ratio and liquidity requirements for credit institutions and foreign bank branches. It helps improve risk management and ensure the control of operational quality, solvency, liquidity, safe investment, capital contribution, share purchase and credit extension of credit institutions and foreign bank branches. It will take effect on February 1, 2015.

VNA