Enterprise code number (ECN) is not only Tax number, but also Social Insurance Participation number

ECN has been previously made the same number as Tax number. With new regulation, the simplification process advanced a step further by making the Social Insurance Participation number the same as the formers. From now on, the enterprises need to remember only one designated number while working with enterprise management, tax or social insurance administrations. Moreover, the branch/representative office number is made the same number as its tax number.

Abolition of paper application submission for the online enterprise registration

Formerly, after registering online and being notified, within 30 days, the enterprises had to submit paper application for the registration agency’s comparison with the electronic version before the enterprise registration certificate could be officially issued. The purpose of this provision is preventing document counterfeiting, but it also made procedures become complicated unnecessarily.

Therefore, with new regulation, the requirement of paper application submission has been completely abolished. It is not only the simplification of administrative procedures, but also signs of digital transformation and building e-government which is more business-friendly.

The enterprises are entitled to file lawsuit if disagree with refusal of expected enterprise name registration

The Vietnam enterprise law requires several standards for the enterprise’s name, such as not to cause confusion, infringe upon the others’ trademark or violate the mores and fine customs. The licensing agencies shall evaluate and may reject the expected enterprise’s name for registration. The former regulation stated that this decision is final and unable to be objected.

Decree 01/2021 points out a new way for the enterprises disagreeing with the above decision: filing administrative lawsuit. This provision clarifies a fundamental and legitimate right of the enterprises and ensures that the registration agencies’ decisions would be judged independently, objectively and under multi-dimensional perspectives after due hearing of the parties according to legal procedures.

Refund of publication fee if enterprise registration is rejected

The enterprises must pay the enterprise registration publication fee (currently VND 100,000) prior to receipt of results from State agencies. However, previously, if their application is rejected, the laws did not specify whether the enterprises are entitled to receive the reimbursed publication fees.

Therefore, Decree 01/2021 reasonably clarifies that such publication fees shall then be reimbursed to the enterprises. The new regulations contribute to the elimination of previous confusing gaps, create favorable conditions and aim at protecting the benefits – though not much but justifiable – of the investors.

Source: luatviet.com

1. 2019 Labor Code
2019 Labor Code contains noticeable new regulations, including:
– There are now 2 contract types left.
– Workers or employees may unilaterally terminate their contracts without cause.
– Employers must bear costs incurred from the opening of accounts for workers and employees which are used for paying them salaries via banks.

2. 2020 Investment Law
2020 Investment Law contains several significant new regulations, including:
Firstly, business of debt collection services is officially banned.
Secondly, the number of conditional business lines is reduced to 227.
Thirdly, more business lines eligible for investment incentives are added.
Fourthly, additional investment incentives are regulated.
Fifthly, new regulations on special investment incentive and assistance policies are set out;
Sixthly, List of business lines restricted to foreign investors will be issued.
Seventhly, 4 cases in which investors are exempted from the requirement for placement of deposits as security for project execution obligations.

3. 2020 Law on Enterprises
2020 Law on Enterprises contains several significant new regulations, including:
Firstly, abolishing regulations regarding the notice of corporate stamp specimens before use.
Secondly, adding more entities prohibited from establishing businesses.
Thirdly, shortening time limit for prior notice of temporary business suspension from 2021.
Fourthly, changing the “state enterprise” definition.

4. 2020 Law on Amendments to Construction Law
2020 Law on Amendments to Construction Law contains several significant new regulations, including:
Firstly, 09 types of construction works are exempted from the construction permit requirement
Secondly, shortening the duration of processing of application for construction permits to 20 days
Thirdly, in order to build homes with 7 or more stories in rural areas, application for construction permits is required
Fourthly, regulations on management of investment costs of construction works are amended
Fifthly, a lot of new regulations regarding construction permits are set out

Source: thuvienphapluat.vn

On January 4, 2021, Viglacera Corporation held a briefing meeting for the first month of 2021, evaluating the results of production and business in December and estimating the implementation for the whole year 2020. With the recorded results, the mother company has exceeded the profit target approved at the General Meeting of Shareholders.

Overview of the meeting at the beginning of the year.

By 2020, the entire Viglacera Corporation has successfully completed the main targets, estimated profit reached 115% of the plan, the mother company still shows a good leading role in maintaining and fulfilling the targets profit is estimated at 122% of the year plan.

With the right directions, specific objectives throughout the implementation process, the closely and drastically direction and administration of the leaders of the Corporation, the solidarity, attachment and high determination of the leaders, officers and employees of the whole Corporation, the results of the Corporation have successfully completed the tasks of the 2020 Business Plan approved by the General Meeting of the Corporation.

General Director Nguyen Anh Tuan directed at the meeting.

With the gross domestic product (GDP) in 2020 increasing by 2.91% over the previous year, Vietnam is in the group of countries with the highest growth in the world. In the context that the COVID-19 epidemic had a negative impact on all socio-economic fields, this was a great success.

Also according to the General Statistics Office, GDP in quarter 4-2020 increased 4.48% over the same period last year. This flourishing growth was achieved due to the tight control of the COVID-19 epidemic, the economy gradually resumed working under new normal conditions.

Regarding the quality of economic growth, the productivity of the whole economy at current prices by 2020 is estimated at 117.9 million VND/employee, equivalent to 5,081 USD/employee, an increase of 290 USD (equivalent to an increase of 5.4%) compared to 2019. This shows that the labor productivity of Vietnamese people is improving in a positive direction, labor skills are improved.

In 2020, the whole country has 134.9 thousand newly registered enterprises, reduce 2.3% from the previous year but with the average registered capital per enterprise reaching 16.6 billion VND, up 32.3 %. Business trends of enterprises in processing and manufacturing industries show that enterprises are optimistic about their production and business situation.

Compared to the fourth quarter of 2020, 42.8% of enterprises rated that the trend would be better in the first quarter of 2021, 19% of businesses forecasted it would be more difficult and 38.2% of businesses said that the production and business will be stable.

In the coming time, Vietnam’s outlook is considered positive as the economy is forecast to grow at around 6.8% in 2021 and will stabilize around 6.5% in the following years.

Source: baodautu.vn