RIGHTS AND OBLIGATIONS OF ENTERPRISES IN VIET NAM WITH FOREIGN CAPITAL

The enterprises in Vietnam with more than 50% foreign capital have rights and obligations (according to Vietnamese laws) as follows:

 I. Rights of enterprises

 

  • Conduct business; choose, by its own initiative, business activities, localities, and form of investment; expand business in terms of size and business activities; are encouraged, facilitated and given incentives, by the state, in producing or providing public goods or services.
  • Choose form and way of mobilizing, distributing and utilize capital;
  • Take initiative in the search for markets, customers, and in signing contracts;
  • Import and export;
  • Hire and use labors in accordance with the business requirement;
  • Apply, by its own initiative, modern scientific and technology in order to enhance business performance and competitiveness;
  • Decide on organizational structure and business affairs in an autonomous manner;
  • Possess, use and dispose assets of the enterprises;
  • Deny any request of supplying resources that are not lawfully stipulated by laws.
  • Complain and petition in pursuant to laws on complain and petition;
  • Engage in legal proceedings directly or via authorized person;

 

   II. Obligations of enterprises

 

  • Conduct business activities that are recorded in the Certificate of Business Registration; ensure fulfillment of business conditions as required by laws;
  • Do accounting, make and submit financial reports faithfully, accurately and promptly in pursuant to laws on accounting.
  • Register tax code; pay tax ( VAT tax, income tax …) and perform other financial obligations  in pursuant to the laws;
  • Ensure lawful rights and interests of employees in pursuant to laws on labor; ensure that social insurance, health insurance and other insurance are given to employees in pursuant to laws on insurance.
  • Ensure and be liable to quality of goods and services in accordance with standard as registered or declared;

Fulfill statistical requirements in compliance with laws on statistics; submit periodically information in relation to enterprises and financial status of enterprises to the competent

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