20 years of the Law on Enterprises - Achievements, Lessons and Implication for Reform

25/11/2019 - 834 Views

A workshop on “20 years of the Law on Enterprises – Achievements, Lessons Learnt and Implications for Reform” was held by the Macroeconomic Reforms/ Green Growth Programme in corporation with the Central Institute of Economic Management (CIEM) in Hanoi on 18th November 2019. The event was aimed to review and evaluate 20 years of implementation of the Law, to draw valuable lessons as well as to identify rooms for amendment and improvement.

The Law on Enterprises, which was formulated in 1999 on the ground of the Company Law and the Law on Private Enterprises, had created a common legal framework for all players in the market economy and a level playing field for all types of businesses. The issuance of the Law on Enterprises aimed at ensuring the right to freely conduct business, reducing compliance cots for enterprises, eliminating risks inherent in policy implementation. After 20 years, with two main amendments in 2005 and 2014, the Law on Enterprises is planned to be submited to the 8th session of the 14th National Assembly for further adjustments.

The workshop attracted the participation of representatives from line ministries, provinces, international organizations, business associations, law consulting firms, business community, universities, research institutes, experts, and press agencies. Specially, key specialists involving in the process of the Law formulation and implementation also participate in the workshop.

At the workshop, the speakers and participants shared and discussed the development of Vietnamese private enterprises as going through different versions of the Law on Enterprises, fundamental changes in the content of the Law as viewed from the perspective of transition to the market economy, corporate governance in enterprises, including state owned ones. Remarkably, experiences and lessons regarding preparation, consultation and implementation of the Law have been reflected and discussed in the workshop, some of which are strong political commitment, clear strategic orientation, comprehensive reviewing of relevant legal stipulations and international agreements to ensure consistency, practicality and feasibility of the Law. Main shortcomings of the current Law on Enterprises as well as recommendations for further improvements have also been identified in the workshop to enhance the enforcement of the Law.

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