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THE
STANDING COMMITTEE OF NATIONAL ASSEMBLY
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No:
No number
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Hanoi,
June 22, 1994
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LAW
ON
AMENDMENTS TO A NUMBER OF ARTICLES OF THE LAW ON PRIVATE BUSINESS
In order to create favorable
conditions for business investment and raise the effectiveness of State
management of business operations;
Pursuant to Article 84 of the 1992 Constitution of the Socialist Republic of
Vietnam;
This Law amends a number of Articles of the Law on Private Business passed by
the National Assembly of the Socialist Republic of Vietnam on the 21st of
December 1990.
Article 1.- The
following amendments are made to the Law on Private Business:
1. Article 10 is amended as
follows:
"Article 10.-
Within thirty days after
receiving the application, the People's Committee has to either issue or refuse
to issue the founding permit of the business. In case of refusal, the reason
must be clearly stated. If the applicant deems that the refusal is not
appropriate, he/she may complain to the State office of immediately higher rank
than the People's Committee which is authorized to issue the founding
permit."
2. The first paragraph of
Article 11 is amended as follows:
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3. The last paragraph of
Article 12 is amended as follows:
"Within seven days after
issuing the business registration certificate, the planning office has to send
a copy of the certificate attached to the file of the business to the tax,
financial and statistical offices and to the economic and technical management
offices of the same level".
4. Point 1 of Article 14 is
amended as follows:
"1. To ask for permission
from the People's Committee of the province or the city directly under the
Central Government where the branch office or representative office of the
company is located, and to register for business at the planning office of the
same level as the People's Committee which has allowed the establishment of the
branch office or representative office, as stipulated in Article 8 and Article
11 of this Law".
5. Article 15 is amended as
follows:
"Article 15.-
In the event of a change in the
purpose, field and business line, the initial investment and other contents in
the file for business registration, the business owner has to remake the
declaration to the planning office which had issued the certificate of business
registration. For a private business which has been granted a founding permit
by the People's Committee of the province or the city directly under the
Central Government, the owner must also publicize the changes in the
press".
6. Article 17 is amended as
follows:
"Article 17.-
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The settlement of the bankruptcy
of a private business shall be effected as stipulated in the Law on Business
Bankruptcy."
7. Article 23 is amended as
follows:
"Article 23
The owner of a private business
is entitled to lease all his/her business. Before effecting the lease, he/she
has to report in writing to the planning office which has issued the
certificate of business registration. During the period of the lease, the owner
of the private business still has to take responsibility before law in his/her
capacity as owner of the business."
8. The last paragraph of
Article 24 is amended as follows:
"After completing the
procedures to sell his/her business or to merge it with another business, the
owner of the private business has to make a declaration with the planning
office which had granted it the certificate of business registration, so as to
delete its name from the business registry. He/she must also publicize this
change".
9. The term "Council of
Ministers" is changed to "Government" and the term
"Chairman of the Council of Ministers" is changed to "Prime
Minister".
Article 2.- This
Law takes effect from the 1st of July, 1994.
Any previous regulations
contrary to this Law are now annulled.
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This Law was passed by the
Ninth National Assembly of the Socialist Republic of Vietnam at its Fifth
Session on the 22nd of June 1994.
THE
CHAIRMAN OF THE NATIONAL ASSEMBLY
Nong Duc Manh