Science and Technology businesses are not only a bridge to rapidly put scientific and technological research and application into production but also a key in productive forces creating value-added products, contributing to the construction and development of the country’s economy and GDP.

Draft Law on Enterprise amendments will focus on simplifying market entry procedures, reducing corporate restructuring costs, improving corporate governance...

In order to support and create conditions for business households to transform their operations into enterprises models, promote small and medium-sized enterprises to develop, the draft of National Assembly’ Resolution reduces corporate income tax to 15-17%.

The National Assembly has passed the Resolution on on ratifying the CPTPP Agreement and related documents on November 12^th, 2018. Accordingly, the Agreement has come into force for Vietnam since January 14^th, 2019. Previously, the CPTPP Agreement has officially taken effect since December 30^th, 2018 as for the first six countries to complete the ratification of the Agreement, including Mexico, Japan, Singapore, New Zealand, Canada and Australia.

CPTPP is one of the biggest trade agreements in the world. The countries included in the Agreement: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. 11 CPTPP members countries with 499 million people and gross domestic product (GDP) of more than 10,000 billion USD, accounting for over 13% of the global GDP. This Asia's latest multilateral trade agreement eliminates not only tariffs on goods but also barriers to investment, services and data, opening up opportunities in retail, banking and electronic commerce.

Vietnam commits to eliminate nearly 100% of tariffs, therein, 65.8% of which will become 0% as soon as CPTPP takes effect; 85.5% to 0% in the 4^th year; 97.8% to 0% in 11^th year; The remaining goods (considered sensitive) are committed to abolish import tax with a maximum schedule of 16 years, or under tariff quotas. Specifically, as for industrial goods such as automobiles, tax will be eliminated in the 13^th year for new cars and to 0% after 16 years; iron, steel and petroleum will be mostly eliminated in the 11^th year; plastic and plastic products in the 4^th year; textile and footwear eliminated immediately when CPTPP is effective ... As for agricultural and aquatic products, Vietnam commits to eliminate tax on chicken in the 11^th year; fresh pork in the 10^th year and frozen meat in the 8^th year; rice eliminated immediately when CPTPP takes effect; corn in the 5^th year; Meat-processed foods eliminated in the 8^th year to the 11^th year; seafood processing in the 5^th year ...

Vietnam will amend a number of laws and decrees in the process of reviewing the law to comply with the regulations of CPTPP, applying directly many commitments, especially in the field of service and investment opening. System reform helps improving the business environment, maintaining and growing foreign and domestic investment, focusing on exports to take advantage of the CPTPP market, raising the competitive capacity of Vietnamese goods. New customs regulations under CPTPP will make cross-border trade flows smooth. Member countries need to ensure that goods can be delivered within 48 hours after arriving at the airport. Visa issuance will also become faster. Some member countries will grant visas quickly for family members traveling with entrepreneurs. CPTPP also restricts countries managing to keep domestic customer data on servers located in their territory. Companies operating in commercial bloc can run businesses based on data, using servers in their country or in a third country, thereby reducing initial investments to penetrating a new market.

According to the World Bank's calculations, direct benefits that CPTPP brings to Vietnam help GDP increasing by 1.1% in 2030, and indirectly by 3.6%. In addition, CPTPP also brings benefits from non-tariff barriers.

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On September 26^th, 2018, Resolution no 579/2018/UBTVQH14 on the Environmental Protection Tariff has been promulgated by the Standing Committee of the National Assembly. Accordingly, from January 1^st, 2019, the environmental protection tax rate for a number of products such as: gasoline, oil, lubricants and coal as well as other non-environment-friendly products such as: plastic bags subject to taxation,…

Regarding the necessity of the enactment of this resolution, the Ministry of Finance emphasized that it would encourage every individual and organization to reduce using products that are harmful to environment and to use environment-friendly products in exchange. The Finance and Budget Committee of the National Assembly said that if the environmental protection tax rate was adjusted as above, more than VND 15,000 billion would be expected to be earned a year to help investing in dealing with environmental issues.

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From 2019, base salary and minimum salary will be remarkably raised. Accordingly, millions of people will benefit from these crucial payroll amendments.

The Government just promulgated Decree no 157/2018/ND-CP regulating minimum salary for contractual employees.

Regulated subjects are as follow:

          - Contractual employees as prescribed in Labor Code.

          - Enterprises established, organized and operated as prescribed in Law on Enterprises.

      - Cooperatives, cooperative alliances, cooperative groups, farms, households, individuals and other Vietnamese organizations hiring contractual employees.

       - Foreign agencies, organzations, international organizations and foreign individuals in Vietnam hiring contractual employees ( except for the international treaties of which the Socialist Republic of Vietnam is member having different regulations from this Decree).

New regulations on minimum salary applied to employees working in enterprises are as follows:

          - VND 4,180,000/month, applied to enterprises operating in area I;

          - VND 3,710,000/month, applied to enterprises operating in area II;

          - VND 3,250,000/month, applied to enterprises operating in area III;

          - VND 2,920,000/month, applied to enterprises operating in area IV.

The applicable minimum salary areas are prescribed according to the administrative units.

Thus, the new minimum salary is higher than the current one by about VND 160,000-200,000/month.

Also in Resolution 70/2018/QH14 on the State budget estimate for 2019, the National Assembly assigned the Government to adjust the base salary (from VND 1.39 million/month to VND 1.49 million/month), and to raise pensions, social insurance benefits, monthly benefits according to the regulations (subjects guaranteed by the state budget) and preferential subsidies for people with meritorious services to the revolution equal to the rise of the base salary, time of effect from July 1^st, 2019.

This base salary will be used as a basis for calculating salary in payroll, allowance level and other regimes as prescribed in law.

Technical and professional payrolls for officials in State agencies from July 1^st, 2019 are also compatible with the new regulations. According to statistics, the base salary increase will have the salary of officials of all levels and groups raised by VND 200,000-800,000 depending on the coefficient.

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On October 24^th, 2018, the Government promulgated Decree no 148/2018/ND-CP amending and supplementing some articles of Decree no 05/2015/ND-CP defining and providing guidance on the implementation of a number of contents of the labor code. Accordingly, this Decree amends and supplements some articles related to labor contract and labor discipline.

Firstly, the decree amends the regulation on the subjects concluding labor contracts. According to the new regulation, instead of prescribing only family householders by default as before, the persons lagally authorized as the legal representatives by members of households, cooperative groups or other organizations not having legal status shall be a subject concluding labor contracts on the employer side. Additionally, the persons legally authorized in writing to conclude labor contracts by the legal representative specified in the regulations of the enterprises or cooperatives or by the head of the agencies, units or organizations, which have legal status as prescribed in law shall also be considered as a subject concluding labor contracts on the employer side. Thus, the subjects concluding labor contracts are expanded.

Secondly, The Decree amends and supplements some regulations on labor contracts contents with a view to decreasing contracts drafting process and hastening agreement process. Accordingly, such contents as: promotion and salary raise regulations, work time, rest time, personal protection equipments provided for employees, social insurance, medical insurance, unemployment insurance can now be agreed to proceed according to the regulations of the employer, labor regulations, collective labor agreements and regulations of the specialized law, without specifically being stipulated in contracts.

Thirdly, the Decree amends the regulation on labor contracts with elderly employees. Accordingly, when the employers has no need or the elderly employees are not healthy enough, both parties shall "agree to terminate” the labor contracts instead “terminate” the labor contracts as prescribed before.

Fourthly, the Decree amends the regulation on procedures for handling violations against the labor discipline. Specifically, the current procedures is divided into 2 cases:

- Case 1: Detecting the violations right at the time of the acts: The employers shall make minutes of the violations, notify the representative organizations of the labor collective at the grassroots level; parents, or the legal representatives in case of the employees under 18 years of age to conduct the meetings about handling violations against the labor discipline, then conduct the meetings. Currently, the employers only need to make sure that the written invitation notices are sent to the participants before conducting the meetings, without having to send the notices at least 5 working days prior to the meetings as before.

- Case 2: Detecting the violations after the time of the acts: When there are sufficient grounds to prove the employees' faults and within the statute of limitations, the employers notify about the handling violations against the labor discipline meetings to participants prescribed at Points b, c, Clause 1, Article 123, Labor Code including: The representative organizations of the labor collective; employees, parents, or the legal representatives in case of the employees under 18 years of age. Within 03 days from the date of receiving the notices, participants must confirm participation in the meetings, notify if not participating, if they do not confirm, or state improper reasons, or confirm participation without attending, the employers still conduct the meetings, without waiting until the written notices has been given at least 03 times as before.

The persons concluding labor contracts on the employer side shall be the persons entitled to make decisions on handling violations against labor discipline imposed on employees. The regulations on the persons concluding labor contracts have been amended as stated above.

Decree 148/2018/ND-CP comes into force on December 15^th , 2018.

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Cooperation mechanism is a mechanism for cooperation between Investment registration authorities and Business registration authorities in processing applications for investment registration and enterprise registration in Vietnam submitted by foreign investors. This mechanism, regulated in detail in the Circular No.02/2017/TT-BKHDT, make it easier for foreign investors and economic organizations to invest in Vietnam in form of capital contribution, share or stake transference, etc. 

This mechanism will be a clear basis for investment and business registration agencies to jointly handle the procedures for registration of investment and establishment of enterprises of foreign investors, including the Department of Planning and Investment, management boards of industrial zones, export processing zones, high-tech zones, economic zones, and provincial business registration offices. The cooperation mechanism has the following advantages:

- Elimination of the duplicate documents between two procedures submitted such as a copy of personal identification paper or organization establishment certificate, etc.

- Short time for carrying out administrative procedures;

- Minimization of travel due to the implementation of administrative procedures in different agencies, compared to the old procedures;

The cooperation mechanism can be applied to 3 cases including:

• Foreign investors and foreign-owned economic organizations invest in the establishment of economic organizations as stipulated in Article 22 of the Investment Law;
• Foreign investors and economic organizations with foreign owned capital investing in the form of capital contribution, share or stake purchase as regulated in Clause 1, Article 26 of the Investment Law;
• Foreign investors and economic organizations shall simultaneously adjust contents of enterprise registration and investment registration.

The order of implementation of the cooperation mechanism in case of establishment of an economic organization shall be performed in the following 5 steps: 

            Step 1: The investor shall submit the application to the Application-receiving division.

            Step 2: The Application-receiving division and Business registration authority shall consider the validity of the application.

            Step 3:  Issuance of the Investment Registration Certificate

            Step 4: Issuance of the Enterprise Registration Certificate

            Step 5: Delivery of the result to the investor

With regard to the case of investing in the form of capital contribution, share or stake purchase and adjusting the contents of enterprise registration and investment registration, the order and procedures are provided in Article 7 and 8 of Circular No. 02/2017/TT-BKHDT. 

In addition, Article 9 of the Circular regulated that the implementation of the cooperation mechanism under standby procedure will be applied in case the development or upgrade of the Common information processing system is in progress; or the Common information processing system has technical problems, or other force majeure events.

The cooperation mechanism facilitates the foreign investors and the foreign-owned organizations in the process of establishing the new economic organization, contributing capital, purchasing share or stake, or simultaneously adjusting the contents of investment registration and enterprise registration. The time will shorten because the two procedures are implemented with the information exchange mechanism between two agencies.

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On 23rd August 2018, the Government issued Decree no 108/2018/ND-CP amending, supplementing some articles of Decree no 78/2018/ND-CP on enterprise registration. These changes are expected to create new progress in the number of a start-up company in 2019, contribute to enhancing the development and competition in the economic system. Moreover, the alteration in the new Decree will help minimize the administrative procedures, improve the business environment and attract the investment from foreign individuals and organizations.

There are 9 notable new points as follow:

1. The dossiers submitted to the Business Registration Office shall not need to be sealed.  

This regulation simplified the procedure on the stamp of the Company, help reduce the expenses and the time for Enterprise.

Also stipulated by this new Decree, the Power of Attorney authorizing a person to execute the procedures related to the enterprise registration is not compulsory to notarize. According to the Civil Code and Law on Enterprise 2014 and the guidance documents, the Power of Attorney is not required to notarize, however, because some cases are made difficult by the competent authorities, Decree No. 108/2018/ND-CP clarified this point.

2. Simplification the application for one member limited liability Company.

With the regard to one-member limited liability Company that the owner is an organization, the application for enterprise registration will no longer need the copy of Article of Association of that organization as regulated by the previous Decree. 

3. The Enterprise can execute many procedures at the same time.

The Decree No.108/2018/ND-CP has one new regulation compared to Decree No.78/2015/ND-CP on the conversion of the Enterprise. Namely, the enterprise may register conversion of an enterprise and register changes of enterprise registration information or notification of other enterprise registration information, except registration of change of the legal representative.

4. Provision in detail the enterprise registration dossier of an enterprise converted from a business household.

Article 25a is supplemented in the Decree providing in detail and guiding the dossier and procedures to establish an enterprise on basis of conversion from the business household. This new point satisfied the provisions of Law on Assistance for small and medium-sized enterprises. Accordingly, the registration dossier comprises the original of certificate of business household registration; legitimate copy of the tax registration certificate and other documents required, appropriate with the type of Enterprise.

5. Registration Dossier can be submitted by post. 

According to the previous regulations, the Enterprise must submit the dossier directly at the Business Registration Office. However, Decree No.108/2018/ND-CP amend the Article 29, allowing the Enterprise to submit the dossier and receive the Enterprise Registration Certificate by post. The new way of application and receiving the result facilitate the Enterprise, help them save time and reduce travel expenses.

6. The enterprise are allowed to establish the business location in the central-affiliated provinces, cities outside the place of registered headquarter or branches.

According to Decree No 78/2015/ND-CP, Enterprise must establish the business location in the same central-affiliated provinces, cities which headquarter or branch of the Company is located.  This regulation limited the right to operate freely and proactively of the Enterprise, costed a large amount of money of Enterprise to establish the branch to manage the business location. Decree no 108/2018/ND-CP repealed this regulation, help increase the flexibility and the right to operate and expand actively of Company to many other regions without the establishment of a branch.

7. Improvement of the online application for the enterprise registration procedure 

In practice, Decree No. 78/2015 / ND-CP has not yet created a favorable mechanism for enterprises to register their enterprises online, therefore, Decree 108 has improved the business registration process in favor of people and enterprises. Previously, the person allowed to sign the online enterprise registration dossier is limited to the legal representative of the company, but with the new regulations, the authorized person shall sign the application for registration themselves or authorize other individuals to carry out procedures related to enterprise registration via electronic networks.

8. Reduction of procedures for notification of changes in information of founding shareholders of joint-stock companies

Previously, a joint-stock company must notify the business registration office of any changes in the registered founding shareholders information, which in turn impose an undue burden and expense on the Enterprise. Conceived this issue, the new regulation has reduced the number of cases where it is necessary to announce the change of information of founding shareholders and only one change has to be notified from now on is the founding shareholder who has not yet paid or only paid part of the registered shares.

9. The charter capital reduction file no longer require the latest financial statement with the time of capital reduction decision.

In case of reduction of charter capital, according to old regulations in Decree 78/2015/ND-CP, enterprises must commit to ensure full payment of debts and other property obligations after the reduction of capital. Along with the dossier, the company's financial statement at the latest period must be attached. However, according to the new regulations, capital reduction dossiers do not need to have the company's financial statements anymore.

Decree 108/2018/ND-CP comes into force on 10/10/2018, promising to create breakthrough in business registration, reduce administrative procedures, expand and attract sources of investment from domestic and foreign organizations.

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On 23rd August 2018, the Government issued Decree no 108/2018/ND-CP amending, supplementing some articles of Decree no 78/2018/ND-CP on enterprise registration. These changes are expected to create new progress in the number of a start-up company in 2019, contribute to enhancing the development and competition in the economic system. Moreover, the alteration in the new Decree will help minimize the administrative procedures, improve the business environment and attract the investment from foreign individuals and organizations.

In Aug 2017, The Ministry of Finance and The General Department of Taxation posted the draft Decree on goods sales and services provisions invoice to replace the Decree no 51/2010/NĐ-CP mentioning the subject who shall use electronic invoice having an identification code of tax authority. After more than 1 year of consulting and submitting to the Government, on Sep 12^th, 2018 Decree no 119/2018/NĐ-CP of the Government on electronic invoice when performing sale of goods and provision of services was officially issued.

Using electronic invoice will bring many benefits for the enterprises. With e-invoice, the enterprise can save the cost, the time to carry out administrative procedures and to transport the invoice to the customers. In addition, the enterprises can also enhance the company’s reliability through e-invoice with an identification code of tax authority. Not only the enterprises but also the state is beneficial from the electronic invoice. The control and grant identification code for electronic invoice for each invoice help prevent the use of fake invoice or expired invoice or false invoice, repeated use of invoices when transporting goods for sale to deduct taxes. The regulations of officially apply the electronic invoice is one progressive innovation, catching up with the new trend of Industrial Revolution 4.0.

Below are some notable contents in the new Decree on electronic invoice when performing sale of goods and provision of services that the Enterprises should consider:

Firstly, what is the electronic invoice?

Electronic invoice (e-invoice) means an invoice which is represented in the electronic data form, is created by an organization or individual selling goods or providing services, shows information about these goods or services, digital signatures and electronic signatures as per the law by using electronic instruments, even including those invoices created by POS cash registers with network connections for transmission of electronic data to tax authorities.

E-invoice includes:

- Value-added invoice (apply to organizations and individuals performing sales of goods and provision of services that declare value-added tax by the credit method)

- Sale invoice (apply to organizations and individuals performing sale of goods and provision of services that declare value-added tax by the direct method)

- Other types of invoice including: e-stamps, e-tickets, e-cards, e-receipts, electronic ex-warehousing cum transport bill or e-documents which have other names but the same content of e-invoice.

Secondly, subject applying electronic invoice

Enterprises, economic organizations, other organizations shall use the e-invoice with an identification code of tax authority when performing sale of goods and provision of services regardless of the value of each sale of goods or provision of services.

Nevertheless, there still have some enterprises can issue e-invoice without an identification code of tax authority when performing sale of goods and provision of services regardless of the value of each sale of goods or provision of services. In detailed, they are the enterprises operating in the sector of: electricity, petroleum, post and telecommunication, air transport, road transport, rail transport, sea transport, inland water transport, clean water, finance and credit, insurance, healthcare, electronic commerce, supermarket business, commerce. In addition, enterprises or economic organizations, which have already transacted or will transact with tax authorities via electronic means, develop information technology infrastructure and use accounting software and e-invoicing software systems that meet the needs of e-invoicing and access to e-invoices, store e-invoice data in accordance with regulations and ensure the electronic data transfer to buyers and tax authorities can also use e-invoice without the tax authority’s identification code. Although, if the enterprises operate in the above sectors but pose high risks related to taxes shall be required to use e-invoices with the tax authority’s identification code for their provision of goods or services, regardless of value of each provision of goods or services. (The tax authority’s identification code inscribed in the e-invoice is composed of a transactional number which is a sole numerical series and a chain of characters which is invented by the tax authority based on the information provided by the seller on the e-invoice).

Specially, the business household or individuals keeping accounting records, regularly hiring at least 10 employees and earning the preceding year’s revenue which equals at least 03 (three) billion dong in the agriculture, forestry, aquaculture, industry or construction sector, shall be obliged to use e-invoice with the tax authority’s identification code for their provision of goods and services, irrespective of the value of each provision of goods or services.

The using of identification code will help increase the accuracy of the information and the level of credibility of the enterprises.

Thirdly, conversion of e-invoice into paper vouchers

The legal e-invoice may be converted to paper voucher but must ensure the correspondence between e-invoice and paper voucher after converting. Nonetheless, the paper voucher shall only be retained for book and monitoring purposes only in accordance with the law on accounting and the law on electronic transactions, and shall not be valid for use in transactions or payments, except for cases where invoices are created form POS cash register with network connections for electronic data transfer to tax authorities.

Fourthly, registration for use of electronic invoice

Enterprises, economic organizations, other organizations, business house hold, individuals shall register for the access to e-invoices with/without tax authorities’ identification codes at the Web Portal of the General Department of Taxation. From the date on which e-invoice with/without the tax authority’s identification code are used, enterprises, economic or other organizations, business households or individuals shall be bound to destroy paper invoices which remain unused (if any) in accordance with the regulations.

Fifthly, free provision of services related to e-invoices with tax authorities’ identification code

To encourage and support the entities using e-invoice, The General Department of Taxation shall not charge the following enterprises, economic organizations, business households or individuals when providing e-invoice services with tax authorities’ identification code:

1. Small- and medium-sized enterprises, cooperatives, business households and individuals that operate at areas facing socio-economic difficulties or extreme socio-economic difficulties;
2. Small- and medium-sized creative startups prescribed by soft laws and business households or individuals that are transformed into enterprises (except those stated in point a of this clause) within a period of 12 months after their establishment;
3. Business households or individuals. In case the business households, individuals are subject to the use of invoice with the tax authorities’ identification code shall not be charged within a period of 12 months from the month of use of e-invoices with tax authorities’ identification codes;
4. Other small- and medium-sized enterprises which are defined according to the requests of the People’s Committees of centrally-affiliated cities and provinces, and the regulations of the Ministry of Finance, except enterprises operating at economic zones, industrial parks or hi-tech zones;
5. Those falling into other cases in which they are entitled to incentive policies under the decision issued by the Ministry of Finance.

Therefore, from the date of November 1^st 2018 that the Decree no 119/2018/NĐ-CP comes into force, the business entities mentioned above shall execute the e-invoice as provided by the law. Even though in order to let the business entities have time to build the information technology infrastructure, also get familiar with the e-invoice, the Decree regulated that the enterprises, economic or other organizations, business households, and individuals shall be complete the using of e-invoice by November 1^st, 2020.

In case enterprises, economic organizations have informed the issue of e-invoices without tax authorities' identification codes or have registered the use of e-invoices with tax authorities' identification codes before the entry into force of this Decree, they shall be allowed to continue to use existing e-invoices from its effective date. Besides, in order not to waste the paper bill printed and also in order to enable the entities to adapt to the new regulations and prepare for the information technology infrastructure, if enterprises, economic organizations, business households or individuals that have informed the issue of externally printed or internally printed invoices or have purchased invoices issued by the tax authority for use before the entry into force of this Decree shall be entitled to continue to use these invoices until end of October 31, 2020 and send the database of invoice to the tax authority.

With respect to businesses newly established during the period from November 1, 2018 to October 31^th, 2020, if they haven’t meet the information technology infrastructure requirements, they shall use the externally printed or internally printed invoices or have purchased invoices issued by the tax authority until October 31^th, 2020 to build the information technology infrastructure.

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