Enterprises in Vietnam must report and disclose information upon request

Enterprises in Vietnam must report and disclose information upon request​ (Illustrative image)

In Article 14 Circular 02/2015/TT-BKHDT, the responsibility to disclose information at the request of the enterprise in Vietnam is implemented as follows: The enterprise must report and disclose information upon request within 24 hours and publicly disclose unexpected information and irregular information within 72 hours from the time of receiving the request of the Agency exercising the ownership rights in the following events:

- When events occur as stipulated in Article 11 of the Information Disclosure Regulations on the operations of the single-member limited liability companies with 100% state-owned capital attached to Decision 36/2014/QD-TTg of the Prime Minister of the Government of Vietnam. Including:

+ The enterprise's bank account is frozen or the account is allowed to operate again after being frozen.

+ Temporary suspension of business.

+ Revocation of the enterprise’s Certificate of Business Registration or the Establishment and Operation License or the sector-specific operating license.

+ Decisions to prosecute a member of the Board of Members, the Chairman of the company, the General Director, Director, Deputy General Director, Deputy Director, Chief Accountant of the enterprise; court judgments and decisions related to the enterprise’s operations; conclusions of tax authorities regarding the enterprise's violations of tax laws.

+ Changes in key personnel of the enterprise (members of the Board of Members, Chairman of the company, Controllers, General Director, Director, Deputy General Director, Deputy Director, Chief Accountant).

+ Decisions to borrow amounts equal to or greater than thirty percent (30%) of the charter capital as at the latest reporting period.

+ Decisions to change the applied accounting methods.

+ The enterprise receives a notice from the court for acceptance of the application for enterprise bankruptcy proceedings.

+ Decisions about establishing, acquiring, selling, or dissolving subsidiaries, or investing in associate companies.

- When events such as war, natural disasters..., occur severely affecting the production and business activities of the enterprise.

- When there is information related to the enterprise significantly affecting prices, markets, and the need to confirm such information.

- The enterprise must disclose information upon request on the enterprise's electronic information page, mass media, and the information disclosure media of the Agency exercising the ownership rights, and the Ministry of Planning and Investment of Vietnam. The disclosed information must clearly state the event requested by the Agency exercising the ownership rights to be disclosed; the cause and the enterprise's assessment of the authenticity of that event, and remedial measures (if any).

More details can be found in Circular 02/2015/TT-BKHDT, which is effective from June 22, 2015.

Thuy Tram

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