Enterprises in Vietnam must report their implementation process of reorganization and renovation before January 31 every year

Enterprises in Vietnam must report their implementation process of reorganization and renovation before January 31 every year (Illustrative image)

According to Article 9 of Circular 02/2015/TT-BKHDT, which provides for the process and content of the annual announcement on the their implementation process of arrangement and renovation in Vietnam as follows:

1. Process of Announcing the Status of Annual Business Reorganization and Innovation Implementation in Vietnam:

- Enterprises must announce the status of the implementation of business reorganization and innovation annually no later than January 31 of the year following the year of implementing the plan for business reorganization and innovation and must send it to the Authority exercising the ownership rights as well as the Ministry of Planning and Investment of Vietnam within 5 working days after the content of business reorganization and innovation has been approved.

- The Authority exercising ownership rights must announce the status of the implementation of business reorganization and innovation annually within 5 working days from the date of receipt from the enterprise.

- The Ministry of Planning and Investment must announce the status of the implementation of business reorganization and innovation annually on the Vietnam Enterprise Portal of the Ministry of Planning and Investment (http://www.bussiness.gov.vn) within 5 working days from the date of receipt from the enterprise.

2. Content of the Announcements on the Status of Annual Business Reorganization and Innovation Implementation in Vietnam:

- Enterprises must develop and the Authority exercising ownership rights must summarize the status of the implementation of business reorganization and innovation annually according to Form 5 of Appendix 4 attached to Circular 02/2015/TT-BKHDT.

- Information must be announced by the person authorized to represent the enterprise according to the law or by the person authorized to announce the information. The legal representative of the enterprise must be responsible for the accuracy, promptness, and completeness of the information announced by the authorized person.

More details can be found in Circular 02/2015/TT-BKHDT, which comes into effect in Vietnam from June 22, 2015.

Thuy Tram

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