Procedure for announcing the business development strategy in Vietnam

Procedure for announcing the business development strategy in Vietnam (Illustrative image)

According to Clause 1, Article 6 Circular 02/2015/TT-BKHDT, the process and content for announcing the business development strategy in Vietnam are regulated as follows:

- Enterprises must prepare and send their Development Strategy to the Agency executing the owner's rights for review and approval. Enterprises must announce their Development Strategy no later than May 31 of the first year of the development strategy formulation period, and they must also submit this Strategy to the Ministry of Planning and Investment within 05 working days after approval.

- The Agency executing the owner's rights must announce the Development Strategy of enterprises within 05 working days after the development strategy content is approved.

- The Ministry of Planning and Investment must announce the Development Strategy of enterprises on the Vietnam Business Information Portal of the Ministry of Planning and Investment (http://www.business.gov.vn) within 05 working days from the date of receipt from the enterprise.

The announcement of the business development strategy in Vietnam​ shall include the following content:

- Orientation, goals, and development perspectives;- Orientation of tasks and implementation content to achieve the objectives of the development strategy.

For strategies with important content related to or affecting national security and business secrets, enterprises shall report to the agency executing the owner's rights for a decision on the announcement to ensure the content remains confidential as appropriate, avoiding exploiting the confidentiality provisions to restrict the openness and transparency of the enterprise's development strategy.

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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