Year 2021: Rights and Obligations of Enterprises

In 2021, what are the rights and obligations of enterprises? - Illustrative image.

Article 7 of the Enterprise Law 2020 stipulates in detail that enterprises have the following rights:

- Freedom to conduct business in industries and trades not prohibited by law.

- Autonomy in business and the choice of forms of business organization; proactive selection of industries, trades, locations, and forms of business; proactive adjustment of scale and industries, trades of business.

- Choosing forms, methods of raising, allocating, and using capital.

- Freedom to seek markets, customers, and enter into contracts.

- Export and import business.

- Recruiting, hiring, and using labor in accordance with the provisions of labor law.

- Proactively applying science and technology to improve business efficiency and competitiveness; intellectual property rights are protected in accordance with the provisions of intellectual property law.

- Possessing, using, and disposing of assets of the enterprise.

- Refusing requests from agencies, organizations, or individuals to provide resources not in accordance with the law.

- Filing complaints, participating in litigation in accordance with the law.

- Other rights as prescribed by law.

Additionally, Article 8 of the Enterprise Law 2020 also stipulates the obligations of enterprises, specifically:

- Meeting sufficient investment and business conditions when conducting business in conditional investment and business industries; conditional market access industries for foreign investors as prescribed by law and ensuring to maintain those conditions during the entire business operation process.

- Fully and promptly fulfilling obligations concerning enterprise registration, registration of changes in enterprise registration content, public disclosure of information about establishment and operation of the enterprise, reporting, and other obligations in accordance with this Law.

- Being responsible for the truthfulness and accuracy of the information declared in the enterprise registration dossier and reports; in case of detecting inaccurate or incomplete declared or reported information, promptly amending and supplementing such information.

- Organizing accounting work, paying taxes, and fulfilling other financial obligations in accordance with the law.

- Ensuring the legitimate interests and rights of employees as prescribed by law; not discriminating, insulting the honor and dignity of employees in the enterprise; not abusing, forcing labor, or using underage labor illegally; supporting and facilitating employees to participate in training to improve their professional qualifications and skills; implementing policies, social insurance benefits, unemployment insurance, health insurance, and other insurances for employees as prescribed by law.

- Other obligations as prescribed by law.

From January 01, 2021, the rights and obligations of enterprises are detailed and specifically stipulated in the Enterprise Law 2020.

For details, see Enterprise Law 2020, effective January 01, 2021.

Le Vy

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