5-January-2012

On 14 October 2011, the Government promulgated Decree 90 to regulate the issuance of corporate bonds. Remarkably, Decree 90 will govern both the issuance of bonds within Vietnam and in international markets, which previously were governed by two separate sets of regulations, namely Decree 52/2006/ND-CP dated 19 May 2006 on issuance of enterprise bonds and Decree 53/2009/ND-CP dated 4 June 2009 providing the issuance of international bonds

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6-October-2011
Decree 59 is the latest statutory of Vietnam on conversion of enterprises with 100% State owned capital into joint stock companies (known as equitisation). Under Decree 59, each enterprise can only have maximum three (03) strategic investors through its equitisation process. Moreover, strategic investors are required to hold shares for a period of at least 5 years, rather than 03 years as required under the Decree 109.

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12-July-2011
Under the Law on Independent Audit, compulsory audit shall be applied to not only annual financial statements but also reports on finalization of completed projects and other financial information of audited units. Enterprises or organizations who fall within compulsory audited units must attach their audit reports upon the submission of financial reports to the competent authority or upon the publication thereof.

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5-April-2011
The Law No. 61/2010/QH12 amending the Law on Insurance Business allows foreign invested companies and foreigners working in Vietnam to purchase insurance from insurance companies operating in Vietnam or consume cross-border insurance services.

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10-January-2011
Decree 102 now specifically provides a definition of charter capital of a limited liability company (“LLC”). Under Decree 102 it is defined as the total value of the capital which the members (or the owner in the case of a single-member LLC) of the company have contributed or undertaken to contribute within a specific period and stated in the Charter of the company.

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