Sunday, April 05, 2020 11:30:04 PM - Markets open
VN-INDEX 701.80 +21.57/+3.17%
HNX-INDEX 97.84 +2.23/+2.34%
UPCOM-INDEX 49.14 +0.51/+1.05%
Revised Law on Enterprises to add household business regulations - 9/2/2019 7:55:47 AM
 (0 ratings. You must sign in to rate.)
Việt Nam has considered adding regulations of household business to the revised Law on Enterprises that is set to be submitted to the National Assembly for approval in October.
Vice chairman of the National Assembly’s Economic Committee Nguyễn Ngọc Bảo said at a plenary session of the assembly’s Economic Committee yesterday the country had an estimation of more than 5.1 million of household businesses.
They employ around 8 million people nationwide and contribute nearly 30 per cent of the country’s Gross Domestic Product (GDP).
However, it only contributed 1.6 per cent to the State budget, he said.
Chairman of the Việt Nam Chamber of Commerce and Industry Vũ Tiến Lộc said adding regulations of household business would be a “breakthrough” for the new version of the draft law.
Participants at the plenary session said household businesses were believed to be an entity in the national economy.
But current regulations revealed some shortcomings such as regulations on legal status and civil responsibility of household business were not clear, business rights were limited within the district level, a household business was only allowed to hire less than 10 employees and was not permitted to open branches and representative offices, the participants said.
The shortcomings were preventing the businesses from taking advantage of opportunities and promoting the benefits of investment resources under the form of business household, the participants said.
According to Lộc, bringing regulations of household business into the law was necessary and in line with the common developing trend. It also created an equal environment for household business so that they could contribute more to the GDP in the future.
Agreeing with Lộc, Phùng Văn Hùng, a permanent member of the committee, said the tax a household business had to pay was unequal to a micro enterprise.
The revenue of a household business could be hundreds of million of đồng per year but they had to pay only a tax of several hundred thousand đồng each year. Meanwhile a micro enterprise had to pay a corporate income tax rate of 15 per cent each year, he said.
Former deputy minister of Planning and Investment Đặng Huy Đông said it needed to have the equality of policies and information disclosure of household business.
Some participants said it should clarify what benefits household business would receive.
The revised Enterprise Law is scheduled to have 10 chapters and 213 articles, of which 60 articles are under revised and one chapter and eight articles added.
The aim is to continue making a business a cheaper and safer business tool for investors, thereby increasing the attraction and mobilisation of all sources for production and doing business.
It also aims to facilitate activities of business establishment, cut down cost and time in starting a business, improve mechanism to effectively protect the legitimate rights and interests of investors, shareholders and members of enterprises as well as make corporate governance meeting regional and international standards. — VNS
Read original article here
Newer News
14:29 Cement, clinker exports slump on COVID-19
14:27 Farmers, businesses struggle as pepper, cashew prices drop
02/04 FDI into HCM City in Q1 drops 33% year-on-year
30/03 Hanoi’s CPI rises 5.23 percent in Q1
29/03 MoLISA proposes $843m bailout package for businesses during COVID-19
26/03 Newly registered FDI rises by nearly 45 percent in Q1
22/03 Pandemic has little impact on Việt Nam’s shrimp exports
18/03 Việt Nam’s garment exports down in two months
15/03 Fruit, vegetable export targets unlikely to be achieved in 2020
14/03 Việt Nam achieves trade surplus of almost $2b in two months
Older News
31/08 CPTPP promises stronger ties with Singapore, Malaysia: workshop
31/08 Việt Nam boosts fight against illegal timber products
31/08 Asanzo cleared of origin fraud: VCCI
30/08 August CPI rises 0.28 percent
29/08 Vietnam's seafood exports rise but challenges continue
28/08 EVFTA brings many benefits for protecting intellectual property rights in VN
27/08 Over 73.2 mln USD to develop hi-tech agriculture projects in Binh Phuoc
26/08 Vietnamese shrimp exporters enjoy zero taxes to US
25/08 VN eyes modern and green FDI projects
24/08 Pepper sector urged to renew growth model
Newsletter Signup
Top Stories
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
VN shares mixed, but growth expected to return
Market Update
Last updated at 3:10:03 PM
VN-INDEX 701.80 +21.57/+3.17%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.