1. Labor Code
With 220 articles arranged in 17 chapters, the 2019 Labor Code contains a lot of notable changes.
Compared to the 2012 version, the new Code adds several provisions applicable to employees, which is expected to better protect laborers’ rights. Specifically, employees will be allowed to unilaterally terminate their labor contracts at any time and without reason. They only need to inform their employers of the intention to quit jobs 45 days in advance, for those working under indefinite-term contracts, and 30 days, for those working under definite-term contracts.
2. Law on Exit and Entry of Vietnamese Citizens
Passed on November 22 and set to take effect on July 1 next year, the first-ever Law on Exit and Entry of Vietnamese Citizens allows passport applicants possessing citizen identity cards to apply for passports at any immigration control agencies of the provincial-level police departments, instead of the agencies of localities where the applicants permanently or temporarily reside as at present.
Moreover, Vietnamese citizens aged over 14 years may opt to have their passports embedded with electronic chips that allow them to make use of the automated self-service.
3. Law on Securities
The Law, which will replace the 2006 Securities Law and its 2010 amendments as from January 1, 2021, requires an enterprise that wishes to make an initial public offering to have a charter capital at the time of registration of the offering of at least VND 30 billion, three times higher than the currently required level.
The issuing enterprise must also be profitable in the two consecutive years prior to the year of registration, and at the same time, have no accumulated losses by that year.
4. Law on Tax Administration
The Law, which is scheduled to come into force on July 1 next year, prescribes for the first time tax administration of e-commerce activities, governing also foreign traders selling goods or providing services into Vietnam via e-commerce platforms without permanent establishments in the country.
Under the 152-article Law, taxpayers may make electronic tax declaration, tax payment and transactions with tax administration offices and related agencies and organizations if technical conditions permit.
5. Law on Education
With 115 articles arranged in nine chapters, the Law prescribes forms of foreign investment and cooperation in education in Vietnam, including joint education and training, establishment of representative offices, establishment of branches, and establishment of education institutions, among others. The Law will take effect on July 1 next year.