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Decree helps firms go legal
Ideas to help enterprises abide by business law were debated at a conference this week, organised by the Viet Nam Chamber of Commerce and Industry in collaboration with the Central Institute of Economic Management.
The ideas will be used to revise a decree which aims to help State agencies, investors and businesses apply the law with less risk.
Chamber law department head Tran Huu Quynh said the current decree had helped implement the law but issues had arisen over the past four years that required more specific instructions.
Nguyen Thi Mai, from Asia Law Company, said there were problems implementing the law.
"I think it is necessary to revise both the Business Law and the Investment Law to avoid a patched up situation. It is not enough to revise only the decree," Mai said.
Institute Deputy Head of Business Environment and Competitive Capacity Department Phan Duc Hieu emphasised the rights of shareholders to complain or sue members of management boards, directors and general directors.
He said shareholders or a group of shareholders who hold at least 1 per cent of popular shares for a period of continuous six months should be able to ask their management board to sue the above people if they used their company's information, know-how and business opportunities for their own benefits or to serve other companies or individuals.
That would also apply to members of management boards or directors who took advantage of their positions or their company's assets for their own benefits.
Lawyer Cao Ba Khoat, from K Business Advisory and Collaborators Company, drew attention to the application of Decree No.71 and WTO commitments. The Decree had caused differences as it allowed limited and joint stock companies to hold a minimum 51 per cent of shares instead of 65 per cent stipulated in Business Law.
"The application of 51 per cent or 65 per cent is not the same. In reality, listed companies could not call for the rate of 65 per cent at their first general shareholders assembly. They often have to organise a second one," Khoat said.
He added that the situation had caused a waste to both businesses and society.
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