Vietnam’s Law on Enterprises – practice and problems raised in the process of international integration

Abstract

International integration has been a major trend of the modern world. In Vietnam, the integration process is taking place strongly under the influence of many factors, of which the market economy and the rapid development of science and technology are the leading driving forces. Deep integration has led to Vietnam having to make many commitments within international economic cooperation frameworks, which has a profound impact on many areas of social life, especially the legal system. Accordingly, law on enterprises with its contributions to creating a favorable and equitable business environment, promoting the establishment, development, and business expansion of enterprises, has also undergone certain changes. The State focuses on continuously amending and supplementing the law on enterprises to suit the development of the market economy, reducing costs and time for businesses in compliance to improve business quality, and contributing to Vietnam's international integration process. In this article, the author evaluates the positive impacts of the Law on Enterprises 2020 and proposes some solutions to overcome the limitations in the provisions of the law on enterprises when applied in practice to meet the country's increasingly deep international integration requirements.