CURRENT PROVISIONS ON UPDATING THE NEW ECONOMIC CODE

The current Vietnamese economic sector system is implemented under Decision 27/2018 / QD-TTg effective August 20, 2018. Enterprises established on August 20, 2018 will register their business code according to Decision 27/2018 / QD-TTg. So for businesses established before August 20, 2018, need to update the new business code according to the current regulations or not, invite readers to refer to the following article.

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1. Regulations of law on updating new economic branch codes.
On August 20, 2018, Decision No. 27/2018 / QD-TTg took legal effect, the Business Administration Department of the Ministry of Planning and Investment issued Official Letter No. 234 / DKKD-NV guiding a number of contents. regarding the implementation of Decision 27/2018 / QD-TTg. Accordingly there are 2 main contents as follows:
– For enterprises that have been granted business certificates before August 20, 2018 will continue to operate according to the registered business lines. Enterprises wishing to supplement their business lines or re-issue new business certificates need to carry out the procedure for updating new economic codes.
– For business records received before August 20, 2018 without approval, if there is a business line that has not been updated according to Decision 27/2018 / QD-TTg, the Business Registration Office will guide enterprises to supplement dossiers according to new branch code regulations.
Therefore, updating a new industry code is not required. Required only when an enterprise needs to supplement its business line or re-issue a business registration certificate.
However, updating the new economic industry code is still limited. For enterprises that have been granted business certificates before August 20, 2018, when they want to set up branches, representative offices, business locations with old business lines but the parent companies have not been updated according to In order to establish a new branch, the business line must be updated to supplement the new business line for the parent company first. Then proceed to establish a branch, representative office, joint business location.
2. Order and procedures for updating new economic sector codes
To update the new industry code, businesses follow these steps:
Step 1: Prepare documents including:
– Notice of changes in business registration information (Appendix II-1 Circular 02/2019 / TT-BKHDT)
– Owner’s decision for one member limited liability company / Resolution and minutes of Members’ Council meeting for limited liability company with two or more members and partnership / Resolution and minutes of General Meeting of Shareholders for JSC.
– Authorization document (if the legal representative of the enterprise authorizes another individual to carry out the procedures at the competent state agency)
Step 2: Go to https://dangkyquamang.dkkd.gov.vn/ and complete the procedure.
For business lines that have changed under Decision 27/2018 / QD-TTg, enterprises will delete old business lines and enter new business lines in accordance with current regulations. And proceed to send records as usual.
Step 3: When there is a valid notice, the enterprise will send the original documents to the business registration office where the enterprise is headquartered.
Legal grounds:
– Decision 27/2018 / QD-TTg
– Official Letter No. 234 / DKKD-NV
– Circular No. 02/2019 / TT-BKHDT

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