Law amending and supplementing certain articles of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Public Asset Management and Usage Law, Tax Administration Law, Personal Income Tax Law, National Reserve Law, and Administrative Violation Handling Law No. 56/2024/QH15

LAW

AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF THE SECURITIES LAW, ACCOUNTING LAW, INDEPENDENT AUDITING LAW, STATE BUDGET LAW, MANAGEMENT AND USE OF PUBLIC ASSETS LAW, TAX ADMINISTRATION LAW, PERSONAL INCOME TAX LAW, NATIONAL RESERVE LAW, ADMINISTRATIVE VIOLATION HANDLING LAW

Based on the Constitution of the Socialist Republic of Vietnam;

The National Assembly enacts this Law to amend and supplement certain provisions of the Securities Law No. 54/2019/QH14, the Accounting Law No. 88/2015/QH13 which has been amended and supplemented by Law No. 38/2019/QH14, the Independent Auditing Law No. 67/2011/QH12 which has been amended and supplemented by Law No. 97/2015/QH13, the State Budget Law No. 83/2015/QH13 which has been amended and supplemented by Law No. 59/2020/QH14, the Management and Use of Public Assets Law No. 15/2017/QH14 which has been amended and supplemented by Law No. 64/2020/QH14, Law No. 07/2022/QH15, Law No. 24/2023/QH15, and Law No. 31/2024/QH15 and Law No. 43/2024/QH15, the Tax Administration Law No. 38/2019/QH14, the Personal Income Tax Law No. 04/2007/QH12 which has been amended and supplemented by Law No. 26/2012/QH13, Law No. 71/2014/QH13, Law No. 31/2024/QH15, and Law No. 43/2024/QH15, the National Reserve Law No. 22/2012/QH13 which has been amended and supplemented by Law No. 21/2017/QH14, the Administrative Violation Handling Law No. 15/2012/QH13 which has been amended and supplemented by Law No. 54/2014/QH13, Law No. 18/2017/QH14, Law No. 67/2020/QH14, Law No. 09/2022/QH15, and Law No. 11/2022/QH15.

Article 1. Amending and supplementing certain provisions of the Securities Law

1. Supplement Clause 49 following Clause 48 of Article 4 as follows:

“49. Market manipulationmeans performing any of the following acts:

a) Using one or more trading accounts of oneself or others or colluding continuously to buy and sell securities with the aim of creating false supply and demand;

b) Placing purchase and sale orders for the same type of securities on the same trading day or colluding to trade securities without resulting in actual transfer of ownership or ownership merely circulating among members of a group to create false prices and supply and demand;

c) Continuously buying or selling securities with controlling volume at market opening or closing times to manipulate security prices;

d) Trading securities through collusion, enticing others to continuously place purchase and sale orders for securities, significantly affecting supply and demand and security prices, manipulating security prices;

đ) Directly or indirectly providing opinions through mass media about a type of security or issuing organization to influence the price of that type of security after having conducted transactions and held positions in that type of security;

e) Using other methods or performing other trading acts or combining spreading false rumors and disseminating misleading information to the public to create false supply and demand, manipulating security prices.”

2. Amending and supplementing Point d Clause 1 of Article 9 as follows:

“d) Managing, inspecting, supervising the securities business activities of the Vietnam Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Central Counterparty Corporation and its subsidiaries; approving the operational regulations of the Vietnam Stock Exchange and the Vietnam Securities Depository and Central Counterparty Corporation; requiring the Vietnam Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Central Counterparty Corporation and its subsidiaries to amend their operational regulations; suspending, revoking decisions related to the operational activities of the Vietnam Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Central Counterparty Corporation and its subsidiaries; directing the Vietnam Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Central Counterparty Corporation and its subsidiaries to perform tasks related to operational activities when necessary to protect the rights and legitimate interests of investors;”

3. Supplementing some Points and Clauses of Article 11 as follows:

a) Supplementing Point e following Point đ Clause 1 as follows:

“e) Foreign investors are individuals with foreign nationality, organizations established under foreign law conducting investment and business activities in Vietnam.”

b) Supplementing Clause 1a and Clause 1b following Clause 1 as follows:

“1a. Professional securities investors as defined in Clause 1 of this Article may participate in purchasing, trading, transferring individual corporate bonds.

1b. Professional securities investors as defined in Clause 1 of this Article may participate in purchasing, trading, transferring individual corporate bonds belonging to one of the following two cases:

a) Individual corporate bonds with credit ratings and collateral for those bonds;

b) Individual corporate bonds with credit ratings and payment guarantees from financial institutions for those bonds.”

4. Supplementing Article 11a following Article 11 as follows:

“Article 11a. Responsibilities of organizations and individuals related to report files and documents

1. Organizations and individuals participating in the process of preparing report files and documents related to securities activities and the securities market shall be responsible under the law for the legality, accuracy, truthfulness, and completeness of such report files and documents. Organizations and individuals participating in confirming report files and documents shall be responsible under the law within the scope related to those report files and documents. Report files and documents must ensure clear information, not causing misunderstanding, and contain all important contents affecting decisions of agencies, organizations, and investors.

2. Agencies, organizations, and individuals with authority to receive, process, and approve report files and documents shall examine the validity of such report files and documents based on the provided report files and documents; they shall not be responsible for violations committed by organizations and individuals occurring before and after submitting valid report files and documents. Valid report files and documents are those that have complete papers and the contents of these papers are fully declared in accordance with the provisions of the law. the file, report materials for examining the validity of the file, report materials based on the provided file, report materials; shall not be responsible for violations committed by organizations or individuals occurring before and after submitting valid file, report materials. Valid file, report materials are those that contain all required documents and the contents of these documents are fully declared in accordance with the provisions of the law.

3. Consulting organizations and professionals involved in consulting report files shall bear the following responsibilities:

a) Consulting organizations and professionals involved in consulting report files must be honest, careful, and comply fully with the provisions of the law in their consulting activities;

b) Consulting organizations are responsible for reviewing and checking the information in the report files, ensuring that analysis and evaluation are carried out reasonably and carefully based on the provided information, data, and documents, and shall be responsible under the law within the scope of consulting related to report files and documents.

4. Auditing organizations and auditors approved, and persons signing audit reports or reviews must comply with the provisions of the law on independent auditing; adhere to auditing standards when auditing financial statements and be responsible for opinions regarding the truthfulness and reasonableness of the reports and data audited; comply with service agreement standards; be responsible for issuing opinions on consolidated financial information according to the conventions.”

5. Amending and supplementing Clause 3 of Article 12 as follows:

“3. Committing acts of manipulating the securities market.”

6. Amend and supplement some points and clauses of Article 15 as follows:

a) Amend and supplement point d of Clause 2 as follows:

“d) For the public offering aimed at raising capital to implement projects of the issuer, the number of shares sold to investors must reach at least 70% of the expected number of shares to be offered, except in cases of offering to existing shareholders in proportion to their ownership. The issuer must have a plan to make up for the shortfall in the expected capital raised to implement the project.”

b) Amend and supplement Point g Clause 3 as follows:

“g) Comply with the Government's regulations on representatives of bondholders, debt ratio, issue value over equity, and credit rating;”

7. Amend and supplement some points and clauses of Article 18 as follows:

a) Add point k after point i of Clause 1 as follows:

“k) A report on the subscribed registered capital up to the time of registering for the initial public offering of shares, audited by an independent auditing organization in accordance with the provisions of the Minister of Finance.”

b) Add point i after point h of Clause 3 as follows:

“i) Contract between the issuer and the representative of bondholders.”

8. Amend and supplement some points and clauses of Article 28 as follows:

a) Add point d and point đ after point c of Clause 1 as follows:

“d) After the end of the public offering of shares and the shares have not been listed or registered for trading, if it is found that the offering violated the provisions of Clause 1 of Article 27 of this Law;

đ) After the end of the public offering of bonds or guaranteed warrants and it is found that the offering violated the provisions of Clause 1 of Article 27 of this Law.”

b) Add Clause 2a after Clause 2 as follows:

“2a. After the public offering, if the shares or shares converted from convertible bonds or shares purchased from warrants have been listed or registered for trading, they cannot be canceled.”

9. Amend and supplement some points and clauses of Article 31 as follows:

a) Amend and supplement points a, b, and c of Clause 1 as follows:

“a) There must be a decision of the Shareholders' Meeting approving the issuance plan and the use of funds from the offering; clearly defining investor criteria; the number of shares, the offering price of shares, or the principle for determining the offering price of shares;

b) The participants in the offering must only include strategic investors and professional securities investors as stipulated in Clause 1 of Article 11 of this Law for share offerings, convertible bond offerings, or strategic investors and professional securities investors as stipulated in Clause 1a and Clause 1b of Article 11 of this Law for bond offerings accompanied by warrants;

c) Trading and transferring privately issued shares, privately issued convertible bonds, and privately issued bonds accompanied by warrants shall be restricted for a minimum of three years for strategic investors and a minimum of one year for professional securities investors from the completion date of the offering, except in cases of trading and transferring between professional securities investors as stipulated in point b of this clause or implementing according to court judgments or decisions that have taken effect, arbitration decisions, or inheritance as stipulated by the law;”

b) Amend and supplement points b and c of Clause 2 as follows:

“b) Participants in the offering must include professional securities investors who are organizations.

In cases where the bonds offered fall under the provisions of point a or point b of Clause 1b of Article 11 of this Law, the participants in the offering must include professional securities investors who are organizations and professional securities investors who are individuals;

c) Trading and transferring privately issued corporate bonds can only be conducted between professional securities investors as stipulated in Clause 1a and Clause 1b of Article 11 of this Law, except in cases of implementing according to court judgments or decisions that have taken effect, arbitration decisions, or inheritance as stipulated by the law;”

10. Add Article 31a and Article 31b following Article 31 in Chapter II as follows:

“Article 31a. Suspension of Private Offering of Securities

1. The State Securities Commission has the authority to suspend a private offering of securities registered with the State Securities Commission for a maximum period of sixty days in the following cases:

a) The registration documents for the private offering of securities contain false information or omit important content that may affect investment decisions and cause damage to investors;

b) The distribution of securities does not comply with the provisions of the law.

2. Within seven working days from the date of suspension of the private offering of securities, the issuer must announce the suspension of the private offering of securities in accordance with the method prescribed in Clause 3, Article 25 of this Law and must recall issued securities if investors request, while simultaneously refunding money to investors within fifteen days from the date of receiving the request.

3. When deficiencies leading to the suspension of the private offering of securities are rectified, the State Securities Commission issues a notification to cancel the suspension and the securities can continue to be offered.

4. Within seven working days from the date of the cancellation notice, the issuer must announce the cancellation of the suspension in accordance with the method prescribed in Clause 3, Article 25 of this Law.

Article 31b. Cancellation of Private Offering of Securities

1. The State Securities Commission decides to cancel a private offering of securities registered with the State Securities Commission in the following cases:

a) At the end of the suspension period as stipulated in Clause 1, Article 31a of this Law, the issuer cannot rectify the deficiencies leading to the suspension of the private offering of securities;

b) After the completion of the private offering of shares and the shares have not been listed or registered for trading, it is discovered that the private offering violated the provisions of Clause 1, Article 31a of this Law;

c) After the completion of the private offering of bonds, it is discovered that the private offering violated the provisions of Clause 1, Article 31a of this Law.

2. In addition to the cases specified in Clause 1 of this Article, the private offering of securities will be canceled according to court judgments, decisions that have taken legal effect, decisions of arbitration bodies, or competent authorities as provided by law.

3. After the private offering, if the shares or shares converted from convertible bonds or shares purchased from warrant rights have been listed or registered for trading, they shall not be canceled.

4. Within seven working days from the date of cancellation of the private offering of securities, the issuer must announce the cancellation of the private offering of securities in accordance with the method prescribed in Clause 3, Article 25 of this Law and must recall issued securities, while simultaneously refunding money to investors within fifteen days from the date of cancellation of the offering. After this deadline, the issuer must compensate investors for losses in accordance with the terms agreed upon with the investors.

11. Amend and supplement some points and clauses of Article 32 as follows:

a) Amend and supplement point a, Clause 1 as follows:

“a) A company with a subscribed charter capital of at least thirty billion VND, net assets of at least thirty billion VND, and at least ten percent of voting shares held by at least one hundred non-major shareholders;”

b) Add Clause 4 after Clause 3 as follows:

“4. The Minister of Finance shall provide detailed regulations on the registration of public companies and the procedures and formalities for registering public companies.”

12. Amend and supplement some points and clauses of Article 33 as follows:

a) Amend and supplement Point đ Clause 1 as follows:

“d) The annual financial report of a joint-stock company audited by an independent auditing organization. If the company increases its charter capital after the end of the accounting year, the company must supplement the most recent audited or reviewed financial report;”

b) Add point g following point e of Clause 1 as follows:

“g) A report on the subscribed charter capital up to the date of registration as a public company, audited by an independent auditing organization in accordance with the regulations of the Minister of Finance.”

13. Amend and supplement Clause 6 of Article 36 as follows:

“6. In the case where a company repurchases shares from employees under the company's share issuance program for employees, the following provisions shall apply:

a) The total number of shares repurchased from employees must be reported at the most recent annual general meeting of shareholders;

b) The company is not required to go through the procedure to reduce its charter capital for the repurchased shares.”

14. Amend and supplement Clause 7 of Article 37 as follows:

“7. A public company may not offer shares to increase its charter capital within six months from the end of the share repurchase, except in the case where a public company repurchases shares from departing employees under the employee share issuance program or a securities company repurchases its own shares in the event of transaction correction.”

15. Amend and supplement some clauses of Article 38 as follows:

a) Amend and supplement Clause 1 and Clause 2 as follows:

“1. A public company loses its status as a public company when it falls into one of the following situations:

a) It no longer meets one of the conditions of a public company as stipulated in point a, Clause 1, Article 32 of this Law;

b) It fails to disclose information for two consecutive years regarding the annual financial report audited;

c) It fails to disclose information for two consecutive years regarding the resolution of the annual general meeting of shareholders;

d) Within one year from the date the State Securities Commission confirms the completion of the registration of a public company or from the end of the public offering, the company does not register its shares with Vietnam Securities Depository or does not list or register for trading its shares on a stock exchange.

2. Within fifteen days from the date of no longer meeting one of the conditions stipulated in point a, Clause 1, Article 32 of this Law, the public company is responsible for submitting a report to the State Securities Commission.

Within one year from the date on which it no longer meets the provisions set out in point a, Clause 1, Article 32 of this Law, if the company still fails to meet the conditions for being a public company, the company must submit a dossier to the State Securities Commission to consider revoking its status as a public company.

In the case where a public company does not submit the required reports and documents to the State Securities Commission as stipulated herein, the State Securities Commission shall base its decision to revoke the status of a public company on the list of shareholders provided by the Vietnam Securities Depository Corporation or the most recent audited financial report of the company.

b) Amend and supplement Clause 5 as follows:

"5. The Minister of Finance shall prescribe the procedures and formalities for revoking the status of a public company, including the revocation of such status in cases where the company no longer meets the conditions for being a public company due to restructuring, dissolution, or bankruptcy."

16. Amend and supplement Clause 3 and Clause 4 of Article 39 as follows:

"3. The list of shareholders of a public company that no longer meets the shareholder structure requirements shall be provided by the Vietnam Securities Depository Corporation or prepared by the company itself in cases where the company has not registered securities with the Vietnam Securities Depository Corporation;"

4. The most recent audited annual financial report or a confirmation letter regarding the paid-in capital or net assets issued by an approved auditing organization, in cases where the public company no longer meets the minimum paid-up charter capital or net asset requirements. If the company increases its charter capital after the end of the most recent fiscal year, the company must also provide the most recent audited or reviewed financial report."

17. Add Clause 4 following Clause 3 of Article 55 as follows:

"4. The Vietnam Securities Depository Corporation shall decide to establish a subsidiary and organize, assign some of its rights and obligations under this Law to the subsidiary after obtaining approval from the Ministry of Finance."

18. Amend and supplement point a of Clause 4 of Article 56 as follows:

"a) To settle transactions and clear payments for securities traded on the securities trading system. In the case of settling transactions and clearing payments for derivative securities, a settlement bank member can only perform these functions for other settlement bank members;"

19. Amend and supplement Clause 1 of Article 63 as follows:

"1. Settlement and determination of payment obligations and securities shall be carried out through the Vietnam Securities Depository Corporation or its subsidiaries."

20. Repeal certain articles and clauses; and add certain phrases to certain articles and clauses as follows:

a) Repeal Article 23; Clause 3 of Article 48; Clause 4 and Clause 5 of Article 135;

b) Add the phrase "and subsidiaries" after the phrase "Vietnam Securities Depository Corporation" in point d of Clause 1 of Article 7, Clause 3 of Article 52, and Article 68.

Article 2. Amending and supplementing some articles of the Accounting Law

1. Amend and supplement Clause 1 of Article 3 as follows:

"1. Financial reports are a system of economic and financial information of accounting units prepared and presented in accordance with the provisions of accounting standards and accounting regulations."

2. Amend and supplement Clause 3 of Article 7 as follows:

"3. The Ministry of Finance shall establish Vietnamese accounting standards and accounting ethics based on international accounting standards suitable to Vietnam's specific conditions; provide guidance on the objects, scope, format, timeline, and other related contents for the application of international accounting standards."

3. Amend and supplement Clause 1 of Article 11 as follows:

"1. The writing used in accounting is Vietnamese. In cases where foreign languages must be used on financial reports in Vietnam, both Vietnamese and the foreign language must be used simultaneously. Accounting documents in foreign languages must be translated into Vietnamese when required by competent state authorities."

4. Amend and supplement Clause 4 of Article 12 as follows:

"4. In cases where the first year accounting period or the last year accounting period does not exceed three consecutive monthly accounting periods, it is permissible to combine with the next year accounting period or the previous year accounting period to form a single year accounting period; the first year accounting period or the last year accounting period must not exceed fifteen months."

5. Amend and supplement the name of the article and Clause 4 of Article 19 as follows:

a) Amend the name of the article as follows:

"Article 19. Signing and Confirming Accounting Vouchers";

b) Amend and supplement Clause 4 of Article 19 as follows:

"4. Electronic vouchers must have electronic signatures or other forms of confirmation through electronic means in accordance with the provisions of the law on electronic transactions."

6. Amend and supplement Clause 1 of Article 29 as follows:

"1. Financial reports of accounting units are used to summarize and explain the financial situation and operating results of the accounting unit. Financial reports of accounting units must be prepared and presented in accordance with the provisions of accounting standards and accounting regulations that the unit applies, including:

a) Financial situation report;

b) Operating results report;

c) Cash flow statement;

d) Explanatory notes to the financial statements;

d) Other reports as prescribed by law."

7. Amend and supplement Clause 2 of Article 51 as follows:

"2. Accountants have the right to independence in their professional and vocational work; they may reserve their professional opinion in writing if it differs from the decision-maker's opinion; they must report in writing to the Chief Accountant or the legal representative of the accounting unit when discovering violations of financial and accounting laws within the unit; in cases where they still have to comply with the decision, they must report to the immediate superior of the decision-maker or the competent state authority and will not be held responsible for the consequences of implementing the decision."

8. Amend and supplement some points and clauses of Article 71 as follows:

a) Amend and supplement Point b Clause 2 as follows:

"b. Draft and submit to the Government for promulgation or promulgate within its competence legal regulatory documents on accounting, except as provided in Clause 2a of this Article;"

b) Supplement Clause 2a after Clause 2 as follows:

"2a. The State Bank of Vietnam is responsible for issuing accounting systems or legal regulatory documents on accounting applicable to credit organizations and branches of foreign banks under its management, ensuring compliance with accounting standards."

9. Repeal Point d Clause 1 of Article 16.

Article 3. Amending and supplementing certain articles of the Law on Independent Auditing

1. Amending and supplementing Point i Clause 2 Article 11 as follows:

“i) Provisions on registration and management of auditing practice; provisions on suspension of auditing practice, revocation of the Certificate of Registration for Auditing Practice; provisions on publicizing lists of auditing enterprises, branches of foreign auditing enterprises in Vietnam, and practicing auditors.”

2. Amending and supplementing Article 16 as follows:

“Article 16. Persons not allowed to register for auditing practice or continue auditing practice

1. Persons not allowed to register for auditing practice include:

a) Civil servants and public officials as prescribed by laws on civil servants and public officials; staff members as prescribed by laws on staff members; officers, professional soldiers, defense workers, staff members in agencies and units under the People's Army; officers, non-commissioned officers in technical positions, officers, non-commissioned officers in specialized technical positions, police workers, staff members in agencies and units under the People's Public Security;

b) Persons currently prohibited from practicing auditing according to court judgments or decisions that have taken legal effect; persons currently being pursued for criminal responsibility; persons who have been convicted of one of the offenses of violating economic management order, financial, accounting, auditing-related offenses and have not yet had their criminal records expunged; persons currently subject to administrative educational measures at commune, ward, town level, compulsory drug rehabilitation centers, or compulsory education centers;

c) Persons who have been convicted of offenses of violating economic management order from serious offenses upwards.

2. Persons not allowed to continue auditing practice include:

a) Persons specified in Point b Clause 1 of this Article;

b) Persons whose Certificate of Registration for Auditing Practice has expired or lost its validity as prescribed by the Ministry of Finance.”

3. Amending and supplementing some clauses of Article 29 as follows:

a) Supplementing Clause 1a after Clause 1 as follows:

“1a. Maintaining conditions as stipulated in Article 21 of this Law during the course of operation.”

b) Supplementing Clause 1b after Clause 1a as follows:

“1b. In case an auditing enterprise has a branch, it must meet the conditions stipulated in Clause 1a of this Article and ensure there are at least five practicing auditors registered at the main office, excluding auditors registered at the branch.”

c) Supplementing Clause 2a after Clause 2 as follows:

“2a. Not allowing a practicing auditor to sign an audit report for an audited entity for more than five consecutive years. The Ministry of Finance shall prescribe the period of cessation for a practicing auditor to continue signing audit reports for the same audited entity.”

4. Amending and supplementing some Points and Clauses of Article 37 as follows:

a) Supplementing Point đ after Point d Clause 1 as follows:

“đ) Other enterprises with large scale required to audit annual financial statements as prescribed by the Government.”

b) Amend and supplement Clause 4 as follows:

“4. Enterprises, other organizations as prescribed by law or voluntarily implementing auditing.”

5. Amending and supplementing Clause 8 Article 39 as follows:

“8. In case of entering into an auditing contract with an auditing enterprise, a branch of a foreign auditing enterprise in Vietnam for more than five consecutive years, the entity must request the auditing enterprise, branch of a foreign auditing enterprise in Vietnam to change the practicing auditor signing the audit report.”

6. Amending and supplementing Clause 1 Article 58 as follows:

“1. An auditing enterprise, a branch of a foreign auditing enterprise in Vietnam shall not arrange a practicing auditor to conduct auditing for a public interest entity for more than five consecutive years. The Ministry of Finance shall prescribe the period of cessation for a practicing auditor to continue conducting auditing for the same public interest entity.”

7. Amending and supplementing Article 60 as follows:

“Article 60. Handling violations of the Law on Independent Auditing

1. Organizations and individuals committing acts in violation of this Law shall be subject to administrative penalties, criminal prosecution, and state management measures as prescribed by this Law, and shall be liable for compensation if damage is caused, in accordance with the law.

2. The maximum fine for administrative violations in the field of independent auditing is VND 2 billion for organizations and VND 1 billion for individuals. The statute of limitations for administrative penalties in the field of independent auditing is five years.

3. The Government shall prescribe the handling of administrative violations in the field of independent auditing.”

Article 4. Amending and supplementing certain articles of the State Budget Law

1. Amending and supplementing Clause 10 and supplementing Clause 10a after Clause 10 of Article 8 as follows:

a) Amending and supplementing Clause 10 as follows:

"10. The decision to invest and allocate investment funds for programs, tasks, and projects using state budget funds must be consistent with the Public Investment Law and relevant laws. For programs, tasks, and projects outside the medium-term public investment plan allocated from increased revenue, savings, and annual contingency reserves of the state budget, they shall be implemented in accordance with Articles 10 and 59 of this Law.

The Government shall specify the procedures and processes for investment and implementation of programs, tasks, and projects to ensure strictness, effectiveness, and compliance with their intended purposes."

b) Supplementing Clause 10a after Clause 10 as follows:

"10a. State budget expenditures arranged from two sources (public investment and recurrent expenditure): purchasing, repairing, renovating, upgrading assets and equipment; expenditure on leasing goods and services; repairing, renovating, upgrading, expanding, and constructing new components of projects that have been constructed and other necessary tasks.

The Government shall provide detailed regulations for this clause."

2. Supplementing Point d after Point c Clause 9 of Article 9 as follows:

"d) Using development investment capital from local budgets for projects to construct infrastructure works within the territory under the responsibility of higher-level budgets; supporting other localities in investing in key projects, regional linkage projects, national linkage projects, international linkage projects, projects with wide-ranging impact and driving economic and social development, and other important tasks, while ensuring the financial balance of the local budget and not affecting the implementation of tasks under its own budget responsibility.

The Government shall provide detailed regulations for this point."

3. Amending and supplementing some Points and Clauses of Article 19 as follows:

a) Amending and supplementing Point a Clause 5 as follows:

"a) Total central government expenditures, including detailed allocations and undetailed allocations; development investment expenditures by sector; recurrent expenditures by sector; national reserve fund expenditures; interest payments, aid expenditures; supplementary financial reserve fund expenditures; budget reserves;"

b) Supplementing Clause 5a after Clause 5 as follows:

"5a. Assigning the Government to allocate and assign budgets for undetailed allocations specified in Point a Clause 5 of this Article in a timely, economical, and effective manner, in compliance with legal provisions, and reporting periodically every quarter to the Standing Committee of the National Assembly and reporting to the National Assembly at the nearest session."

4. Amending and supplementing some Points and Clauses of Article 30 as follows:

a) Amending and supplementing Point a Clause 2 as follows:

"a) Total, including detailed allocations and undetailed allocations; development investment expenditures and recurrent expenditures by sector; supplementary local financial reserve fund expenditures; budget reserves;"

b) Supplement Clause 2a after Clause 2 as follows:

"2a. Assigning the People's Council at the same level to allocate and assign budgets for undetailed allocations specified in Point a Clause 2 of this Article in a timely, economical, and effective manner, in compliance with legal provisions, and reporting periodically to the Standing Body of the People's Council and reporting to the People's Council at the same level at the nearest session."

c) Supplementing Point i after Point h Clause 9 as follows:

"i) Deciding on aid expenditures."

The Government shall provide detailed regulations for this point."

5. Amending and supplementing Point a Clause 1 of Article 36 as follows:

"a) Investing in programs, projects, tasks, and other public investment objects of ministries, agencies equivalent to ministries, government agencies, other central agencies, state-owned enterprises according to the Public Investment Law;"

6. Amending and supplementing some Points and Clauses of Article 38 as follows:

a) Amending Point a Clause 1 as follows:

"a) Investing in programs, projects, tasks, and other public investment objects managed by localities according to the Public Investment Law and implementing the expenditure tasks prescribed in Point d Clause 9 of this Law;"

b) Supplementing Point b1 after Point b Clause 1 as follows:

"b1) Providing interest rate subsidies, management fees, and agency fees for loans through policy banks to implement economic and social policies at the local level;"

c) Supplementing Clause 4a after Clause 4 as follows:

"4a. Aid expenditures."

7. Amending and supplementing Clause 1 of Article 49 as follows:

"1. After being assigned state budget estimates by the Government and People's Councils, primary budget units at the central and local levels shall allocate and assign state budget estimates to subordinate budget-using units, units responsible for managing infrastructure assets according to the law on asset management and use, units responsible for operating and maintaining infrastructure assets, units assigned to perform tasks according to the Government's regulations, and units under lower-level budgets when authorized to perform their expenditure tasks, and submit to the same-level finance authority, simultaneously submitting to the State Treasury where transactions take place for implementation. Allocation and assignment of estimates must comply with the deadlines and requirements stipulated in Article 50 of this Law."

8. Amending and supplementing Clause 1 of Article 74 as follows:

"1. Based on the provisions of this Law, the Government shall regulate the management and use of the budget for certain activities of the Communist Party of Vietnam, certain activities in the defense, security, foreign affairs sectors, and special financial-budget mechanisms and policies for Ho Chi Minh City, certain provinces and centrally-administered cities, and special administrative-economic zones, and report to the Standing Committee of the National Assembly for comments before implementation, and report to the National Assembly at the nearest session."

Article 5. Amending and supplementing certain articles of the Law on Management and Use of State Property

1. Amend and supplement Clause 2 of Article 17 as follows:

“2. Based on the provisions of this Law and the decentralization of the Government, the People's Council of the province shall decide or delegate the authority to decide on the management and use of state property within its jurisdiction to the People's Councils of districts and communes, People's Committees at all levels, Chairpersons of People's Committees at all levels, heads of specialized agencies under the People's Committee of the province, or heads of agencies, organizations, and units.”

2. Amend and supplement Article 39 as follows:

“Article 39. Maintenance and Repair of State Property at State Agencies

1. The state agency entrusted with the management and use of state property or the agency or unit managing the operation of state property shall be responsible for carrying out maintenance and repair of the property in accordance with the prescribed systems, standards, economic and technical norms, and maintenance and repair cost norms established by the competent agency or person authorized under Clause 3 of this Article.

2. The State shall ensure funding for the maintenance and repair of state property at state agencies in accordance with the prescribed systems, standards, economic and technical norms, and maintenance and repair cost norms.

3. The authority to establish systems, standards, economic and technical norms, and maintenance and repair cost norms shall be as follows:

a) The Ministry managing the sector or field shall establish or propose to the competent authority to establish systems, standards, and economic and technical norms for maintenance and repair of property under its administrative management.

b) For state property that does not have established systems, standards, economic and technical norms for maintenance and repair as provided in point a of this clause, based on the manufacturer’s guidelines and the actual use of the property, the Minister, Head of the central agency, or the People's Committee of the province shall establish or delegate the authority to establish systems, standards, economic and technical norms for maintenance and repair, or maintenance and repair cost norms applicable to state property at agencies under their management.

c) For state property that does not have established systems, standards, economic and technical norms for maintenance and repair, or maintenance and repair cost norms as provided in points a and b of this clause, the head of the state agency entrusted with the management and use of state property or the head of the agency or unit entrusted with the management and operation of state property shall decide specifically on the maintenance and repair of the property and the maintenance and repair cost norms for the state property under their management and use, or management and operation.”

3. Supplement Clause 2a following Clause 2 and amend and supplement Clause 3 of Article 40 as follows:

a) Supplement Clause 2a following Clause 2 as follows:

“2a. Transfer to local management and disposal.”

b) Amend and supplement clause 3 as follows:

“3. Sale. The sale form shall not be applied to state property that is land or immovable property attached to land, except for land and immovable property attached to land of Vietnamese agencies abroad and cases where sale is permitted according to other laws.”

4. Amend and supplement Clause 4 of Article 41 as follows:

“4. State property subject to recovery shall be disposed of in the following forms:

a) Managed and used by agencies, organizations, and units in accordance with Article 29 of this Law;

b) Transferred in accordance with Article 42 of this Law;

c) Sold or liquidated in accordance with Articles 40, 43, and 45 of this Law;

d) Destroyed in accordance with Article 46 of this Law;

đ) Managed and exploited by land development fund organizations in accordance with the law on land;

e) Managed and exploited by local organizations with functions of managing and operating houses in accordance with the Government's regulations;

g) Other disposal forms as decided by the Prime Minister.”

5. Supplement Article 42a following Article 42 as follows:

“Article 42a. Transfer of State Property to Local Management and Disposal

1. The transfer of state property to local management and disposal shall apply to office premises and other assets currently located at those premises which the state agency entrusted with the management and use of the property no longer needs.

2. The transfer and management and disposal of state property after transferring to local management shall be carried out in accordance with the Government's regulations.”

6. Amend and supplement Point a of Clause 2 of Article 45 as follows:

“a) Demolition and cancellation. Materials and supplies recovered from demolition and cancellation that are still usable shall be transferred, sold, or continue to be used if necessary;”

7. Amend and supplement Clause 2 of Article 56 as follows:

“2. The authority to approve plans for using state property for business purposes shall be as follows:

a) The Minister or Head of the central agency shall decide or delegate the authority to decide on approving plans for using state property at public service units under their management to the heads of agencies or units under the Ministry or central agency, or the heads of public service units;

b) The People's Council of the province shall decide or delegate the authority to decide on approving plans for using state property at public service units under provincial management to the People's Councils of districts and communes, People's Committees at all levels, Chairpersons of People's Committees at all levels, or heads of specialized agencies under the People's Committee of the province, or heads of agencies, organizations, and units.”

8. Amend and supplement Clause 2 of Article 57 as follows:

“2. The authority to approve plans for using state property for leasing purposes shall be implemented in accordance with Clause 2 of Article 56 of this Law.”

9. Amend and supplement Clause 2 of Article 58 as follows:

“2. The authority to approve plans for using state property for joint venture or collaboration purposes shall be implemented in accordance with Clause 2 of Article 56 of this Law.”

10. Amend and supplement Article 61 as follows:

“Article 61. Depreciation and Wear and Tear of Fixed Assets at Public Service Units

1. Fixed assets at public service units shall be depreciated, except for cases specified in Clause 2 of this Article.”

2. The depreciation of fixed assets at public service units shall be carried out in the following cases:

a) Fixed assets at public service units that self-fund regular expenses and investment expenses, except where the price of public service fees under the provisions of the law does not include depreciation costs;

b) Fixed assets at public service units that must have depreciation costs included in the price of services according to the provisions of the law;

c) Fixed assets of public service units not within the scope specified in points a and b of this clause, which are used for business operations, leasing, joint ventures, and joint operations according to the provisions of the law.

3. Depreciation costs of fixed assets must be allocated to each public service activity, business operation, leasing, joint venture, and joint operation to be recorded as part of the cost of each corresponding activity and product cost.

4. The amount set aside for depreciation of fixed assets may be used to repay loans and funds raised for investment and purchase of fixed assets (if applicable). The remaining amount shall be supplemented into the Development Fund for Public Service Activities; if the unit does not have a Development Fund for Public Service Activities, it shall be managed and utilized according to the financial mechanism applicable to that unit.”

11. Amend and supplement some points and clauses of Article 65 as follows:

a) Amend and supplement point d, Clause 2 as follows:

“d) Shall not use special assets and dedicated assets for business purposes, leasing, joint ventures, joint operations, and other forms of business, except in cases where land for national defense and security is combined with labor production activities and economic construction, and dual-use facilities are used according to the provisions of the law on land, the law on management and protection of national defense works and military areas;”

b) Amend and supplement clause 3 as follows:

“3. Contents regarding the formation, management, use, and disposal of special assets and dedicated assets at people's armed forces units not provided for in Clause 2 of this Article shall apply the relevant provisions in Section 3 of this Chapter; for public service units under the people's armed forces, the relevant provisions in Section 4 of this Chapter shall apply. The use of land for national defense and security combined with labor production and economic construction activities shall be implemented according to the provisions of the law on land; the formation, management, and use of dual-use facilities must comply with the provisions of the law on management and protection of national defense works and military areas.”

12. Amend and supplement Clause 1 of Article 66 as follows:

“1. The formation, management, use, and disposal of assets serving management work at people's armed forces units shall be carried out according to the provisions in Section 3 of this Chapter; the formation, management, use, and disposal of assets serving management work at public service units under the people's armed forces shall be carried out according to the provisions in Section 4 of this Chapter. The use of land for national defense and security combined with labor production and economic construction activities shall be implemented according to the provisions of the law on land; the formation, management, and use of dual-use facilities must comply with the provisions of the law on management and protection of national defense works and military areas.”

13. Amend and supplement Clause 3 of Article 78 as follows:

“3. Infrastructure assets are fixed assets subject to wear and tear and depreciation according to the provisions of the law.”

14. Amend and supplement Clauses 2 and 3 of Article 80 as follows:

“2. Based on the requirements for economic and social development, management needs, exploitation capacity, specific characteristics of each type of infrastructure asset, and the methods prescribed in Clause 1 of this Article, the entity entrusted with managing infrastructure assets shall prepare an exploitation plan for infrastructure assets to submit for approval by the competent authority. For infrastructure assets serving public purposes without generating revenue from exploitation and other cases as prescribed by the Government, there is no need to prepare an exploitation plan for infrastructure assets.

3. The organization of exploiting infrastructure assets shall be carried out according to the provisions of Articles 81, 82, 83, and 84 of this Law.”

15. Amend and supplement point b, Clause 1 of Article 81 as follows:

“b) Other cases as prescribed by the Government.”

16. Supplement Clause 2a after Clause 2 of Article 87 as follows:

“2a. Transfer to local management and disposal.”

17. Supplement Article 89a after Article 89 as follows:

“Article 89a. Transfer of infrastructure assets to local management and disposal

1. The transfer of infrastructure assets to local management and disposal shall apply to assets that the entity entrusted with managing infrastructure assets no longer needs to use.

2. The transfer and management and disposal of assets after transferring to local authorities shall be carried out according to the provisions of the Government.”

18. Amend and supplement some clauses of Article 109 as follows:

a) Amend and supplement Clause 4 as follows:

“4. Deposit into the state budget for:

a) Vietnamese currency;

b) Foreign currency.”

b) Amend and supplement Clause 6 as follows:

“6. Carry out sales for assets not within the scope prescribed in Clause 1, point a of Clause 4, and Clause 5 of this Article, and assets prescribed in Clauses 2 and 3 of this Article but not applying the method of allocation or other disposal methods.

The sale of assets established as the property of all people shall be conducted according to the provisions of the law on auctioning assets; however, the following assets shall be sold directly:

a) Goods and items prone to damage;

b) Assets with small value as prescribed by the Government;

c) Foreign currency, except where otherwise provided by foreign exchange laws.”

c) Supplement Clause 7 after Clause 6 as follows:

“7. Other disposal methods as prescribed by law.”

19. Amend and supplement Article 110 as follows:

“Article 110. Procedures and formalities for disposing of assets established as the property of all people

1. The procedure for handling property with established national ownership shall be as follows:

a) Develop a plan to handle the property;

b) Approve the plan to handle the property;

c) Organize the implementation of the plan to handle the property.

2. The Government shall provide detailed regulations on this matter.

20. Supplement Clause 4 and Clause 5 following Clause 3 of Article 113 as follows:

“4. In cases where land and immovable property attached to the land are state assets subject to land recovery under the Land Law, the recovery and handling of such land and immovable property after recovery shall be carried out in accordance with the provisions of the law on land.

5. For land and immovable property attached to the land after being transferred or assigned in accordance with the law on management and use of state assets, registration of changes in land status shall be conducted in accordance with the provisions of the law on land.”

21. Supplement Clause 3 following Clause 2 of Article 120 as follows:

“3. Other contents regarding the management, use, and exploitation of financial resources from natural resources shall be implemented in accordance with the provisions of the law on natural resources and related laws.”

22. Amend and delete certain phrases at some points and clauses as follows:

a) Add the phrase “Vietnamese Fatherland Front,” before the phrase “political-social organizations” in Clause 5 of Article 2, Clause 3 of Article 3, Clause 1 of Article 4, Clause 5 of Article 21, Clause 3 of Article 34, Clause 2 of Article 42, and Article 68;

b) Add the phrase “, directly managing and handling certain types of state assets” after the phrase “state management over state assets” in Clause 4 of Article 19;

c) Add the phrase “No need to reorganize houses and land according to the provisions of the law on management and use of state assets.” after the phrase “related laws.” in Clause 1 of Article 98 and Clause 2 of Article 99;

d) Delete the phrase “depreciation fund,” in Point b Clause 1 of Article 50.

Article 6. Amending and supplementing some articles of the Tax Administration Law

1. Amending and supplementing Clause 2 of Article 5 as follows:

“2. Tax administration agencies, other state agencies entrusted with tax collection tasks shall implement tax management in accordance with the provisions of this Law and other relevant laws, ensuring transparency, equality, and protecting the legitimate rights and interests of taxpayers.

Tax officials are responsible for processing tax files within the scope of the taxpayer's provided documents, information, the tax agency's database, and relevant information from authorized state agencies, applying risk management results in tax administration, ensuring compliance with their duties and responsibilities, and adhering to tax-related laws and other relevant laws.”

2. Amending and supplementing Clause 1 of Article 11 as follows:

“1. Tax administration work shall be modernized in terms of management methods, administrative procedures, organizational structure, staff, widely applying advanced technology and information technology based on accurate data about taxpayers and inspection results, monitoring, and analyzing data to control all taxable entities, tax bases; ensuring rapid and accurate forecasting of state budget revenues; promptly identifying and addressing issues and violations of tax laws; enhancing the effectiveness of tax administration work; using electronic invoice and electronic document databases to organize measures for fulfilling tax obligations.

The State shall ensure financial resources to implement the provisions of this clause, prioritizing the allocation of medium-term and annual state budgets to implement modernization content, including: information technology systems, digital transformation, electronic invoices, electronic documents, physical infrastructure, inspection equipment, customs supervision and control, analysis classification, building smart customs, and specialized tasks serving tax administration work.”

3. Amending and supplementing Clause 8 of Article 16 as follows:

“8. Entitled to compensation for losses caused by tax administration agencies or tax officials in accordance with the law on state responsibility for compensation.”

4. Amending and supplementing Clause 2 of Article 17 as follows:

“2. Accurately, truthfully, and fully declare taxes and submit tax files within the prescribed time limit; bear legal responsibility for the accuracy, truthfulness, and completeness of tax files and provided documents during the tax file processing period in accordance with tax laws.”

5. Amending and supplementing some clauses of Article 42 as follows:

a) Amend and supplement Clause 4 as follows:

“4. For e-commerce activities, platform-based business operations, and other services provided by foreign suppliers, foreign suppliers shall have the obligation to directly or through authorization to register taxes, declare taxes, and pay taxes in Vietnam in accordance with the regulations of the Minister of Finance.”

b) Supplement Clause 4a following Clause 4 as follows:

“4a. For households and individuals engaged in business activities on e-commerce platforms and digital platforms, the organization managing the e-commerce trading platform, the digital platform with payment functions (including both domestic and foreign organizations), and other organizations engaged in digital economy activities as prescribed by the Government shall perform withholding, paying taxes on behalf, and declaring the withheld tax amount for households and individual businesses. If households and individuals conducting business activities on e-commerce platforms and digital platforms do not fall within the scope of withholding and paying taxes on behalf, they shall have the direct obligation to register taxes, declare taxes, and pay taxes.

The Government shall provide detailed regulations on the scope of responsibility and methods for organizations managing e-commerce trading platforms, digital platforms, and other organizations engaged in digital economy activities to perform withholding, paying taxes on behalf, and declaring the withheld tax amount for transactions conducted by households and individuals on e-commerce platforms and digital platforms; regarding the declaration, payment, and refund procedures for households and individuals conducting business activities on e-commerce platforms and digital platforms.”

6. Amending, supplementing, and deleting some clauses of Article 47 as follows:

a) Amending and supplementing Clause 1 as follows:

"1. The taxpayer discovers that the tax declaration file submitted to the tax authority contains errors or omissions, they may supplement the tax declaration file within ten years from the deadline for submitting the tax declaration file of the tax period containing such errors or omissions in the following cases:

a) Before the tax authority or competent authority issues a decision on inspection or examination;

b) The file does not fall within the scope or period of inspection or examination as stated in the inspection or examination decision.

For matters within the scope of inspection or examination, the taxpayer may supplement the explanatory file according to the laws on taxation, laws on inspection, and other cases implemented based on the conclusions or regulations of specialized authorities with jurisdiction related to the determination of the taxpayer's tax obligations."

b) Repeal Clause 2 and Clause 3.

7. Amend and supplement Point b, Clause 2, Article 59 as follows:

"b) The time for calculating late payment interest shall be calculated continuously from the day following the last day of the tax payment deadline, the extended tax payment deadline, the date specified in the notice or the tax assessment decision, or the administrative decision of the tax management agency to the day immediately preceding the day when the overdue tax debt, refunded tax, additional tax, assessed tax, and delayed tax transfer are paid into the state budget."

8. Amend and supplement Clause 2, Article 61 as follows:

"2. In cases where the amount of tax, late payment interest, and fines paid exceeds the amount determined by the competent authority's decision on complaint resolution or the court's judgment, the taxpayer shall be entitled to a refund of the excess tax, late payment interest, and fines paid."

9. Amend and supplement Clause 1, Article 66 as follows:

"1. Individuals engaged in business, household business owners, individuals who are legal representatives of enterprises, cooperatives, or cooperative unions subject to compulsory enforcement of administrative decisions on tax management, Vietnamese individuals departing the country for permanent settlement abroad, Vietnamese individuals permanently residing abroad, foreigners before departing Vietnam must fulfill their tax payment obligations; if they have not completed their tax payment obligations for the overdue tax amount and duration as stipulated by the Government, they will be temporarily prohibited from departing the country according to the law on departure and entry. The tax management agency shall notify the taxpayer in advance about the application of the temporary prohibition on departure measure."

10. Amend and supplement Point a, Clause 1, Article 72 as follows:

"a) The direct managing tax authority receives tax refund files for cases eligible for tax refunds under the law on taxation; applies risk management, issues internal procedures, implements information technology applications to classify tax refund files for pre-refund or pre-examination refunds and processes tax refund files according to regulations. The tax authority managing revenue receives tax refund files for overpaid tax refunds; in cases of overpaid tax refunds based on corporate income tax settlements or individual income tax settlements, the tax authority receives corporate income tax settlement or individual income tax settlement files of taxpayers receiving overpaid tax refund files;"

11. Amend and supplement Clause 1, Article 76 as follows:

"1. The Director of the General Department of Taxation, the Director of the Tax Department, the Director of the Tax Revenue Office, and the Director of the Regional Tax Revenue Office decide on tax refunds for cases eligible for tax refunds under the law on taxation."

12. Amend and supplement some points of Clause 3, Article 125 as follows:

a) Amend and supplement Points b and c as follows:

"b) For the coercive measures prescribed in Points d, đ, e, and g of Clause 1 of this Article, if the coercive measure cannot be applied beforehand, the tax management agency shall switch to applying the subsequent coercive measure; the coercive measures prescribed in Points đ and e of Clause 1 of this Article shall be applied when the tax management agency has sufficient information and conditions to implement the coercive measures;

c) If the coercive measure decision has not yet expired and the tax management agency has sufficient information and conditions to apply other coercive measures prescribed in Clause 1 of this Article, it may simultaneously implement these coercive measures;"

b) Add Point d after Point c as follows:

"d) In cases where there is evidence indicating that the taxpayer has disposed of assets or fled with overdue taxes, the person with authority may choose to apply appropriate coercive measures to ensure timely collection of overdue taxes into the state budget."

13. Repeal Clause 3, Article 75 and Clause 7, Article 124.

Article 7. Amending and supplementing some articles of the National Reserve Law

1. Amending and supplementing Article 3 as follows:

"Article 3. Objectives of the national reserve

The State forms and uses the national reserve to proactively meet urgent and critical needs for disaster prevention, response, and aftermath mitigation; serving national defense, security; and external activities of the Party and the State."

2. Supplementing Point d following Point c Clause 2 Article 13 as follows:

"d) Deciding on the central budget to purchase additional goods from the national reserve that were issued in the year from the central budget reserve according to the laws on state budget."

3. Amending and supplementing Clause 1 and Clause 2 Article 35 as follows:

a) Supplementing Point đ after Point d Clause 1 as follows:

"d) External activities of the Party and the State;"

b) Supplementing Point d following Point c as follows:

"d) In cases where goods from the national reserve are issued to serve external activities of the Party and the State, the Ministry of Foreign Affairs, the Ministry of Public Security, the Ministry of Defense, or other ministries and sectors shall coordinate with the Ministry of Foreign Affairs to issue a document requesting the Ministry of Finance to review and submit to the Prime Minister for decision."

4. Abolishing Point b Clause 2 Article 12 and Point d Clause 1 Article 13.

Article 8. Amending and supplementing some articles of the Personal Income Tax Law

1. Amending the name of the article and supplementing Point a1 following Point a Clause 1 Article 24 as follows:

a) Amend the name of the article as follows:

"Article 24. Responsibilities of organizations and individuals paying income, organizations managing e-commerce platforms, digital platform managers with payment functions, and other organizations engaged in digital economic activities; responsibilities of tax payers who are resident individuals;"

b) Supplementing Point a1 following Point a Clause 1 as follows:

"a1) Organizations managing e-commerce platforms, digital platform managers with payment functions, and other organizations engaged in digital economic activities as prescribed by the Government shall perform withholding, submitting taxes on behalf, and declaring the amount of tax withheld for transactions conducted on e-commerce platforms and digital platforms by households and individuals;"

2. Amending and supplementing Article 33 as follows:

"Article 33. Responsibilities of organizations and individuals paying income, organizations managing e-commerce platforms, digital platform managers with payment functions, and other organizations engaged in digital economic activities; responsibilities of non-resident individual taxpayers

1. Organizations and individuals paying income have the responsibility to withhold and pay taxes into the state budget according to each occurrence for taxable income paid to taxpayers.

2. Organizations managing e-commerce platforms, digital platform managers with payment functions, and other organizations engaged in digital economic activities as prescribed by the Government shall perform withholding, submitting taxes on behalf, and declaring the amount of tax withheld for transactions conducted on e-commerce platforms and digital platforms by households and individuals.

3. Non-resident individual taxpayers have the responsibility to declare and pay taxes on taxable income according to the laws on tax administration."

Article 9. Amending and supplementing some articles of the Administrative Violation Handling Law

1. Amending and supplementing the second part of Point a Clause 1 Article 6 as follows:

"Administrative violations related to taxes and independent auditing shall be subject to the statute of limitations for administrative penalties as prescribed by the laws on tax management and independent auditing;"

2. Amending and supplementing some points and clauses of Article 24 as follows:

a) Removing the phrase "independent auditing;" at Point c Clause 1;

b) Supplementing the phrase "; independent auditing" after the word "competition" at Clause 3.

Article 10. Effective Date

1. This Law takes effect from January 1, 2025, except for the provisions stipulated in Clauses 2, 3, 4, and 5 of this Article.

2. Provisions regarding professional securities investors participating in buying, trading, and transferring corporate bonds individually amended and supplemented at Point b Clause 3 and Clause 9 Article 1 of this Law; provisions regarding capital at Point a Clause 11 Article 1 of this Law take effect from January 1, 2026.

3. Provisions at Point b Clause 3 and Point a Clause 4 Article 3 of this Law take effect from January 1, 2026.

4. Provisions at Article 4 of this Law take effect from the 2025 fiscal year.

5. Provisions at Point b Clause 5 Article 6 of this Law take effect from April 1, 2025.

Article 11. Transitional Provisions

1. Transitional provisions for amendments and supplements to the Securities Law are implemented as follows:

a) For individual corporate bonds sold before January 1, 2026, and still outstanding, they will continue to be implemented according to the Securities Law No. 54/2019/QH14 and the Enterprise Law No. 59/2020/QH14, which have been amended and supplemented by Law No. 03/2022/QH15 until the issuer fully pays the principal and interest of the bonds;

b) For individual corporate bond offerings that have submitted information disclosure content to the stock exchange before January 1, 2026, but have not completed distribution, they will continue to distribute bonds according to the Securities Law No. 54/2019/QH14 and the Enterprise Law No. 59/2020/QH14, which have been amended and supplemented by Law No. 03/2022/QH15; after completing the distribution of individual corporate bonds, they will implement according to this Law;

c) In cases where the registration documents for public securities offerings and the registration documents for public companies have been fully and properly submitted to the Securities Commission before the effective date of this Law, they will continue to be implemented according to the Securities Law No. 54/2019/QH14.

d) A joint-stock company whose shares were listed or registered for trading before January 1, 2021, which still meets the conditions stipulated in the Securities Law No. 70/2006/QH11, amended and supplemented by Law No. 62/2010/QH12, but fails to meet the conditions specified in Point a, Clause 11, Article 1 of this Law by January 1, 2026, shall be deprived of its status as a public company in accordance with Clause 15, Article 1 of this Law, except where the General Meeting of Shareholders decides to deprive it of its status as a public company before January 1, 2026.

2. The transitional provisions for the amendments and supplements to the Law on Management and Use of State Property shall be implemented as follows:

a) For state property in the form of land and immovable property attached to land at agencies, organizations, and units that have been decided for sale according to regulations prior to the effective date of this Law and for which the initial price or designated selling price has been determined by the competent authority, such sales shall continue to be carried out in accordance with the laws in effect prior to the effective date of this Law, except for cases covered by the transitional provisions set forth in Point b of this Clause;

b) For real estate and land of enterprises that have been approved by the competent authority for restructuring plans and decisions on handling through recovery, sale of assets on land, transfer of land use rights, and transfer to local management before January 1, 2025, but have not yet completed implementation, such actions shall continue to be carried out in accordance with the Law on Management and Use of State Property No. 15/2017/QH14, as amended and supplemented by Laws No. 64/2020/QH14, No. 07/2022/QH15, No. 24/2023/QH15, No. 31/2024/QH15, and No. 43/2024/QH15.

This Law was adopted by the National Assembly of the Socialist Republic of Vietnam, the 15th term, the 8th session, on November 29, 2024.