Approved with 425 votes (or 89.85% of total deputies), the Law on Recovery and Bankruptcy, comprising 88 articles and effective from March 1, 2026, sets out principles, procedures and jurisdiction for handling recovery and bankruptcy cases involving enterprises and cooperatives, along with the rights and duties of relevant organizations and individuals. Its provisions on recovery and simplified recovery procedures do not apply to credit institutions, insurance enterprises or reinsurance firms.
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Approved with 425 votes (or 89.85% of total deputies), the Law on Recovery and Bankruptcy, comprising 88 articles and effective from March 1, 2026, sets out principles, procedures and jurisdiction for handling recovery and bankruptcy cases involving enterprises and cooperatives, along with the rights and duties of relevant organizations and individuals. (Photo: quochoi.vn) |
Phan Van Mai, member of the N.A. Standing Committee, said the law’s title had been adjusted to “Law on Recovery and Bankruptcy” in line with deputies’ opinions.
To address long-standing obstacles due to the absence of a funding source for exempted advance payments under the 2014 Bankruptcy Law, Clause 3, Article 20 now stipulates that the State budget will cover advance bankruptcy costs when applicants are workers, trade unions, tax authorities or social insurance agencies, or when enterprises and cooperatives lack assets or their assets cannot be liquidated or are insufficient. These advances will be reimbursed once assets are sold.
Meanwhile, the amended VAT Law was endorsed with 421 votes, accounting for 89.01% of total lawmakers, and will take effect on January 1, 2026.
Clause 25 of Article 5 broadens VAT exemptions to cover goods and services from household and individual businesses earning up to 500 million VND annually, non-business assets sold by organizations and individuals, national reserve goods sold by authorized agencies, and fees collected according to relevant regulations.
With 424 deputies voting in favor, or 89.64% of total deputies, the N.A. also approved the Law amending and supplementing some articles of 15 laws in the agriculture and environment sectors.
Minister of Agriculture and Environment Tran Duc Thang said the amendments aim to address practical obstacles affecting socio-economic development and State management, focusing on organizational restructuring; reforms to administrative procedures and business conditions; and the resolution of 20 clear legal bottlenecks across nine laws, critical to achieving the 2025 growth target of 8%.
Source: VNA