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Many businesses established before July 1, 2025 are receiving official letters from the Department of Finance requesting to declare beneficial owners, with a warning of fines from 70 to 100 million VND. The article explains in easy-to-understand language: who is the beneficial owner according to Decree 168/2025/ND-CP (amended by Decree 296/2026/ND-CP), how to trace through many levels of the company, when to declare, how long to keep it, and new fines according to Decree 288/2026/ND-CP. Attached is a step-by-step checklist and common mistakes businesses make when making a list of beneficiary owners.
On the same day as the Law amending the Law on Investment, on August 24, 2026, the 16th National Assembly also passed Law No. 22/2026/QH16 amending and supplementing a number of articles of the Law on Vietnamese Workers Working Abroad under Contracts, officially taking effect from March 1, 2027. The Law brings about 10 groups of notable new points, both removing some administrative procedures for service enterprises in good compliance, and significantly tightening responsibilities and sanctions for violating enterprises. Most notably, service enterprises no longer have to apply for approval before preparing labor resources, but only need to notify the commune-level People's Committee at least 3 days in advance, but in return, they must publicize and update operational information on the national website and database within 5 days from the date of the change. The law also stipulates that training fees can only be collected after employees are selected and contracted, prohibits authorization of selection through intermediaries, expands the scope of prohibition on sending workers to massage and go to areas at risk of conflict or is recommended to be restricted. Enterprises whose licenses are revoked due to serious violations will not be re-licensed for 5 years. The article summarizes the most important changes that service enterprises sending workers to work abroad need to understand.