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Vietnam company law / Bankers, fat cats charged in massive Vietnam financial scandal Vietnamese prosecutors have ratified charges against seven former leaders of Asia Commercial Bank (ACB) and 6 associated companies for violating economic laws.

The Supreme People's Procuracy, Vietnam's highest prosecutors' office, ratified the charges sought by investigators from the Ministry of Public Security on Sunday.

ACB co-founder Nguyen Duc Kien, 49, faces charges of “committing illegal business activities”, “intentionally violating state regulations on economic management”, fraud and tax evasion.

Ly Xuan Hai, former ACB CEO, Tran Xuan Gia, former chairman, and former deputy chairmen Trinh Kim Quang and Le Vu Ky have been charged with “intentionally violating state regulations on economic management”

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Tran Ngoc Thanh, director of ACB Hanoi Investment Joint Stock Company (ACBI), and Nguyen Thi Hai Yen, ACBI’s chief accountant, have also been charged with fraud.

ACBI is one of six companies founded by Kien that was conducting financial business activities without proper licensing, investigators said.

2. National Assembly (NA) ratifies the revised Labour Code with new reforms.

The new Labour Code, including 17 chapters and 242 articles, was adopted at the third session of the 13th NA on June 18, 2012 and will come into force from May 1, 2013.

Some new features of the amended Labour Code are that maternity leave for female employees increases to six months, improving on the current four. The law also allows the Government to specify the retirement age for specific working groups, which plays as an important part in establishing equity in retirement entitlements for both men and women.

This will be the first time labour leasing is adjusted to meet the actual requirements of the employment relationship.

To create harmonious and stable labour relations, the amended Labour Code also introduces new regulations on wages and reforms related to labour relations which form the legal basis to socio-economic development and the improvement in living standards and the cultural and spiritual lives of workers.

Labour and employment lawyer 3. NA Standing Committee approves amendments and supplements to the Ordinance on preferential policies for revolutionary contributors.

The ninth session of the 13th NAs Standing Committee on July 16, 2012 adopted a draft ordinance on the amendments and supplements to some articles in the Ordinance on preferential treatment to those who made contributions to the revolution.

The amended Ordinance modifies and adds some new articles on preferential policies for contributors, the conditions and standards for being recognised as revolutionary contributors, and responsibilities of the ministries and agencies in implementing the ordinance.

4. Successfully organising the fourth Asia-Europe Meeting (ASEM) Labour and Employment Ministers Conference (ASEM LEMC4)

The ASEM LEMC4, on the theme of ‘Employment and Social Protection – the Key to Sustainable and Inclusive Growth, opened in Hanoi from October 24-26, 2012 under the chairmanship of the Vietnamese Ministry of Labour, Invalids and Social Affairs.

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The conference took place in the context of the global financial crisis and economic downturn being more significant in many Asian and European countries, requiring the ASEM nations to continue further strengthening co-operation in the field of labour, employment and social security, contributing to economic recovery and sustainable development. It is also the desire of the ASEM heads of State at the 8th ASEM Summit in Brussels (Belgium) in October 2010.

ASEM LEMC4 adopted the Hanoi Declaration, which affirmed and emphasised the political commitments of the ASEM Minister on the need to adopt and implement policies to promote sustainable job creation, especially for young people and other vulnerable groups in the process of economic recovery; to ensure social security, in accordance with the priorities and conditions of each country, enhancing occupational safety and health, as well as to improve corporate social responsibility.

5. The 65th anniversary of the War Invalids and Martyrs Day (July 27) celebrated nationwide

A variety of events were held in all cities and provinces countrywide to celebrate the 65th anniversary of the War Invalids and Martyrs Day (July 27, 1947-2012).

These activities are of great significance,

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the deep gratitude to the dedication and sacrifice that Vietnamese heroic mothers, invalids and fallen soldiers had made in the fight for national independence and freedom, as well as educating the younger generations to continue promoting the tradition of patriotism, overcoming difficulties and striving to build Vietnam into a prosperous and powerful country.

Despite the country facing many difficulties, preferential policies for war invalids, martyrs families and people delivering meritorious service to the country were and will be emphatically honoured.

Currently, the State budget saves about VND15 trillion each year to implement preferential policies for more than 8.8 million contributors.

Along with that, the Gratitude Fund has mobilised nearly VND2.600 trillion. More than 400,000 gratitude houses were built for beneficiaries and revolutionary contributors families. Thousands of gardens, fish ponds, and wells of gratitude and over 700,000 saving books worth more than VND500 billion has been presented to social policy families.

To date, 95% of social policy families have living standards at the same level or higher than the average standards of their localities.

6. The Politburo on November 5, 2012 issued Directive No. 20-CT/TW on strengthening the Party leadership in child-care, education and protection in the new situation.

The Directive was born in the context of the issues related to children are increasingly attracting the attention from society as a whole, and the Party and State obviously consider the investment, protection, care and education for the countrys next generation in the new situation also the investment for the national development in the future.

Therefore, the Directive requires Party committees and administrations, the Vietnam Fatherland Front and mass organisations at all levels to grasp and implement a number of key tasks, including raising public awareness in child care, protection and education; reviewing, amending, supplementing and completing the legal system and policies on child care, protection and education by expanding social security