On June 17, 2020, the Law on Enterprise 2020 was passed by the National Assembly to replace the Law on Enterprise 2014, effective from January 1, 2021.

One of the typical points in the Law on Enterprise 2020 is the regulation: The Controller is no longer a title in The Organizational structure of a single-member limited liability company owned by an organization. Specifically as follows:

– According to the provisions of Clause 1, Article 78 of the Law on Enterprises 2020, a single-member limited liability company owned by an organization shall apply one of the two models below:

+ A company with a President and the Director/General Director;

+ A company with a Board of Members and the Director/General Director.

– Previously, according to Clause 1 Article 78 of the Law on Enterprises 2014, a single-member limited liability company owned by an organization shall apply one of the two models below:

+ A company with a President and the Director/General Director and The Controller;

+ A company with a Board of Members and the Director/General Director and The Controller.

Thus, from January 1, 2021 onwards, the title of Controller does not exist in The Organizational structure of a single-member limited liability company owned by an organization, this is considered a positive change by The controller’s role is not important in a Company that is not a state-owned enterprise.

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