On June 17, 2020, the National Assembly promulgated the Enterprise Law 2020
stipulating the establishment, management organization, reorganization, dissolution and
operation. related business, including limited liability companies, joint stock companies,
partnerships and private enterprises; regulations on group of companies.

Accordingly, the Enterprise Law 2020 allows a private enterprise to be directly converted
into a joint stock company under the decision of the owner of a private enterprise if the
following conditions are met:

•  Business lines registered for business not banned from business investment; The name of
  the business is set according to the regulations; Having valid business registration
  documents; Pay the fee for enterprise registration in full in accordance with the law on fees
  and charges;
•  The owner of a private enterprise commits in writing to personally responsible with all his
  assets for all unpaid debts and undertakes to fully pay the debt when due;
• The owner of the private enterprise has a written agreement with the parties to the
  unliquidated contract that the converted company will receive and continue to perform
  such contracts;
• The owner of a private enterprise commits in writing or has a written agreement with other
  capital contributors on the receipt and use of existing employees of the private enterprise.

The Enterprise Law 2020 takes effect from January 1, 2021.