Discussion on legal framework on business households in Vietnam today and the goal of converting business households into enterprises

Abstract

Business household is a specific type of business entity attached to the historical development of the Vietnamese economy. However, the fact is that business households in Vietnam have not experienced major breakthroughs since the Renovation of more than 30 years ago. The majority of these businesses are small-scale, established and activated in minor production and business fields. Just a few business households are large-scale and can be converted into enterprises. This paper analyzes current legal regulations on business households, thereby finds out limitations and inadequacies, gives some suggestions to reform the legal framework on business household and promote this entity to further develop in scale and to become enterprises.