Vietnam’s business environment has quickly evolved since its early overhaul or “Doi Moi” process in 1986. Vietnam’s Law on Enterprises and its guiding regulations, the main laws governing the establishment and operation of corporate entities in Vietnam, has been updated frequently to keep pace with changes in business practices and the evolving legal framework. Setting forth key clarifications on the law governing corporate entities, Decree No. 102/2010/ND-CP on guiding the implementation of the Law on Enterprises 2005 (Decree 102) entered into effect on November 15, 2010. Decree 102 replaces Decree 139, which was issued in 2007. This article highlights a number of the key improvements to Vietnam’s corporate law regime under Decree 102.