What is the corporate governance structure of foreign-invested multi-member limited liability companies (LLCs) in Vietnam?

Multi-member limited liability companies (LLCs), among the most popular foreign-invested enterprises in Vietnam, are managed by a Member’s Council which directs major strategy changes and annual business plans. The Member Council Chairman, a position elected by the council itself oversees the operations of the council, while the director – in charge of the day to day operations of the firm – is appointed by the council as a whole. Additionally, multi-member LLCs with 11 members or more also requires a Control Board.