What should be done with the employee contracts after closing a Vietnamese company?

The dissolving company must inform its employees of the decision of dissolution within a certain time period prior the termination of their labor contracts. The time period varies as follows:

• Indefinite term labor contracts – notice of at least 45 days;
• Definite term labor contract (ranging from 12 to 36 months) – notice of at least 30 days;
• Occasional labor contracts or labor contracts with a term of less than 12 months – notice of at least 3 days.

All rights and benefits accruing from the labor contracts must be resolved in writing prior to the completion of any other company obligations. All pending contracts must also be liquidated.