Company: JL
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001213900-25-068049
Chunk: 40

Company: J-Long Group Ltd
Filing Date: 2025-07-28
Form: 20-F
Item: Item 3
Chunk 40
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 received on a particular issue have no binding effect or finality, so there is no guarantee that similar issues
will be dealt with in a similar way by other governmental authorities. Furthermore, recognition and enforcement of legal rights through
Vietnam courts, arbitration centers and administrative agencies in the event of a dispute is uncertain.

As part of its transition from a planned economy
to a more market-oriented one, the Vietnamese government has implemented a series of economic reforms. In preparation for Vietnam’s
accession to the World Trade Organization in 2007, the Vietnamese government has also promulgated a series of laws and regulations on
local and foreign investment, including the law on investment, which regulates investments in Vietnam, and the law on enterprises, which
sets out the types of corporate vehicle investors may establish to carry out their investment projects. However, conflicting interpretations
between local regulators in different provinces and between different ministries, may create confusion over key issues. In the context
of pursuing and maintaining economic reforms, the Vietnamese government has promulgated other laws and regulations in recent years designed
to attract foreign investment and business development in Vietnam, which may intensify the competition in our industry.

The lack of legal uncertainty may limit the legal
protections and recourses available to us in relation to the VN Operating Subsidiary. If we run into legal issues with other parties or
with legal or governmental entities in Vietnam, we may be unable to easily navigate or capitalize on guidance from precedents, and as
a result our business, financial condition and results of operations could be adversely affected.

The VND may be subject to foreign exchange
controls imposed by the Vietnamese government.

In Vietnam, the currency is Vietnamese Dong (“ VND”),
which is not generally freely convertible into other currencies. Under certain conditions, such as fulfilment of Vietnam’s financial
obligations, the Vietnamese government allows foreign invested enterprises to convert VND into other currencies for repatriation of profits
from their Vietnam operations abroad. However, there is no assurance that such rules and regulations will not be subject to change in
the future and any tightening of foreign control laws in Vietnam may impair our ability to repatriate profits from our Vietnamese operations
to our Company. If any of the above occurs, our business, results of operations and financial conditions may be materially and adversely
affected.

Risks
Related to Our Business and Industry

We
have not entered into long-term sales agreements with our customers and as we rely on demands from our major customers, our sales