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Vietnam: Highlights on Investment Climate in Vietnam

This presentation summary provides an overview of key considerations regarding investment into Vietnam including the labour market, infrastructure, access to finance, and investment incentives.

Cambodia: Increase in Minimum Wage for 2025 for the Garments, Textiles, Footwear, Travel Products and Bags Sectors

On 20 September 2024, the Ministry of Labour and Vocational Training issued Prakas 211/24 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear, Travel Product and Bag Sectors, to set a new minimum wage for 2025, which will be effective from 1 January 2025.

Cambodia: New Regulation on Tourism related Penalties

On 29 August 2024, the Ministry of Tourism and the Ministry of Economy and Finance issued a Joint Prakas 537 on the Penalties under the Authorities of the Ministry of Tourism setting out a list of penalties in relation to violation of the Law on Tourism and related tourism regulations that are under the authorities of the MOT.

Cambodia: Rules Pertaining to E-Commerce Clarified for Banks

Letter No 29613 issued by the General Department of Taxation in August 2024 to the Associations of Banks and Microfinance in Cambodia clarifying the application of the E-Commerce reverse charge obligation has finally put to rest what has been a long-standing contested issue between the private sector and the tax authority.

Myanmar Tax Alert: IRD Introduces Tax Payment Portal Hub for E-payments

Malaysia: Launch of the Forest City Special Financial Zone and Securities Commission FAQs on Family Office

The recent launch of the Forest City Special Financial Zone in Iskandar Puteri, Johor, marks a pivotal moment for Malaysia’s economic landscape.

Vietnam: Amendment of Law on Electricity

On 13 September 2024, the Ministry of Industry and Trade held a meeting to discuss the latest draft amendment of the Law on Electricity No. 28/2004/QH11, amended in 2012 and 2022, introducing significant changes to the regulation of Vietnam’s electricity sector.

Vietnam: Potential Upgrade of Legal Framework on Personal Data Protection

After much speculation and planning by the Government, the Draft Law on Personal Data Protection in Vietnam was officially published for public consultation on 24 September 2024.

Vietnam: New Land and Housing Regulations Officially Take Effect

On 29 June 2024, the National Assembly passed three (03) amended laws related to the real estate market, specifically: (i) the Land Law 2024, (ii) the Law on Housing 2023, and (iii) the Law on Real Estate Business 2023. Accordingly, these new legal documents are bringing positive signals, fostering the development of the real estate market, and building confidence among investors in Vietnam.

Vietnam: The Supreme Procuracy’s Clarification On Various Legal Issues In Vietnam

On 26 March 2024, the Supreme People’s Procuracy of Vietnam (the Supreme Procuracy) issued Official Letter no. 1083/VKSTC-V9 (the Official Letter) to respond to inquiries from local procuracies regarding supervision in legal proceedings regarding civil, marriage and family matters.

Vietnam: New Financing Regime For A Commercial Housing Project in Vietnam

Vietnam: New Law on Credit Institutions 2024 (Part 2)

This post continues discussing some additional changes of the LCI 2024. For changes discussed in our Part 1, please see here.

Singapore: The 7th Edition of the Singapore Transfer Pricing Guidelines

On 10 June 2024, the Singapore Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 became effective. Four days later, on June 14, 2024, the Inland Revenue Authority of Singapore (IRAS) issued the 7th edition of the Singapore Transfer Pricing Guidelines.

Myanmar: New Regulations on Establishing Collective Management Organizations

Recent developments in the Copyright Law have introduced new Regulations on the Establishment of Collective Management Organizations (“CMOs”) on Copyrights or Related Rights, effective as of 6 August 2024. These Regulations provide a comprehensive framework for the registration of CMOs.

Malaysia: Licensing and Regulatory Framework for Digital Insurers and Takaful Operators

On 9 July 2024, Bank Negara Malaysia (“BNM”) issued the Policy Document on Licensing and Regulatory Framework for Digital Insurers and Takaful Operators (“DITOs”) (“Policy Document”).

Cambodia: Prakas 044 on Rules and Guidelines for Reinsurance

The Insurance Regulator of Cambodia issued Prakas No. 044 on Rules and Guidelines for Reinsurance dated July 12, 2024. Prakas 044 applies to general insurance companies, life insurance companies, reinsurance companies, and microinsurance companies operating in Cambodia.

Malaysia: Proposed Amendments to the Personal Data Protection Act 2010

The Personal Data Protection (Amendment) Bill 2024 (“PDP Bill”) was passed by the Dewan Rakyat (House of Representatives) on 16 July 2024 and, subsequently, by the Dewan Negara (the Senate) on 31 July 2024.

Vietnam: Detailed regulations on the Law on Real Estate Business 2023 and the Land Law 2024

This August newsletter covers the Law on Social Insurance, Law on Real Estate Business and Law on Land.

Vietnam: Amended Social Insurance Law No. 41/2024/QH15 issued on June 29, 2024

In this newsletter: 1. Amended Social Insurance Law No. 41/2024/QH15, 2. Circular No. 3305/VBHN-BLĐTBXH on the implementation of certain provisions of the Employment Law on Unemployment Insurance, 3. Circular No. 46/2024/TT-BTC Re Provisions on Electronic Transactions in the Tax Sector

Vietnam: “Unravelling” the problem with consularization of foreign documents

In 2023 alone, the Hanoi People’s Court issued two decisions on annulment of arbitral awards with their conflicting opinions on the mandate over consularizion of foreign documents in arbitration proceedings.