Pursuant to a notification in the Gazette published on 24 December 2024, the Personal Data Protection (Amendment) Act 2024, is set to come into effect in 3 phases. We set out below an overview of each phase.
On 12 August 2024, the Ministry of Labor and Vocational Training (“MLVT”) issued Notification 022/24 to clarify the process for hiring foreign employees.
The NBC has passed a new regulation permitting commercial banks and payment settlement institutions to provide services relating to cryptoassets pursuant to Prakas B7-024-735 Prokor on Transactions Related to Cryptoassets on 26 December 2024.
In a significant move to enhance the efficiency, effectiveness, and expeditiousness of public service delivery, on 6 January 2025, the MLMUPC announced the trial launch of seven additional online services, effective from 7 January 2025. Please note that only properties located in Phnom Penh will be accessible to these online services.
Decree No. 153/2024/ND-CP, which governs the environmental protection fees on exhaust gas emissions, was issued by the Government of Vietnam on November 21, 2024 (“Decree 153“). This new regulation will take effect from January 5, 2025. Emission-discharging facilities in all parts of Vietnam will be impacted by this law.
he Ministry of Planning and Finance has recently issued Notification 89/2024, updating the procedures for the Authorized Economic Operator program in Myanmar. This notification repeals the earlier Notification 21/2018 on AEOs and became effective on 27 December 2024.
In November 2024, Vietnam’s National Assembly passed the Law on Data, which establishes a legal foundation for digital data management, security, processing, and use. It also mandates the creation of a National Data Centre and integrated National Database to improve state management and transparency.
On 31 December 2024, the Vietnamese Government issued Decree No. 182/2024/ND-CP (“Decree 182”) on establishment, management, and utilisation of the Investment Support Fund (“ISF”), to provide financial support to high-tech enterprises and investment projects.
In December 2024, the Ministry of Planning and Finance (“MOPF“) and the Internal Revenue Department (“IRD”) introduced two significant updates concerning foreign currency tax payments. These updates pertain to the calculation of import and export taxes, and the tax payment currency for individuals receiving salaries in Myanmar Kyats (“MMK”) under foreign currency contracts.
On 8 January 2025, the Directorate of Investment and Company Administration issued an announcement, effective immediately, requiring the online submission of documents for changes in a company’s shares and directors under the Myanmar Companies Law, 2017.
On 17 December 2024, the Ministry of Commerce under the State Administration Council issued a notification (“Notification“) permitting foreign companies to export eight specific product categories, either by manufacturing them directly or purchasing them from other manufacturers.
Less than a month after implementing a new procedure for calculating customs duties and taxes on imports and exports, the Ministry of Planning and Finance (“MOPF”) has reinstated the Central Bank of Myanmar’s Reference Exchange Rate for calculating such taxes.
On 4 December 2024, the Ministry of Commerce under the State Administration Council issued updated guidelines through a new notification regarding vehicle imports for 2025.
The Ministry of Planning and Finance recently issued two important notifications affecting businesses engaged in Cut-Make-Pack operations in Myanmar. Notification 77/2024 provides exemptions on customs duties and taxes on the importation of raw materials and packing materials used in CMP operations, while Notification 75/2024 outlines the procedures for claiming these exemptions.
n Vietnam, according to a recent report by Google, AI is expected to contribute up to VND 1.89 trillion (approximately USD 79.3 billion) to the economy by 2030, accounting for nearly 12% of the country’s GDP.1 This legal update shall provide key highlights of the current legal landscape for AI development, as well as some insights for investors to unlock AI opportunities in Vietnam.
The Law on Planning, Investment, PPP and Bidding plays a key role in the implementation of construction investment projects in Vietnam, especially infrastructure projects such as energy and transport works. This article will take a look at the impact of the amended and supplemented regulations on investment and infrastructure activities in Vietnam in the coming time.
On 30 November 2024, the Data Law was officially passed and will come into effect on 01 July 2025. In this legal update, we will highlight some major points under the Draft Decree that, from our point of view, guide the provisions of the Data Law that impact various stakeholders.
As dealmaking in Vietnam continues to evolve in complexity, effective tax due diligence has emerged as a critical factor in shaping successful transactions.
In this newsletter: Singapore - Updates on Corporate Service Providers Bill, Malaysia - Submission of Beneficial Ownership Information and Practice Directive No. 9/2024, China - Measures to further optimize the management of foreign exchange business were announced, and others.
On 26 December 2024, the National Bank of Cambodia (NBC) issued a Prakas No. B7-024-735 Prokor on Transaction Related to Cryptoassets. This Prakas is the country’s groundbreaking regulation, which has the purpose of managing the transactions and business activities related to cryptoassets with respect to the Law on Banking and Financial Institutions.
Important Vietnamese legal terms can be looked up, with the corresponding term in the other language presented (Vietnamese <-> English). Very helpful resource for those professionals working in both languages
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