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Vietnam Legal Update - Personal Data Protection

This Legal Update covers: Clearer definition of personal data, form of the consent required of personal data subject, notification requirement, processing sensitive personal data, cross-border personal data transfer, obligations of developing internal personal data protection regulations, and administrative penalty.

Use of Khmer Language and Currency in Financials and Onsite Inspections

September 2021 has seen the issuance of Circular 009 on the Usage of Khmer Language and Currency in Accounting Records and Financial Statements (“Circular 009”) and Notification No. 355 on Inspection Visits and Implementation of Interim Fines for Violations of Law on Accounting and Audit (“Notification 355”).

Vietnam Weekly Update - 13 September 2021

Cập Nhật Hàng Tuần Việt Nam - 13 Thang 9 2021

In this week's legal update: The announcement of annulled administrative procedures in the field of establishment and operation of social enterprises; Applying temporary anti-dumping tax on certain polyester fiber products; and VAT calculation price for property rental activities.

Vietnam Update: Guidance on corporate income tax arrears not yet retrospectively collected from societalized entities

In this issue: The new circular on the List of machinery, equipment and vehicle of transport that can be produced domestically, Guidance on corporate income tax arrears not yet retrospectively collected from societalized entities.

Conditions For Enjoying Tax Incentives Of FDI Enterprises

According to Article 15.2 of the Law on Investment 2020 to enjoy investment incentives in general and tax incentives in particular, FDI enterprises (foreign direct investment) need to meet certain conditions.

Placement of Devices to Measure Volumes of Beer and Non-Alcoholic Beverages to Comply with New GDT Instruction

On 8 September 2021, the General Department of Taxation (“GDT”) issued Instruction No. 15024 on the obligation to install devices to measure the volume of beer and/or non-alcoholic beverages on the sites of local beverage producing enterprises.

Some Notes On Consumers’ Rights Protection

In this update: What acts are prohibited by organizations or individuals trading in goods and services, and Responsibilities of organizations or individuals trading in goods and services.

A Year of Legal Developments in Vietnam

The past 12 months have seen a slew of changes to Vietnam’s laws. There have been some major developments that affect investors and businesses as well as employment relationships.

Vietnam Weekly Update - 6 September 2021

Cập Nhật Hàng Tuần Việt Nam - 6 Thang 9 2021

In this update: Implementing the plan to support electricity bill reduction and electricity price reduction for electricity users, Guidance on the application of PIT on mid-shift meal payment for employees; and VAT rates.

Thailand: Relief Measures for Member of the Public Affected by the Thai Government’s COVID-19 Lockdown Measures

On 20 July and 10 August 2021, the Thai cabinet passed new resolutions granting relief measures to members of the public living in red zones in 29 provinces (including Bangkok) who have been particularly affected by government lockdown measures aimed at containing and reducing cases of COVID-19 infection.

Raising operating capital of a general finance company

Under the Credit Institutions Law 2010, a finance company is permitted to raise operating capital under various forms provided that such forms of capital raising are clearly specified in the finance company’s establishment and operation license.

Foreign governing law for contracts between foreign-owned companies in Vietnam

For contracts between a foreign-owned company (i.e., companies which are owned and controlled by foreign investors) and other companies in Vietnam, the default position is that Vietnamese law is the governing law. However, there are certain arguments or mechanisms to allow the parties to choose foreign governing law.

Applicability of Vietnam Anti-Money Laundering Law (AML) to offshore financial institutions

It is not clear from the Anti Money Laundering Law 2012 and its implementing regulations if the term “licenced” refers to the finance organisations licensed by an authority of Vietnam or also includes foreign finance organisation licensed by a foreign authority.

Vietnam Weekly Update - 30 August 2021

Cập Nhật Hàng Tuần Việt Nam - 30 Thang 8 2021

On this week’s Legal Update, we will lead you explore 3 following issues: Establishment of a domestic advisory group (DAG) in Vietnam, The declaration of goods after 30 days; and VAT when transferring part of the project.

Comparison Between Institutional Arbitration And Ad Hoc Arbitration

In this update: Comparison Between Institutional Arbitration And Ad Hoc Arbitration. Regulation arbitration and ad hoc arbitration have some main differences, as set out in the table in this update.

Forms And Modes Of Bidding For Goods Or Services

This update sets out the forms And modes Of bidding for goods and services pursuant to the provisions of Articles 215 and 216 of the Commercial Law 2005.

Advertising In Printed Newspapers And Some Notable Points

This update discusses general conditions for advertising and specific conditions for newspaper advertising, according to the provisions of Consolidated Document No. 47/VBHN-VPQH.

Procedures For Insurance Of Electricity Activity License

This update covers the processes and procedures for granting electricity activity licenses to enterprises.

Vietnam Weekly Update - 23 August 2021

Cập Nhật Hàng Tuần Việt Nam - 23 Thang 8 2021

In this update: Conditions for obtaining tax incentives for expanded investment projects, Guarantee for business investment of investors upon changes of laws; and Derivatives and derivatives market.

Vietnam Leads Cryptocurrency Adoption

Three plausible reasons why Vietnam may lead in cryptocurrency adoption including distrust in the Vietnamese Dong and the Veitnamese may be seeking an asset that holds value more securely than cash.