Updates
Vietnam: One-way money transfers from Vietnam to abroad, Circular 20/2022/TT-NHNN
- BLawyers Vietnam
The State Bank of Vietnam issued Circular No. 20/2022/TT-NHNN dated 30 December 2022 on guidelines for one-way money transfer from Vietnam to abroad and payment, money transfer for other current transactions of residents being organizations and individuals
Vietnam: Compensation by asset for employees working in dangerous, hazardous conditions
- BLawyers Vietnam
The Ministry of Labour – Invalids and Social Affairs (“MOLISA”) issued Circular No. 24/2022/TT-BLDTBXH dated 30 November 2022 regulating the compensation by asset for employees working in dangerous, hazardous conditions. The key provisions are discussed here.
Cambodia: Tax Filing Issues
- DFDL Cambodia
Cambodia’s self-assessment system means annual TOI declarations become very important documents: they play a major role in the tax audits that are undertaken by the GDT. This legal update explores common issues seen arising in tax audits.
Cambodia Adopts a Merger Clearance Regulations
- DFDL Cambodia
The Royal Government of Cambodia has issued the Sub-Decree on Requirements and Procedures for Business Combinations dated 6 March 2023 (“Merger Sub-Decree”). The Merger Sub-Decree elaborates on the prohibition on anti-competitive business combinations set out in Article 11 of the Law on Competition.
Myanmar: Coming in Force of Long-Awaited Myanmar Trademark Law
- DFDL Myanmar
On 10 March 2023, the State Administration Council (“SAC”) made effective the Trademark Law (“TL”). The Notification No. 82/2023 provides 1st April 2023 as the effective date for the TL to come into effect.
Vietnam: Resolution No. 33/NQ-CP 2023 - Measures to Resolve and Promote Safe, Healthy, and Sustainable Real Estate Market Development
- Apolat Legal
In March 2023, the Vietnamese Government issued Resolution No. 33/NQ-CP on some measures to remove barriers and promote the real estate market’s safe, healthy, and sustainable development.
Vietnam: The draft decree amending Decree 65/2022/NĐ-CP on private placement and trading of corporate bonds
- Apolat Legal
Decree 65/2022/NĐ-CP has revealed its shortcomings in the current domestic and international bond markets. Therefore, on March 12th, 2023, the Ministry of Finance submitted a draft decree amending and supplementing Decree 65 including new policies to benefit investors and bond-issuing companies.
Vietnam: Derivatives investment by non-resident foreign investors through bond futures
- BLawyers Vietnam
Vietnam: What are the possible offenses relating to derivatives investment by non-resident foreign investors through bond futures transactions?
Vietnam: Practical notes on the procedure for converting a loan from an overseas parent company into contributed capital of the subsidiary
- BLawyers Vietnam
For a loan borrowed by a subsidiary in Vietnam from an overseas parent company, there are various options for repaying the loan. This article, BLawyers Vietnam summarizes the main regulations regarding converting the foreign loan into contributed capital.
Vietnam: Some proposed changes to the Special Sales Tax Law
- PwC Legal Vietnam
In late February, the Ministry of Finance released a proposal to revise the Special Sales Tax (“SST”) law and is seeking public comments in this respect. The deadline for opinion contribution is 21 March 2023. The SST law amendment is proposed to be discussed and approved in the National Assembly meeting in October 2023.
Vietnam: Circular 13/2023 guiding the implementation of Decree 49/2022 on VAT
- PwC Legal Vietnam
On 28 February, the Ministry of Finance released Circular 13/2023, which provides guidance on the implementation of Decree 49/2022. Circular 13/2023 takes effect from 14 April 2023.
New regulations on bank guarantees in Vietnam
- Venture North Law Firm
On 30 September 2022, the State Bank of Vietnam (SBV) issued Circular 11 on bank guarantees (Circular 11/2022). Circular 11/2022 will replace Circular 7/2015 of the SBV dated 25 June 2015 (as amended) from 1 April 2023. This post will discuss some notable points of Circular 11/2022.
Cambodia: 5 Tips to Successfully Obtain a VAT Refund
- DFDL Cambodia
It is not unusual for a VAT refund process to be fraught with unexpected twists and turns, testing both your character and your patience. In this update we provide our top five (5) tips that may help you successfully obtain that elusive VAT refund.
Vietnam: Amended Intellectual Property Law 2022
- DFDL Vietnam
On 16 June 2022, the Vietnamese National Assembly officially approved the amended Intellectual Property Law (“Amended IP Law”). This latest update contains revisions and supplements more than 100 articles, marking the most expansive overhaul of this law to date.
Cambodia Tax Alert: Determination of 2022 Market Interest Rate for Employee Loans and Related Party Loans
- DFDL Cambodia
On 14 February 2023, the General Department of Taxation issued Notification 5367, which provided the 2022 market interest rates for Employee Loans and loans between related parties in accordance with Prakas 543 on Tax on Salary and Instruction No. 7015 GDT (13 March 2020) and Instruction No. 10979 GDT (25 May 2022).
Vietnam: New Decree On Security Interests Registration - Part 2
- Venture North Law Firm
In this post, we continue to discuss the new Decree 99/2022 on security interest registration, which took take effect from 15 January 2023. (Part 1 of the analysis was published on February 15 and is available in this Legal Updates section)
Vietnam: New Decree 03/2023/ND-CP on functions, tasks, powers and organizational structure of the Vietnam Competition Commission
- DFDL Vietnam
The Law on Competition (2018) is effective, but it is not fully implemented due to the lack of an appointed regulatory authority. Hence only the Law’s merger provisions have been enforced through the regulator. This lack of properly appointed regulatory authority has also resulted in very little guidance on the interpretation and implementation of the Law.
Vietnam: When is an acquisition of assets considered a gain of control of another company?
- Venture North Law Firm
Article 2.1(b) of Decree 35/2020 states among other things that “controlling or dominating a company or one business of a company” includes the case where “the acquiring company gains the ownership or the right to use more than 50% of the assets of the acquired company in all businesses or one business of such company”. This update examines the issue of control.
Vietnam: Does an agreement on transfer of land-attached assets require notarization?
- Venture North Law Firm
Under Article 119.2 of the Civil Code 2015, where the law requires a civil transaction to be in writing and notarized, the parties to the transaction must comply with such requirement. In the context of transactions involving land, Article 167.3 of the Land Law 2013 expressly requires agreement on transferring land use right to be notarized or certified, except for the certain cases where at least one party to such agreement is an entity doing real estate business.
Vietnam: Inspection of electricity operations and use and dispute settlement re power purchase agreements
- BLawyers Vietnam
The Ministry of Industry and Trade issued Circular No. 42/2022/TT-BCT dated 30 December 2022 regulating the inspection of electricity operations and use and settlement of disputes of the power purchase agreement (the “PPA”). The key provisions are discussed here.
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