Updates
Vietnam: No clear legal basis for controlling annual credit growth by Vietnamese credit institutions
- Venture North Law Firm
In practice, annually, the State Bank of Vietnam allocates annual credit growth limits to each credit institution including the finance company. In September 2022, it was reported that the SBV should use its ranking system to decide to allocate credit growth limits to each credit institution.
Vietnam: KPMG Technical Update - November 2023
- KPMG Law Limited
In this update: Circular No. 16/2023/TT-BYT on marketing authorization registration of drugs, Decree No. 65/2023/ND-CP of the Government on measures to enforce Law on Intellectual Property regarding industrial property, and Official Letter No. 4040/TCHQ-GSQL on the conditions for inspection and supervision of the export processing enterprise.
Vietnam cross-border lending guide
- Allens Vietnam
The legal landscape on cross-border lending has recently undergone significant changes. We also address recurrent challenges encountered by foreign lenders and domestic borrowers in their transactions.
Vietnam: Data Center and Cloud Computing Services in Vietnam – Navigating the Current and Future Regulations (Part 1)
- KPMG Law Limited
While Vietnam's Data Centre and Cloud Computing Services are experiencing strong growth, the lack of a solid legal framework in this area has caused difficulties for investors in their market entry and operations. The government's legislative efforts will be discussed in this article.
Vietnam: Recognition And Enforcement Of Awards Of Foreign Arbitrators In Vietnam – In Practice
- Dentons Luat Viet
In foreign arbitration, the party winning the case may not be the eventual winner. This paradox comes from the requirement that any award of foreign arbitrators must go through the procedure of recognition and enforcement at a competent Vietnamese Court before it can be executed in Vietnam, as discussed in this update.
Vietnam: Transfer of Capital in Foreign Invested Enterprises
- ADK Lawyers
The transfer of capital in an FIE arises when an investor whose name is on the contributed capital of the enterprise demands to transfer part or all of their contributed capital to another investor. This transfer will lead to a change in the name of the person named or in the percentage of contributed capital in the enterprise, or both of the above.
Vietnam: Decree 35 - Transforming the Construction, Architecture, and Real Estate Sectors in Vietnam
- LNT & Partners
This Decree introduces a series of comprehensive changes aimed at streamlining administrative procedures, embracing technology, and enhancing efficiency in these vital industries. In this article, we delve into the key provisions of Decree 35 and their implications for the construction, architecture, and real estate sectors.
Vietnam: Updates on Land Subdivision Projects
- LNT & Partners
Decree 35 issued by the Government now provides various amendment to regulations in the field of construction, planning, housing and urban management, in which local governmental authorities are entitled to approve land subdivision projects.
Vietnam: Notes on the Sale and Purchase of Ships Not Using State Capital to Foreign Organisation and Individuals
- ADK Lawyers
The sale and purchase of ship is a specific investment activity. Processes and procedures for the sale and purchase of ships shall comply with the provisions of Decree 171/2016/ND-CP on the registration, deregistration, purchase, sale and building of ships and other relevant provisions of the laws.
Myanmar: New Minimum Wage After Five Years of Hiatus
- DFDL Myanmar
The National Committee for Setting up the Minimum Wage has recently announced a long-anticipated adjustment to the daily minimum wage rate, increasing it to MMK 5,800 (approximately USD 2.77). This is the first such increase to the daily minimum wage rate in the last five years.
Vietnam: Navigating Vietnam’s Personal Data Protection Decree:Five Frequently Asked Questions
- DFDL Vietnam
Vietnam’s first-ever comprehensive legal framework dedicated to personal data protection introduces new rules that capture a wide range of entities. The new rules – Decree No. 13/2023/ND-CP and referred to as the Personal Data Protection Decree (or PDPD) – were issued on 17 April 2023 and took effect from 1 July 2023.
Myanmar: Data Protection and Cyber Security Under The E-Commerce Guideline
- DFDL Myanmar
On 5 September 2023, the Ministry of Commerce issued the E-Commerce Guidelines that introduced several significant provisions affecting the e-commerce landscape. In this alert, we will delve into specifics of personal data protection as provided in the Guidelines.
Vietnam: Decision 25/2023 on reduction of land rent in 2023
- PwC Legal Vietnam
On 03 October 2023, the Prime Minister issued Decision No. 25/2023/QĐ-TTg on reducing land rent by 30% in 2023. This decision will take effect from 20 November 2023.
Vietnam: Get Ready for Pillar 2 – The Vietnamese government’s actions to mitigate the impact on the economy.
- Grant Thornton Vietnam
OECD Pillar 2 is one of the two pillars of a comprehensive solution to address the tax challenges arising from the digitalization of the economy. Pillar 2 (Global Minimum Tax) has introduced a minimum threshold at a corporate tax rate of 15 percent for large multinational enterprises with global revenue over 750 million EUR.
Vietnam: Work permit requirement updates| October 2023
- EY Vietnam
Effective 18 September 2023, Vietnam implemented a new law, Decree 70/2023/ND-CP, that amends the regulations governing foreign employees.
Vietnam: Legal issues when setting up a cafe in Vietnam
- Apolat Legal
Apolat Legal will highlight some of the legal issues related to setting up a small cafe including enterprise registration, food safety eligibility certificate, fire prevention and certificate, parking and intellectual property registration.
Vietnam: Conditions for insurance brokerage of foreign investors in Vietnam
- Apolat Legal
This legal update on insurance brokerages in Vietnam covers opportunities and foreign investment for insurance brokerages.
Vietnam: Decree No. 70/2023/ND-CP amending Decree No. 152/2020/ND-CP on foreign workers working in Vietnam
- Apolat Legal
On September 18th, 2023, the Government issued Decree No. 70/2023/ND-CP on amendents to the Decree No. 152/2020/ND-CP on foreign workers working in Vietnam, and recruitment and management of Vietnamese workers working for foreign employers in Vietnam.
Vietnam and the Global Minimum Tax: Opportunity Or Challenge?
- ADK Lawyers
The Global Minimum Tax (“GMT”), also known as the Minimum Corporate Income Tax, is one of the two crucial pillars of the “Base Erosion and Profit Shifting” action plan by the Organization for Economic Cooperation and Development (OECD). This article discusses the GMT and Vietnam.
Vietnam: E-money transfer report - Sums determined for local transfers
- LNT & Partners
On 28 July 2023, the State Bank of Vietnam introduced Circular No. 09 which guides the implementation of Vietnam's recent Law on Anti-Money Laundering, passed in 2022 (the AML Law). Circular 09 provides more comprehensive guidelines pertaining to the evaluation of key AML provisions. • money laundering risk; • methods for assessment; • procedures for managing risk and internal rules; and • internal rules and mechanisms for reporting substantial or suspicious transactions, especially electronic funds transfer (EFT).
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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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