Updates
Myanmar: Central Bank of Myanmar Adopts Market-Driven Exchange Rate For Online Trading Platform
- DFDL Myanmar
On 5 December 2023, the Central Bank of Myanmar issued a directive to authorized dealer banks, stating that the Central Bank will no longer determine the exchange rates on the online trading platform, and the exchange rates will be determined by market forces.
Vietnam: Draft New Land Law No. 8 Dated the 8th November 2023
- KPMG Law Limited
This eighth draft of the new Land Law continues to improve the administrative land management system and expand the rights of land users, including foreign-invested economic organisations. This update discusses the key highlights of the new draft.
Vietnam: Distressed assets in Vietnam - Navigate the legal risks, seizing the opportunities
- Legal Centrix
The key to navigate distressed M&A substantially relies upon striking a balance between the potentially high commercial gains and the special legal risks peculiar to distressed assets. This article discusses what buyers should be mindful of and how they can manage the key legal risks for the best possible desirable outcome.
Vietnam: New Rules on Work Permits
- LNT & Partners
On 18 September 2023, Vietnam’s Government introduced the Decree No. 70/2023/ND-CP amending the Decree No. 152/2020/ND-CP dated 30 December 2020 concerning foreign employees in Vietnam and the administration of Vietnamese employees employed by foreign entities in Vietnam. Among several updates, highlighted below are two primary groups of changes concerning foreign employees in Vietnam.
Vietnam: Sale up to 100% extended until 10th of February 2024
- LNT & Partners
On the 20th of November 2023, the Department of Industry and Trade of Ho Chi Minh City officially released Letter No. 7028/SCT-QLXNK, outlining collaborative efforts for the execution of the 2023 Shopping Season. This initiative aligns with the directives set forth in Plan No. 1976/KH-UBND, issued on the 15th of May 2023.
Vietnam: Exploring Wind Power Project Opportunities
- LNT & Partners
To meet its climate commitments and achieve net-zero by 2050, the Vietnam government has taken steps to establish a legal framework for the development of renewable energy. This effort has included enticing foreign investments in wind power. This article discusses market access and foreign market access.
Vietnam: New Law on Protection of Consumers’ Rights
- LNT & Partners
On 20 June 2023, the National Assembly promulgated the Law on Protection of Consumers’ Rights No. 19/2023/QH15 (the “New PCR Law”), aimed to replace its almost 13 year old predecessor – the Law on Protection of Consumers’ Rights No. 59/2010/QH12 promulgated on 17 November 2010, as guided by Decree No. 99/2011/ND-CP (the “Current PCR Law”).
Vietnam: Healthcare Sector - Update to Regulations on Medical Examination and Treatment After 14 Years
- RHTLaw Vietnam
On 9 January 2023, the Government issued Law No. 15/2023/QH15 on Medical Examination and Treatment superseding Law No. 40/2009/QH12 with the goal of bringing a more forward legal framework corresponding to current medical practice beginning on 1 January 2024. This update provides valuable details on the new law.
Thailand: Competition Trade Guideline for Digital Sectors
- DFDL Thailand
On October 9, 2023, the Trade Competition Commission of Thailand announced its plan for 2024 to focus primarily on competition, unfair trading, and antitrust policies for e-commerce businesses with a value of over THB 100 billion (approximately USD 2.87 million).
Vietnam: Resolution on Global Minimum Tax policy in Vietnam
- PwC Legal Vietnam
Further to our update on 1 August regarding the draft Resolution on Global Minimum Tax policy in Vietnam issued for public consultation, the National Assembly has just approved this Resolution on 29 November. The Resolution takes effect from 1 January 2024.
Vietnam: Resolution on Global Minimum Tax
- KPMG Law Limited
The National Assembly of Vietnam has passed a Resolution in respect of the OECD’s Pillar Two Model Rules. The Resolution will come into effect from 01 January 2024. The Resolution requires large multinational groups to pay a global minimum corporate income tax of 15% on profit in each jurisdiction.
Cambodia: Operating a Franchise in Cambodia
- BNG Legal
This article discusses franchising in Cambodia, types of franchises, recordal / registration, and relevant legislation.
Cambodia: Update on the Law on Taxation
- BNG Legal
On 16 May 2023 the Royal Kram promulgated the New Law on Taxation. The New Law on Taxation is not a complete overhaul of the previous law, however it is designed to improve, facilitate, fill gaps and improve the consistency of the previous law by compiling a set of laws related to tax, international tax and tax practices.
Vietnam: Regulations on Credit Institutions and Foreign Labour
- ADK Lawyers
In this newsletter: New regulations on credit institutions, the deadline for reporting on foreign labour and other legal instruments.
Vietnam: Unlocking Opportunities Real Estate Project Investors Regain Power to Raise Capital
- LNT & Partners
On 23 August 2023, the State Bank of Vietnam issued Circular No. 10/2023/TTNHNN suspending the enforcement of certain provisions of Circular No. 39/2016/TT-NHNN, which was itself amended and supplemented by Circular No. 06/2023/TT-NHNN (Circular 06). Accordingly, the SBV has suspended the enforcement of clauses 8, 9, and 10 of article 8 of Circular 06 concerning non-eligible loan capital.
Cambodia: Prakas Unfair Contract Clauses
- BNG Legal
The Prakas on Unfair Contract Clauses (UCC), promulgated on March 01, 2022, serves as a cornerstone in the Cambodian legal framework, emphasizing the importance of "Standard Form Contracts." This legislation aims to fortify consumer rights, ensuring transparency, fairness, and protection against undue profit exploitation in contractual relationships with business operators. This article discusses the Prakas.
Myanmar: SAC issued Copy Right Registration Rules
- DFDL Myanmar
On 23 October 2023, the Ministry of Commerce under the State Administration Council ("SAC") issued the Copyright Registration Rules ("CRR"). With the introduction of the new Copyright Law, designed to replace the outdated Copyright Act of 1914, copyright holders can voluntarily register their copyrights per the new legislation's guidelines.
Mazars In Vietnam Newsletter - Tax & Legal Update - Issue November 2023
- Mazars Vietnam
In this update: Value Added Tax, 2. Corporate Income Tax, 3. Personal Income Tax, 4. Foreign Contractor Tax, 5. Decision 25/2023/QD-TTg dated 3 October 2023 of the Prime Minister on reducing land rental fee in 2023
Vietnam: Intra-group restructuring transactions and their potential tax implications in Vietnam
- Grant Thornton Vietnam
In the face of globalisation, groups of companies operating internationally often find themselves with complex corporate structures. Therefore, intra-group restructuring may need to take place to improve administrative, operational, and economic efficiency.
Vietnam: New Law on E-Transactions Passed To Boost Digital Transformation in Vietnam
- RHTLaw Vietnam
After 18 years since the first Law on E-Transactions was adopted paving the way for technology development in Vietnam, the National Assembly passed the new Law on E-Transactions No. 20/2023/QH15 in June 2023. This new Law on E-Transactions will supersede the existing law from 1 July 2024 and aims at addressing inadequacies under the current legal framework and promoting digitalization in Vietnam.
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