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Vietnam’s Amended Credit Institutions Law 2024: Enhancing Transparency and Stability

The draft to amend the 2010 Law on Credit Institutions has undergone multiple versions, featuring crucial amendments and supplements. The amended Law as approved is expected to have a major impact on the operations of credit institutions in Vietnam. This article discusses the changes.

Myanmar-India Border Trade Rupee Vostro Account Guidelines

As of 25 January 2024, the Central Bank of Myanmar issued detailed guidelines for a new payment mechanism for India-Myanmar border trade. This mechanism utilizes the Special Rupee Vostro Account, and these Guidelines are framed within the legal framework of the Foreign Exchange Management Law.

Cambodia: Civil Registration and Identification Under The Law On Civil Identification.

On 29 December 2000, the Government of Cambodia issued Sub-Decree No. 103 to define the formality and the procedure for Civil Registration affairs in the Kingdom of Cambodia. The Sub-Decree has, until recently, been the primary legislation for civil status registration and the main source for registrars to use for civil registration in the Kingdom.

Cambodia Tax Alert: ACAR and Unaudited Financial Statements – An Explainer

The Accounting and Auditing Regulator of Cambodia (ACAR) has upgraded its public profile in recent times from relative obscurity to that of being well in the public spotlight. This is in part due to its recent enthusiastic and somewhat liberal application to the large array of penalties at its disposal with respect to entities that fall foul of its compliance requirements.

Cambodia: Implementation of Prakas on Unfair Contract Terms

Following promulgation of the Law on Consumer Protection the Ministry of Commerce issued Prakas 0067 on Unfair Contract Terms aiming to protect consumer’s rights against excessive exploitation of benefits and abuse of circumstances arising from the contractual relations between consumers and business operators.

Indonesia: Insights from the Latest Supreme Court Circular Letter

The Supreme Court of Indonesia issued a circular letter to all courts of the first and second level as guidelines for the judges across Indonesia to achieve uniformity in the application of the law and consistency in every court decision. This update discusses Supreme Court Circular Letter No. 3 of 2023 regarding The Implementation of the 2023 Supreme Court Plenary Meeting Results as Guidelines for the Implementation of Duties for Courts (“CL 3/2023“).

Cambodia: Labelling of Products/Goods and Services

The Consumer Protection Competition and Fraud Repression Directorate-General issued a Notification on the Labelling of Information for Consumers on Products, Goods and Services dated 23 September 2022 as part of the enforcement of the Consumer Protection Law. This update discusses the Notification.

Cambodia: Tax Amnesty Deadline Announced

Prakas No. 071 MEF.P.GDT on Incentives for the Voluntary Correction of Tax Declarations Prakas 071 was signed on the 30th of January 2024. Prakas 071 amends the application of Prakas 217 issued by the Ministry of Economy and Finance in March 2022.

Vietnam: Recent Amendments to the Credit Institutions Law in Vietnam - Key Updates and Legal Implications

The amended Law on Credit Institutions 2024 was approved by Vietnam’s National Assembly on 18 January 2024 and is effective from 1 July 2024. This article highlights the following key provisions of the Amended Law on Credit Institutions.

Vietnam: 7 important changes brought about by the new Land Law,

The new Land Law was passed by the National Assembly on 18 January 2024 and is set to take effect on 1 January 2025. In this article, KPMG examines the 7 important changes brought about by the new Land Law, and a brief commentary as to potential impact that these changes may bring about.

Vietnam: Mitigating the risks of using Generative AI for Businesses in Vietnam

Vietnam: Key Features of the Amended Law on Housing

This technical update covers highlights of the Law on Housing amended and passed on 27 November 2023. The Law on Housing was promulgated to resolve legal difficulties, increase integrity of related legislation and facilitate a stable legal environment for real estate businesses.

Vietnam: GMS Alert on PIT Issues

In this update: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurance for PIT calculation

Vietnam: Consequences Of Breaches Of Representations And Warranties Under Vietnamese Law

Representations and warranties should constitute obligations of the person giving it under Vietnamese law, implying an obligation on the person providing them to guarantee that the stated facts and matters are true. In this update, we look at the consequences of breaches of representations and warranties under Vietnamese law.

Vietnam: Status Of Partially Secured Creditors Under Law On Bankruptcy 2014

Under the Law on Bankruptcy 2014, creditors of a bankrupt enterprise include unsecured creditors, partially secured creditors and secured creditors. While it is not entirely clear, it appears that partially secured creditors are considered as a separate class of creditors and have their own rights during a proceeding.

Vietnam: Shareholder Rights During The First 90 Days Of Incorporation Of A Joint Stock Company

Under the Enterprise Law 2020, it is reasonable to consider that during the Capital Contribution Period, the founding shareholders who have not paid for the Subscription Shares in full would have all the shareholders rights including rights to transfer the Shares which have not been paid up. However, the drafting of the Enterprise Law 2020 could give rise to the position that during the Capital Contribution Period shareholder rights, the founding shareholders have only the voting right.

Vietnam: Validity of Board Resignations in Vietnamese Joint Stock Companies

From January 2021, under the Enterprise Law 2020, if a member of the board of directors hands in his/her letter of resignation to resign as a Board member in a joint stock company, he/she may not cease to be a Board Member until approved so by the General Meeting of Shareholders. This update discusses this issue.

Cambodia: ACAR and Unaudited Financial Statements – An Explainer

ACAR is the Government regulatory body that oversees the accounting and auditing profession in Cambodia. It is responsible for the licensing of accounting and auditing firms in Cambodia and the introduction and implementation of regulations and standards pertaining to audit and accounting. This article explains ACAR's purpose and activities.

Vietnam adopts more stringent rules on ownership in banks and their operations

The newly passed Law on Credit Institutions 2024 will lower the ownership limits in Vietnamese credit institutions to address the cross-ownership issues. It will also impose stricter ownership disclosure requirements to increase market transparency. In this article, we highlight the key changes (under the latest draft of the new law) and its impact on investors and the operations of Vietnamese credit institutions.

Vietnam: Recent Amendments to the Credit Institutions Decree in Vietnam - Key Updates and Legal Implications

The amended Law on Credit Institutions 2024 was approved by Vietnam’s National Assembly on 18 January 2024 (the "Amended Law on Credit Institutions") and is effective from 1 July 2024. In this article, we highlight the following key provisions of the Amended Law.