Updates
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).
Vietnam: Circular 08 Is Effective, Are Foreign Loans Still Easy To Implement?
- ADK Lawyers
Circular 08/2023/TT-NHNN officially took effect from August 15, 2023 and has a number of changes compared to previous legal documents. In this article, we will mention new points related to the limit on the purpose of foreign loans in cases where the borrower is not a credit institution or foreign bank branch (enterprise).
Vietnam: KPMG Technical Update on Decrees 56/2023/ND-CP on conditions on conditional business lines
- KPMG Law Limited
This KPMG Technical Update covers Decree 56/2023/ND-CP on conditions on security and order for a number of conditional business lines, and Decree 35/2023/ND-CP on State Management of the Ministry of Construction.
Vietnam: Law on Protection of Consumers' Rights 2023, Law on Electronic Transactions 2023, Law on Procurement 2023
- BLawyers Vietnam
This update summarises the following key legislation: Law on Protection of Consumers' Rights 2023, Law on Electronic Transactions 2023, Law on Procurement 2023
Vietnam: Decree No. 70/2023/ND-CP on recruitment of foreign employees in Vietnam
- Mazars Vietnam
On 18th September 2023, the Government promulgated Decree No. 70/2023/ND-CP amending and supplementing a number of articles of Decree No. 152/2020/ND-CP on foreign employees working in Vietnam and recruitment and management of Vietnamese employees working for foreign employers in Vietnam.
Vietnam: Circular No. 05/2023/TT-BKHDT on investment supervision and assessment report forms
- Mazars Vietnam
Although the requirement for investment supervision and assessment reports has existed since 2021, the Ministry of Planning and Investment has just issued the new report forms recently under Circular No. 05/2023/TT-BKHDT dated 30 June 2023 on investment supervision and assessment report forms.
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 suspending the enforcement of certain provisions of Circular No. 39. The SBV has suspended the enforcement of clauses 8, 9, and 10 of article 8 of Circular 06 concerning non-eligible loan capital.
Vietnam: Significant Amendments To Law On E-Transactions
- Venture North Law Firm
On 22 June 2023, the National Assembly issued a new Law on E-transactions, which will take effect from 1 July 2024 (LET 2023). This update covers the LET 2023 notable points.
Vietnam Securities Depository Center becoming Vietnam Securities Depository and Clearing Corporation and its implication
- Venture North Law Firm
In December 2022, the Prime Minister decided to establish VSDC by converting Vietnam Securities Depository Centre (VSD) being a Government agency under the State Securities Commission (SSC) into a single limited liability company under the Enterprise Law 2020.
Cambodia: Increase in Minimum Wage for 2024 for the Garments, Textiles, Footwear, Travel Products and Bags Sectors
- DFDL Cambodia
On 29 September 2023, the Ministry of Labour and Vocational Training issued Prakas 283/23 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear, Travel Product and Bag Sectors, to set a new minimum wage for 2024, which will be effective from 1 January 2024.
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