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Vietnam Weekly Update - 6 September 2021

Cập Nhật Hàng Tuần Việt Nam - 6 Thang 9 2021

In this update: Implementing the plan to support electricity bill reduction and electricity price reduction for electricity users, Guidance on the application of PIT on mid-shift meal payment for employees; and VAT rates.

Thailand: Relief Measures for Member of the Public Affected by the Thai Government’s COVID-19 Lockdown Measures

On 20 July and 10 August 2021, the Thai cabinet passed new resolutions granting relief measures to members of the public living in red zones in 29 provinces (including Bangkok) who have been particularly affected by government lockdown measures aimed at containing and reducing cases of COVID-19 infection.

Raising operating capital of a general finance company

Under the Credit Institutions Law 2010, a finance company is permitted to raise operating capital under various forms provided that such forms of capital raising are clearly specified in the finance company’s establishment and operation license.

Foreign governing law for contracts between foreign-owned companies in Vietnam

For contracts between a foreign-owned company (i.e., companies which are owned and controlled by foreign investors) and other companies in Vietnam, the default position is that Vietnamese law is the governing law. However, there are certain arguments or mechanisms to allow the parties to choose foreign governing law.

Applicability of Vietnam Anti-Money Laundering Law (AML) to offshore financial institutions

It is not clear from the Anti Money Laundering Law 2012 and its implementing regulations if the term “licenced” refers to the finance organisations licensed by an authority of Vietnam or also includes foreign finance organisation licensed by a foreign authority.

Vietnam Weekly Update - 30 August 2021

Cập Nhật Hàng Tuần Việt Nam - 30 Thang 8 2021

On this week’s Legal Update, we will lead you explore 3 following issues: Establishment of a domestic advisory group (DAG) in Vietnam, The declaration of goods after 30 days; and VAT when transferring part of the project.

Comparison Between Institutional Arbitration And Ad Hoc Arbitration

In this update: Comparison Between Institutional Arbitration And Ad Hoc Arbitration. Regulation arbitration and ad hoc arbitration have some main differences, as set out in the table in this update.

Forms And Modes Of Bidding For Goods Or Services

This update sets out the forms And modes Of bidding for goods and services pursuant to the provisions of Articles 215 and 216 of the Commercial Law 2005.

Advertising In Printed Newspapers And Some Notable Points

This update discusses general conditions for advertising and specific conditions for newspaper advertising, according to the provisions of Consolidated Document No. 47/VBHN-VPQH.

Procedures For Insurance Of Electricity Activity License

This update covers the processes and procedures for granting electricity activity licenses to enterprises.

Vietnam Weekly Update - 23 August 2021

Cập Nhật Hàng Tuần Việt Nam - 23 Thang 8 2021

In this update: Conditions for obtaining tax incentives for expanded investment projects, Guarantee for business investment of investors upon changes of laws; and Derivatives and derivatives market.

Vietnam Leads Cryptocurrency Adoption

Three plausible reasons why Vietnam may lead in cryptocurrency adoption including distrust in the Vietnamese Dong and the Veitnamese may be seeking an asset that holds value more securely than cash.

Updates on entry approval to Vietnam during COVID-19 and mandatory quarantine period

The National Steering Committee for COVID-19 Prevention and Control issued Official Letter 5322/CV-BCD dated 5 July 2021 providing new guidance on Vietnam entry approval for qualified individuals.

Is VNDC a Stablecoin for Vietnamese Investors?

VNDC is a stablecoin pegged to the Vietnamese Dong but it is not a Vietnamese cryptocurrency, it is owned and controlled by a holding company in Singapore. The VNDC stablecoin is a foreign cryptocurrency that is targeted to Vietnamese citizens and its primary webpage is in Vietnamese.

Vietnam Weekly Update - 16 August 2021

Cập Nhật Hàng Tuần Việt Nam - 16 Thang 8 2021

On this week’s Legal Update, we will lead you explore 3 following issues: Regulation on electricity price; PIT of Covid-19 testing expenses; and Deploying online public services to support employees, employers facing difficulties due to the Covid-19 pandemic on the National Public Service Portal.

Short-Term Foreign Loans For Paying Salary – Some Issues Should Be Noted

Paying salary for employees is required by the Law. To resolve the current difficulties, many FDI enterprises find financial sponsorship from the short-term foreign loans without the Government’s guarantee. However, they have also been met a dilemma due to unclear regulations.

Vietnam Weekly Update - 9 August 2021

Cập Nhật Hàng Tuần Việt Nam - 9 Thang 8 2021

In this week’s Legal Update: Transferring of common ownership part of the apartment building, Specific regulations on essential goods and services; and CIT incentives policy for new investment projects.

Tax alert - Further important changes from Decree 18 guiding the Law on Export Duty, Import Duty

This Tax alert covers: Export processing enterprise (EPE) status and considerations and actions required for existing EPEs, EPEs established before the effective date of Decree 18 and EPEs established after the effective date of Decree 18.

Governmental Support Packages For Employers And Employees

Resolution 68/NQ-CP of 1 July 2021 and Decision 23/2021/QD-TTg of 7 July 2021 introduce 12 support packages for employees and employers seriously affected by the COVID-19 pandemic. This update sets out the ones, enterprises might be most interested in. Qualification is subject to conditions set out in these documents.

Tax alert - Government’s support to employers and employees impacted by COVID-19

This Tax alert covers: Support to employers, support to employees, support on Trade Union fund deferment support on late declaration and late payment of tax, amd Other measures to manage foreign nationals working in Vietnam.