Know how

Cambodia: Prakas on Unfair Practices in Business Related to Advertisements and Sale Promotions

Vietnam: Restructuring loan terms for customers facing difficulties; and Amending and supplementing the conditions for foreign loans without government guarantee.

GV Newsletter Issue No. 07, July 2024: This newsletter covers (i) base salary and regional minimum wage, (ii) restructuring loan terms for customers facing difficulties, (iii) amending and supplementing the conditions for foreign loans without government guarantee, and (iv) additional principles for purchase and sale of corporate bonds by credit institutions.

Vietnam: Potential change to taxing of Vietnam share transfers for foreign corporate shareholders

The Vietnam Ministry of Finance released a new Draft Corporate Income Tax Law for public consultation on 11 June 2024. One of the key potential changes included is a major revision to the basis of taxation for transfers of Vietnam capital in the form of shares in non-public joint stock companies or invested capital in limited liability companies, whether directly or indirectly.

Vietnam: New Banking Regulations Facilitating Transition To Non-Cash Society

The Government has issued Decree No. 52/2024/ND-CP, taking effect from 1 July 2024 and replacing Decree No. 101/2012/ND-CP. This new Decree is developed to provide regulations aiming at facilitating cashless payment activities and promoting digital transformation in financial sector in Vietnam.

Vietnam: Higher Consumer Protection Standards in the Digital Age

The Government has issued Decree No. 55/2024/ND-CP, taking effect from 1 July 2024 and coinciding with that of the new Law on Protection of Consumers’ Rights. This new Decree is developed to provide detailed guidance for consumer protection activities in a modern commerce setting.

Vietnam: New Law on Real Estate Business

The National Assembly of Vietnam has passed the new Law on Real Estate Business No. 29/2023/QH15 which will become effective from 1 August 2024. The New Law with substantial amendments and additions is expected to address and resolve a number of long-standing legal difficulties that had previously impeded the development of the industry.

Cambodia: Taxing the Informal Economy - Cambodia’s Aspirations for a Progressive Tax System

In October 2023 the newly elected Cambodia government launched the National Strategy for Informal Economic Development 2023-2028. One of the key pillars of the National Strategy involves easing the transition of those businesses currently in the informal economy into the formal economy.

Cambodia: Special Tax Audit Unit

Sub-decree 160 was issued by the Royal Government of Cambodia on the 16 of July 2024 to establish a Special Tax Audit Unit (“STAU”) which has a status equivalent to a department with in the General Department of Taxation. The stated objective behind the creation of the STAU is to provide a mechanism to promote and expedite there solution of taxpayer problems relating to the conduct of tax audits to improve the overall business environment and encourage investment into Cambodia.

Vietnam: Enforcing Denial of Benefits Under FTAs to Tackle Nationality Planning - Challenges & Prospects

Vietnam is now a member of around 16 free trade agreements (FTAs).[1] As market openness generally increases over time, foreign investors may enjoy varying levels of market access depending on the specific FTAs to which their home countries are parties alongside Vietnam.

Vietnam: The Amended Law on Protection of Consumers' Rights Takes Effect Today

The amended Law on Protection of Consumers' Rights takes effect today, July 1, 2024. This article reveal key aspects of the new legislation on consumer information protection, emphasizing its impact on both businesses and consumers.

Vietnam: Key Updates in Vietnam's 2024 Law on Credit Institutions

The 2024 Law on Credit Institutions in Vietnam includes several noteworthy updates to enhance transparency, reduce risks, and promote fairness within the banking sector. Key highlights are described in this article.

Myanmar: Overview of the Patent Law and Regulations in Myanmar

Myanmar has made significant strides in enhancing its intellectual property framework with the introduction of the Patent Law in 2019, marking a major milestone. Enacted on 1 June 2024, by the State Administration Council, this comprehensive legislation was soon followed by the release of the Patent Rules on 4 June 2024.

Vietnam: Legal framework on cosmetic management activities in Vietnam

This update covers: 1) Definition of cosmetics and important terms, 2) Regulations of cosmetic product proclamation, 3) Changes to published content, 4) The effect time of the receipt number of cosmetic product proclamation report, 5) Confiscating the cosmetic product proclamation receipt number, 6) Suspending the cosmetic circulation and confiscation

Vietnam: How to protect the author – right of musical work in the digital age

TikTok is an indispensable app for the young generation. This is a playground for the user to be creative with the short video, otherwise, it is also the cause for the author–right infringement. “How the user protect their author – right in the digital space?”, this essay is going to clarify this issue.

Vietnam: Chinese investor establishes a beverage factory in Vietnam

According to a report from the Department of Investment, 2023 is the year that attracts the most projects from Chinese investors. These data show that Vietnam has always created favorable conditions for Chinese investors to invest in Vietnam, and Vietnam is also a potential market where investors aim to implement production projects.

Thailand Tax Update - July 2024

DFDL Thailand Tax Update: 1) On 4 June 2024, the Thai Cabinet approved a special measure providing corporations and individuals with a special tax deduction for certain expenses in secondary provinces, 2) Update on taxation of foreign income in Thailand.

Vietnam: Japanese investors operating in cosmetics retail in Vietnam

Currently, Vietnam is a popular destination for Japan Investors in cosmetic retail. However, in order to be allowed to conduct cosmetics retail in the Vietnamese market, Japanese investors need to pay attention to the several issues discussed in this article.

Vietnam: Proposed Change In Tax Law Likely Affecting M&A Transactions In Vietnam

Vietnamese tax law has recently introduced a proposed amendment that may affect M&A deal makers in Vietnam especially those with plan for exit/ restructuring M&A transactions. The Vietnam Ministry of Finance has just released the Draft Law on Corporate Income Tax (CIT) for public consultation (the Draft Law).

Electricity Price Range For LNG Power Plants In 2024

On 27 May 2024, the Ministry of Industry and Trade (MOIT) issued Decision 1260 approving the electricity generation price (EGP) range for the year 2024 applicable to LNG combined-cycle gas turbine (CCGT) thermal power plant.

New Decree on Non-Cash Payment in Vietnam

On 15 May 2024, a new Decree on non-cash payments has been passed by the Government (Decree 52/2024) to replace the old Decree 101/ND-CP of the Government on non-cash payment dated 22 November 2012 (Decree 101/2012) from 1 July 2024. In this post, we will introduce certain key changes of Decree 52/2024.