Updates
How Ethereum’s Merge affects Vietnam
- Indochine Counsel
For those who follow cryptocurrency news, something big just happened. Ethereum, probably second only to Bitcoin, merged. There are two things that must be understood. First, what is the merge, and second what about the proof of work fork that has already broken away from the merged Ethereum blockchain.
Vietnam: New regulations on private corporate bond issuance
- Apolat Legal
In this update: 1) New regulations on private corporate bond issuance, and 2) New draft regulations on state capital investment in enterprises.
Thailand Legal Update on Credit Term Criteria for SMEs
- DFDL Thailand
On 17 August 2022, the Trade Competition Commission of Thailand (“TCCT”) issued the Notification of TCCT on Guidelines for Determining Fair Trade Practices Relating to Provision of Credit Terms for Small and Mediums Enterprises (“SMEs”) being Sellers or Service Providers.
Amending the Law on Real Estate Business in order to promote the development of real estate market in Vietnam
- ADK Lawyers
The Ministry of Construction is drafting the Law on Real Estate Business. In the Draft, some notable provisions include: (i) The Addition of real estate allowed to be put on the market, and (ii) Additional conditions for organizations and individuals conducting real estate business.
Foreign organizations and individuals may purchase and own residential houses in Vietnam
- ADK Lawyers
The Ministry of Construction is drafting the Law on Residential Housing (amended) (hereinafter referred to as “Draft”). One of the notable provisions in the Draft is that foreign organizations and individuals (hereinafter referred to as “Foreign entities”) are able to purchase and own residential houses in Vietnam.
Vietnam: New points in the compulsory insurance claim dossier in construction investment activities
- ADK Lawyers
On August 11, 2022, the Ministry of Finance issued Circular 50/2022/TT-BTC guiding Decree 119/2015/ND-CP and Decree 20/2022/ND-CP amending Decree 119/2015/ ND-CP.
Vietnam: Statistical reporting period on business registration criteria
- ADK Lawyers
On August 10, 2022, the Ministry of Planning and Investment issued a circular on the statistical reporting regime of the Planning, Investment and Statistics sector.
Vietnam: Recording, taking photos of the Trial Panel, trial participants without permission may be fined up to 15 million VND
- ADK Lawyers
On August 18, 2022, the Standing Committee of the National Assembly has just issued Ordinance 02/2022/UBTVQH15 sanctioning administrative violations for acts of obstructing legal proceedings.
Data Privacy and Vietnam’s Government, Some Questions
- Indochine Counsel
According to Vietnam Plus yesterday, Ho Chi Minh City authorities are hopeful that their gross regional domestic process will be composed 25% of the digital economy. The plans are ambitious. The directive was issued by the standing board of the municipal party committee.
AI and the Law in Vietnam
- Indochine Counsel
AI requires absolutely staggering amounts of data in order for it to conduct the machine learning necessary to interact with novel situations. Only a few organizations have the data necessary to complete such training. Even if they are blessed with sufficient data, the way they use the data under current regulations is unclear.
Myanmar: DICA Announces Recommendation Policy for Foreign Visa Extensions
- DFDL Myanmar
The Directorate of Investment and Company Administration (“DICA“) issued an Announcement for its Recommendation on Foreigner Visa Extensions that went into effect on 14 September 2022. The Announcement sets forth the requirements for companies that wish to apply to extend a foreigner’s visa.
Vietnam: Compulsory construction insurance during construction
- Apolat Legal
In this update: 1) Draft National Energy Development Strategy, and 2) Compulsory construction insurance during construction.
Tech giants complying with new tax system
- Grant Thornton Vietnam
A range of multinationals have already complied with Vietnam's new tax procedures for foreign suppliers / supplies - these groups are now adjusting their tax policies, which may affect companies and individuals who generate income from digital platforms. According to the General Department of Taxation (GDT), three months into deploying the Tax Portal for Foreign Suppliers, 26 multinational organisations registered and paid a total amount of about $20 million in tax. Vietnam is now one of the first four countries in Southeast Asia to successfully assert the right to control taxes for foreign enterprises in e-commerce and other digital platforms.
Impacts of Vietnam’s New Data Localization Decree
- Indochine Counsel
This article looks at some of the effects of the implementation of the Cybersecurity Law on enterprises doing business in Vietnam.
Decree 53 guiding Cybersecurity Law
- PwC Legal Vietnam
On 15 August 2022, the Vietnamese Government issued Decree 53/2022/ND-CP detailing a number of articles of the 2018 Cybersecurity Law, and which sets out the requirements for such local data storage and local presence requirements. Decree 53 comes into effect from 1 October 2022.
Cybersecurity Updates in Vietnam’s Legal Regime
- Indochine Counsel
This article covers the promulgation of Decree 53 on the implementation of the cybersecurity law in Vietnam. By Dang The Duc and Thai Gia Han.
Vietnam: Proposing preferential policies supporting the farm economy
- Apolat Legal
In this newsletter: 1) Proposing two new methods of selecting drug suppliers., and 2) Proposing preferential policies supporting the farm economy.
New Decree 53 details Certain Provisions in the Law on Cybersecurity
- DFDL Vietnam
The Government of Vietnam issued Decree 53/2022/ND-CP detailing a number of articles in Vietnam’s Law on Cybersecurity (2018) which took effect as from 1 January 2019. Decree 53 is part of the guiding legislation intended to address provisions in the Law on Cybersecurity that required more detail.
Cambodia: Implementation of the Pension Fund Scheme
- DFDL Cambodia
Following the enactment of the Law on Social Security in 2019 and issuance of Sub-Decree 32 on the Social Security Scheme for Pension Fund for Persons under the Scope of the Labour Law in 2021, the Cambodian Government issued further regulations regarding formalities and procedures for the pension scheme.
Foreign ownership limits in Business Cooperation Contracts in Vietnam
- Venture North Law Firm
In certain business sectors, Vietnam allows foreign investors to invest though a joint venture or a business cooperation contract. However, it is not clear if the ownership limit provided in these commitments apply to investment through a joint venture only or to both investment through joint ventures and BCCs.
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