Know how

Vietnam: New Decree 03/2023/ND-CP on functions, tasks, powers and organizational structure of the Vietnam Competition Commission

The Law on Competition (2018) is effective, but it is not fully implemented due to the lack of an appointed regulatory authority. Hence only the Law’s merger provisions have been enforced through the regulator. This lack of properly appointed regulatory authority has also resulted in very little guidance on the interpretation and implementation of the Law.

Vietnam: When is an acquisition of assets considered a gain of control of another company?

Article 2.1(b) of Decree 35/2020 states among other things that “controlling or dominating a company or one business of a company” includes the case where “the acquiring company gains the ownership or the right to use more than 50% of the assets of the acquired company in all businesses or one business of such company”. This update examines the issue of control.

Vietnam: Does an agreement on transfer of land-attached assets require notarization?

Under Article 119.2 of the Civil Code 2015, where the law requires a civil transaction to be in writing and notarized, the parties to the transaction must comply with such requirement. In the context of transactions involving land, Article 167.3 of the Land Law 2013 expressly requires agreement on transferring land use right to be notarized or certified, except for the certain cases where at least one party to such agreement is an entity doing real estate business.

Vietnam: Inspection of electricity operations and use and dispute settlement re power purchase agreements

The Ministry of Industry and Trade issued Circular No. 42/2022/TT-BCT dated 30 December 2022 regulating the inspection of electricity operations and use and settlement of disputes of the power purchase agreement (the “PPA”). The key provisions are discussed here.

Vietnam: Mechanism for Calculation of Electricity Generation Price Bracket and Its Implication for Transitory Solar/Wind Energy Investors

On 3 October 2022, the Ministry of Industry and Trade (MOIT) issued Circular 15 on the mechanism for setting up an electricity generation price (EGP) bracket applicable to transitory (chuyển tiếp) solar and wind power plants (Circular 15/2022), which took effect from 25 November 2022.

Vietnam: Issuing Letters of Credit by "CPTPP" Banks to Residents in Vietnam

Where an institutional resident in Vietnam intends to open an at sight L/C at a CPTPP bank to import equipment into Vietnam., can the Offshore L/C Issuer issue the Offshore L/C to the Vietnamese client under Vietnamese laws?

Vietnam: New Decree On Security Interests Registration - Part I

On 30 November 2022, the Government issued Decree 99 on security interest registration (Decree 99/2022) to replace Decree 102/2017 (Decree 102/2017) on the same subject matter. Decree 99/2022 will take effect from 15 January 2023.

Vietnam: Can an investment project be mortgaged under Vietnamese law?

The answer is a qualified “yes”. It is possible to mortgage an investment project under Vietnamese law. This update discusses the reasons.

3 notes about the foreign arbitral award under the laws of Vietnam and the New York Convention 1958

Recognition and permission for enforcement of foreign arbitral awards is one of the important issues in the institution of commercial arbitration. Accordingly, for the purpose of correctly and properly recognizing and permitting to enforce the foreign arbitral award, the first issue that needs to be considered is to determine whether an award is a foreign arbitral award.

What are derivative works? Copyright for derivative works?

Currently, movies based on novels, translations of books and stories are very popular. Pursuant to Vietnamese laws, such works are considered as derivative works. So what is a derivative work? How is copyright for derivative works protected? This article will provide some information on this topic.

Cambodia: New Prakas on Real Estate Business Service Licensing

According to Prakas No. 052, before applying for accreditation, a valuation company or valuation specialist in the real estate sector is required to obtain a valuation services license or a valuation professional certificate from the Real Estate Business and Pawnshop Regulator of the Non-Banking Financial Services Authority.

Legal Update on Amendment of Civil and Commercial Code

This update sets out provisions in the recent Amendment of the Civil and Commercial Code, including: The minimum number of shareholders, reduction of the validity period of Memorandums of Association from 10 years to 3 years, Imposition of a minimum number of proxy and/or shareholders, among other provisions.

Cambodia Tax Alert: Additional Measures to Mitigate the Economic Impact of Covid-19 and Support the Recovery of the Tourism Sector

The Royal Cambodia Government issued a press release dated 30 Jan 2023 on the Additional Measures to Mitigate the Economic Impact of Covid-19 and Support the Recovery of the Tourism Sector (“Press Release 01”).

Myanmar: Update on Process for eBusiness Visa Extension

The Ministry of Immigration and Population of the Republic of the Union of Myanmar has issued a notice that updates the application process to extend eBusiness Visas for foreigners working for companies or engaging in business in Myanmar.

Vietnam: Change the formula of social insurance premium payment.

Two updates: 1) The Ministry of Labour - Invalids and Social Affairs has promulgated circulars changing the formulas for paying social insurance premiums, and 2) New regulations on registration of security interests.

Vietnam: Raw materials and supplies for production of IT products, digital content and software may be exempt from import duty

On December 31, 2022, the Ministry of Information and Communication issued Circular 25 stipulating the determination of imported raw materials, supplies and components exempt from import duty directly related to the production of information technology (IT) products, digital content and software.

Vietnam: Cases where individuals and organizations are entitled to register asset-based security

On November 30, 2022, the Government issued Decree No. 99/2022/ND-CP on security registration (hereinafter referred to as “Decree 99/2022/ND-CP”).

Vietnam: New electricity generation price for transitional wind and solar power plants – Rescue signal for renewable energy projects in Vietnam?

Cambodia: Additional Measures to Mitigate the Economic Impact of Covid-19 and Support the Recovery of the Tourism Sector

The Royal Cambodia Government issued a press release on 30 Jan 2023 on the Additional Measures to Mitigate the Economic Impact of Covid-19 and Support the Recovery of the Tourism Sector. The Government will continue its relief measures to mitigate the economic impact of Covid-19 and support the tourism sector.

Vietnam: Facilitating foreign investors related to insurance business in Vietnam

On June 16, 2022, the National Assembly passed the Law on Insurance Business. The expectation is that this Law will, in addition to ensuring the implementation of Vietnam's commitments in the WTO and signed trade agreements, create favourable conditions for foreign investors in the field of insurance business.