Updates
Vietnam: Customs and Global Trade updates | March & April 2023
- EY Vietnam
In this update: 1) Application of official anti-dumping measures on tables and chairs imported from China, 2) Enterprises based in HCMC must register warehouse information before taking goods into a storage warehouse, 3) Rules of Origin under the ASEAN Trade in Goods Agreement (ATIGA) and other updates.
Vietnam: Newly enacted Resolution 33: boosting and regulating real estate market for sustainability
- Indochine Counsel
Recently, the Government issued Resolution No. 33/NQ-CP on 11 March 2023, which aims to provide solutions to dismantle and promote the real estate market in a safe, healthy, and sustainable manner.
Vietnam: Draft Circular to tighten controls for offshore loans in Vietnam
- Indochine Counsel
On 11 April 2022, the State Bank of Vietnam (the “SBV”) released a draft circular on conditions for foreign loans not guaranteed by the government, including loans to credit institutions and loans to local enterprises (the “Draft Circular”), and is expected to replace the current Circular No. 12/2014/TT-NHNN (“Circular No. 12”).
Vietnam: Power Plan VIII officially approved
- ADK Lawyers
After a long period of adjustment and improvement, the Prime Minister issued Decision No. 500/QD-TTg on 15 May 2023, approving the national electricity development planning of 2021 - 2030 and the vision for 2050.
Myanmar: Offshore Repatriation of Foreign Currency by DICA Companies
- DFDL Myanmar
The Directorate of Investment and Company Administration has issued an undated notice where it has listed the documents that all DICA registered companies are required to submit to DICA to obtain its approval to repatriate foreign currencies out of Myanmar.
Vietnam: Legal Alert on Decree 13 on Personal Data Protection
- KPMG Vietnam
On 17 April 2023, the Government issued Decree 13 on Personal Data Protection. With the Law on Cybersecurity (before 4/2018/QH14) dated 12 June 2018 and its first implementing Decree 53 dated August 2022, Decree 13 forms the third legal document to strengthen the legal framework governing cyberspace.
Vietnam: Proposed Amendments to Vietnam's Advertising Law
- Indochine Counsel
On 7 February 2023, the National Assembly published a draft Law on Amending and Supplementing the Advertising Law (the “Draft Law”) for public comments. The Draft Law proposes amendments and supplements to the Advertising Law in four policy areas, as discussed in this article.
Cambodia: Promulgation of the New Law on Taxation
- DFDL Cambodia
On the 16th of May 2023, the New Law on Taxation was promulgated. The New Taxation Law abrogates the Law on Taxation, dated February 24, 1997, and the Law on Amendment to the Law on Taxation, dated March 31, 2003.
Cambodia: Trust Inspection: Formalities and Procedures
- DFDL Cambodia
The Law on Trusts promulgated on 2 January 2019 provides the legal framework for the creation, registration and inspection of trusts in Cambodia. To facilitate the implementation of the Trust Law, the Trust Regulator on 3 November 2022 issued Prakas 051 on the Formalities and Procedure for Inspection of Trusts.
Myanmar: MOPF Issues New Tax Procedures on Foreign Currency Transfers
- DFDL Myanmar
On 25 April 2023, the Ministry of Planning and Finance (“MOPF”) issued a new Standard Operating Procedure (“SOP”) outlining the additional tax requirements when remitting foreign currency payments from Myanmar to overseas.
Vietnam's PDP VIII: Ushering in a Renewable Energy Investment Era
- Indochine Counsel
Vietnam's long-awaited Power Development Plan VIII ("PDP8") has finally been approved by the Government. This strategic blueprint, steering Vietnam's energy sector for the next decade, offers significant opportunities for investors, particularly in the renewable energy field
Vietnam: Offshore indirect investment procedures – List of 19 frequently asked questions and answers
- BLawyers Vietnam
BLawyers Vietnam provides an overview of offshore indirect investment in this FAQ article. We present the conditions and principles for transferring capital for offshore indirect investment, and profit remittance when carrying out an offshore indirect investment pursuant to the prevailing law of Vietnam.
Vietnam: Three notes on installing and advertising business on LED screens outside buildings
- BLawyers Vietnam
Currently, buildings have a trend of installing LED screens outside for advertisement service business. In this article, BLawyers Vietnam will point out three notes regarding installation and advertising business on outdoor LED screens.
Vietnam: How are enterprises fined for violating regulations concerning payment of health insurance premiums for employees in Vietnam?
- BLawyers Vietnam
Enterprises violating regulations on payment of health insurance premiums for employees is an act occurring in several places in Vietnam. BLawyers Vietnam points out some regulations and notes regarding this matter.
Vietnam: Key points of Vietnam Power Development Plan VIII (PDP8)
- LNT & Partners
The Vietnam Power Development Plan VIII (PDP8) has been released. This update discusses several key takeaway points including grid development, onshore and offshore wind, solar, LNG, coal and hydropower.
Vietnam: Response to the GloBE model rules: Some key considerations for Vietnam
- EY Vietnam
Vietnam, in choosing not to introduce legislation to implement Pillar Two of the Global Anti-Base Erosion model rules (GloBE model rules), means that tax incentives provided in Vietnam may be “clawed back” in another country. EY Vietnam explains in this article.
Vietnam: Late Payment Interest: The Matrix and Some Implication to Manage the Caps
- LNT & Partners
In Vietnam, overdue payment often comes along with late payment interest (LPI). As a rule of thumb, under Articles 357 and 468 of the Civil Code 2015, an obligor failing to pay timely is subject to paying LPI as agreed between the contractual parties; unless otherwise provided by other relevant laws, this LPI is capped at 20% per annum or 1.667% per month.
Vietnam Government Issues Guidance on Anti-Money Laundering
- DFDL Vietnam
The Government of Vietnam issued Decree No.19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering.
Vietnam: Renewable Energy Policy Framework
- LNT & Partners
Renewable energy policy: 1. Pillar regulators governing the process for renewable power projects, 2. Promotion measures in renewable energy for foreign investors: (1) Feed-in-Tariff & tax incentives; (2) Investment credit incentives; (3) Land incentives; (4) Incentivizing research on renewables for high-tech.
Vietnam: Development on Data Privacy Regulation of Vietnam
- Lexcomm Vietnam LLC
The long-awaited centralized regulation on data privacy has now been formally promulgated by the Government of Vietnam – under the Government Decree No. 13/2023/ND-CP on Personal Data Protection (Decree 13) on 17 April 2023.
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