Know how

GSM’s delegation to the Board under Vietnamese law

Under the law of Vietnam, it is unclear whether the General Shareholder’s Meeting (GSM) of a joint stock company (JSC) is allowed to authorise (or delegate) its power to the Board or to what extent can the GSM delegate its power to the Board, if the former is possible.

Stricter conditions for foreign borrowings by Vietnamese entities under draft circular

The State Bank of Vietnam is drafting a circular (Draft) to replace Circular 12 (2014) on conditions for enterprises to borrow foreign loans not guaranteed by the Government. The Draft has some remarkable changes to the conditions of foreign borrowings by Vietnamese companies and credit institutions, and generally will tighten such conditions.

Some thoughts on data localization

Vietnam has rigid requirements surrounding data localization, requiring data collectors to open a branch office or representative office and to refrain from transferring any data collected on Vietnamese citizens out of the country. This post discusses some of the benefits and drawbacks of these requirements.

Some Issues of Data Protection in International Websites

While Vietnam goes out of its way to keep a cultural and policy separation between itself and China, it remains associated with China from its geographical proximity and single party governance. One can easily forecast future challenges Vietnamese companies may face as they reach a critical point of global adoption.

EY Tax Update | Asean Mobility Spotlight: Southeast Asia jurisdictions immigration policy updates

In this update we provide the latest on the immigration policies of a number of Southeast Asia jurisdictions, which are expected to boost international business travel and tourism, both key elements of the economies which have been almost non-existent over the last two years and help to drive overall economic growth.

EY Vietnam Tax Updates | July 2022

In this update: 1) Decree 38/2022/ND-CP to increase the regional minimum salary from 1 July 2022, 2) Implementation of electronic Personal Income Tax withholding certificate, and 3) Return to the normal Social Insurance contribution rate for Labour accidents and Occupational diseases.

Vietnam Weekly Update - 24 July 2022

Cập Nhật Hàng Tuần Việt Nam - 24 Thang 07 2022

In this update: 1) Judicial expertise in the financial field, and 2) Deducting input value-added tax.

Cambodia: Relief Measures Pandemic Recovery Extended

The Royal Government of Cambodia will continue its relief measures to mitigate the economic impact of Covid-19 and support the recovery of the country’s battered tourism sector, according to an official announcement on 15 July 2022.

Merger Decisions Provide Important Guidance

In January 2022, Thailand’s Trade Competition Commission (“TCC”) issued three merger decisions that provide important guidance on the application of Thailand’s merger regime. The three issued decisions interpret what constitutes a business operator for purposes of the TCA.

Thailand’s Personal Data Protection Act (“PDPA”) – Subordinate Laws

On 20 June 2022, the Personal Data Protection Committee (“PDPC”) enacted subordinate laws complementing the data protection obligations of Data Controllers and Data Processors pursuant to the Thai Personal Data Protection Act (“PDPA”). This article highlights several notifications of the Committee.

Interim Injunctions and Emergency Arbitration in Thailand

Thailand is a party to the UNCITRAL Model Law on International Commercial Arbitration, and the country’s main arbitration law is the Thai Arbitration Act 2002 (“TAA”). Yet, the TAA does not contain provisions for appointment of an emergency arbitrator and does not provide for a tribunal to issue interim measures.

Key notes on the recent Report of the MOIT to the PM on the draft PDP VIII

Per the Prime Minister’s instruction and the Vice Prime Minister's directives, the Ministry of Industry and Trade (“MOIT”) has just reported its recommendations and projections regarding Solar and LNG capacity and planning.

Myanmar: Ministry of Electric Power Issues Six Hydropower Tenders

The Department of Hydropower Implementation (“DHPI”) at the Ministry of Electric Power (“MoEP”), under the State Administration Council (“SAC”), has issued tenders inviting private investment for the implementation of hydropower projects in Myanmar.

Vietnam Weekly Update - 08 July 2022

Cập Nhật Hàng Tuần Việt Nam - 08Thang 07 2022

In this legal update: 1) Amending, and supplementing several articles of the Law on Intellectual Property; 2) The application of interest rates upon premature withdrawal of deposits from credit institutions and foreign bank branches

Vietnam: Decree on disclosure of information on housing and real estate market

Viet Nam: Nghị định về công bố thông tin về nhà ở, thị trường bất động sản

In this issue, we would like to bring to your attention to the following: 1) From July 11th, 2022, environmental protection tax on gasoline and oil will be reduced, and 2) Decree on disclosure of information on housing and real estate market.

Challenges to a Global KYC Experience

Know Your Customer (KYC) is a major element of most countries’ anti-money laundering legislation. Vietnam is no exception. It has developed a comprehensive set of KYC regulations and have even extended the process to allow for digital KYC confirmation. However, KYC relies on the cooperation of each country.

Vietnam: New regulations on compulsory insurance for third parties in construction

In this update: 1) New regulations on compulsory insurance for third parties in construction, and 2) Proposal on bidding to select investors for construction and business of golf courses.

New Decree On Industrial Zone In Vietnam

Draft Regulations On Information Data Center Services

The Government is drafting a Decree to amend some articles of Decree 72/2013 on administrating, providing and using Internet services and online information (Draft Decree). The Draft Decree proposes several major changes of Decree 72, one covers the service of information data centers.

Unclear de-listing grounds for listed companies in Vietnam

Under Decree 155/2020, from 1 January 2022, a listed company will be delisted if the financial statements of such company for three consecutive years are qualified by the company’s auditor. This is a new de-listing ground.