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Vietnam: 7 important changes brought about by the new Land Law,

The new Land Law was passed by the National Assembly on 18 January 2024 and is set to take effect on 1 January 2025. In this article, KPMG examines the 7 important changes brought about by the new Land Law, and a brief commentary as to potential impact that these changes may bring about.

Vietnam: Mitigating the risks of using Generative AI for Businesses in Vietnam

Vietnam: Key Features of the Amended Law on Housing

This technical update covers highlights of the Law on Housing amended and passed on 27 November 2023. The Law on Housing was promulgated to resolve legal difficulties, increase integrity of related legislation and facilitate a stable legal environment for real estate businesses.

Vietnam: GMS Alert on PIT Issues

In this update: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurance for PIT calculation

Vietnam: Consequences Of Breaches Of Representations And Warranties Under Vietnamese Law

Representations and warranties should constitute obligations of the person giving it under Vietnamese law, implying an obligation on the person providing them to guarantee that the stated facts and matters are true. In this update, we look at the consequences of breaches of representations and warranties under Vietnamese law.

Vietnam: Status Of Partially Secured Creditors Under Law On Bankruptcy 2014

Under the Law on Bankruptcy 2014, creditors of a bankrupt enterprise include unsecured creditors, partially secured creditors and secured creditors. While it is not entirely clear, it appears that partially secured creditors are considered as a separate class of creditors and have their own rights during a proceeding.

Vietnam: Shareholder Rights During The First 90 Days Of Incorporation Of A Joint Stock Company

Under the Enterprise Law 2020, it is reasonable to consider that during the Capital Contribution Period, the founding shareholders who have not paid for the Subscription Shares in full would have all the shareholders rights including rights to transfer the Shares which have not been paid up. However, the drafting of the Enterprise Law 2020 could give rise to the position that during the Capital Contribution Period shareholder rights, the founding shareholders have only the voting right.

Vietnam: Validity of Board Resignations in Vietnamese Joint Stock Companies

From January 2021, under the Enterprise Law 2020, if a member of the board of directors hands in his/her letter of resignation to resign as a Board member in a joint stock company, he/she may not cease to be a Board Member until approved so by the General Meeting of Shareholders. This update discusses this issue.

Cambodia: ACAR and Unaudited Financial Statements – An Explainer

ACAR is the Government regulatory body that oversees the accounting and auditing profession in Cambodia. It is responsible for the licensing of accounting and auditing firms in Cambodia and the introduction and implementation of regulations and standards pertaining to audit and accounting. This article explains ACAR's purpose and activities.

Vietnam adopts more stringent rules on ownership in banks and their operations

The newly passed Law on Credit Institutions 2024 will lower the ownership limits in Vietnamese credit institutions to address the cross-ownership issues. It will also impose stricter ownership disclosure requirements to increase market transparency. In this article, we highlight the key changes (under the latest draft of the new law) and its impact on investors and the operations of Vietnamese credit institutions.

Vietnam: Recent Amendments to the Credit Institutions Decree in Vietnam - Key Updates and Legal Implications

The amended Law on Credit Institutions 2024 was approved by Vietnam’s National Assembly on 18 January 2024 (the "Amended Law on Credit Institutions") and is effective from 1 July 2024. In this article, we highlight the following key provisions of the Amended Law.

Vietnam New Telecom Law 2023: Moving Forward for Digital Transformation

On 24 November 2023, the National Assembly passed the Law on Telecommunications No. 24/2023/QH15. This article will discuss some worth-noting new points introduced.

Principles on Processing of Personal Data under the new Decree 13/2023/ND-CP

On 17 April 2023 the Government promulgated the First-ever Decree (No. 13/2023/ND-CP) on Personal Data Protection. As the PDPD encompasses the requirements applicable to businesses involving in the personal data processing activities, we shall take a closer look at its key implications for this particular subject.

Vietnam: Intensified Focus on PIT Compliance Issues During Tax Audits

KPMG provides the recent Official Letters (“OLs”) issued by the General Department of Taxation for your reference. This update covers the notable points regarding: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurances for PIT calculation.

Vietnam: Comments on New Law on Real Estate Business – Part 1

I n this article we highlight notable changes introduced under the new Real Estate Law 2023 and, if necessary, make a comparison with the current Real Estate Business Law 2014.

Vietnam: Mediation in Mergers and Acquisitions (M&A): A Comprehensive Dispute Resolution Solution

Disputes in mergers and acquisitions are increasingly complex, involving parties from different countries with distinct cultures and legal backgrounds. This article outlines some basic characteristics of M&A activities, provides information about mediation activities, and explains why mediation is considered a comprehensive method for resolving disputes in M&A transactions.

Vietnam: What are OTC and ETC drugs?

In Vietnam, the primary channels for medicine distribution are over-the-counter (OTC) and essential therapeutic care (ETC) drugs. According to Vietnam Credit's Overview of Vietnam's Pharmaceutical Industry, ETC channels constitute 70% of the medicine market, with OTC channels making up the remaining 30%.

Vietnam: Possibility to apply term deposit interest to security deposit (ký quỹ)

At law, enterprises engaging in certain special business lines (e.g. labour outsourcing service, employment services, etc.) are required to place a security deposit at a licensed bank in Vietnam before conducting the relevant businesses. The Security Deposit is subject to strict control regulations.

Vietnam: The implications of the upcoming VAT reduction in 2024

In 2022 and 2023, due to the severe impact of COVID-19, the Vietnamese government issued Resolution 43/2022/QH15, to reduce the VAT rate from 10% to 8%. These adjustments had a notably positive impact on both consumers and businesses in the market. And on November 29, 2023, the National Assembly approved a 2% reduction in VAT for specified groups of goods and services from January 1, 2024, to June 30, 2024.

Vietnam: Official imposition of global minimum tax from fiscal year 2024

The National Assembly passed Resolution No. 107/2023/QH15 on the application of additional corporate income tax according to regulations to prevent global tax base erosion, according to which the global minimum taxpayer is a constituent unit of a multinational corporation with revenue in the consolidated financial statements of the ultimate parent company for at least 02 of the 04 years immediately preceding the fiscal year equivalent to 750 million euros (EUR) or more, except in the following cases: