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ADK Vietnam Legal Newsletter June 2021

In this newsletter: Important legal documents which take effect from July 2021, and new Covid regulations.

Vietnam Legal Updates Vol. 6, June 2021: Prior Agreement on Taxable Price Determination (APA) method in tax administration; 30 types of Fees reduced to support Covid-19 difficulties

Vietnam Legal Updates Vol. 6, June 2021: Guidance on the application of the Prior Agreement on Taxable Price Determination (APA) method in tax administration to enterprises having associated transactions; 30 types of Fees and charges are reduced to support difficulties due to the impact of the Covid 19 pandemic.

Decree 31/2021/ND-CP: Forthcoming Moves of New Investment Law

On 26 March 2021, the Vietnamese Government issued Decree No. 31/2021/ND-CP (“Decree 31”) providing guidance on the Law on Investment No. 61/2020/QH14 (“LOI 2020”).

Vietnam Weekly Update - 28 June 2021

Cập Nhật Hàng Tuần Việt Nam - 28 Thang 6 2021

In this week’s Legal Update: Payment by e-wallet; Warning about scams and fake vaccinations against COVID-19; and Guiding on problems in setting up risk provisions for special corporate.

Thai Government Considers Tax Incentives, Long Term Visas, Property Rights and More to Entice Wealthy Foreign Nationals to Thailand

According to an anonymous source, a ‘Centre for Economic Situation Administration’ (“CESA”) meeting chaired by Prime Minister Gen Prayut Chan-o-cha was held on Friday 4 June that approved (in-principle) a set of proposed stimulus measures aimed at encouraging wealthy expatriates to Thailand.

Vietnam: Law on Residence 2020 takes effect from 1st July 2021

In this update: Law on Residence 2020 takes effect from 1st July 2021, and Subjects being eligible to purchase shares upon equitization of SOEs.

Cybersecurity for Online Payment Services in Vietnam

Intermediary payment services (IPS) are regulated and licensed by the State Bank of Vietnam. In providing these services there are additional responsibilities for the protection of safety and confidentiality of data and information. These provisions are outlined in Circular 35/2016/TT-NHNN dated 29 December 2016 (Circular 35).

Vietnam Legal Updates Vol. 5, June 2021: Enterprises production and trading services and goods may continue to operate during the time of social distancing; Proposing business support policies in 2021; UK - Vietnam FTA.

In this legal update: Enterprises/establishments production and trading essential services and goods may continue to operate during the time of social distancing (Official Dispatch No. 3786/SYT-NVY), Various business support policies, and Regulations on Rules of Origin of Goods in The Vietnam - UK FTA.

6 things employers cannot do towards employees during the Covid-19 pandemic

Vietnam Weekly Update - 21 June 2021

Cập Nhật Hàng Tuần Việt Nam - 21 Thang 6 2021

In this week’s Legal Update: Judicial entrustment and delivery of procedural documents overseas, Guiding on the conditions for market access by foreign investor, Guiding on the usage of invoice when changing the name of the business. organization.

SPACs in Vietnam

An SPAC is, essentially, a publicly traded holding company. It is created with the sole intention of buying other companies. Currently, there is not a single Vietnamese company listed on a foreign stock exchange. This may change soon as VinFast has announced its intentions to list in the United States.

Thailand’s SEC Cracks Down on Trading of Cryptocurrencies Such as DogeCoin and Non-Fungible Tokens

Thailand’s Securities and Exchange Commission (“SEC”) Board on 11 June 2021 approved new rules prohibiting the trading on national exchange platforms of utility tokens and certain types of ‘novelty’ cryptocurrencies such as DogeCoin, SafeMoon or MonaCoin.

Thailand’s First Initial Coin Offering Using Real Estate Backed Security Tokens Approved by the Thai Securities and Exchange Commission Expected to Raise THB 2.4 billion

On 22 May 2021, a special purpose entity set up to issue and offer Siri Hub Investment Digital Tokens to investors secured approval from the Securities and Exchange Commission for the country’s first Initial Coin Offering.

Favourable development on tax incentives for supportive industries

Decree 57/2021 on corporate income tax incentives for manufacturing of prioritised supporting industry products has been released to ensure equality for all companies involved.

Administrative Violations Involving Cultural And Advertising Activities

This update covers Decree 38 penalties and remedies applicable to notable administrative violations in the cultural and advertising field. Decree 38 was issued to provide a clearer scope of entities to which it applies and to introduce more severe penalities for certain violations.

Vietnam Weekly Update - 14 June 2021

Cập Nhật Hàng Tuần Việt Nam - 14 Thang 6 2021

In this week’s Legal Update: CIT for loan interest which is written-off and the difference due to revaluation of assets when converting enterprises, 2. Guiding on granting construction license and managing construction order, and 3. Guiding on the procedure of granting, amending Investment Registration Certificate.

Risks of signing a house and land transfer contract with a lower value than its actual one

Signing a house and land transfer contract with a lower value than the actual value is a violation of the Vietnamese law. Tuyen Pham of Blawyers explains the issues.

Favourable development on tax incentives for supportive industries

In the view of the tax authorities, projects manufacturing prioritised supporting industry products set up before 2015 are not eligible for the very favourable CIT incentives. In an effort to ensure equality for all such projects the Government has released Decree 57 on CIT incentives for such companies.

El-Salvador, Cryptocurrency, and Vietnam

El Salvador now becomes the first country in the world to make a cryptocurrency legal tender and adopt it as an official national currency, and what this means for use of Bitcoin by Vietnamese citizens.

Vietnam Weekly Update - 7 June 2021

Cập Nhật Hàng Tuần Việt Nam - 7 Thang 6 2021

In this week’s Legal Update: 1. Transferring a part of a real estate project, which has not been completed, for the continuance of construction investment; 2. VAT refund for investment projects in different provinces/cities; and 3. Construction permit for makeshift works.