This update discusses Vietnam's merger control rules under the Competition Law 2018 and Decree 35/2020 and the concept and application of the rules for mergers and acquisitions. Mergers and acquisitions account for a growing proportion of FDI in Vietnam (Foreign Direct Investment).
The Ministry of Finance (“MoF”) recently composed two key draft Decrees to be tabled to the Prime Minister for consideration, including a draft decree to increase the cap of deductible interest expenses under Clause 3 Article 8 of Decree 20/2017/ND-CP and a draft decree on invoicing.
Under the new Securities Law 2019, the Vietnam Securities Depository and Clearing Corporation (VSDCC) will replace the current Vietnam Securities Depository and will have the authority to register the security interest (such as mortgage or pledge) over securities centrally registered at VSDCC (public securities). This update discusses changes resulting from the authority of the VSDCC.
The Vietnamese Prime Minister approved Decree 41 allowing the deferral of VAT, corporate income tax, personal income tax and land rental fee payments to support enterprises, individuals and household businesses affected by the COVID-19 global pandemic. The primary features of Decree 41 are outlined in this update.
To facilitate exporters to take advantage of the CPTPP (Trans-Pacific Partnership) preferential tariffs, on 24 March 2020, the Ministry of Industry and Trade issued Circular 06/2020/TT-BCT regarding the rules of origin in CPTPP.
In Directive 11/CT-TTg dated 4 March, the Prime Minister called on ministries and state agencies to urgently implement measures to address difficulties faced by businesses during the Covid-19 outbreak. In response to Directive 11, the Ministry of Labour, War Invalids and Social Affairs, Vietnam Social Security, Vietnam General Confederation of Labour and some local authorities have issued various official letters to guide suspension/ postponement of social insurance and trade union finance contributions.
This update discussed Covid-19 cases: 1) Employees being quarantined at Government facilities, and 2) Employees being self-quarantined at residence, pursuan to government order.
Across the world, we have seen an increasing rise in scams associated with COVID-19. In Vietnam, there have been several scams relating to COVID-19 in which the victims unknowingly transferred money to fraudsters’ bank accounts.
Due to the fall in demand for products and services due to the Covid pandemic, adverse effects on business operations and cash-flow over the course of the coming months, employers must brace themselves and be prepared to make hard decisions to keep their business afloat. Our alert provides lawful considerations below for employers who envisage or need to take action on workforce planning to reduce any adverse impacts on their companies.
In February 2020, the Ministry of Natural Resources and Environment (MONRE) issued a long-waited guideline regarding issuance Certificate of Land Use Rights, Ownership of Residential Houses and Assets attached to land (LURCs) for some new real estate products including condotel and resort villas. In particular, the MONRE confirms three important points, discussed in this update.
In February 2020, the Government issued Decree 17/2020 amending some provisions regarding conditions for alcohol business under Decree 105/2017. These amendments reflect the new Law on Prevention and Control of Harmful Effects of Alcoholic Beverages and are discussed in this legal update.
The Ministry of Labour, War Invalids and Social Affairs (MOLISA) has just issued Official Letter No. 1064/LĐTBXH-QHLĐTL to guide salary and other payments during work stoppages due to the Covid-19 pandemic.
A Pledge of property is a transaction in which a party (the pledgor) pledges (handsover) the property owned by the pledgor to the other party (the pledgee) to secure the performance of a obligation(s). This update discusses the law and what action could be considered as “handover” of a property.
In this customs newsbrief, we look at customs valuation rules for imported machinery software. These rules were introduced in Circular 60/2019/TT-BTC of the Ministry of Finance, and took effect on 15 October 2019. We believe this is an interesting topic, especially for companies that import machinery, equipment and software, and hope you find this information useful.
Important Vietnamese legal terms can be looked up, with the corresponding term in the other language presented (Vietnamese <-> English). Very helpful resource for those professionals working in both languages
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