vietnam

Vietnam: Decree No. 70/2023/ND-CP on conditions for work permit applications and procedures

on 18 September 2023, the long-awaited Decree No.70/2023/ND-CP, amending a number of articles of the Decree No.152/2020/ND-CP was issued. Changes in the regulations as guided in the amended Decree No. 70/2023/ND-CP on conditions for work permit applications and procedures are expected to significantly impact on the recruitment and mobility policies of the businesses using foreign labours.

Vietnam: Update On Price Frame for Solar and Wind Power Plants

The Ministry of Industry and Trade has just completed a draft Circular on methods of developing a price frame for solar and wind power plants for comments.

Vietnam's Sandbox for Fintech: To Join or Not to Join?

In Vietnam, the decree for regulations on controlled testing mechanism for financial technology activities in the banking sector (Sandbox) has been considered since its first draft in 2020. The decree is expected to be enacted by Vietnam Government this year. This article highlights the key pros and cons and the opportunity costs, to help decide on parachuting under this pilot scheme.

Vietnam: Negative aspects from the negative-list-approach in Vietnam’s market openings under the CPTPP

From 14 January 2019, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) became effective for Vietnam. This article discusses the negative list approach in the CPTPP.

Vietnam: The carbon credit and carbon market

The carbon market in Vietnam has been gradually heating up, especially after the Government issued on the mitigation of greenhouse gas emissions and protection of the ozone layer. This update provides an overview of the carbon credit and carbon market in Vietnam.

Vietnam: KPMG Technical Update on New Bidding Law and New Consumer Rights Law

This update will set out a number of key changes in the new Bidding Law (22/2023/QH15) and in the new Law on the Protection of Consumer Rights (19/2023/QH15).

Vietnam: New Law On Consumer Protection

On 20 June 2023, the National Assembly issued a new Law on Consumer Protection, which will replace the Law on Consumer Protection 2010 from 1 July 2024. In this post, we will discuss some key points of the Law on Consumer Protection 2023.

Vietnam: Term deposit in regard of foreign loans not guaranteed by the Government

On 30 June 2023, the Governor of the State Bank of Vietnam promulgated Circular No. 08/2023/TT-NHNN on conditions on foreign borrowing not guaranteed by the Government, replacing Circular No. 12/2014/TT-NHNN and amending a number of provisions in Circular No. 12/2022/TT-NHNN.

Vietnam: SBV publishes new Circular on offshore loans without guarantee

On 30 June 2023, the State Bank of Vietnam (SBV) issued Circular 08/2023/TT-NHNN (Circular 08), prescribing the eligibility requirements for foreign loans without the government's guarantee. This article provides a detailed look at Circular 08.

Vietnam: Draft Decision on procedures for approval of foreign lending and non-resident guarantee activities by economic organisations

The Ordinance on Foreign Exchange Control allows economic organisations to extend outbound loans and furnish guarantees to non-residents, provided they secure permission. However, the absence of a comprehensive legal framework has led to a case-by-case approval system, causing challenges.

Vietnam: Notes on liability exemption in implementation of a commercial contract pursuant to Vietnamese laws

When entering a commercial contract, often a contractual party does not pay sufficient attention to liability exemption. The liability exemption is a provision protecting legitimate rights and interests of the breaching contractual party in specific cases while implementing the contract in practice. This legal update examines this issue. In this article, BLawyers Vietnam presents an overview of four notes on liability exemption when breaching a contract in the commercial field.

Vietnam: Which group of employees should an employer pay attention to when considering restructuring in Vietnam?

When an enterprise conducts a restructuring, it will affect the rights of employees. The enterprise needs to pay attention to certain groups of employees. This article provides information about the key labour groups when considering restructuring.

Vietnam: Tax & Customs Global Trade Alert | September 2023

This Alert is to update the latest development on on-the-spot export and import transaction in Vietnam, and their potential tax and customs implications.

Vietnam: Stricter conditions for foreign loans by Vietnamese companies being non-credit institutions

In June 2023, the State Bank of Vietnam (SBV) issued Circular 8/2023 which prescribes conditions for Vietnamese borrowers to borrow foreign loans without a Government guarantee. In this update, we discuss the borrowing conditions for a Vietnamese Company.

Vietnam: Grant Thornton Tax Newsletter - August 2023

In this newsletter: 1. Circular 08/2023/TT-NHNN on eligibility requirements of foreign loans without government’s guarantee, 2. Circular 05/2023/TT-BKHDT on reporting form, implementation of quarterly report on investment activities, 3. Application of additional CIT in accordance with Global Anti-Base Erosion Model Rules (GloBE), and Others: 1995/BHXH-TCKT, 46974/CTHN-TTHT, and 8999/CTTPHCM-TTHT.

Vietnam: Software Exporters in Vietnam Should Plan to Maximize VAT Refund

In this article, we explore the value-added tax refund scheme for software production in Vietnam, discuss eligibility criteria, and outline the process and tax risks involved in claiming the refund to maximize the amount received.

Mazars in Vietnam Newsletter - Tax & Legal Update - Issue July 2023

In this update: 1) Guidance on electronic invoices ("E-invoices"), 2) Guidance on personal income tax ("PIT"), and 3) Official Letter 2162/TCT-KK issued by the GDT dated 31 May 2023 guiding the change of tax registration information

Vietnam: Registering A Foreign-invested Company’s E-commerce Exchange Operation

Vietnamese law has allowed foreign investors to operate E-commerce exchanges to attract foreign investment, but also carefully placed several necessary conditions that foreign investors must follow to safeguard domestic E-commerce exchange developers. A foreign-invested company registering to run an E-commerce exchange needs to perform the stages outlined in this article.

Vietnam: Two notes about taxes on the lease of property in Vietnam

A lease of property is a form in which the person who has the right to the property hands over the property to another person for a certain period of time and collects a corresponding lease amount. In Vietnam, the property leasing activities of individuals are incredibly diverse with different property objects. This update presents several notes below about Vietnam’s tax policies on leasing individual property.

Restoration of Vietnamese nationality