vietnam

Central Bank digital currency (“CBDC”): Advantages and challenges for policy development in Vietnam

Central Bank digital currency (“CBDC”): Advantages and challenges for policy development in Vietnam Increases in the price of Bitcoin has led to the emergence of many cryptocurrencies, however, most current digital currencies are not official, they are published by civil organizations, not guaranteed by governments.

IFRS Alert: Updates on IAS 16 - Property, Plant and Equipment

The amendment to IAS 16 could have a significant impact on entities that construct material items of PP&E. Industries that are expected to be significantly impacted are mining and industrial product manufacturers. The amendment is effective for annual reporting periods beginning on or after 1 January 2022.

Three practical notes on the procedure of obtaining Work permits in Vietnam after Covid-19 period

Since the beginning of 2020 until now, Vietnam has been affected greatly by the Covid-19 epidemic. When the epidemic was out of control, the entry of foreign investors, experts, and workers was strictly checked and could only be allowed in a few highly necessary cases. Currently, Vietnam has controlled the epidemic and removed restrictions on foreign workers. However, the procedure for applying for Work Permits (“WP”) for foreign workers still has some notable problems. Accordingly, BLawyers Vietnam will update some practical notes on this topic.

Vietnam: Amending and supplementing new provisions of the Intellectual Property Law 2005

In this update: 1) Amending and supplementing new provisions of the Intellectual Property Law 2005 and 2) New regulations on insurance business

Vietnam: Customs and Global Trade Updates | December 2022

In this update: 1) Decision 2400 on Anti-dumping measures to certain plastic products, 2) Notice 257 allowing Certificate of Origin (C/O) to be printed on A4 paper, 3) Most-Favoured-Nation import duty rate proposed to be applied on certain imported automotive parts, and other items.

ASEAN Mobility Spotlight | October 2022

In this edition of the ASEAN Mobility Spotlight, we address the topic of employers’ responsibility in ASEAN jurisdictions on complying with tax withholding or annual tax filing obligations of employees’ remuneration.

Vietnam: The Ministry of industry and trade is drafting a new Decree on rice export business

Việt Nam: Bộ Công Thương dự thảo Nghị định mới về kinh doanh xuất khẩu gạo.

Although the implementation process of Decree 107/2018/ND-CP has promoted its effectiveness and contributed to completing the legal framework on rice export control, some points still need to be changed to match reality. For example, regulations on export entrustment and checking conditions.

The draft Law on Telecommunications (amended) will add new regulations on the business of Data Centers and cloud computing

Dự thảo Luật Viễn thông (sửa đổi) bổ sung quy định về kinh doanh Trung tâm dữ liệu và điện toán đám mây.

The Law on Telecommunications was promulgated in 2009 and has numerous inadequacies. Therefore, the Law on Telecommunications (amended) is expected to be discussed at the National Assembly session in May 2023 and submitted to the National Assembly for approval in October 2023.

Notable Changes in Foreign Loan Borrowing and Repayment Regulations

On 30 September 2022 the State Bank of Vietnam issued Circular 12/2022/TT-NHNN guiding the management of foreign exchange in respect of the borrowing and repayment of foreign loans by enterprises which replaced Circular 03/2016/TT-NHNN from 15 November 2022 (as amended).

The Crime of Fraud And Misuse of Bond Issuance Proceeds in Vietnam

Article 174 of the Penal Code 2015 imposes criminal liability to an individual who appropriates others’ properties by fraudulent means. To prove that an individual commits a crime of fraud, the authorities would need to produce substantial evidence to support their cases. This update discusses a recent case.

General Obligations of A Foreign Company Conducting Business in Vietnam’s Cyberspace

Only a limited subset of foreign companies providing services in Vietnam’s cyberspace are subject to data localisation requirements in Vietnam under the recent Decree 53/2022. However, any foreign company providing services in Vietnam’s cyberspace will need to comply other obligations under the Law on Cybersecurity 2018 and its implementing regulations.

Vietnam: Customs and Global Trade Updates | November 2022

In this update: The special preferential tariff rate under the EU – Vietnam Free Trade Agreement (EVFTA), Second review on the application of anti- dumping measures for certain aluminium products, Draft Circular providing guidance on goods manufactured in Vietnam, and others.

Thailand: Merger Decisions Provide Important Guidance

In January 2022, Thailand’s Trade Competition Commission issued three merger decisions that provide important guidance on the application of Thailand’s merger regime.

Strengthening the tax administration on e-commerce for domestic and overseas suppliers

On 14 November 2022, the General Department of Taxation issued Official Letter No. 4205/ TCT-DNNCN on guiding owners of e-commerce trading platforms to provide information as prescribed in Paragraph 7 Article 1 Decree 91/2022/ND-CP dated 30 October 2022.

Vietnam: New Circular on foreign borrowing and loan repayment of the enterprise

In this update: 1) New Circular on foreign borrowing and loan repayment of the enterprise, and 2) Amending the relevant regulations of the Law on Chemicals.

EY Vietnam Tax Updates - November 2022

In this update: 1) Key points of Decree 91/2022/ND-CP which amends and supplements some articles of Decree 126/2020/ND-CP, and 2) Some notes in relation to obligations of complying with the transfer pricing regulations for the fiscal year 2022 in accordance with Decree 132/2020/ND-CP.

United Kingdom and Vietnam positive moves in bilateral trade and investment after one year of free trade

The United Kingdom and Vietnam have made positive moves in bilateral trade and investment after one year of enforcement of a special free trade deal. Kenneth Atkinson, chairman of the British Chamber of Commerce Vietnam, talked to VIR’s Bich Thuy about what could lay ahead.

Hong Kong's New Inspection Regime Updating on the implementation of Phase 2 on October 24th, 2022

Hong Kong: A New Inspection Regime for person information on the Company Register issued by the Hong Kong Companies Registry, being implemented in three phases from 2021 to 2023.

BVI Update – Major changes in 2022 of the BVI Business Companies Act

The British Virgin Islands (BVI) authorities enacted a certain number of amendments to the BVI Business Companies Act, 2004. These amendments will take effect on January 1st, 2023 with the following significant changes, and include Annual Return filing, and director's names being publicly available.

Doing Business in Vietnam 2022

This guide will bring helpful information to foreign investors, particularly those who consider starting their business in Vietnam. The guide mainly consists of the latest insights on a brief overview of Vietnam’s economy, key sectors for investment, compliance matters in terms of entity formation, accounting, tax, and labour perspectives in Vietnam.