vietnam

Vietnam: Decree on disclosure of information on housing and real estate market

Viet Nam: Nghị định về công bố thông tin về nhà ở, thị trường bất động sản

In this issue, we would like to bring to your attention to the following: 1) From July 11th, 2022, environmental protection tax on gasoline and oil will be reduced, and 2) Decree on disclosure of information on housing and real estate market.

Challenges to a Global KYC Experience

Know Your Customer (KYC) is a major element of most countries’ anti-money laundering legislation. Vietnam is no exception. It has developed a comprehensive set of KYC regulations and have even extended the process to allow for digital KYC confirmation. However, KYC relies on the cooperation of each country.

Vietnam: New regulations on compulsory insurance for third parties in construction

In this update: 1) New regulations on compulsory insurance for third parties in construction, and 2) Proposal on bidding to select investors for construction and business of golf courses.

New Decree On Industrial Zone In Vietnam

Draft Regulations On Information Data Center Services

The Government is drafting a Decree to amend some articles of Decree 72/2013 on administrating, providing and using Internet services and online information (Draft Decree). The Draft Decree proposes several major changes of Decree 72, one covers the service of information data centers.

Unclear de-listing grounds for listed companies in Vietnam

Under Decree 155/2020, from 1 January 2022, a listed company will be delisted if the financial statements of such company for three consecutive years are qualified by the company’s auditor. This is a new de-listing ground.

The completion time of a de-merger of a Vietnamese company

In cases of a de-merger of a company, the Enterprise Law 2020 does not make clear when will the de-merger of the new company from a de-merged company (or existing company) be considered as legally competed. This update discusses the issue.

Vietnam Customs & Global Trade Update | June 2022

In this update: 1) Decree 35 on the management of industrial parks and economic zones, 2) ASEAN - Customs Deferral of the Special Consumption Tax Payment Deadline for domestically manufactured and assembled automobiles, 3) Revision of the Product Specific Rules (PSR) under the FTA between Vietnam and Korea.

EY Vietnam Tax Updates | June 2022

This update includes: Extended deadlines for tax payments according to Decree 34/2022/ND-CP dated 28 May 2022 of the Government provides guidance on extended deadlines for tax and land rental payments (Decree 34).

Vietnam: Proposed regulations on lending via electronic means

In this update: 1) Proposed regulations on lending via electronic means, 2) Resolving difficulties in reducing VAT to 8%.

Myanmar Further Relaxes Forex Regulations

The Central Bank of Myanmar has relaxed the application of the de-dollarization notification for the Myanmar Investment Commission and Special Economic Zone companies, exporters and importers conducting activities under Myanmar-China and Myanmar-Thailand trade, international organizations, etc.

Blockchain Hacks and Axie Infinity

This post discusses the cybersecurity element of blockchain, particularly the hack of Axie Infinity in March that netted the hackers over 600million USD in then current value. But how was Axie Infinity hacked when blockchain is supposed to be a secure method for storing interactions?

Vietnam Weekly Update - 25 June 2022

Cập Nhật Hàng Tuần Việt Nam - 25 Thang 06 2022

In this Legal Update: 1) Strengthening the review and inspection to detect taxpayers having signs of risks on invoices, combating VAT refund fraud, and 2) New minimum wage for employees working under labour contracts.

Power Plant Operators Must Report Regulatory Compliance to EVN by 30 June

On 21 and 23 June 2022, EVN/Electricity Power Trading Company (“EPTC”) issued respectively official letter no. 4024/EPTC-KDMD and official letter 4077/EPTC-KDMD (“EPTC’s Official Letter”) to project owners of power plants in Vietnam requesting owners to review and report on regulatory compliance of their power plants.

Draft Decree on Fintech Regulatory Sandbox

A couple of months ago, the government of Vietnam issued a second draft decree on implementation of the regulatory sandbox for financial technologies (Fintech). The final decree will govern the ultimate disposition of Fintech regulations.

Vietnam: State Bank to Tighten Conditions on Foreign Loans

The State Bank of Vietnam released a draft Circular on 11 May 2022 strengthening conditions for non-government guaranteed foreign loans, replacing Circular No. 12/2014/TT-NHNN. The State Bank intends to tighten control over foreign loans to address the risks on currency fluctuation and the national debt limit.

Vietnam Weekly Update - 31 May 2022

Cập Nhật Hàng Tuần Việt Nam - 31 Thang 05 2022

In this update: 1) Incentives on CIT for projects manufacturing supporting industrial products, and 2) Approving for both investment guidelines and investors to implement the commercial housing construction investment project.

Axie Infinity and Dispute Resolution

The problem of data privacy being controlled by a bully company in a bully country is only the beginning of the problem, especially for countries that may not be in the exact sphere of influence of the Western alliance. Let me explore the issues using Axie Infinity as a definite example for ease of discussion.

Vietnam - May Newsletter: Preventing Tax Loss in Real Estate Transfer

In this newsletter: 1) Extension of time for paying VAT, enterprise income tax, personal income tax and land rent, 2) preventing tax loss in real estate transfer, and 3) The requirements for enterprises to be supported for loan interest rates of 2 percent per year.

Uncertainties regarding merger filing involving regulated companies in Vietnam

Article 13 of Decree 35/2020 sets out two different sets of merger filing thresholds; the two sets of different merger filing thresholds give rise to various uncertainties for a M&A transaction involving a Special Company.