vietnam

Vietnam’s International Commitments in Data Privacy

To finish our long review of data privacy regulations in e-commerce, including data localization and cybersecurity issues, this post shares our overview of relevant commitments in these areas in international agreements to which Vietnam has recently become a member.

New requirements for trading of privately placed corporate bonds

Draft Decree 153 aims to further strengthen the legal framework for a viable, transparent and effective corporate bond market. However, in its current form, the draft decree could impede the trading of corporate bonds for both issuers and investors.

Extending the deadline for special consumption tax payment for automobiles manufactured or assembled locally

On 21 May, the Government issued Decree 32/2022 to extend the special consumption tax (“SCT”) payment deadline for locally manufactured or assembled automobiles, applicable for the period from June to September 2022. Decree 32/2022 takes effect from the signing date to 31 Dec 2022.

Vietnam Customs & Global Trade Update | May 2022

In this update: 1) Guidance on trade remedies under The Regional Comprehensive Economic Partnership Agreement (RCEP), 2) Applying the special consumption tax (SCT) from 1 March 2022, 3) Customs procedures on goods exported from a Bonded Warehouse (BW), and 4) VAT refunds and export duty applicable.

Vietnam: New Circular supporting small and medium innovative businesses; Supporting loans of 2% per year

In this update: 1) New Circular supporting small and medium innovative businesses, 2) Supporting interest rate of 2%/year from the state budget with loans from businesses

Vietnam Legal Updates - Vol. 41: Finalizing a Decree on customs management with goods transacted via e-commerce

In this update: 1) Suspension of Covid-19 test requirements before entering Vietnam, 2) Preventing tax loss in real estate transfer, 3) Finalizing a Decree on customs management with goods transacted via e-commerce

Vietnam Legal Updates - Vol. 40: Guidance on business conditions for rooftop solar power

In this update: 1) Guidance from the Ministry of Industry and Trade to business conditions for rooftop solar power, and 2) Draft Decision on piloting the direct trading mechanism between renewable energy generators and large electricity clients

Vietnam: Ministry of Finance issues Letter on combating tax loss in business activities and real estate transfer

In this update: 1) Temporarily suspending medical declaration for people entering Vietnam, 2) The Ministry of Finance issued Official Letter 3849/BTC-TCT on combating tax loss in business activities and real estate transfer.

Vietnam Weekly Update - 12 May 2022

Cập Nhật Hàng Tuần Việt Nam - 12 Thang 05 2022

In this update: 1) Guidance on the implementation of business investment projects, and 2) Frequently asked legal questions category

New Resolution Loosening Employees' Overtime Cap

To support enterprises to deal with the labor shortage during the Covid-19 pandemic, on 23 March 2022, the Standing Committee of the National Assembly of Vietnam passed Resolution 17 to loosen the overtime limit of employees as compared to the Labor Code 2019.

Sending of notices under VIAC’s rules

A party to an arbitral proceedings under VIAC’s Rules must send its notice and other submission to VIAC which will then forward the notice and submission to the other parties to the proceeding.

Requirement for contracting parties’ consent in case of de-merger of a Vietnamese company

In the case of a de-merger of a Vietnamese company, must the remaining company comply with the procedures for transferring contractual rights and obligations under the Civil Code 2015 including obtaining consents from its contracting parties?

Legal Regulations On Receiving A Non-Refundable Sponsorship By a Subsidiary In Vietnam From Its Foreign Parent Company

The transfer of a non-refundable sponsorship to a subsidiary by its Parent Company is defined as a one-way money transfer, and as a current transaction. This article discusses such sponsorship transactions.

Vietnam: Proposing new regulations on refinancing on the basis of special bonds of credit institutions

In this update: 1) Guidance on implementing regulations on increasing overtime, 2) Proposing new regulations on refinancing on the basis of special bonds of credit institutions.

Vietnam Weekly Update - 30 April 2022

Cập Nhật Hàng Tuần Việt Nam - 30 Thang 04 2022

In this update: 1) The Corporate Income Tax (“CIT”) policy upon relocation of business head office, 2) Guidance on canceling invoices

Vietnam Legal Updates - Vol. 39: Draft on peer-to-peer lending trial

In this update: 1) Draft on peer-to-peer lending trial, 2) Reduction of environmental protection tax rates for petrol, oil and grease, and 3) Increase the number of overtime working hours in the context of Covid-19 pandemic. prevention and control

Circular 24/2022 amending Circular 48/2019 regarding making provisions

On 7 April, the Ministry of Finance issued Circular 24/2022/TT-BTC amending Circular 48/2019 regarding the provision for devaluation in investment in government bonds, municipal bonds and government-guaranteed bonds. Circular 24/2022 takes effect from 25 May 2022.

Vietnam Weekly Update - 15 April 2022

Cập Nhật Hàng Tuần Việt Nam - 15 Thang 04 2022

In this week’s legal update: 1) Overtime hours in 01 year, in 01 month of employees in the context of COVID-19 epidemic prevention and control, socio-economic recovery and development; and 2) New guidance on VAT.

Vietnam Customs and Global Trade Update | March 2022

In this update: Proposed amendments on the Law on Export and Import Duty, Guidance on exchanging data from surveillance cameras between Export Processing Enterprise (EPE) and the customs authorities, Amending regulations on the special preferential export tariff and the special preferential import tariff to implement the CPTPP, Implementation under the Vietnam - UK Free Trade Agreement (UKVFTA), and others.

EY Vietnam Tax Alert | Restore immigration policies before COVID-19

In this Tax Alert: 1) Retrievement of the immigration policies for foreign travelers same as before applying COVID-19 control measures, 2) Unfreezing visa bilateral and unilateral Vietnam visa exemption, and 3) No quarantine requirements for entry persons who are negative to COVID-19.