vietnam

RHTLaw Vietnam: Updates & Key Considerations - April 2021

In this newsletter: Important contents and changes under new Decree 21/2021/ND-CP dated 19 March 2021 Guiding the Implementation of the Civil Code on Security for Performance of Obligations. This new Decree will come into effect in the coming month.

Criteria for high tech companies

On 16 March, the Government issued Decision 10/2021/QD-TTg setting out criteria for companies to be classed as “high tech”, which will be effective from 30 April 2021. This Decision applies to companies manufacturing high-tech products and providing high-tech services in Vietnam.

Model PPAs for LNG and Coal Fired Power Projects under Circular 57/2020

Tariff Calculation For LNG And Coal Fired Power Projects Under Circular 57/2020

This update provides summaries and comments on the tariff calculation of the model power purchase agreement under Circular 57/2020 (Model PPA) between an independent power producer (IPP) as the seller, and Vietnam Electricity Corporation (EVN) as the buyer.

Vietnam standing its ground in private equity realm

The COVID-19 pandemic has disrupted countless lives and businesses, causing the world’s economy to slump as global GDP shrunk by 4.1 per cent in 2020, as estimated by S&P.

Private placement of shares and pre-emption rights of existing shareholders under Enterprise Law 2020

Under Article 125.2(b) of the Enterprise Law 2020, except for the cases of merger and consolidation of companies, when a non-public joint stock company (a target company) plans to conduct a private placement of shares, the existing shareholders must be offered to purchase such shares first.

Vietnam Customs alert - Decree No. 18 amending Decree no. 134 guiding the Law on Import & Export taxes

Nghị định 18 sửa đổi bổ sung một số điều của Nghị định 134 hướng dẫn Luật thuế Xuất Nhập khẩu

On 11th March, the Prime Minister approved Decree no. 18/2021/ND-CP amending and supplementing Decree no. 134/2016/ND-CP guiding the implementation of the Law on Import & Export taxes.

Customs Alert - March 2021 - New guidance on tax treatment for export-production model with outsource processing

Tin Hải Quan - Tháng 3, 2021 - Hướng dẫn xử lý thuế đối với hàng hóa nhập khẩu để sản xuất xuất khẩu có đưa đi thuê gia công ngoài

Following Resolution No. 178/NQ-CP, on 23/02/2021 the General Department of Customs issued Official Letter No. 879/TCHQ-TXNK guiding the tax treatment for imports being materials used for export-production in which part of the production process is being outsourced to 3rd party vendor.

New regulation guiding the Law on export and import duties released

On 11 March, the Government issued Decree 18/2021/ND-CP regarding the Law on export and import duties. Under Decree 18, materials imported under contract manufacturing models are eligible for import duty exemption even when the materials are sent to local vendors for processing.

Guidance on the validity of certain existing tax circulars, pending the issuance of a new circular guiding the new Tax admin law

While the draft Circular guiding the Law on Tax administration 38/2019/QH14 remains under progress, the Ministry of Finance has released a letter to all local tax departments providing guidance on the validity of certain existing circulars.

Draft Decree on Personal Data Protection released for public comment

Vietnam does not yet have a single legal framework on personal data protection. In recent years, such regulations were included in various laws. The Ministry of Public Security has just released a draft Decree on personal data protection for public comments.

Guidance on import duty exemption for subcontracted materials under contract manufacturing arrangements

On 23 February, the Vietnam General Department of Customs issued official letter no. 879/TCHQ-TXNK guiding provincial customs authorities regarding the Government’s instruction on import duty exemption for materials imported under contract manufacturing models where such materials are sent to local vendors. Interested in this NewsBrief? Download its full version here Write Would you like to stay abreast of tax updates? Subscribe to our NewsBrief today! Get in touch

New Decree 153/2020 on Corporate Bond Issuance in Vietnam

Nghị Định 153/2020 mới về Phát Hành Trái Phiếu Doanh Nghiệp ở Việt Nam

The Government has issued Decree 153/2020 regulating the private placement of corporate bonds by Vietnamese issuers, but not public offerings of corporate bonds. This update summarizes the notable points of the Decree regarding corporate bond issuance in Vietnam.

Communication with a prospective arbitrator by a party in a VIAC arbitration proceeding

Việc trao đổi với ứng viên trọng tài của một bên theo thủ tục tố tụng trọng tài VIAC

VIAC Arbitration Rules do not allow an arbitrator to privately meet or contact any party relating to the dispute “during the arbitration proceeding”, however VIAC rules do not regulate the communication beforehand.

Enforceability of agreement on liquidated damages under Vietnamese law

Việc thi hành thỏa thuận về bồi thường thiệt hại định trước theo quy định của pháp luật Việt Nam

Vietnamese law does not have a clear concept of liquidated damages. This update discusses the arguments supporting an agreement on liquidated damages and the enforceability of such an agreement in a commercial dispute under the law of Vietnam.

Decree 155/2020 Implementing Vietnam Securities Law 2019 – Public Companies

Nghị Định 155/2020 Thi hành Luật Chứng Khoán Việt Nam 2019 - Công Ty Đại Chúng

In December 2020, the Government issued one of its most comprehensive Decrees, Decree 155/2020 implementing the Securities Law 2019. We will cover parts of the Decree in a series of legal updates. In this update, we cover new issues concerning public companies in Vietnam.

New guidance issued by the Ministry of Finance on Law on tax administration rules relating to exported and imported goods

Bộ Tài chính ban hành Thông tư hướng dẫn Luật quản lý thuế về quản lý thuế đối với hàng hóa xuất khẩu, nhập khẩu

The Ministry of Finance has issued Circular 06/2021/TT-BTC providing implementation guidance on the new law on tax administration in relation to the tax management of exported and imported goods. Circular 06 sets out rules and templates for various tax related issues for exported and imported goods.

IASB Issues Classification of Liabilities as Current or Non-Current

The IASB published ‘Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)’ which clarify the Standard’s guidance on whether a liability should be classified as either current or non-current.

Unofficial clarifications by Vietnam Competition Authority on merger filing

Giải thích không chính thức của Cơ Quan Quản lý Cạnh tranh Việt Nam về hồ sơ tập trung kinh tế

On 14 January 2021, the Competition Management and Consumer Right Protection Authority (VCA) organized a Seminar on “M&A regulation under Vietnamese Competition Law”. During the Q&A sections, the head of the merger filing division responded to various questions raised by lawyers from Venture North Law and other law firms. The official from the VCA has given some notable clarification as follows in this update.

New Decree on Business Registration in Vietnam

Nghị định mới về Đăng ký Doanh nghiệp tại Việt Nam

The Government recently issued Decree 1/2021 which takes effect from 4 January 2021 and replaces Decree 78/2015 in terms of enterprise registration procedures. This update discusses certain new regulations and changes under Decree 1/2021 in relation to registration and notification of enterprise information.