vietnam

Vietnam: Customs & Global Trade Updates - January 2024

This update covers: Decree on VAT reduction for the first 6 months of 2024, Switzerland officially abolishes import duty on industrial products, The Ministry of Industry and Trade issued a List of potentially unsafe products and goods, and Official Letters (OLs) on: 1) Guidance on the application of VAT reduction at importation, 2) The issuance of electronic Certificates of Origin (e-C/O), 3) C/O Form D verification website The State inspection for Food Safety and Hygiene (FSH) of imported goods, and others.

Vietnam: Progresses with Personal Data Protection Law

After the issuance of the Personal Data Protection Decree in 2023, Vietnam’s Ministry of Public Security is currently spearheading the development of a comprehensive Personal Data Protection Law, aiming to harmonize data protection regulations and bring them in line with global standards.

Vietnam: An In-depth Look into the New Law on Telecommunications of Vietnam

On 24 November 2023, Vietnam’s National Assembly promulgated Law No. 24/2023/QH15 on Telecommunications, replacing the Law No. 41/2009/QH12 on Telecommunications dated 23 November 2009, aiming to introduce a new and updated version that is better aligned with the present digital economy.

Vietnam: Legal Update On The New Law on Housing

On 27 November 2023, the National Assembly adopted a new Law on Housing which supersedes the former Law on Housing 2014. In this legal alert, we will discuss the key features of the New Law that may have an impact on the rights of land users in the private sector, particularly in relation to foreign-invested enterprises.

Vietnam: Unveiling Vietnam’s Latest Real Estate Business Law: Key Regulations, Changes, and Implications

The new Law on Real Estate Business is expected to address the shortcomings of the existing Law on Real Estate Business of 2014 and ensure alignment with the other relevant laws, such as the new Housing Law, the new Land Law, and the 2020 Investment Law. This article briefly summarizes some of the most worth mentioning new regulations and changes.

Vietnam: Officially impose global minimum tax from fiscal year 2024

Global minimum tax issues: Official imposition of the global minimum tax from fiscal year 2024, Regulations on declaring, paying and managing taxes, update regarding the liability reduction during the transition period for fiscal years.

Vietnam: Amending regulations on awarding shares in indirect foreign portfolio investment activities

In this update: 1) The definition ‘’Organization executing the program that awards shares issued in foreign nation’’ is amended in Article 3, Circular 10/2016/TT-NHNN, 2) Circular 10/2016/TT-NHNN supplementing regulations on implementation principles related to the purpose of the share awarding program.

Vietnam: The draft regulations require digital platforms to register form contracts

The Ministry of Planning and Investment is publishing a draft Decree regulating the conversion of state-owned companies established and operating under the Law on State Enterprises into single-member limited liability companies organized and operated in accordance with the Law on Enterprises.

Vietnam: New Law on Telecommunications

On November 24th, 2023, Vietnam's National Assembly enacted the new Law on Telecommunications (Law No. 24/2023/QH15), replacing the outdated 2009 law. This updated framework aims to align with the evolving digital economy, impacting data centers, cloud computing, OTT communication services, telecoms wholesale, among others.

Vietnam: Legal Framework for PPP Contracts

The number of public-private partnership (PPP) projects in Vietnam remains relatively low, including those related to solid waste management. To address this challenge, the National Assembly of Vietnam passed the Law on Public-Private Partnership Investment on 18 June 2020, commonly referred to as the "Law on PPP".

Vietnam’s Amended Credit Institutions Law 2024: Enhancing Transparency and Stability

The draft to amend the 2010 Law on Credit Institutions has undergone multiple versions, featuring crucial amendments and supplements. The amended Law as approved is expected to have a major impact on the operations of credit institutions in Vietnam. This article discusses the changes.

Vietnam: Recent Amendments to the Credit Institutions Law in Vietnam - Key Updates and Legal Implications

The amended Law on Credit Institutions 2024 was approved by Vietnam’s National Assembly on 18 January 2024 and is effective from 1 July 2024. This article highlights the following key provisions of the Amended Law on Credit Institutions.

Vietnam: 7 important changes brought about by the new Land Law,

The new Land Law was passed by the National Assembly on 18 January 2024 and is set to take effect on 1 January 2025. In this article, KPMG examines the 7 important changes brought about by the new Land Law, and a brief commentary as to potential impact that these changes may bring about.

Vietnam: Mitigating the risks of using Generative AI for Businesses in Vietnam

Vietnam: Key Features of the Amended Law on Housing

This technical update covers highlights of the Law on Housing amended and passed on 27 November 2023. The Law on Housing was promulgated to resolve legal difficulties, increase integrity of related legislation and facilitate a stable legal environment for real estate businesses.

Vietnam: GMS Alert on PIT Issues

In this update: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurance for PIT calculation

Vietnam: Consequences Of Breaches Of Representations And Warranties Under Vietnamese Law

Representations and warranties should constitute obligations of the person giving it under Vietnamese law, implying an obligation on the person providing them to guarantee that the stated facts and matters are true. In this update, we look at the consequences of breaches of representations and warranties under Vietnamese law.

Vietnam: Status Of Partially Secured Creditors Under Law On Bankruptcy 2014

Under the Law on Bankruptcy 2014, creditors of a bankrupt enterprise include unsecured creditors, partially secured creditors and secured creditors. While it is not entirely clear, it appears that partially secured creditors are considered as a separate class of creditors and have their own rights during a proceeding.

Vietnam: Shareholder Rights During The First 90 Days Of Incorporation Of A Joint Stock Company

Under the Enterprise Law 2020, it is reasonable to consider that during the Capital Contribution Period, the founding shareholders who have not paid for the Subscription Shares in full would have all the shareholders rights including rights to transfer the Shares which have not been paid up. However, the drafting of the Enterprise Law 2020 could give rise to the position that during the Capital Contribution Period shareholder rights, the founding shareholders have only the voting right.

Vietnam: Validity of Board Resignations in Vietnamese Joint Stock Companies

From January 2021, under the Enterprise Law 2020, if a member of the board of directors hands in his/her letter of resignation to resign as a Board member in a joint stock company, he/she may not cease to be a Board Member until approved so by the General Meeting of Shareholders. This update discusses this issue.