Updates
Vietnam adopts more stringent rules on ownership in banks and their operations
- Allens Vietnam
The newly passed Law on Credit Institutions 2024 will lower the ownership limits in Vietnamese credit institutions to address the cross-ownership issues. It will also impose stricter ownership disclosure requirements to increase market transparency. In this article, we highlight the key changes (under the latest draft of the new law) and its impact on investors and the operations of Vietnamese credit institutions.
Vietnam: Recent Amendments to the Credit Institutions Decree in Vietnam - Key Updates and Legal Implications
- DFDL Vietnam
The amended Law on Credit Institutions 2024 was approved by Vietnam’s National Assembly on 18 January 2024 (the "Amended Law on Credit Institutions") and is effective from 1 July 2024. In this article, we highlight the following key provisions of the Amended Law.
Vietnam New Telecom Law 2023: Moving Forward for Digital Transformation
- Indochine Counsel
On 24 November 2023, the National Assembly passed the Law on Telecommunications No. 24/2023/QH15. This article will discuss some worth-noting new points introduced.
Principles on Processing of Personal Data under the new Decree 13/2023/ND-CP
- ADK Lawyers
On 17 April 2023 the Government promulgated the First-ever Decree (No. 13/2023/ND-CP) on Personal Data Protection. As the PDPD encompasses the requirements applicable to businesses involving in the personal data processing activities, we shall take a closer look at its key implications for this particular subject.
Vietnam: Intensified Focus on PIT Compliance Issues During Tax Audits
- KPMG Vietnam
KPMG provides the recent Official Letters (“OLs”) issued by the General Department of Taxation for your reference. This update covers the notable points regarding: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurances for PIT calculation.
Vietnam: Comments on New Law on Real Estate Business – Part 1
- Venture North Law Firm
I n this article we highlight notable changes introduced under the new Real Estate Law 2023 and, if necessary, make a comparison with the current Real Estate Business Law 2014.
Vietnam: Mediation in Mergers and Acquisitions (M&A): A Comprehensive Dispute Resolution Solution
- LNT & Partners
Disputes in mergers and acquisitions are increasingly complex, involving parties from different countries with distinct cultures and legal backgrounds. This article outlines some basic characteristics of M&A activities, provides information about mediation activities, and explains why mediation is considered a comprehensive method for resolving disputes in M&A transactions.
Vietnam: What are OTC and ETC drugs?
- LNT & Partners
In Vietnam, the primary channels for medicine distribution are over-the-counter (OTC) and essential therapeutic care (ETC) drugs. According to Vietnam Credit's Overview of Vietnam's Pharmaceutical Industry, ETC channels constitute 70% of the medicine market, with OTC channels making up the remaining 30%.
Vietnam: Possibility to apply term deposit interest to security deposit (ký quỹ)
- Venture North Law Firm
At law, enterprises engaging in certain special business lines (e.g. labour outsourcing service, employment services, etc.) are required to place a security deposit at a licensed bank in Vietnam before conducting the relevant businesses. The Security Deposit is subject to strict control regulations.
Vietnam: The implications of the upcoming VAT reduction in 2024
- LNT & Partners
In 2022 and 2023, due to the severe impact of COVID-19, the Vietnamese government issued Resolution 43/2022/QH15, to reduce the VAT rate from 10% to 8%. These adjustments had a notably positive impact on both consumers and businesses in the market. And on November 29, 2023, the National Assembly approved a 2% reduction in VAT for specified groups of goods and services from January 1, 2024, to June 30, 2024.
Vietnam: Official imposition of global minimum tax from fiscal year 2024
- Apolat Legal
The National Assembly passed Resolution No. 107/2023/QH15 on the application of additional corporate income tax according to regulations to prevent global tax base erosion, according to which the global minimum taxpayer is a constituent unit of a multinational corporation with revenue in the consolidated financial statements of the ultimate parent company for at least 02 of the 04 years immediately preceding the fiscal year equivalent to 750 million euros (EUR) or more, except in the following cases:
Vietnam: EPR regulations: Recycling responsibilities applicable from 2024
- PwC Legal Vietnam
The 2020 Environmental Protection Law and its implementing Decree 08 introduced the concept of Extended Producer Responsibility. Although waste treatment responsibilities have been applicable from the effectiveness of Decree 08 in 2022, recycling responsibilities will now also apply according to a roadmap starting from 2024.
Vietnam: Are representations and warranties considered as obligations under Vietnamese law?
- Venture North Law Firm
Representations and warranties constitute an important building block in a contract. Unfortunately, Vietnamese contract law does not have a separate regime on representations and warranties. Accordingly, this gives rise to various questions concerning representations and warranties under Vietnamese law.
Vietnam: Decree 77 on imported refurbished goods under CPTPP
- KPMG Law Limited
KPMG would like to share the very recent updates Decree 77/2023/ND-CP governing the management of importing refurbished goods under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which shall come into force starting from 01 January 2024.
Mazars Vietnam Newsletter - January 2024
- Mazars Vietnam
In this newsletter: Decree 94/2023/ND-CP stipulating the VAT reduction policy for the first 06 months of 2024, Official Letter 5435/TCT-CS guiding where the VAT rate cannot be determined, Official Letter 3142/CTTPHCM-TTHT guiding regulations on offsetting overseas profit remittance, Official Letter 5081/CTBNI-TTHT on the timing of export revenue recognition, and Official Letter 5114/TCT-CST on the transfer of capital between companies within the same Group.
Vietnam: Further Guidelines On Drug Labels and Instructions for use of Medicine
- RHTLaw Vietnam
On 30 November 2023, the Ministry of Health promulgated Circular No. 23/2023/TT-BYT which becomes effective on 15 January 2024. This Circular introduces a number of noteworthy amendments to Circular No. 01/2018/TT-BYT regulating the labelling drugs.
Vietnam: Importing Remanufactured Goods Under CPTPP
- RHTLaw Vietnam
On 1 January 2024, Decree No. 77/2023/ND-CP issued by the Government governing the importation of remanufactured goods under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) comes into force.
Vietnam: New regulations on work permits for foreigners working in Vietnam
- PwC Legal Vietnam
Some changes to the work permit regulations were recently introduced in Decree 70/2023 issued on 18 September 2023, which amended Decree 152/2020. Decree 70 came into effect from its issuance date, except for certain points which became valid from 1 January 2024.
Vietnam: IFRS Alert: Bringing transparency on supplier finance
- PwC Legal Vietnam
Supplier finance arrangements provide companies with solutions for managing working capital. As the use of these solutions expands, it has become increasingly important that investors have transparency over the effect on a company’s liabilities, cash flows and exposure to liquidity risk. Starting in 2024, IFRS reporters will be required to provide additional disclosures about these arrangements to fulfil those investor needs.
Vietnam: Draft Decree On Establishment, Management, and Use of Investment Support Fund
- KPMG Vietnam
Following Resolution No. 110/2023/QH15 and in the context of Vietnam adopting the Global Minimum Tax rule from 1 January 2024, the Government has initiated a draft decree on the establishment, management and use of investment support fund, aiming to support, encourage and attract strategic investments.
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