Updates
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.
Vietnam: Decree 94/2023/ND-CP Guiding the 2% VAT reduction for January to June 2024.
- KPMG Vietnam
Regarding the implementation of the Resolution No. 110/2023/QH15 ratified by the National Assembly, on 28 December 2023, the Government issued Decree 94/2023/ND-CP (“Decree 94”) guiding the 2% VAT reduction applicable for the period from 1 January 2024 to 30 June 2024.
Vietnam: Updated Tax Provisions Effective 1 January 2024
- DFDL Vietnam
This update covers two developments: 1) On 28 December 2023, the Government issued Decree 94/2023, guiding the implementation of the 2% VAT rate reduction from 1 January to 30 June 2024, and 2) Resolution 107/2023/QH15 regarding the Global Minimum Tax passed by the Vietnam National Assembly on 29 November 2023 came into effect on 1 January 2024.
Vietnam: Decision on new ceiling electricity price mechanism for transitional renewable energy projects
- Lexcomm Vietnam LLC
On 07 January 2023, the Ministry of Industry and Trade (MOIT) issued Decision No. 21/2023/QD-BCT (Decision 21) on the official power price framework for the transitional renewable energy (RE) projects. In this legal update, we will highlight several remarkable information for the power project investors about the new power price framework.
Vietnam: Price Frame for Solar and Wind Power Plants
- Lexcomm Vietnam LLC
On 01 Nov 2023, the Ministry of Industry and Trade promulgated Circular 19 on methods of developing a price frame for electricity generation of solar and wind power plants. This circular is also applicable to Vietnam Electricity (EVN). This update analyses and gives in-depth determination on the developing method of the annual price frame.
Vietnam: Carbon Border Adjustment Mechanism | December 2023
- EY Vietnam
This Alert covers the information of the EU’s Carbon Border Adjustment Mechanism (CBAM) and the potential impacts on businesses.
APAC payroll newsletter 2023 Vol.4
- Mazars Vietnam
In this newsletter: Vietnam - New points in the Draft amendment of the Law on Social Insurance, Vietnam - Decree No. 70/2023/ND-CP on recruitment of foreign employees in Vietnam. Also covered: China, Australia, Philippines, Singapore, Taiwan, and Thailand.
Mazars In Vietnam Newsletter - Tax & Legal Update - Issue December 2023
- Mazars Vietnam
In this newsletter: 1) enterprises to use invoices on incurrence basis for cases where invoice suspension is being enforced, 2) guiding the case of invoicing for return goods, 3) VAT treatment for transactions of export processing enterprises, and 4) guidance related to the determination of taxable rates for foreign contractors.
Economic uncertainty puts pressure on mid-market businesses in Vietnam
- Grant Thornton Vietnam
The second story of the International Business Report (IBR) campaign, reporting results of Grant Thornton’s survey of the global mid-market, pointed out the difficulties experienced by mid-market firms, particularly in Vietnam.
Vietnam: Mid-market businesses in Vietnam expect to increase investment in firm resources and cap.....
- Grant Thornton Vietnam
Results of Grant Thornton’s latest International Business Report survey found that more mid-market companies in Vietnam are aiming to remarkably increase investment in technology, human resources, and R&D in the next 12 months.
Resolution on Global Minimum Tax application in Vietnam
- Grant Thornton Vietnam
On 29 November 2023, the Vietnamese National Assembly has approved Resolution No. 107/2023/QH15 on Global Minimum Tax (GMT) application in Vietnam in accordance with Global anti-base erosion model (GloBE) rules.
Vietnam: IFRS Alert: Impairment of non-financial assets - common mistakes
- PwC Tax & Advisory Vietnam
This update applies to all entities with significant non-financial assets that are required to be tested for impairment under IAS 36. Set out below is a refresher on some basic concepts on impairment of non-financial assets, and reminders on those aspects of the value in use (VIU) methodology.
Vietnam: The implications of the upcoming VAT reduction in 2024
- LNT & Partners
In 2022 and 2023, due to severe impact of COVID-19, the Vietnamese government issued Resolution 43/2022/QH15, decided to reduce the Value-added Tax (VAT) rate from 10% to 8%. These adjustments, which occurred during the last ten months of 2022 and the latter half of 2023, had a notably positive impact on both consumers and businesses in the market.
Five New points about social housing in the revised Law on Housing 2023
- Apolat Legal
This update discusses several points regarding social housing in the revised Law on Housing, including: 1) regulations requiring the arrangement of social housing land in commercial projects, 2) regulations on incentives for investors in social housing projects, and 3) regulations on profit margins for investors.
Vietnam: Seven new points about the new Law on Housing 2023
- Apolat Legal
This update discusses several points regarding the new housing law, including: 1) Issued pink book to qualified mini-apartment buyers, 2) no regulation on the period of ownership of an apartment, 3) investor of a commercial housing project must be a real estate business, 4) Exemption from land use fees for renovation, and other matters.
Vietnam: Enterprises May Hold Capital in Joint-Venture Banks in Vietnam
- RHTLaw Vietnam
On 31 October 2023, the State Bank of Vietnam issued Circular 13 delineating a number of significant changes to the regulatory framework of licensing, organization and operations of commercial banks in Vietnam, including news that enterprises which are not banks will have an opportunity to hold capital in joint venture banks in Vietnam.
Vietnam: New Provisions on Corporate Bonds Amid Financial Distress
- KPMG Law Limited
This technical update covers the guidance on corporate bonds amid the financial distress, namely Decree No. 08/2023/ND-CP regulating regulations on corporate bonds. The Decree was promulgated as the government’s solution to help domestic real estate companies facing tight cash flow pressures.
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