Updates
Vietnam: PIT treatment for compulsory insurances contributed overseas
- KPMG Vietnam
On 29 December 2023, the GDT issued an official letter regarding payment of an expatriate in Vietnam under an intra-corporation transfer scheme, receiving income paid by both Vietnam and overseas entities and where the overseas income will be subsequently reimbursed by the Vietnam entity in full.
Vietnam: Draft Decree on the Regulatory Sandbox in the Banking Sector - Notable Considerations for Fintech Service Providers
- DFDL Vietnam
On 4 March 2024, the Government of Vietnam published the draft Decree on the regulatory sandbox in the banking sector. The drafting of this decree started in 2021 and has undergone multiple revisions. The recent promulgation of the Law on Credit Institutions created a legal basis for this Draft Decree, as discussed below.
Vietnam: Refinancing in Vietnam at a Glance
- DFDL Vietnam
In 2023, there were noticeable changes in the regulatory framework governing refinancing in Vietnam. This year, 2024, the State Bank of Vietnam is also expected to continue issuing amendments to Circular 39/2016/TT-NHNN regarding lending activities of credit institutions and branches of foreign banks.
DFDL Vietnam Legal Alert: Legal Update on the Hydrogen Energy Development Strategy of Vietnam
- DFDL Vietnam
On 7 February 2024, the Prime Minister of Vietnam issued Decision No. 165/QD-TTg on approving Vietnam's Hydrogen energy development strategy until 2030, with a vision to 2050, with immediate effect. Decision 165 outlines key policies for the development of hydrogen energy, ensuring consistency with the National Energy Development Strategy and Decision No. 500/QD-TTG on approving the National Power Development Plan.
Vietnam: The Ministry of Public Security proposes the development of a Law on Personal Data Protection
- Apolat Legal
The Ministry of Public Security proposes the development of a Law on Personal Data Protection to meet the requirements of protecting personal data rights. This update reviews the intended provisions of the law.
Vietnam: Finalising the legal framework for virtual assets and virtual asset service providers by May 2025
- Apolat Legal
The Government has just issued a National Action Plan with 17 specific actions to implement Vietnam’s commitments on anti-money laundering, combating terrorist financing, and financing of proliferation of weapons of mass destruction with the Financial Action Task Force (FATF).
Vietnam: The Ministry of Information and Communications is drafting a Decree on electronic signatures and trusted services
- Apolat Legal
The Law on Electronic Transactions will take effect on July 3, 2024. To amend and supplement regulations in the Law and Decree 130/2018/ND-CP, a new Decree is being drafted on electronic signatures and trusted services to create a legal basis for the implementation of the Law in practice, and to ensure the effectiveness and efficiency of the Law.
Vietnam: Revocation of Certificate of Food Safety Compliance for Establishments
- Apolat Legal
The Ministry of Health issued Circular 31/2023/TT-BYT which took effect on February 15, 2024, regulating the authority to revoke certificates of eligibility for food safety conditions under the Ministry of Health’s management.
Vietnam: New Law on Credit Institutions - Remarkable Changes
- RHTLaw Vietnam
The National Assembly of Vietnam adopted the new Law on Credit Institutions in January 2024 which is scheduled to come into effect on 1 July 2024. This legislative update aims at preserving stability, transparency, and public confidence in the Vietnamese financial system.
Vietnam: Tax and Transfer Pricing Aspects of Providing Intragroup Management Services
- DFDL Vietnam
Intra-group management services are a controversial and highly debated tax issue in Vietnam. This article discusses Vietnam’s Benefits Test, pricing for intragroup services, relief under tax treaties, deductibility of intra-group management service fees, and practical tips and recommendations for taxpayers to manage Vietnamese tax risks.
Vietnam: Mazars IFRS Newsletter – December 2023
- Mazars Vietnam
In this update: 1) IFRS will impact many areas of your company’s business beyond the accounting and finance departments, and 2) The adoption of IFRS brings with it threats, but also presents opportunities.
Vietnam: Comments on New Law on Real Estate Business 2023 – Part 2
- Venture North Law Firm
In this article, we continue discussing the new changes introduced by the Real Estate Business Law 2023.
Vietnam: Co-Location and Convergence - Telecoms under Vietnam’s Amended Law on Telecommunications
- DFDL Vietnam
On 24 November 2023, the Vietnamese National Assembly passed the Law on Telecommunications No. 24/2023/QH15, governing telecommunications activities, the rights and obligations of individuals and entities engaged in telecommunications activities, and the state management of the telecommunications sector.
Vietnam: Circular 19 - Pricing mechanism for new solar and wind power projects
- Allens Vietnam
Ever since feed-in tariffs (FiTs) expired for solar power projects (31 December 2020) and wind power projects (31 October 2021), the Vietnamese Government has prevaricated over the legal framework. The recent Circular 19 lays the groundwork for the post-FiT reality for solar and wind power projects.
New Law on Credit Institutions 2024 (Part 1)
- Venture North Law Firm
On 18 January 2024, new Law on Credit Institutions (LCI 2024) has been passed by the National Assembly. LCI 2024 will replace the Law on Credit Institutions 2010 (as amended) (LCI 2010) from 1 July 2024. In a series of posts, we will introduce the new changes of LCI 2024.
Vietnam: E-signatures of individuals under the Law on E-Transaction 2023
- Venture North Law Firm
On 22 June 2023, the National Assembly passed a new Law on Electronic Transactions, set to be effect from 1 July 2024. The new Law introduces significant changes regarding the use of e-signatures by individuals as outlined in this update.
Vietnam: Notable changes under the Law on Real Estate Business 2023
- PwC Legal Vietnam
The National Assembly has passed the Law on Real Estate Business No. 29/2023/QH15 (“LOREB 2023”) which will become effective on 1 January 2025 and replace the current Law on Real Estate Business.
Vietnam: Customs & Global Trade Updates - January 2024
- EY Vietnam
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
- KPMG Law Limited
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
- KPMG Law Limited
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.
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