In this update: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurance for PIT calculation
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.
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.
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.
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.
1 MINISTRY OF FINANCE ------- SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 19/VBHN-BTC Ha Noi, 25 December 2023 CIRCULAR [1] ON STIPULATING THE ROADMAP FOR REARRANGING THE STOCK TRADING MARKET, BOND TRADING MARKET, DERIVATIVES TRADING MARKET AND OTHER SECURITIES TRADING MARKET Circular No. 57/2021/TT-BTC dated 12 July 2021 of the Minis
1 MINISTRY OF FINANCE ------- SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 19/VBHN-BTC Ha Noi, 25 December 2023 CIRCULAR [1] ON STIPULATING THE ROADMAP FOR REARRANGING THE STOCK TRADING MARKET, BOND TRADING MARKET, DERIVATIVES TRADING MARKET AND OTHER SECURITIES TRADING MARKET Circular No. 57/2021/TT-BTC dated 12 July 2021 of the Minis
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.
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.
1 MINISTRY OF CONSTRUCTION ------- SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 14/2023/TT-BXD Hanoi, 29 December 2023 CIRCULAR ON AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 11/2021/TT-BXD DATED 31 AUGUST 2021 OF THE MINISTER OF CONSTRUCTION GUIDING A NUMBER OF CONTENTS TO DETERMINE AND MANAGE CONSTRUCTION INVESTMENT