12 29 2022

On 30 October 2022, the Government promulgated Decree No. 91/2022/ND-CP on amendments of and additions to a number of articles of Decree No. 126/2020/ND-CP dated 19 October 2020 elaborating the 2019 Law on Tax Administration (“Decree 91"), which further specifies the responsibilities of tax payers relating to tax declaration and payment on cyberspace, including the responsibility of providing certain prescribed information of merchants on e-commerce trading floors by such floors’ owners. For implementation of Decree 91, on 14 November 2022, the General Department of Taxation (the “GDT”) issued Official Letter No. 4205/TCT-DNNCN on the guidance for the owners of e-commerce trading floors to provide the prescribed information on merchants operating thereon (“OL 4205”).

08 31 2022

After waiting since the middle of 2018, the Government of Vietnam finally issued Decree No. 53/2022/ND-CP dated 15 August 2022 (“Decree 53”) detailing some articles of the Law on Cybersecurity No. 24/2018/QH14 (the “Cybersecurity Law”), following the last draft decree version released in August 2019 (the “Last Draft Decree”). Decree 53 will take effect from 1 October 2022.

08 12 2022

The estimated revenue from e-commerce in Vietnam in 2021 was about US$13.7 billion, increasing 16% in comparison with 2020, and accounting for 6.5% of the country’s total revenue from retail industries. Much of the e-commerce market in Vietnam is now dominated by foreign invested or cross-border companies. This is seen in the fact that three of the four largest e-commerce trading floors in Vietnam are majority owned by foreign shareholders. 

06 14 2022

Over the last 30 years, Vietnam has transitioned from a command economy to one with strong market features. After Doi Moi 1986 (Renovation Policy) - a key aim of which was to open Vietnam to foreign investment), Vietnam has participated in a series of international organizations such as the ASEAN and the WTO. It also signed various FTAs. This has led to a new Vietnam in terms of opening the business environment.

08 23 2022

Start-up enterprises play an important role for sustainable development of the country’s economy as many of them are small and medium sized enterprises (“SMEs”). In addition, the sector of an innovation start-up enterprise has only recently entered the purview of the Government and the National Assembly. The State has provided special policies for the assistance of and incentives to encourage Start-up SMEs that primarily focus on technological advancement and research (“Innovation Start-up SMEs”) that need assistance of all resources for building their reputation and position in the market.

07 18 2022

On 16 June 2022, the Central Committee of the Communist Party of Vietnam issued Resolution No. 18-NQ/TW (“Resolution 18”), which replaces its predecessor – Resolution No. 19-NQ/TW dated 31 October 2012 and provides land policy to be applied in the near future. Resolution 18 has several new points which are the subject of this Article.

07 01 2022

On 11 April 2022, the State Bank of Vietnam (the “SBV”) released a draft circular on conditions for foreign loans not guaranteed by the government, including loans to credit institutions and loans to local enterprises (the “Draft Circular”), and is expected to replace the current Circular No. 12/2014/TT-NHNN (“Circular No. 12”).

06 28 2022

In recent years, the mining and mineral processing industry has played an important role in Vietnam’s industrialization and modernization process. But minerals are a finite resource. Vietnam understands that efficient mineral extraction is essential and will require advanced mining technologies available from developed countries to access increasingly difficult to reach mineral stores.

06 08 2022

The newly enacted 2020 Investment Law together with Decree No. 02/2022/ND-CP guiding the 2014 Real Estate Business Law have substantially changed the legal framework for foreign investors conducting real estate business in Vietnam. Based on these recent pieces of legislation, this Property Development Legal Guide provides a panorama overview of the regulations in the real estate sector in Vietnam. The guide covers some crucial points for foreign investors wishing to develop real estate projects in Vietnam, such as how to handle foreign investors in the project company, market access conditions for foreign investors in the real estate sector, investment forms and the applicable ownership restrictions. It also provides for the licensing procedures for developing a real estate project in Vietnam.

06 02 2022

Under the Vietnam State’s policy on science and technology, the technology transfer is considered a priority matter for accessing advanced and high technologies. The importation of advanced, clean and high technologies, and prevention of the inbound transfer of outdated and hazardous technologies is a crucial policy of the state for innovation and development of key and competitive industries. The first effort to build this process was in the 1998 Ordinance on Technology Transfer where tax incentives were provided to inbound investment projects for the purpose of encouraging the importation of new technologies.

05 31 2022

Corporate governance has become a vital topic all around the world, especially due to the extreme impact of the Covid-19 Pandemic during the past two years. It’s increased visibility is also due to the increased commitment of corporations to ESG (Environment, Social and Governance) matters.

05 27 2022

The Law on Electronic Transactions No. 51/2005/QH11 dated 29 November 2005 (the “ET Law”) covers issues which have seen a great deal of advancement since its promulgation over fifteen years ago. This has resulted in the need of a legal system update for conformity and more comprehensive management.

05 25 2022

Since 2018, the corporate bond market, especially the market for privately-placed corporate bonds ("PPCBs") has experienced significant growth. The volume of corporate bonds issued has reportedly reached VND658,009 billion in 2021, of which PPCBs account for over 95% with a total value of VND627,844 billion, witnessing an increase of 46% as compared to 2020. However, recent misconduct in private placement of corporate bonds has revealed many potential risks to the corporate bond market and the national financial system.

04 25 2022

The development of the business sector “Trading of cybersecurity products and services” has already been considered by the Government as it was included as a conditional business line under the Law on Investment 2020 (which is further amended and supplemented by Law No. 03/2022/QH15 dated 11 January 2022). In order to further explain and offer guidance for the implementation of this business sector, the Ministry of Public Security (“MPS”) has released the draft Decree on the Regulation of Business Conditions for Trading of Cybersecurity Products and Services (the “Draft Decree”) in January 2022. 

02 28 2022

On 28 January 2022, the Government issued Decree No. 16/2022/ND-CP (“Decree 16”), which regulates administrative penalties in the construction sector and replaces Decree No. 139/2017/ND-CP (“Decree 139”). This Article will focus on the new points of Decree 16.

02 08 2022

Information and data have become a precious “resource” in every aspect of contemporary life. From business know-how and trade secrets to customer information and personal data, the possession of valuable information brings advantages to those who possess it. This has led to the massive, frequent and widespread dissemination of such information.

01 27 2022

Under the Commercial Law and Decree 07, a foreign business entity duly established and operating for at least five (5) years under the laws of the country of its head office may apply for the establishment of a Branch Office in Vietnam. The foreign business entity is entitled to establish a Branch Office in any province. The number of Branch Offices in Vietnam of the foreign business entity is unlimited. However, if the foreign business entity has two or more Branch Offices located within a province in Vietnam, such Branch Offices’ names must not be duplicated.

01 27 2022

Under the Commercial Law and Decree 07, a foreign business entity duly established and operating for at least one (1) year under the laws of the country of its head office may apply for the establishment of a Rep Office in Vietnam. The foreign business entity is entitled to establish the Rep Office in any province in Vietnam. The number of Rep Offices in Vietnam of a foreign business entity is unlimited.

01 21 2022

On 6 January 2022, the Government issued Decree No. 02/2022/ND-CP (“Decree 02”), regulating some regulations of the 2014 Law on Real Estate Business (the “LoReB”), which replaces Decree 76/2015/ND-CP (“Decree 76”). Real estate developers have been anticipating this decree as there are many new contents affecting activities in the real estate market of Vietnam. 

01 18 2022

The structure of land ownership in Vietnam is different from the structure in most countries. In Vietnam, land belongs collectively to the people. Private ownership of land is not allowed and the State / Government holds all ownership powers as the one managing it. However, the laws of Vietnam recognize ownership deriving from holding land use rights (the “LUR”), which are similar to having ownership rights.

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