Updates
Vietnam and the Global Minimum Tax: Opportunity Or Challenge?
- ADK Lawyers
The Global Minimum Tax (“GMT”), also known as the Minimum Corporate Income Tax, is one of the two crucial pillars of the “Base Erosion and Profit Shifting” action plan by the Organization for Economic Cooperation and Development (OECD). This article discusses the GMT and Vietnam.
Vietnam: E-money transfer report - Sums determined for local transfers
- LNT & Partners
On 28 July 2023, the State Bank of Vietnam introduced Circular No. 09 which guides the implementation of Vietnam's recent Law on Anti-Money Laundering, passed in 2022 (the AML Law). Circular 09 provides more comprehensive guidelines pertaining to the evaluation of key AML provisions. • money laundering risk; • methods for assessment; • procedures for managing risk and internal rules; and • internal rules and mechanisms for reporting substantial or suspicious transactions, especially electronic funds transfer (EFT).
Vietnam: Circular 08 Is Effective, Are Foreign Loans Still Easy To Implement?
- ADK Lawyers
Circular 08/2023/TT-NHNN officially took effect from August 15, 2023 and has a number of changes compared to previous legal documents. In this article, we will mention new points related to the limit on the purpose of foreign loans in cases where the borrower is not a credit institution or foreign bank branch (enterprise).
Vietnam: KPMG Technical Update on Decrees 56/2023/ND-CP on conditions on conditional business lines
- KPMG Law Limited
This KPMG Technical Update covers Decree 56/2023/ND-CP on conditions on security and order for a number of conditional business lines, and Decree 35/2023/ND-CP on State Management of the Ministry of Construction.
Vietnam: Law on Protection of Consumers' Rights 2023, Law on Electronic Transactions 2023, Law on Procurement 2023
- BLawyers Vietnam
This update summarises the following key legislation: Law on Protection of Consumers' Rights 2023, Law on Electronic Transactions 2023, Law on Procurement 2023
Vietnam: Decree No. 70/2023/ND-CP on recruitment of foreign employees in Vietnam
- Mazars Vietnam
On 18th September 2023, the Government promulgated Decree No. 70/2023/ND-CP amending and supplementing a number of articles of Decree No. 152/2020/ND-CP on foreign employees working in Vietnam and recruitment and management of Vietnamese employees working for foreign employers in Vietnam.
Vietnam: Circular No. 05/2023/TT-BKHDT on investment supervision and assessment report forms
- Mazars Vietnam
Although the requirement for investment supervision and assessment reports has existed since 2021, the Ministry of Planning and Investment has just issued the new report forms recently under Circular No. 05/2023/TT-BKHDT dated 30 June 2023 on investment supervision and assessment report forms.
Vietnam: Unlocking opportunities - Real estate project investors regain power to raise capital
- LNT & Partners
On 23 August 2023, the State Bank of Vietnam issued Circular No. 10 suspending the enforcement of certain provisions of Circular No. 39. The SBV has suspended the enforcement of clauses 8, 9, and 10 of article 8 of Circular 06 concerning non-eligible loan capital.
Vietnam: Significant Amendments To Law On E-Transactions
- Venture North Law Firm
On 22 June 2023, the National Assembly issued a new Law on E-transactions, which will take effect from 1 July 2024 (LET 2023). This update covers the LET 2023 notable points.
Vietnam Securities Depository Center becoming Vietnam Securities Depository and Clearing Corporation and its implication
- Venture North Law Firm
In December 2022, the Prime Minister decided to establish VSDC by converting Vietnam Securities Depository Centre (VSD) being a Government agency under the State Securities Commission (SSC) into a single limited liability company under the Enterprise Law 2020.
Vietnam: Rethinking drafting terms and conditions of private corporate bonds
- Venture North Law Firm
Following on from the new VSD Private Bond Regulations and the difficulties for current bond holders to enforce their rights, this legal update discusses some of the improvements which could be included in the terms and conditions of a new private corporate bond.
Vietnam: The enterprise code of a manufacturer or importer should be mandatory labelling content for goods
- Venture North Law Firm
This update discusses the suggestion that the Enterprise code (instead of names and addresses) of a manufacturer or importer should be mandatory labelling content for goods circulated in Vietnamese market.
Mazars in Vietnam Newsletter - Tax & Legal Update - Issue August 2023
- Mazars Vietnam
In this update: 1, Guidance on electronic invoices ("E-invoices"), 2, Guidance on corporate income tax (“CIT”) Guidance on value added tax (“VAT”), 3, Guidance on Foreigner Contract Tax (“FCT”), 4, Guidance on Personal Income Tax (“PIT”).
Vietnam: Update On Price Frame for Solar and Wind Power Plants
- Lexcomm Vietnam LLC
The Ministry of Industry and Trade has just completed a draft Circular on methods of developing a price frame for solar and wind power plants for comments.
Vietnam: Decree No. 70/2023/ND-CP on conditions for work permit applications and procedures
- KPMG Law Limited
on 18 September 2023, the long-awaited Decree No.70/2023/ND-CP, amending a number of articles of the Decree No.152/2020/ND-CP was issued. Changes in the regulations as guided in the amended Decree No. 70/2023/ND-CP on conditions for work permit applications and procedures are expected to significantly impact on the recruitment and mobility policies of the businesses using foreign labours.
Vietnam's Sandbox for Fintech: To Join or Not to Join?
- LNT & Partners
In Vietnam, the decree for regulations on controlled testing mechanism for financial technology activities in the banking sector (Sandbox) has been considered since its first draft in 2020. The decree is expected to be enacted by Vietnam Government this year. This article highlights the key pros and cons and the opportunity costs, to help decide on parachuting under this pilot scheme.
Vietnam: Negative aspects from the negative-list-approach in Vietnam’s market openings under the CPTPP
- LNT & Partners
From 14 January 2019, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) became effective for Vietnam. This article discusses the negative list approach in the CPTPP.
Vietnam: The carbon credit and carbon market
- BLawyers Vietnam
The carbon market in Vietnam has been gradually heating up, especially after the Government issued on the mitigation of greenhouse gas emissions and protection of the ozone layer. This update provides an overview of the carbon credit and carbon market in Vietnam.
Vietnam: KPMG Technical Update on New Bidding Law and New Consumer Rights Law
- KPMG Law Limited
This update will set out a number of key changes in the new Bidding Law (22/2023/QH15) and in the new Law on the Protection of Consumer Rights (19/2023/QH15).
Vietnam: Stricter conditions for foreign loans by Vietnamese companies being non-credit institutions
- Venture North Law Firm
In June 2023, the State Bank of Vietnam (SBV) issued Circular 8/2023 which prescribes conditions for Vietnamese borrowers to borrow foreign loans without a Government guarantee. In this update, we discuss the borrowing conditions for a Vietnamese Company.
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