vietnam

Tech giants complying with new tax system

A range of multinationals have already complied with Vietnam's new tax procedures for foreign suppliers / supplies - these groups are now adjusting their tax policies, which may affect companies and individuals who generate income from digital platforms. According to the General Department of Taxation (GDT), three months into deploying the Tax Portal for Foreign Suppliers, 26 multinational organisations registered and paid a total amount of about $20 million in tax. Vietnam is now one of the first four countries in Southeast Asia to successfully assert the right to control taxes for foreign enterprises in e-commerce and other digital platforms.

Impacts of Vietnam’s New Data Localization Decree

This article looks at some of the effects of the implementation of the Cybersecurity Law on enterprises doing business in Vietnam.

Decree 53 guiding Cybersecurity Law

On 15 August 2022, the Vietnamese Government issued Decree 53/2022/ND-CP detailing a number of articles of the 2018 Cybersecurity Law, and which sets out the requirements for such local data storage and local presence requirements. Decree 53 comes into effect from 1 October 2022.

Cybersecurity Updates in Vietnam’s Legal Regime

This article covers the promulgation of Decree 53 on the implementation of the cybersecurity law in Vietnam. By Dang The Duc and Thai Gia Han.

Vietnam: Proposing preferential policies supporting the farm economy

In this newsletter: 1) Proposing two new methods of selecting drug suppliers., and 2) Proposing preferential policies supporting the farm economy.

New Decree 53 details Certain Provisions in the Law on Cybersecurity

The Government of Vietnam issued Decree 53/2022/ND-CP detailing a number of articles in Vietnam’s Law on Cybersecurity (2018) which took effect as from 1 January 2019. Decree 53 is part of the guiding legislation intended to address provisions in the Law on Cybersecurity that required more detail.

Foreign ownership limits in Business Cooperation Contracts in Vietnam

In certain business sectors, Vietnam allows foreign investors to invest though a joint venture or a business cooperation contract. However, it is not clear if the ownership limit provided in these commitments apply to investment through a joint venture only or to both investment through joint ventures and BCCs.

Decree 53/2022 - Further guidance on data localisation in Vietnam

In August 2022, the Government issued Decree 53/2022 providing further guidance on data localization requirements in Vietnam. In this post, we discuss some salient points of the data localization requirements under Decree 53/2022.

Decree 53/2022 implementing the Law on Cybersecurity in Vietnam

In August 2022, the Government issued Decree 53/2022 to implement various provisions of the Law on Cyber Security 2018 (LCS 2018). This updates summarises certain key points.

Certain issues regarding taking security over listed shares in Vietnam

Under Decree 155/2020, from January 2021, registration of security interests over listed shares in Vietnam are made at the Vietnam Securities Depositor Centre (VSD). Following Decree 155/2022, the Ministry of Finance and VSD have issued detailed regulations on registration of security interests over listed shares.

Vietnam: Proposing preferential policies supporting the farm economy

Viet Nam: Đề xuất chính sách ưu đãi, hỗ trợ kinh tế trang trại

The Ministry of Agriculture and Rural Development is drafting a Decree on policies to encourage the development of the agricultural farm economy, proposing many preferential and supportive policies for the farm economy. This update summarises the proposed policies.

Vietnam: Proposing two new methods of selecting drug suppliers

Viet Nam: Đề xuất thêm 2 hình thức lựa chọn nhà thầu cung cấp thuốc

In the draft Circular stipulating the bidding for drugs at public health facilities, and regulations on purchasing drugs at medical facilities, the Ministry of Health proposed two more methods of selecting drug suppliers.

Vietnam: Eliminating regulations on calculating the rate of localization of car

The Ministry of Science and Technology just issued Circular 11/2022/TT-BKHCN removing legal documents promulgated by the Minister of Science and Technology on the method of determining the localization rate of cars.

Vietnam: Introducing new regulations on self-certification of origin of goods

The Ministry of Industry and Trade is publishing the draft Decree amending and supplementing a number of articles of Decree No. 31/2018/ND-CP dated March 8th, 2018 on the origin of goods for public comments.

Vietnam: New regulations on foreign exchange management for international bond issuance

The State Bank of Vietnam (SBV) has issued Circular 10/2022/TT-NHNN guiding the management of foreign exchange for the issuance of bonds to the international market that are not guaranteed by the Government.

Proposing pilot procedures for changing forest use purposes to other purposes in Khanh Hoa.

The Ministry of Agriculture and Rural Development is drafting the Prime Minister’s Decision on pilot regulations on procedures for deciding the policy of changing forest use purposes to other purposes under the Prime Minister’s competence authorizing the People’s Council of Khanh Hoa province in Resolution No. 55/2022/QH15.

Vietnam's New Law On Insurance Business

The Vietnam National Assembly has recently promulgated the new Law on Insurance Business No. 08/2022/QH15, which will go into effect on 01 January 2023 with the exception of some requirements that have a transition period.

Legislating the Metaverse in ASEAN

This article examines the growth of the metaverse in ASEAN and the road towards creating regulation and dispute resolution procedures compatible with the new technologies extant in the projected digital world.

Providing details and guidelines for some articles of the Law on Value-Added Tax

The Government issued Decree No. 49/2022/ND-CP dated 29 July 2022 to amend and supplement the regulations on details and guidelines of the Law on Value-Added Tax. This Decree takes effect on 12 September 2022.

Providing details for some articles of the Cybersecurity Law

The Government issued Decree No. 53/2022/ND-CP to detail some articles of the Cybersecurity Law 2018 dated 15 August 2022. This Decree takes effect on 01 October 2022.