News

NEW REGULATIONS ON THE OFFSHORE-ISSUED BONUS SHARE PLAN

A recent amendment to Vietnam's regulations governing employee stock ownership plans (ESOPs) has significantly simplified the process for foreign entities to offer these benefits to Vietnamese employees. The State Bank of Vietnam's Circular No. 23/2024/TT-NHNN, effective from August 12, 2024, has removed several hurdles, making it easier for companies to implement offshore-issued ESOPs.

ROLE OF TRADE UNIONS IN CIVIL PROCEEDINGS

To fulfill the role of the trade unions in labour dispute resolution procedures, the Vietnam General Confederation of Labour has issued Guidance Number 92/HD-TLD. This guidance will provide instructions for the trade union regarding complaints and participation in civil proceedings in relation to labour disputes at the court.

25 Sep 2023

VIETNAM COMPETITION COMMISSION OFFICIALLY TAKES SHAPE

On 10 February 2023, the Government issued Decree No. 3/2023/ND-CP providing for the functions, rights and duties, and organisational structure of the Vietnam Competition Commission. Decree 3 will take effect on 1 April 2023.

28 Mar 2023

NEW LAW WILL BE IN LINE WITH FATF 40 RECOMMENDATIONS

The Vietnamese National Assembly adopted a new Law on AML (New Law) on 15 November 2022. This New Law will take effect on 1 March 2023.

30 Dec 2022

FX ADMINISTRATION OF ENTERPRISES’ FOREIGN BORROWING AND DEBT REPAYMENT

Circular 12 regulates various matters on foreign borrowing and debt repayment, such as the registration procedure of the enterprise’s foreign loan without a Government guarantee, opening and use of accounts for foreign borrowing and debt repayment, and reporting regime related to the enterprise’s foreign loan.

30 Nov 2022

DECREE 65 ON OFFERING AND TRADING PRIVATE CORPORATE BONDS

Decree 65 supplements the definition of secured bonds, contains more information on how professional investors are determined and more rules for non-professional investors.

29 Oct 2022

AMENDED LAW ON INTELLECTUAL PROPERTY

The Amended IP Law will enter into force on 1 January 2023 and is changed significantly compared to the current law. Sound marks are recognised for the first time. New definitions for author and co-author are introduced. Bad faith is introduced as a ground to cancel the validity of the trademark registration certificates.

01 Sep 2022

DRAFT LAW ON LAND

The Draft Law on Land will amend regulations on land price bracket and land user; the basis for land allocation, land lease and change of land use purpose as well as the land use term of the investment projects.

31 Aug 2022

DRAFT LAW ON PROCUREMENT

The draft aims to achieve better competitiveness, fairness, transparency, and economic efficiency in the management of the State budget. The selection methods of bidders and investors will be amended as well as the process and procedures to select bidders and investors.

31 Jul 2022

DECREE 35 ON MANAGEMENT OF INDUSTRIAL PARKS AND ECONOMIC ZONES

Decree 35 brings many positive changes to the legal framework for IPs and EZs, addresses various shortcomings of Decree 82 and is expected to attract more investment in IP and EZ development. For example, the requirement of a minimum 60% occupancy rate no longer applies and housing accommodation for employees working in IPs and EZs.

30 Jun 2022

DEFERRAL OF TAX AND LAND RENT PAYMENT IN 2022

Decree 34 provides for delayed tax and land fee payments for some types of enterprises such as SMEs, credit institutions, enterprises in certain manufacturing and services sectors. Additional requirements might apply. A request needs to be submitted by 30 September 2022 at the latest.

25 Jun 2022

GUIDELINES FOR INSPECTION AND ASSESSMENT OF FOREIGN INVESTMENT

Circular 2 issued introduces new methods of inspecting and assessing the compliance of foreign investment activities in Vietnam with relevant laws. The new Circular gives the responsible authorities the right to run discretionary audits on foreign-invested entities.

02 Jun 2022

PROPOSED CHANGES FOR DECREE 15/2022/ND-CP ON TAX REDUCTION

Decree 15 has reduced the VAT rate for many goods and services from 10% to 8%. However, the implementation of this has resulted in some additional burden for companies as it is not possible to include different VAT rates in one VAT invoice. The draft decree addresses this issue.