NEWS

Marieke van der Pijl, Business Development Manager of ACSV Legal, and Matthew Lourey, Managing Director of Domicile Corporate Services, gave presentations on 'How to be compliant as a business' at the BBGV Breakfast Seminar on 8 May 2018. Presentations were followed by a panel discussion with Mark Oakley, Managing Partner of ACSV Legal and Colin Blackwell, owner of Enablecode.

On 8 March 2018, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This agreement is largely the same as the Trans-Pacific Partnership (TPP).

Circular 16 entered into force early 2018 and will further align Vietnam with international Intellectual Property norms. It amends and supplements 49 out of 67 points of Circular 01. Circular 16 contains application rules, examination procedures, deadlines, and provides information on changes related to trademarks, patents and industrial designs.

1 January 2018 was an important date for Vietnam and ASEAN: 7 free trade agreements and economic partnerships came into force between Vietnam and Korea, the Eurasian Economic Union, Chile, and Japan; and between ASEAN and China, Korea, Australia/New-Zealand, India, and Japan, and the ASEAN Trade in Goods Agreement (ATIGA) was implemented.

The amended Law on Technology Transfer No. 07/2017/QH14 will come into effect on 1 July 2018. The main aim is to improve the technology transfer framework and develop a strong science and technology market in Vietnam while eliminating technologies that may adversely influence development.

The Ministry of Industry and Trade plans to eliminate 675 existing investment requirements and conditions. The Decision took effect on 20 September 2017. However, note that not all changes will enter into force immediately. In this update more on franchising, food production and trading, website domain name and commercial assessment services.

A Draft Law that simultaneously will supplement and amend the Law on Value-Add Tax, the Law on Special Consumption Tax, the Law on Corporate Income Tax, Law on Personal Income Tax and the Law on Natural Resource Tax is expected to come into effect on 1 January 2019.

Decree 163 sets out the basis for FDI companies to set up a business providing logistics services in Vietnam under certain ownership limits. It gives a positive signal though and could help attracting more foreign investment especially resulting in increased partnerships between domestic and overseas companies.

The Draft Law on Special Administrative Economic Units intends to attract more foreign investments into Vietnam offering tax and other incentives in special economic zones in Quang Ninh, Khanh Hoa and Phu Quoc. The focus will be on the development of R&D activities, creative start-ups, new sciences and technologies, high-quality health and education, high-class resorts and tourism services.

Decree 8 sets out a wide range of amendments of investment conditions imposed on enterprises in various trade areas such as food production and trading, oil and gas, tobacco, electricity, and franchising. Its main objective is to reduce administrative procedures and easing doing business. The expected abolishment of the registration requirement for franchises did not materialise.

Decree 9 gives information on business license requirements, issuance term, administrative procedures and relevant authorities. Requirements for foreign owned enterprises (FOE) to obtain a business licence are reduced, the retail sector is opened up and the same requirements apply to companies from non-WTO countries. The economic needs test (ENT) remains and new requirements are introduced.

On 1 November 2017 Decree 105 on alcoholic beverage trading took effect. The New Decree gives clear guidance on how the activity to sell and serve alcoholic beverages in restaurants and bars should be registered and licensed.