NEWS

Decree 126 sets out the provisions that are relevant for the equitisation of SOEs. It provides for requirements for strategic investors, IPO (method and strategic investor), lock-up period, valuation method, financial issues and rights of employees.

The new Penal Code brings the Vietnamese law more in line with international laws and introduces corporate criminal responsibility for criminal offences such as insurance fraud, tax evasion, violation of competition regulations, terrorism financing, money laundering, pollution, manufacturing of counterfeit products and corruption.

Circular 27 on self-certification of certificate of origin no longer contains the requirement of total export turnover of at least USD10 million in the preceding year to ASEAN member states. This allows SMEs, and larger companies as well, to increase export to ASEAN countries and take advantage of preferential tariff treatment of the ASEAN Trade in Goods Agreement (ATIGA).

As of 1 October 2017 a work-permit can be requested on-line and as of 1 January 2018 foreigners are obliged to participate in the social insurance scheme and the amount on which the contribution is based changes, as more will fall under salary.

Decree 71 provides detailed guidelines on corporate Governance for public companies, regarding shareholders; the General Meeting of Shareholders, Board of Directors, Board of Controllers, prevention of conflict of interests, information disclosure and reporting.

Law on Real Estate Business No. 29/2023/QH15 has been issued and will take effect in 2025. Law on Real Estate Business provides stricter regulations on brokerage activities, receiving remunerations, and commissions and requires public disclosure of real estate information before putting it into business. With important amendments linked to practice, Law on Real Estate Business will contribute to market transparency and best protect the interests of real estate buyers, renters, and lease-purchasers.

In this new edition, you can read about the draft decree guiding extended producer responsibility and the new regulations on cross-border advertising services. You can also stay up-to-date with the relevant legal issues of the corporate bonds market in Vietnam. Lastly, we provide you with some other news and regulations which we thought might be of interest.

In this special edition, you can read about the Government's Resolution 15, plans to resume business operations for HCMC, Hanoi, Binh Duong and Long An, and the lock down regulations for HCMC until the end of September.

The global coronavirus epidemic has caused massive disruption to businesses and may impact certain contractual relationships, either with clients or employees, Minh Nguyen, senior associate and head of dispute resolution practice at ACSV Legal, discusses notable changes in regulation which could directly affect daily business operations in Vietnam, and pores over certain legal issues that Vietnamese-based companies might encounter due to the pandemic.

Investment is a key driving force for economic growth and competitiveness as it spurs innovation, creates jobs, and connect investors to global value chains. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) provides a strong, rule-based framework through which to grow investment relations with key Asia-Pacific economies. ACSV Legal Vietnam outlines how the CPTPP benefits investors, and the terms and conditions to ensure that investment procedures will be easier and more transparent for foreign funders.

Vietnam is expected to speed up equitisation of state-owned enterprises and divestment of state capital to create a level playing field for business entities and generate funds for infrastructure. Law firm ACSV Legal's associates Phuong Huynh and Duc Tran find out how these actions may offer ample opportunity for private financiers to invest in some of Vietnam's leading market players in 2020.

With the Vietnam-EU Free Trade Agreement taking effect last year, the government recently circulated a draft decree on personal data protection, drafted by the Ministry of Public Security of Vietnam. Proposed to be adopted in December, it will become the first unified regulation on personal data protection in Vietnam. Minh Nguyen, senior associate of ACSV Legal, gives a heads-up on certain points worth noting in the draft.