NEWS

Circular No. 15/2024/TT-BLDTBXH fully repeals a total of 14 legislative documents, including 10 documents related to labour and wages and 4 documents related to social evils prevention, which takes effect from 15 February 2025.

On 31 December 2024, the Government of Vietnam passed the Decree 180/2024/ND-CP on value-added tax (“VAT”) reduction policy in accordance with Resolution No. 174/2024/QH15 issued by National Assembly of Vietnam issued on 30 November 2024, which took effect from 01 January 2025.

In this edition of Chambers Global Practice Guides: Doing Business In... 2024, ACSV Legal contributed to the Vietnam chapter on Law & Practice and Trends & Developments. We hope this guide will serve as a reference for lawyers and investors looking to understand the basic principles guiding the legal system of Vietnam.

On 10 December 2024, the Prime Minister of Vietnam issued Decision No. 1541/QD-TTg on the establishment of Ha Nam High-Tech Park. This Decision lays the foundation for a new high-tech park in Ha Nam province, aiming to attract investment and promote research and development in cutting-edge technology sectors.

On 13 August 2024, the Prime Minister of Vietnam issued Decision No. 13/2024/QD-TTg, which updates the lists of sectors and greenhouse gas (GHG) emitting facilities required to develop a GHG inventory. The update aims to enhance Vietnam’s GHG emission monitoring and reporting framework, ensuring compliance with the country’s environmental commitments.

On 28 June 2024, the State Bank of Vietnam issued Circular No. 21/2024/TT-NHNN (“Circular 21”), which regulates letter of credit (“L/C”) operations and related business activities by credit institutions and foreign bank branches (“FBBs”). Effective from 1 July 2024, Circular 21 applies to both residents and non-residents, covering a wide range of entities, including commercial banks, cooperative banks, and FBBs authorized to conduct L/C operations.

Obtaining a work permit or a work permit exemption certification in Vietnam is often a concern for foreigners. Decree 152 caused some issues, especially with regard to the requirement to have a degree matching the job. This is no longer required. There is a new requirement to post the vacancy before starting the recruitment.

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.

Circular 6 loosens some restrictions on lending and debt repayment currency while introducing certain new requirements and restrictions. Besides, it also creates a new legal framework for digital lending activities.

A draft amendment and supplement to Decree 152 was issued to remove difficulties and obstacles in the process of applying the provisions of Decree 152/2020/ND-CP. It stipulates stricter requirements for foreign workers and the notification process and procedures, and it limits cases of work permit exemption.

This Draft Decree sets out the administrative sanctions for violating the 2018 Cybersecurity Law. It also sets out sanctions for violating the first-ever Decree on Personal Data. If adopted, the decree will go into effect on 1 December 2023.

From 1 July to the end of 2023, a reduction of 2% in the VAT rate will apply to goods and services. It applies to all stages of importation, manufacturing, processing and trading. For services, it depends on the date of completion.