News

DRAFT DECREE IMPLEMENTING THE LAW ON ENVIRONMENTAL PROTECTION

The draft decree provides details on the environmental permits, it sets out environmental criteria for investment project classification and requires organisations or individuals to obtain a liability insurance in specific sectors and industries. Finally, incentives and supporting policies in environmental protection are included.

20 Sep 2021

IMPACT OF CORONAVIRUS OR 2019-NCOV EPIDEMIC

A substantial amount of information has been shared on the economic impact of the Corona virus, however, what does it mean for your business from a legal perspective. In this update we will set out some issues you might have to consider in light of the Labour Code as well as the Civil Code in connection with the steps taken by the Government.

20 Feb 2020

FOCUS NEW LAW ON TAX ADMINISTRATION ON GOVERNANCE AND ENFORCEMENT

The law will also impact e-commerce activities of offshore entities; and introduces new definitions. Finally, legal reps need to be aware that they can be prevented from exiting Vietnam when the company has not paid due taxes. Please note that 6 months remain to take measures to remain compliant.

30 Jan 2020

NEW LABOUR CODE MORE IN LINE WITH INTERNATIONAL LAWS

The new Labour Code includes substantial changes to recognise the evolution of labour relationships under the impact of the Industrial Revolution 4.0. Important is also that the draft for the first time contains a definition of sexual harassment, which is already prohibited under the current Labour Code.

15 Jan 2020

2019 LAW ON SECURITIES EXPECTED TO DEVELOP VIETNAM’S SECURITIES MARKET

The 2019 Law on Securities for the first time ever mentions foreign investors' participation on the securities market. The law also amends and adds definitions, and separates the initial and additional public offering. Furthermore, the conditions for both public and non-public offerings will be tightened, and the maximum fine will be increased.

31 Dec 2019

EASIER TO SWITCH TO CORRECT VISA FOR FOREIGN INVESTORS AND JOB FINDERS

As of 1 July 2020 it will become easier to switch to a different type of visa for foreign investors and job-finders who entered the country on a tourist visa. There will also be more types of visa available for foreign investors and duration depends on investment but can be up to 10 years.

30 Dec 2019

DECISION 26 TO SPEED UP EQUITISATION AND DIVESTMENT

Decision 26 is expected to speed up the equitisation of SOEs and divestment of State capital to create a level playing field for business entities, generate funds for infrastructure projects and comply with international commitments and free trade agreements.

27 Nov 2019

STRICTER SANCTIONS FOR VIOLATING COMPETITION LAW

Decree 75 contains a general framework for administrative penalties such as warnings and fines, additional sanctions and remedial measures such as suspension of operations, confiscation of profits or revocation of enterprise registration are amongst the additional sanctions, and correction of false information, restructuring of dominant entities, removal of illegal terms.

25 Nov 2019

CIRCULAR 6 ON FOREX CONTROL OF FDI ACTIVITIES IN VIETNAM

Circular 6 results in changes on use of foreign exchange related to foreign direct investment in Vietnam. The definition of FDI enterprise, and the scope of when a direct or indirect investment capital account should be used have changed. Guidelines are provided about the use of foreign currencies and VN Dong.

17 Oct 2019

IMPACT OF THE FREE TRADE AGREEMENT BETWEEN VIETNAM AND THE EU

The EVFTA has been signed and is expected to enter into force in 2020. It is an ambitious agreement that not only addresses trade issues, but also sustainability (environment/human rights), and covers dispute settlement. There is a separate agreement that will cover the investor's protection. Companies that would like to take advantage of the EVFTA will - amongst others - have to take into consideration the country of origin and SPS requirements.

23 Aug 2019

PROPOSED CHANGES TO IMPROVE INVESTMENT CLIMATE IN VIETNAM

Amendments are expected related to conditional business lines; and clarifications are provided for Business Investment and Market Access Conditions. Notable are also the proposed amendments about M&A approval requirement, investment incentives, IRC, offshore investments, legal representatives and minority shareholders.

22 Aug 2019

VIETNAM LOOKS ABROAD TO STIMULATE PRIVATE INVESTMENT IN INFRASTRUCTURE

Vietnam’s new draft law on Public-Private Partnerships takes inspiration from legal frameworks around the world and provides an opening to satisfy the country’s growing demand for infrastructure investment. The Draft Law’s provisions on viability gap funding, risk-sharing, and project-financing are all laudable improvements compared to the current situation.

22 Jul 2019

DECREE 15 ON FOREIGN-INVESTMENT IN VOCATIONAL TRAINING INSTITUTIONS

Decree 15 offers detailed instructions on the implementation of the Law on Vocational Education and Training. It sets out requirements that need to be met before a project of vocational institution could be launched by a foreign investor. Decree 15 is expected to attract foreign investment in the vocational training.