NEWS

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.

A draft decision has been issued about the calculation of the recycling costs for producers of packaging materials and products that can be recycled.

On 9 January 2023, after nearly 13 years of applying the Law on Medical Examination and Treatment No. 40/2009/QH12, the National Assembly issued the Law on Medical Examination and Treatment No. 15/2023/QH15. This New Law will take effect on 1 January 2024.

On 9 September 2022, the Ministry of Construction (MOC) published a draft of the new law on housing (Draft Law) for public consultation. Upon final adoption, the Draft Law will supersede and replace the Current LOH. In this legal update, we aim to highlight the key takeaways from the aforementioned developments.