Decree 80 provides more support to women-owned SMEs or SMEs with a high percentage of female employees and social SMEs. New is also that technology and consulting support can be obtained and specific SMEs can qualify for special interest rates.
In this Draft Decree administrative penalties for cybersecurity violations are set out. It will likely enter into force early 2022 and together with the draft decree on personal data protection it will form the cybersecurity regime in Vietnam and is influenced by the European Union's General Data Protection Regulation.
Vietnamese pharmaceutical sector has grown significantly over the last decade thanks to positive regulatory changes and rising domestic demand. Watch the Vietnamese Pharmaceutical Market Webinar, a part of BritCham Vietnam's Sector-focused Webinar Series, where we discuss opportunities and challenges within the imported pharmaceutical market in Vietnam.
This new regulation provides guidance on the obligations of organisations and individuals engaged in foreign investment activities in the Vietnamese securities market. Circular 51 came into effect on 16 August 2021, replacing Circular 123/2015/TT-BTC (Circular 123). In this legal update, we will discuss the highlights and takeaways from Circular 51.
Directive 18 provides information on which businesses can open and which not yet and under which conditions. It also prescribes the obligation to use QR codes for movement and proof of vaccination. Step-by-step more businesses can open again which will help to recover HCMC's economy.
The law will also cover insurers, reinsurers and insurance brokers practising insurance auxiliary services and other activities directly related to the insurance business. Insurance services and products can be offered and promoted online. Finally, it simplifies some investment and establishment conditions.
The authorities of HCMC have decided on criteria that will apply to businesses and people when the city will open up on 1 October. Companies are required to keep their staff safe. Offices and businesses need to meet certain requirements to be able to operate again.
In light of difficulties caused by the 4th wave of COVID-19 the government issued Resolution 116 with financial support packages for employees and employers. Certain conditions need to be met in order to qualify for this support.
Hanoi has issued a plan to reopen businesses while keeping its citizens safe. Specific activities will be allowed under certain conditions. Gatherings of groups larger than 10 or 20 are prohibited depending on where they meet. Business can allow 50% of the staff to work in the office and the rest needs to work from home. It applies as of 21 September.
Long An Province issued a plan to resume business operations. It contains information on the requirements for companies and employees for companies to resume operations. The authorities intend to have a 2 phase reopening, but the plan only contains details for the first phase from 16/9 to 15/10, not yet for 15/10 onwards.
Binh Duong has issued a plan to resume business operations in the industrial zones. It sets out the obligations for companies and employees. The plan is split in 2 phases and distinguishes between companies that have stopped operations and those that have continued.
The current COVID-19 situation in HCMC makes that the authorities remain cautious. Only in areas where the pandemic is under control a more relaxing regime will apply. Citizens can go out to shop for groceries once a week and more business activities are allowed. Other services such as inter-district deliveries, food delivery and postal services will be possible again too in the whole city.
Vietnam is a dynamic country with an economy that continues to grow and modernise and has a lot to offer. It is a unique country and provides extensive opportunities if you are willing to spend the time to understand the market and the people living and working in it.
Since Vietnam has joined the WTO in 2007, investment opportunities in Vietnam have developed immensely. Nevertheless, there are undoubtedly many challenges in doing business here, some of which we will touch upon the main points in our guide “Doing Business in Vietnam".
In this guide you can find information about:
Ways to invest and available incentives;
Types of legal entities you can setup;
The do’s and don’ts of borrowing or lending money;
Competition law, contract law, intellectual property rights law, the labour code and dispute resolution;
What to do in case of insolvency, bankruptcy, or dissolution; and