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DRAFT LAW ON E-TRANSACTIONS

DRAFT LAW ON E-TRANSACTIONS

The draft amended Law on E-Transactions was first released on 4 May 2022 by the Ministry of Information and Communication (the MIC). The new law is expected to update and refine the existing legal framework to keep pace with the potential ramifications of the rapidly evolving landscape of e-commerce and digital technology.

POWER DEVELOPMENT PLANNING 8 OF VIETNAM
Vietnam’s national power development planning for the period of 2021-2030, with a vision to 2050 has finally been approved. In the update you can read about its objectives as well as the impact it will have on the various energy sources, such as wind power, solar power, LNG-to-Power, coal-fired power, and hydropower.

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THE LEGAL 500 REAL ESTATE COUNTRY COMPARATIVE GUIDE 2022
ACSV Legal contributed to the Legal 500 Country Comparative Guides 2022, Vietnam chapter on Real Estate. Read the latest information on laws and regulations and the most frequently asked questions related to Real Estate in Vietnam in 2022.

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ELECTRICITY GENERATION PRICE RANGE FOR SOLAR AND WIND POWER PLANTS
Circular 15 addresses the issues that have arisen from the expiration of regulations on FiTs for solar and wind power plants that were not completed yet. Some guidance is given how FiTs should be handled for the so-called transitional plants.

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ELECTRONIC IDENTIFICATION AND AUTHENTICATION
Decree 59 introduces the electronic identity (eID) for individuals and companies. This eID can be used for electronic identification and authentication. Both Vietnamese and foreign citizens will get an eID. There is a difference in application for individuals and companies.

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DECREE 53: IMPLEMENTATION OF LAW ON CYBERSECURITY
The biggest concern for companies was the requirement to localise data. However, this requirement does not always apply, only under certain circumstances. Also, in case of violation of the Law on Cybersecurity, an overseas service provider will be required to store data locally. Finally, any activity of taking advantage of cybersecurity measures to violate the law might even result in the obligation to compensate if the violation has infringed the lawful rights and interests of others.

Chambers PE 2022
CHAMBERS AND PARTNERS PRIVATE EQUITY GUIDE 2022
In this edition of Chambers Global Practice Guides: Private Equity 2022, ACSV Legal contributed to the Vietnam chapter on Law & Practice and Trends & Developments. The guide provides the latest legal information relevant for PE and M&A such as the structure of transactions, terms of acquisition documentation, public-to-private takeovers, mandatory offer thresholds and hostile takeover offers.

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APPLICATION OF THE RCEP TRADE REMEDIES
This legal update highlights several remarkable points under Circular 7, which transposes regulations of the RCEP free trade agreement into Vietnamese law. Circular 7 implements the RCEP's transitional safeguard measures and antidumping measures.

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DRAFT CIRCULAR ON OFFSHORE LOANS
The Draft Circular proposes to tighten the management of non-government guaranteed offshore loans to control Vietnam’s overall borrowing exposure. It is unclear when the Draft Law will be approved and promulgated by the competent authorities.

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DRAFT LAW ON E-TRANSACTIONS
The Draft Law on E-Transactions provides a new definition and new requirements for digital platforms, expands the scope of application, contains a provision on the data protection in e-transactions and finally, clarifies the application of electronic agreements and signatures.

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CIT AND PIT ADMINISTRATION AND VAT REDUCTION
Several tax-related draft decrees are expected to be approved shortly. In January 2022, the Government promulgated Decree on tax exemption and reduction. A Draft Decree to remedy some issues of Decree 15 is pending. In February 2022, the Ministry of Finance of Vietnam released a Draft Decree on tax administration amending some articles of Decree 126/2020 guiding the Law on Tax Administration and Decree 123/2020 on invoices.

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DRAFT LAW ON PROTECTION OF CONSUMERS' RIGHTS
The Draft Law on the protection of Consumers' Rights will be more in line with the requirements of international treaties. The protection of vulnerable consumers’ rights is one of the new regulations introduced by the Draft Law. It also contains various parts related to the protection of personal data of the consumer.

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PROTOCOL FOR VIRTUAL COURT HEARINGS
Due to COVID-19 the courts in Vietnam had to move to virtual hearings. In this update, you can find more information on the requirements. There are rules for pre-hearing plan, scope, and logistic issues, technical specifications and requirements, online etiquette and due process.

Featured News

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REVISED DRAFT LAW ON LAND

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DRAFT LAW ON E-TRANSACTIONS

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