This document provides summaries of recent legal and business developments in Vietnam. It discusses new regulations on foreign exchange transactions and bank guarantees for off-the-plan property developments. It also summarizes changes to Vietnam's company law under Decree 78 and new disclosure requirements for public companies. Additionally, it outlines strategies for foreign retailers to expand in Vietnam, new rules for offshore investment, and benefits Vietnam is expected to gain from the Trans-Pacific Partnership agreement.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the lowering of prudential ratios for restructuring banks; proposed ranking of foreign investment projects; the EU-Vietnam Free Trade Agreement and the mortgaging of off-the-plan property projects.
We also want to take this opportunity to wish everyone a safe and enjoyable holiday season. Happy Holidays.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: the new Law on Competition and registration of certain secured transactions.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the lowering of prudential ratios for restructuring banks; proposed ranking of foreign investment projects; the EU-Vietnam Free Trade Agreement and the mortgaging of off-the-plan property projects.
We also want to take this opportunity to wish everyone a safe and enjoyable holiday season. Happy Holidays.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: the new Law on Competition and registration of certain secured transactions.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the long awaited new Decree 118 implementing the Law on Investment; new SBV circular on the use of cheques; and new penalties in the consumer protection regime.
Legal practitioner have been updated with the requirement of Legal Professional Act1976.
It provide a practical guide on how to complied with the requirement of the act beside charging the GST output tax and claiming an input tax.
This presentation covers benefits of filing income tax return even if your income is below taxable slab. There are many benefits of filing NIL returns as well so make sure to file your income tax return on or before due date , i.e. November 30, 2020
Legal practitioners services like other services are subject to GST.
Whether the practitioner are sole-proprietor or a partnership, they are required to register if their annual turnover exceed the threshold limit of RM500,000.
What other detail need to take care? Follow up with us....
VAT Club: International Indirect Tax update - September 2015Alex Baulf
Please see the slidepack from the International Indirect Tax update breakout session at Grant Thornton's VAT Club event held in London on Wednesday 16 September. This high level update includes:
- Italian VAT changes
- EU case law update
- update on the Union Customs Code
- rate changes in Greece and Kosovo
- update on India GST implementation
- update on Egypt VAT implementation
- update on UAE VAT implementation
- the digital economy - update on legislation aimed at non-resident suppliers of digital and electronic services in Japan, and across EMEA, Asia-Pac and North America
- Skandia decision - update from EU VAT Expert Group.
Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.. Call 08189328020/08097154502 or for more Enquiries Email- martinsoshionebo@blackbit.ng. Thank you
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on online registration of foreign loans with the State Bank of Vietnam; safe deposit box services by credit institutions; and capital gains tax on upstream change of control in the petroleum sector.
Overseas investors continue to look to the UK as
an attractive location to invest. But what are the
key tax implications? Take a look at our guide on structuring your real estate investment in the UK to find out.
I/We offer Bank Guarantee only on lease, there are two types of bank guarantee which are Direct Bank Guarantee and Indirect Bank Guarantee. As well as DLC, LC SBLC, Its used as Bid Bond, Payment Guarantees, Letter of Indemnity, Guarantee Securing Credit Line, Advance Payment Guarantees, Performance Bond Guarantee E.T.C.
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the new environment police force; new Decree 96 implementing the Law on Enterprises; regulations on rights of female employees in a workplace and new Decree implementing the Petroleum Law.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the long awaited new Decree 118 implementing the Law on Investment; new SBV circular on the use of cheques; and new penalties in the consumer protection regime.
Legal practitioner have been updated with the requirement of Legal Professional Act1976.
It provide a practical guide on how to complied with the requirement of the act beside charging the GST output tax and claiming an input tax.
This presentation covers benefits of filing income tax return even if your income is below taxable slab. There are many benefits of filing NIL returns as well so make sure to file your income tax return on or before due date , i.e. November 30, 2020
Legal practitioners services like other services are subject to GST.
Whether the practitioner are sole-proprietor or a partnership, they are required to register if their annual turnover exceed the threshold limit of RM500,000.
What other detail need to take care? Follow up with us....
VAT Club: International Indirect Tax update - September 2015Alex Baulf
Please see the slidepack from the International Indirect Tax update breakout session at Grant Thornton's VAT Club event held in London on Wednesday 16 September. This high level update includes:
- Italian VAT changes
- EU case law update
- update on the Union Customs Code
- rate changes in Greece and Kosovo
- update on India GST implementation
- update on Egypt VAT implementation
- update on UAE VAT implementation
- the digital economy - update on legislation aimed at non-resident suppliers of digital and electronic services in Japan, and across EMEA, Asia-Pac and North America
- Skandia decision - update from EU VAT Expert Group.
Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.. Call 08189328020/08097154502 or for more Enquiries Email- martinsoshionebo@blackbit.ng. Thank you
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on online registration of foreign loans with the State Bank of Vietnam; safe deposit box services by credit institutions; and capital gains tax on upstream change of control in the petroleum sector.
Overseas investors continue to look to the UK as
an attractive location to invest. But what are the
key tax implications? Take a look at our guide on structuring your real estate investment in the UK to find out.
I/We offer Bank Guarantee only on lease, there are two types of bank guarantee which are Direct Bank Guarantee and Indirect Bank Guarantee. As well as DLC, LC SBLC, Its used as Bid Bond, Payment Guarantees, Letter of Indemnity, Guarantee Securing Credit Line, Advance Payment Guarantees, Performance Bond Guarantee E.T.C.
Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the new environment police force; new Decree 96 implementing the Law on Enterprises; regulations on rights of female employees in a workplace and new Decree implementing the Petroleum Law.
Asia Counsel is a dynamic international corporate and commercial law firm dedicated to serving clients in Vietnam. Our partners have over ten years of experience in working on complex and challenging matters in Vietnam. We have prepared this briefing on Retail and Distribution in Vietnam following the recent introduction of Decree 09/2018/ND-CP of the Government dated 15 January 2018 which changes the regulatory landscape for retail and distribution in Vietnam.
VIETNAM – BANKING AND FINANCING SUSTAINABLE GROWTH - Issues and Solutions - ...Dr. Oliver Massmann
VIETNAM – BANKING AND FINANCING SUSTAINABLE GROWTH
- Issues and Solutions - Impact of the Key Trade Agreements
CPTPP, EUVNFTA and Investment Protection Agreement
Latest Updates on Thailand's Laws and Regulations on Business AcquisitionsLawPlus Ltd.
- Updates on laws and regulations related to business acquisitions
- Legal issues for acquisitions of shares by foreign investors
- Disclosure requirements and procedures for acquisition of shares in listed companies
- Regulatory authorities involved with business acquisitions
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new decrees on factoring business, insurance business and agribusiness.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition, we provide a summary of (a) the new decree regulating e-commerce businesses taking effect from 1 January 2022; (b) the new decree on security transactions; and (c) Government relief for Covid-19 affected businesses.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the new Civil Code; offshore securities investments by Vietnamese investors and criminal offences for corporations.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on the new Vietnam competition law decree; integrated teaching programs for students in international schools; and State Bank of Vietnam lending rules for businesses impacted by the pandemic.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: changes to the social insurance and labour laws; feed in tariffs for power projects; changes to investment conditions for insurance enterprises.
Financial Service Providers Register (FSPR) presentation for the Business Update 2010 Seminar Series - New Services for a New Decade.
An introduction to the FSPR and AFA regimes including who will administer them, registration and authorisation requirements, how to register on the FSPR and the process to become an Authorised Financial Adviser (AFA).
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
1. ASIA COUNSEL INSIGHTS
16 October 2015
Our Asia Counsel Insights
provide an overview of the key
trending legal and business
issues in Vietnam and how they
may impact your business.
Please enjoy your read.
About Asia Counsel
Asia Counsel is a dynamic
international corporate and
commercial law firm dedicated
to serving clients in Vietnam.
We are committed to helping
clients achieve their business
strategies and providing
outstanding legal services.
Banking Wrap
New Regulation on Forex Transactions
SBV issued Circular 15/2015/TT-NHNN
on 2 October 2015 on foreign
exchange transactions including
swaps, forward, options and spot
transactions. The key aspects are:
Licensed credit institutions can
only conduct spot transactions
with non-resident entities. They
cannot enter into forward, option
or swap currency transactions with
non-resident entities.
The term for a forex swap and
forward transaction is between
three days to 365 days.
The VND/USD forward rate in a
swap and forward transaction
may be agreed by the parties but
cannot exceed a rate based on
the difference between the SBV
refinancing rate and US Federal
Funds Target Rate and other
factors.
Property
Bank guarantees on off-the-plan
projects
Vietnamese law requires developers
to obtain a bank guarantee for an
off-the-plan property development
before the units or villas are sold to
the general public. There are a few
things that property developers and
purchasers may need to consider.
How would the purchasers call
on the guarantee? Must the
purchasers first obtain a court
judgement?
How much can the purchaser
claim - the full amount paid?
Would there be an interest
component?
What is the guarantee fee from
the banks. Banks may charge 2-
5% of the total project costs –
many property developers are
calling for a cap on fees.
Enterprise Law
Decree 78
We continue to report on changes in
Vietnam’s company law under
Government Decree 78/2015/ND-CP
which will take effect on 1 November
2015.
Companies must report to the
relevant licensing authority any
changes to its board of
management, general director
and inspection committee within
5 days after such change.
Once a branch or rep office of a
company is registered, details of
the registration no longer appear
on the enterprise registration
certificate (ERC).
A complaint may be filed if the
licensing authority fails to meet a
deadline set in law.
A copy of the ERC may also be
issued by the licensing authority.
About Asia Counsel
Asia Counsel is a dynamic international corporate and commercial law firm dedicated to serving clients in Vietnam. Our partners have over eight years of
experience in working on complex and challenging matters in Vietnam. We are committed to helping clients achieve their business strategies and providing
outstanding legal services.
If you have any questions on any of the items discussed above, please do not hesitate to contact us.
Christian Schaefer
Managing Partner
E christian@asia-counsel.com
Minh Duong
Partner
E minh@asia-counsel.com
Asia Counsel Vietnam Law Company Limited Suite G2021 The Manor 2 - Officetel 91 Nguyen Huu Canh St. Ho Chi Minh City
www.asia-counsel.com
2. ASIA COUNSEL INSIGHTS
16 October 2015
Financial Markets
Public Information Disclosure
The Ministry of Finance issued Circular
155/2015/TT-BTC on 6 October 2015
regulating the public disclosure of
information on the securities market.
The disclosure requirements are for
public companies, public funds and
ETFs. Circular 155 introduces more
rigorous disclosure requirements. The
key disclosure matters are below.
There is an extensive list of 18
disclosure items that a public
company must disclose within 24
hours of the event occurring. As
an example, a public company
must disclose any material
adverse change to its business.
There is a general obligation for a
public company to confirm or
deny an event that has an
impact on the price of the
securities of the company.
Circular 155 requires certain
matters to be reported in a format
annexed to the circular. These
forms which include annual and
management reports, are in
English and Vietnamese.
Consumer
Economic Needs Test
In the retail sector, a foreign
investor that wants to increase its
retail network by more than one
store must obtain an economic
needs clearance from a council
formed by the provincial level
people’s committee. There is an
exemption to the economic
needs test (ENT) if the retail
outlet is less than 500sqm and is
located in a permitted area
under a master plan of the
people’s committee. Expanding
the retail outlets of a foreign
investor is cumbersome but there
are strategies to achieve the
aims of the foreign investor.
The good news is that under the
EU-VN free trade agreement, the
ENT requirement will be
abolished within five years after
the FTA takes effect. Although
the TPP text is not yet published,
there is an expectation that this
same deal will also flow to TPP
member countries.
Vietnam Fact Box
Vietnamese women’s day is
on 20 October which is a
special day to celebrate
women’s contribution to the
nation.
In the first 9 months of 2015,
68,347 new enterprises have
been established, a 31.4 %
increase compared with the
same period last year.
Vietnam’s trade balance as
a % of GDP in 2014 is 6.4%.
Vietnam’s CO2 emission at
2010 levels is 1.4 metric tons
of CO2 per capita.
Business
New Decree on Offshore Investment
The Government adopted Decree
83/2015/ND-CP on 25 September 2015
regulating offshore investment. The
decree took effect on the same day.
VN investors must obtain the
Offshore Investment Registration
Certificate (OIRC) from the MPI in
order to carry out investment
projects in foreign countries.
Offshore projects with a total
investment capital of VND 20 billion
or more require the MPI to seek an
opinion of the SBV during the
licensing process.
Investors can transfer foreign
currencies to foreign countries
before obtaining the OIRC in order
to cover the costs of activities
related to the offshore investment
project, such as market surveys,
site studies, data acquisition,
consultancy or engagement in
international bidding. However, the
amount of foreign currencies to be
transferred must not exceed 5 % of
the total offshore investment
capital, capped at USD 300,000.
Trans-Pacific Partnership
On 5 October 2015, twelve member nations forming the TPP concluded negotiations
on the trade pact. Vietnam is to benefit from the TPP. There will be a transition
period of a few years before the TPP becomes effective as many of the TPP
countries will need parliamentary approval. Vietnam will benefit from the TPP.
According to Bloomberg:
Vietnam may have a 50 % increase in apparel and footwear exports in 10 years.
Vietnam’s GDP will increase by 10% or USD36 billion. This is brought on by an
increase in foreign investment as capital flows from non-TPP countries who want
to benefit from Vietnam’s membership.
Vietnamese consumers will benefit from cheaper offshore products as 18,000
tariffs are removed.