Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on proposed changes to indirect tax laws, online work permits and the Vietnam Competition Authority.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on changes to registrations of residential housing projects and mortgage of off-the-plan apartments, public private partnerships and proposed new tax changes for SMEs and start-ups.
Changes In Budget 2020 vs 2021 (In Indirect Taxation)Javeria Ansari
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View all
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST ), excise, consumption tax, tariff) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on changes to registrations of residential housing projects and mortgage of off-the-plan apartments, public private partnerships and proposed new tax changes for SMEs and start-ups.
Changes In Budget 2020 vs 2021 (In Indirect Taxation)Javeria Ansari
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
Image result for indirect tax
View all
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST ), excise, consumption tax, tariff) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
Corporate Updates
RBI
RBI announces Sovereign Gold Bond Scheme
MCA
IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
TAXATION
Recommendations made by the GST Council in its 22nd Meeting
No extension of last date for filing GSTR-1 for July, 2017
Company Website-
www.acquisory.com
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
#CorporateUpdates
SEBI
SEBI Board Meeting has announced amendments to Credit Rating Agencies Regulations, Issuance of refund orders/allotment letters/share certificates through electronic mode under SEBI (Issue of Capital and Disclosure Requirements Regulations), 2009; Norms for Shareholding and Governance in Mutual Funds
MCA
Rajya Sabha Passes Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which bars unscrupulous persons from misusing the provisions of the Code.
MCA notifies Condonation of Delay Scheme, 2018
TAXATION
Extension of date for filing return in FORM GSTR-1
The last date for filing of return in FORM GSTR-1 for all taxpayers for the relevant periods, as shown in the Table below, has been extended to 10th January, 2018.
GST E-Way Bill Rules Are Applicable From 1st February, 2018
Government Waives Late Fee for Delay in Furnishing GSTR-4
Company website-
www.acquisory.com
Taxguru.in gst compliance calendar oct 21 important legal developmentstaxguru4
The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed
before the expiry of two years from the date of payment of tax under the correct head, i.e. integrated tax paid in respect of subsequently held inter-State supply, or central and state tax in respect of subsequently held intra-State supply, as the case may be..
Read more athttps://taxguru.in/goods-and-service-tax/gst-compliance-calendar-oct-21-important-legal-developments.html
Taxguru.in gst compliance calendar oct 21 important legal developmentstaxguru4
The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed
before the expiry of two years from the date of payment of tax under the correct head, i.e. integrated tax paid in respect of subsequently held inter-State supply, or central and state tax in respect of subsequently held intra-State supply, as the case may be..
Read more athttps://taxguru.in/goods-and-service-tax/gst-compliance-calendar-oct-21-important-legal-developments.html
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.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on pharmaceutical business, changes to listing rules and factoring business.
Corporate Updates
RBI
RBI announces Sovereign Gold Bond Scheme
MCA
IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
TAXATION
Recommendations made by the GST Council in its 22nd Meeting
No extension of last date for filing GSTR-1 for July, 2017
Company Website-
www.acquisory.com
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
#CorporateUpdates
SEBI
SEBI Board Meeting has announced amendments to Credit Rating Agencies Regulations, Issuance of refund orders/allotment letters/share certificates through electronic mode under SEBI (Issue of Capital and Disclosure Requirements Regulations), 2009; Norms for Shareholding and Governance in Mutual Funds
MCA
Rajya Sabha Passes Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which bars unscrupulous persons from misusing the provisions of the Code.
MCA notifies Condonation of Delay Scheme, 2018
TAXATION
Extension of date for filing return in FORM GSTR-1
The last date for filing of return in FORM GSTR-1 for all taxpayers for the relevant periods, as shown in the Table below, has been extended to 10th January, 2018.
GST E-Way Bill Rules Are Applicable From 1st February, 2018
Government Waives Late Fee for Delay in Furnishing GSTR-4
Company website-
www.acquisory.com
Taxguru.in gst compliance calendar oct 21 important legal developmentstaxguru4
The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed
before the expiry of two years from the date of payment of tax under the correct head, i.e. integrated tax paid in respect of subsequently held inter-State supply, or central and state tax in respect of subsequently held intra-State supply, as the case may be..
Read more athttps://taxguru.in/goods-and-service-tax/gst-compliance-calendar-oct-21-important-legal-developments.html
Taxguru.in gst compliance calendar oct 21 important legal developmentstaxguru4
The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed
before the expiry of two years from the date of payment of tax under the correct head, i.e. integrated tax paid in respect of subsequently held inter-State supply, or central and state tax in respect of subsequently held intra-State supply, as the case may be..
Read more athttps://taxguru.in/goods-and-service-tax/gst-compliance-calendar-oct-21-important-legal-developments.html
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.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on pharmaceutical business, changes to listing rules and factoring business.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on measures the Government are adopting to approve its ranking on a number of international indicators; margin lending; consumer lending and e-gaming.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the new Law on Tourism, amendment to the Penal Code criminalising certain commercial practices and Law on SMEs.
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.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new rules for corporate governance of public companies; proposed changes to the Law on Competition and administrative sanctions in the oil and gas sector.
Asia Counsel Insights Tet January 2023.pdfMinh Duong
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this special Tet 2023 edition we provide an update on the key renewable energy policies in Vietnam, a summary of the new Anti Money Laundering law and data location requirements.
We want to wish everyone a happy and prosperous lunar new year of the cat.
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.
Grant Thornton Vietnam Tax Newsletter - August 2016Alex Baulf
In this Newsletter, Grant Thornton Vietnam would like to highlight the following updates relating to taxation and customs:
1. Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 2016
2. Procedures for payment to State Budget for tax liability and domestic revenue from 1st August 2016 onwards
3. Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
4. House lease expense of individuals
5. Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
6. Approval on "Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States"
7. Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
8. Procedures on adjustment to the duration of processing contract
9. Trading of goods of Exporting-Processing Enterprises
This newsletter is for reference purposes only. Grant Thornton Vietnam holds no responsibility for mistakes therein, as well as damages caused by the use of information from this newsletter without official advisory opinions from Grant Thornton Vietnam before practice.
Should you need to use information from this newsletter or support from Grant Thornton Vietnam, please contact our professional consultants.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: offshore securities investments; conditions for opening vocational education centres; and wind power projects.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the prudential ratios for credit institutions; penalties for breach of Vietnam's investment laws and the 2015 Annual Report of the Vietnam Competition Authority.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on casino and betting business; electronic visas for Vietnam; and the new decree on land.
We hope all readers had a great holiday break. Happy new year of the rooster. We wish everyone a prosperous 2017.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on decree on penalties on breaches of the securities laws; proposed changes to the decree on corporate bonds and a new proposed decree on multi-level marketing; and proposed changes to conditional business sectors.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: the new enterprise registration decree; clarification from the Ministry of Industry and Trade on retailing; and registration of e-commerce websites.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on Prime Minister approvals for loans by credit institutions exceeding the single borrower limit; regulations of gyms and fitness centres and penalties and fines in the insurance sector.
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 Vietnam summarises the long awaited Decree 13 on data protection. We provide useful steps to get prepared and comply with the new provisions which will take effect on 1 July 2023.
In this April 2023 edition, we provide an update on the new land decree on issuance of title documents for non-residential development such as condotel and officetel and the process for dealing with land after project expiry. We also provide a summary of key changes to corporate bond issuance.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this March 2023 edition, we provide an update on the Vietnam Competition Commission and the new Law on Medical Examination and Treatment with key changes on qualifications of medical professionals in Vietnam.
On 2 March 2023, the National Assembly of Vietnam elected a new President of Vietnam, His Excellency Vo Van Thuong for the 2021-2026 term.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition we provide a summary of the changes to Vietnam's Intellectual Property Law; regulations to facilitate a carbon market in Vietnam; update on Vietnam's energy policy mix.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition we summarise the legal changes to the minimum wage, proposed changes to the registration of foreign loans and data privacy regulations and new law on insurance business.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
Asia Counsel Vietnam would like to wish all clients, friends and readers a happy lunar new year. We wish the year of the Tiger 2022 will bring strength, vitality and success.
In this edition we summarise the legal changes to the operations of real estate businesses, penalties imposed for breaches of investment law and proposed amendments to the consumer law.
Asia Counsel Vietnam Insights November 2021Minh Duong
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition we summarise the proposed regulations implementing the Law on Environment, the changes to rules governing cross border advertising and the Covid-19 financial assistance package from the government.
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 provide readers a punchy update on legal and business developments in Vietnam.
In this edition, we provide a summary of the requirements for conducting a preliminary environmental impact assessment report for investment projects and the decree on cross-border advertising.
Vietnam is experiencing the greatest challenge in tackling the Covid-19 pandemic. We are doing our small part to help. Asia Counsel has donated VND20 mil to the Vietnam Government’s vaccination fund and VND20 million to Red Cross Vietnam to assist those in need. Keep strong and safe in Vietnam!
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam.
In this edition, we provide a summary of changes to the investment regulation; decree on housing affecting residential development and Covid-19 tax relief.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam.
In this edition, we provide a summary of changes to the hiring of foreign labour; new securities law sanctions and regulations; new regulations on the issuance of corporate bonds.
As Asia Counsel continue to deliver
superior results for our clients, we
have experienced exceptional
growth in the demand for our
services in Vietnam.
We are proud to announce recent
promotions and additions to our
enthusiastic and ever-expanding Asia
Counsel team.
• Minh Duong has been appointed
Managing Partner.
• Ross Macleod has been
appointed Partner.
• Xuan Dang has been appointed
Senior Associate.
• Phuong Mai has been appointed
Senior Associate.
• Boris Hall has been appointed a
new Associate.
Asia Counsel Insights New Vietnam Labour CodeMinh Duong
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam.
In this edition, we provide a brief summary of the changes to employment law under the new Labour Code which will take effect on 1 January 2021.
On 6 April 2020, the Prime Minister issued Decision No. 13/2020/QD-TTg on the Mechanism for Encouragement of Development of Solar Power in Vietnam (“Decision 13”). Decision 11 will take effect on 22 May 2020 and is the long awaited regulation to replace Decision No. 11/2017/QD-TTg dated 11 April 2017 of the Prime Minister as amended by Decision 02/2019/QD-TTg dated 8 January 2019 of the Prime Minister which expired on 30 June 2019.
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 provide readers a punchy update on legal and business developments in Vietnam. This edition has news on transportation mobile applications; higher education transparency measures and bancassurance.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on zero alcohol consumption in the workplace and driving, insurance business services, P2P lending and investment capital accounts.
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam. This edition has news on changes to the Labour Code and Law on Enterprises, bank accounts for rep offices and NGOs and the new SME fund.
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.
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)
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
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.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
1. ASIA COUNSEL INSIGHTS
August 2017
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.
Deal Update
• The Blue Circle’s 40MW Dam Nai wind
farm located in Ninh Thuan saw the
installation of its first G114-2.625 MW
Gamesa turbine in August 2017;
• The Deutsches Haus, a two-tower
office building in the heart of Ho Chi
Minh City, built on a unique
partnership between the German
and the Vietnamese Government,
will open its doors in September 2017.
Securities
Finance Safety Criteria and Remedies
On 15 August 2017, the Ministry of
Finance issued Circular 87/2017/TT-BTC
on finance safety criteria and remedies
to be taken by securities firms if they fail
to comply. Here are some of the main
points:
• SSC can apply remedial measures
for any securities firms that fail to
comply with the criteria such as
issuing warnings or take control of
the firm;
• The term of special control will not
exceed 4 months. After 2 months of
special control, the Stock Exchange
will temporarily cease any
transactions of the clients of the
securities firm. After the expiry date
of special control, if the securities
firms cannot remedy their status
and their gross loss reaches 50% of
its charter capital, the firms will be
suspended and license revoked.
This Circular takes effect on 10 October
2017.
Tax
Draft Law amending VAT, CIT, PIT
The Ministry of Finance published a
draft law on 23 August 2017
proposing a number changes to the
tax law. Some of the key proposals
for CIT and VAT are below.
VAT: (i) increase of the standard rate
from 10% to 12% from 1 Jan 2019; (ii)
the 5% rate to increase to 6% for
certain goods and services; (iii) move
a number of goods/services into the
standard rate; (iv) transfer of land
use rights to be taxable at standard
rate (currently exempt from VAT).
CIT: (i) gains from real estate transfers
to be set off against operational
losses; (ii)capital/share transfers by
non-residents proposed to be 0.1%
on proceeds of sale rather than 20%
on net gain. The draft law is
expected to be debated by the
National Assembly later this year.
Commercial
State Exclusive Commercial Activities
On 10 August 2017, the Government
issued Decree 94/2017/ND-CP
stipulating the goods and services
that the state has a monopoly. In
principle, this applies to goods and
services related to national defence,
security and welfare. However, it also
includes monopolies in other
economic sectors.
Currently, there are 20 goods and
services that can only be produced
or conducted by the state, including:
• Money (printing, and casting);
• National electricity system
(transmission and moderation);
• Broadcasting (publishing,
excluding printing and
distribution); and
• Gold sheets and bullions
(production).
This decree takes effect on 1
October 2017.
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, Level 5, 18 HBT Building, 16-18 Hai Ba Trung Street, Ben Nghe Ward, District 1, Ho Chi Minh City
2. ASIA COUNSEL INSIGHTS
August 2017
Employment
Online work permit application
Foreign employees can apply for a
work permit online via the website
http://dvc.vieclamvietnam.gov.vn
“(Online Portal”) from 2 October
2017 under Circular 23/2017/TT-
BLDTBXH issued on 15 August 2017.
The application process under this
Circular is as follows:
• before the expat commences
working, the employer must
submit the report on demand on
foreign employees and
application for work permit/ work
permit exemption to the Online
Portal;
• the authority will give feedback
on the online application’s
validity via e-mail, within 3-5
working days;
• after that, if the online
application is valid, the employer
must submit the original
application to the authority. The
relevant result will then be
available within 8 hours of receipt
of the original application
documents.
This Circular takes effect from 2
October 2017.
Competition
VCA 2016 Annual Report
The Vietnam Competition Agency
(“VCA”) has released the annual
report 2016.
In 2016, the VCA received and
dealt with four applications for
merger and acquisition clearance
in the dairy, ceramic retail
supermarket and veterinary
medicine sectors. The economic
concentrations were
Vinamilk/Lamsonmilk; Lixil
Vietnam/American Standard
Vietnam; Central Group/BigC
Vietnam; and Boehringer/Sanofi
SA.
In light of some examples above,
offshore economic concentration
cases can be reviewed if the
parties to the economic
concentration have business
activities in Vietnam.
The VCA also investigated a
number of anti-competitive
practices in 2016 including abuse
of dominant positions from CGV, a
major film distributor and cinema
operator and price collusion by
insurance companies in maritime
insurance products.
Vietnam Fact Box
Vietnam exported $17.5
billion in July 2017, based on
a report from the General
Statistics Office (GSO). This
reflects a decrease of 1.7%
compared to June. Of this
amount, Vietnamese
enterprises exported $4.9
billion and foreign invested
enterprises $12.6 billion.
Compared to the exports of
the same period last year,
Vietnam’s export turnover
increased by 17.9%, including
13.1% from Vietnamese
enterprises and 19.9% from
foreign invested enterprises.
Source : VIETNAMNET
Gaming
Casino Business
On 30 August, State Bank issued
Circular 10/2017/TT-NHNN on foreign
exchange management for casino
business (“Circular 10”). Circular 10
provides the following:
• the exchange rate from VND to
other foreign currencies and vice
verse is based on the spot buying
rate of the bank where the casino
enterprise opens its specialized
account for foreign currency;
• it is mandatory for casino
enterprises to open one
specialized account for each type
of foreign currencies for specific
transactions of the casino business;
• casino enterprises are permitted to
transfer foreign currencies from the
specialized account to the current
account for foreign currency
needs of the casino business;
• based on the business situation of
the casino business, the casino
enterprise must register the amount
of cash in foreign currencies.
This Circular takes effect from 15
October 2017.
Agriculture
Transitional provisions on animal and aqua feed products
On 18 August 2017, the Government issued Decree 100/2017/ND-CP (“Decree 100”)
amending and supplementing provisions of Decree 39/2017/ND-CP (“Decree 39”)
on the regulatory framework for animal and aqua feed.
Under Decree 39, animal and aqua feed products, which were approved for sale in
Vietnam by the Ministry of Agriculture and Rural Development before Decree 39
came into effect on 20 May 2017, shall be approved for free sale within a period of
5 years from the recognition date.
Decree 100 adds that animal and aqua feed products, which ceased to be valid
for circulation between 20 November 2016 and 20 November 2017, are permitted to
circulate for sale in the market for a period of not more than 18 months.