Lawyer in Vietnam Dr. Oliver Massmann - Mergers & Acquisitions in Vietnam - 2...Dr. Oliver Massmann
The document discusses mergers and acquisitions (M&A) in Vietnam. It provides an overview of the key laws and regulatory authorities governing M&A transactions in Vietnam. It also summarizes the current state of the M&A market, with foreign direct investment remaining strong. The most active market sectors recently include manufacturing, renewable energy, and real estate. The document predicts that privatization of state-owned enterprises, trade agreements, and Vietnam's growing economy will most influence M&A activity in the next two years.
Vietnam has significant mineral resources and mining plays an important economic role, however the industry is dominated by inefficient state-owned enterprises (SOEs). To improve competitiveness and address budget deficits, Vietnam aims to privatize SOEs through equitization (partial privatization). The state-owned Vinacomin corporation controls over 95% of coal production but has been slow to equitize, delaying the country's economic restructuring goals and limiting foreign investment. Privatizing SOEs could boost Vietnam's economy but progress has been slower than planned.
VIETNAM - FOREIGN INVESTMENT CERTAIN TO COME - HUNGCAO interviewing Dr. Olive...Dr. Oliver Massmann
Foreign investment in Vietnam's banking and financial sector declined last year due to the pandemic but is expected to increase again this year as the economy recovers. M&A activity slowed last year due to travel restrictions and economic uncertainty but some deals still occurred, especially involving Japanese investors. Foreign capital and investment have helped improve Vietnamese banks' technology and governance, though hurdles like divergent regulatory interpretations and foreign ownership limits remain challenges for foreign investors.
VIETNAM — Mergers and Acquisitons — Market overview — Vietnamnews interviewi...Dr. Oliver Massmann
The document summarizes an interview with Dr. Oliver Massmann about mergers and acquisitions (M&A) in Vietnam during the Covid-19 pandemic. Some key points include:
- Notable M&A deals during the pandemic include the merger of VinCommerce into Masan and the acquisition of shares in Vinhomes by KKR and Temasek. Real estate, banking, logistics and healthcare were the most active industries.
- Growth drivers for M&A include free trade agreements expanding opportunities, new laws simplifying procedures, and a younger Vietnamese government willing to integrate globally.
- Challenges include difficulties reviewing targets due to Covid-19 impacts, adjusting prices, delays from
VIETNAM – LATEST GUIDE TO CONTRACT MANUFACTURING AND TOLLING AGREEMENTSDr. Oliver Massmann
1) Under Vietnamese law, drop shipping is considered an alternative form of import and is not subject to tax exemptions or reductions. There are no special regulations for drop shipping supplies. Capital equipment imported as fixed assets may be exempt from import taxes if they meet certain conditions.
2) While ownership of inventory, capital equipment, or acting as a purchasing agent could potentially create risks of a permanent establishment, establishing a representative office could help avoid this.
3) Tax incentives are available for certain encouraged investments based on location, business lines, employment levels, and export percentages. Operating as a cost plus contract manufacturer does not preclude incentives.
Lawyer in Vietnam Oliver Massmann - Vietnam - Country Guides: Securities and ...Dr. Oliver Massmann
The State Bank of Vietnam (SBV) is the central bank that oversees monetary policy and regulates the country's banking sector. It supervises all commercial banks in Vietnam and manages foreign exchange. While several major state-owned banks still dominate, Vietnam's banking system has undergone privatization with the goal of reducing state ownership to 51% over time. Foreign ownership of Vietnamese banks is also permitted but restricted, with limits on ownership percentages by individual foreign investors and the total foreign ownership of any single bank. The SBV and related laws and regulations govern foreign exchange activities, foreign borrowing, and the management of offshore loans in Vietnam.
Lawyer in Vietnam Dr. Oliver Massmann - Mergers & Acquisitions in Vietnam - 2...Dr. Oliver Massmann
The document discusses mergers and acquisitions (M&A) in Vietnam. It provides an overview of the key laws and regulatory authorities governing M&A transactions in Vietnam. It also summarizes the current state of the M&A market, with foreign direct investment remaining strong. The most active market sectors recently include manufacturing, renewable energy, and real estate. The document predicts that privatization of state-owned enterprises, trade agreements, and Vietnam's growing economy will most influence M&A activity in the next two years.
Vietnam has significant mineral resources and mining plays an important economic role, however the industry is dominated by inefficient state-owned enterprises (SOEs). To improve competitiveness and address budget deficits, Vietnam aims to privatize SOEs through equitization (partial privatization). The state-owned Vinacomin corporation controls over 95% of coal production but has been slow to equitize, delaying the country's economic restructuring goals and limiting foreign investment. Privatizing SOEs could boost Vietnam's economy but progress has been slower than planned.
VIETNAM - FOREIGN INVESTMENT CERTAIN TO COME - HUNGCAO interviewing Dr. Olive...Dr. Oliver Massmann
Foreign investment in Vietnam's banking and financial sector declined last year due to the pandemic but is expected to increase again this year as the economy recovers. M&A activity slowed last year due to travel restrictions and economic uncertainty but some deals still occurred, especially involving Japanese investors. Foreign capital and investment have helped improve Vietnamese banks' technology and governance, though hurdles like divergent regulatory interpretations and foreign ownership limits remain challenges for foreign investors.
VIETNAM — Mergers and Acquisitons — Market overview — Vietnamnews interviewi...Dr. Oliver Massmann
The document summarizes an interview with Dr. Oliver Massmann about mergers and acquisitions (M&A) in Vietnam during the Covid-19 pandemic. Some key points include:
- Notable M&A deals during the pandemic include the merger of VinCommerce into Masan and the acquisition of shares in Vinhomes by KKR and Temasek. Real estate, banking, logistics and healthcare were the most active industries.
- Growth drivers for M&A include free trade agreements expanding opportunities, new laws simplifying procedures, and a younger Vietnamese government willing to integrate globally.
- Challenges include difficulties reviewing targets due to Covid-19 impacts, adjusting prices, delays from
VIETNAM – LATEST GUIDE TO CONTRACT MANUFACTURING AND TOLLING AGREEMENTSDr. Oliver Massmann
1) Under Vietnamese law, drop shipping is considered an alternative form of import and is not subject to tax exemptions or reductions. There are no special regulations for drop shipping supplies. Capital equipment imported as fixed assets may be exempt from import taxes if they meet certain conditions.
2) While ownership of inventory, capital equipment, or acting as a purchasing agent could potentially create risks of a permanent establishment, establishing a representative office could help avoid this.
3) Tax incentives are available for certain encouraged investments based on location, business lines, employment levels, and export percentages. Operating as a cost plus contract manufacturer does not preclude incentives.
Lawyer in Vietnam Oliver Massmann - Vietnam - Country Guides: Securities and ...Dr. Oliver Massmann
The State Bank of Vietnam (SBV) is the central bank that oversees monetary policy and regulates the country's banking sector. It supervises all commercial banks in Vietnam and manages foreign exchange. While several major state-owned banks still dominate, Vietnam's banking system has undergone privatization with the goal of reducing state ownership to 51% over time. Foreign ownership of Vietnamese banks is also permitted but restricted, with limits on ownership percentages by individual foreign investors and the total foreign ownership of any single bank. The SBV and related laws and regulations govern foreign exchange activities, foreign borrowing, and the management of offshore loans in Vietnam.
Lawyer in Vietnam Dr. Oliver Massmann Public Mergers and Acquisitions 2020Dr. Oliver Massmann
The M&A market in Vietnam remains attractive, with foreign investment reaching $38 billion in 2019. Major deals include SK Group investing $1 billion in VinGroup and KEB Hana acquiring a 15% stake in Vietnam Development Bank. Obtaining control of a public company can be done through share/capital acquisitions, mergers, or asset acquisitions. Hostile bids are increasing but still less common than recommended bids due to limited public information. M&A activity is regulated through various laws governing corporations, investments, securities, and competition.
Lawyer in Vietnam Oliver Massmann Public mergers and acquisitions: market ana...Dr. Oliver Massmann
This document summarizes major public mergers and acquisitions (M&A) transactions in Vietnam over the past 12 months across several industries such as financial, retail, food, real estate, and insurance. Notable deals include bank mergers and foreign acquisitions of Vietnamese companies. M&A transactions typically involve share or asset acquisitions. Private equity investment is also discussed. The competition regulator reviews certain large deals. Factors that may affect future M&A activity include Vietnam's economic integration, pressure to privatize state firms, and new laws aiming to improve the investment environment.
EU-VIETNAM FREE TRADE AGREEMENT AND INVESTMENT PROTECTION AGREEMENT – MOST LI...Dr. Oliver Massmann
The document summarizes key aspects of the EU-Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA). It discusses the following key points:
1) The EVFTA was signed in 2019 and provides for the elimination of over 99% of tariffs between the EU and Vietnam. This will significantly increase market access for goods and services.
2) The EVIPA establishes an investment tribunal for settling disputes between investors and states and ensures fairness and independence in the dispute resolution process.
3) Once ratified, the agreements are expected to boost economic growth in both the EU and Vietnam through increased trade and investment opportunities across various sectors.
VIETNAM – INVESTMENT IN THE HEALTHCARE AND MEDICAL DEVICE SECTORSDr. Oliver Massmann
Vietnam's healthcare sector has great potential for development as improvements attract foreign investment and boost small- and medium-sized enterprises. However, limited hospital capacity and high treatment costs burden patients. Developing home care programs could help reduce costs and complications by allowing professional monitoring of chronic illnesses outside hospitals. To implement expanded homecare, Vietnam needs a transparent legal framework to incentivize investment and streamlined administration. Major trade agreements like the CPTPP and EVFTA aim to improve medical device and technology trade by eliminating tariffs and increasing transparency, which could lower treatment costs over time. Foreign investors are also provided strong protections under agreements like the EVIPA.
Lawyer in Vietnam Dr. Oliver Massmann Public Mergers and Acquisitions: market...Dr. Oliver Massmann
1) In the past 12 months, notable M&A transactions in Vietnam included KEB Hana acquiring a 15% stake in Vietnam Development Bank, DHG Pharma becoming a subsidiary of Taisho, and SK Group acquiring a 6.15% stake in VinGroup.
2) M&A transactions in Vietnam usually involve share acquisitions or asset acquisitions, with share acquisitions being more common. Foreign investors typically acquire shares from existing shareholders or subscribe to new shares.
3) Factors that may affect Vietnam's M&A market in the next 12 months include the country's increasing integration into the global economy, pressure to privatize state-owned enterprises, and reforms to attract more
The Trans Pacific Partnership Agreement – Commitments above WTO Level - An A...Dr. Oliver Massmann
The Trans-Pacific Partnership Agreement (TPP) aims to liberalize trade and investment and address new trade issues among 12 Pacific Rim countries that account for 40% of global GDP. It establishes a free trade zone with commitments beyond the World Trade Organization (WTO) level, including further tariff reductions, opening services sectors, strengthening investment protections, and setting dispute settlement procedures. Vietnam would significantly benefit from the TPP, with projections of a 13.6% boost to GDP by 2025. Finalization of the agreement took many rounds of tough negotiations, and it will take effect once 6 countries ratifying 85% of the bloc's GDP approve it, which is projected for 2018.
Lawyer in Vietnam Oliver Massmann Foreign Direct InvestmentDr. Oliver Massmann
Vietnam has implemented numerous legal changes to improve its business environment and attract foreign direct investment as it prepares for trade agreements like the EU-Vietnam Free Trade Agreement. New laws clarify definitions, facilitate mergers and acquisitions, reduce restrictions on sectors, and allow greater foreign ownership of real estate. However, Vietnam's bureaucracy still poses challenges for foreign investors, with unpredictable outcomes and delays. Despite issues, foreign investment continues as Vietnam works to modernize its economy.
Vietnam – Bloomberg asking Lawyer in Vietnam Oliver Massmann on investment tr...Dr. Oliver Massmann
Foreign investment in Vietnam is growing due to the country's deeper economic integration through trade agreements like the TPP and FTAs, reforms that have opened the economy, and recovery from the global economic downturn. Major trends in 2016 include restructuring of banks and state-owned enterprises through mergers and acquisitions. To attract more foreign investment and ensure this trend continues, the Vietnamese government needs to demonstrate its commitment to trade agreements by reforming public investment procedures and improving dispute resolution. It should also address non-performing loans, support the private sector, improve education and job training, and streamline customs and tax procedures to create a more efficient business environment.
The document discusses recent developments in Vietnam's banking sector over the past year. It notes that inflation has remained under control, currency has been steady, and foreign exchange reserves have increased. However, loan growth has not met targets due to subdued credit demand and legacy non-performing loans. The State Bank of Vietnam has been active in developing new banking legislation, though implementation has posed challenges. The document makes recommendations regarding licensing updates, simplifying documentation for funds transfers, allowing non-recourse discounting and factoring, and permitting indirect foreign investors to open multiple accounts.
Lawyer in Vietnam Dr. Oliver Massmann VIETNAM – THE RISING DIGITAL ECONOMY - ...Dr. Oliver Massmann
Vietnam has experienced strong economic growth during the Covid-19 pandemic, partly due to the expansion of its digital economy which is growing at double digits. Online commerce in Vietnam has increased six-fold between 2016-2020, with high growth in e-commerce and mobile banking users. The Vietnamese government has implemented policies to develop the digital economy and e-government systems, while also regulating information distribution and requiring registration of e-commerce businesses. For investors in Vietnam's e-commerce sector, it is important to understand the legal registration requirements for different types of online businesses.
Vietnam - Banking - Modernizing the System - What must be done: Dr. Oliver Massmann
The document discusses several issues and recommendations regarding Vietnam's banking system. It recommends that the State Bank of Vietnam (SBV):
1. Adopt a legal framework for cash management products to help businesses better manage cash flow and provide liquidity management tools.
2. Further develop regulatory frameworks for risk management of foreign exchange, interest rate, and commodity risks to help companies hedge business risks.
3. Prioritize digitization and develop a relevant financial technology ecosystem in Vietnam by forming policies to facilitate partnerships between startups and banks.
4. Provide banks more time and opportunities for feedback on new regulations to improve regulatory enforcement and compliance.
The TPP is the first trade agreement to subject Vietnam to enforceable labor commitments like freedom of association, collective bargaining, and minimum work conditions. Key reforms include allowing workers to form independent unions without prior authorization and elect their own representatives. The TPP also supports collective bargaining by ensuring unions can consult international organizations and protecting independent association. Vietnam is held accountable through the TPP's enforcement mechanism, which includes dispute settlement and trade sanctions for failing to uphold commitments. The TPP promises to improve living standards and workers' rights in Vietnam over the next five years.
Lawyer in Vietnam Oliver Massmann Agriculture Business FARMING SUSTAINABLE FU...Dr. Oliver Massmann
This document discusses issues and recommendations regarding sustainable agriculture in Vietnam. It addresses concerns around the draft decree on foreign agricultural investment, modernization of Vietnam's small-holder agricultural system, and food safety standards. Key recommendations include making the draft decree more specific, conducting surveys to define effective incentives, encouraging cooperation among farmers to allow for mechanization, improving access to financing, and creating a more level playing field for all agricultural stakeholders. The overall goal is to upgrade Vietnam's agricultural sector through increased investment, technology adoption, and compliance with international food safety standards.
1. Vietnam has experienced rapid economic development which has led to a large increase in energy demand that has exceeded supply. Investments of $74 billion are needed between 2006-2025 to develop electricity infrastructure and meet the growing demand.
2. Private investment will be critical to meeting Vietnam's energy needs but the country faces challenges in attracting investment including low energy prices, lack of competitive bidding on projects, and unstable regulations.
3. Recommendations include establishing a competitive electricity market, gradually increasing energy prices, requiring transparent competitive bidding, clearly defining and adhering to contract terms, and allowing international arbitration. This would make Vietnam's legal framework more attractive to private investors in developing its energy sector.
This document discusses life insurance in Vietnam and the need for regulations on e-commerce for financial services distribution. It notes that while e-commerce has grown in Vietnam, there are currently no specific regulations enabling the distribution of insurance via e-commerce. The document recommends that the Vietnamese government issue a complete, detailed regulation on this to promote faster development of the insurance sector and allow insurers to reach more customers.
Lawyer in Vietnam Dr. Oliver Massmann DOING BUSINESS IN VIETNAMDr. Oliver Massmann
This document provides an overview of Duane Morris, a law firm with offices around the world including Vietnam, and discusses investing and Vietnam's legal system. It summarizes Vietnam's economy in 2018, the forms of investing in Vietnam including establishing entities and business cooperation contracts, and provides highlights of Vietnam's tax system and incentives for foreign investment.
Lawyer in Vietnam Oliver Massmann Capital Markets and Privatization THE BREAK...Dr. Oliver Massmann
The document discusses key issues facing foreign investors in Vietnam's capital markets. It summarizes:
1) The group welcomes Vietnam's privatization of state-owned enterprises (SOEs) but emphasizes the need for transparency and compliance with regulations to ensure success.
2) Decree 60/2015 increasing foreign ownership limits is appreciated but implementation is hindered by the lack of a foreign investment sector list and unclear application of the 2014 Investment Law.
3) Overlapping draft decrees on pension funds from the Ministry of Finance and Ministry of Labour need to be consolidated to expedite establishment of these funds.
Vietnam - Investment Guide - All you must know from Lawyer in Vietnam Dr. Oli...Dr. Oliver Massmann
This document provides an overview and summary of Vietnam's investment guide. It begins with an introduction to the guide's structure and contents. The guide is split into a main volume called "The Basics" and specialized volumes that build on the basic information. The second volume focuses on taxes, export/import law, and describes Vietnam's extensive tax system relevant for foreign investors. It also covers tax exemptions and the Germany-Vietnam double taxation treaty. Other sections provide an economic overview of Vietnam in 2020, discuss Vietnam's infrastructure development including ports and public-private partnerships, and cover energy and telecommunications sectors. The document aims to give investors an introduction to investing in Vietnam.
THE ASEAN ECONOMIC COMMUNITY AND THE COMPREHENSIVE AND PROGRESSIVE TRANS-PACI...Dr. Oliver Massmann
THE ASEAN ECONOMIC COMMUNITY AND THE COMPREHENSIVE AND PROGRESSIVE TRANS-PACIFIC PARTNERSHIP? Market access comparison – What is in for German investors?
LAWYER IN VIETNAM OLIVER MASSMANN VIETNAM M&A IN 2016 AND 2017 OUTLOOKDr. Oliver Massmann
This document summarizes Oliver Massmann's presentation on M&A trends in Vietnam in 2016 and the outlook for 2017. Some key points from the presentation include:
- Major foreign investors in Vietnamese M&A deals in 2016 came from Thailand, Japan, Korea, the US and Europe as they prepared for new trade agreements.
- Retail and real estate were the most active sectors in terms of deal value. Notable M&A deals included Central Group's acquisition of Big C Vietnam and TTC Holdings' acquisition of Metro Vietnam.
- Drivers of M&A activity in Vietnam in 2016 included the new Investment Law, Enterprise Law and implementing decrees which simplified procedures, as well as new trade agreements like the
Lawyer in Vietnam Dr. Oliver Massmann Public Mergers and Acquisitions 2020Dr. Oliver Massmann
The M&A market in Vietnam remains attractive, with foreign investment reaching $38 billion in 2019. Major deals include SK Group investing $1 billion in VinGroup and KEB Hana acquiring a 15% stake in Vietnam Development Bank. Obtaining control of a public company can be done through share/capital acquisitions, mergers, or asset acquisitions. Hostile bids are increasing but still less common than recommended bids due to limited public information. M&A activity is regulated through various laws governing corporations, investments, securities, and competition.
Lawyer in Vietnam Oliver Massmann Public mergers and acquisitions: market ana...Dr. Oliver Massmann
This document summarizes major public mergers and acquisitions (M&A) transactions in Vietnam over the past 12 months across several industries such as financial, retail, food, real estate, and insurance. Notable deals include bank mergers and foreign acquisitions of Vietnamese companies. M&A transactions typically involve share or asset acquisitions. Private equity investment is also discussed. The competition regulator reviews certain large deals. Factors that may affect future M&A activity include Vietnam's economic integration, pressure to privatize state firms, and new laws aiming to improve the investment environment.
EU-VIETNAM FREE TRADE AGREEMENT AND INVESTMENT PROTECTION AGREEMENT – MOST LI...Dr. Oliver Massmann
The document summarizes key aspects of the EU-Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA). It discusses the following key points:
1) The EVFTA was signed in 2019 and provides for the elimination of over 99% of tariffs between the EU and Vietnam. This will significantly increase market access for goods and services.
2) The EVIPA establishes an investment tribunal for settling disputes between investors and states and ensures fairness and independence in the dispute resolution process.
3) Once ratified, the agreements are expected to boost economic growth in both the EU and Vietnam through increased trade and investment opportunities across various sectors.
VIETNAM – INVESTMENT IN THE HEALTHCARE AND MEDICAL DEVICE SECTORSDr. Oliver Massmann
Vietnam's healthcare sector has great potential for development as improvements attract foreign investment and boost small- and medium-sized enterprises. However, limited hospital capacity and high treatment costs burden patients. Developing home care programs could help reduce costs and complications by allowing professional monitoring of chronic illnesses outside hospitals. To implement expanded homecare, Vietnam needs a transparent legal framework to incentivize investment and streamlined administration. Major trade agreements like the CPTPP and EVFTA aim to improve medical device and technology trade by eliminating tariffs and increasing transparency, which could lower treatment costs over time. Foreign investors are also provided strong protections under agreements like the EVIPA.
Lawyer in Vietnam Dr. Oliver Massmann Public Mergers and Acquisitions: market...Dr. Oliver Massmann
1) In the past 12 months, notable M&A transactions in Vietnam included KEB Hana acquiring a 15% stake in Vietnam Development Bank, DHG Pharma becoming a subsidiary of Taisho, and SK Group acquiring a 6.15% stake in VinGroup.
2) M&A transactions in Vietnam usually involve share acquisitions or asset acquisitions, with share acquisitions being more common. Foreign investors typically acquire shares from existing shareholders or subscribe to new shares.
3) Factors that may affect Vietnam's M&A market in the next 12 months include the country's increasing integration into the global economy, pressure to privatize state-owned enterprises, and reforms to attract more
The Trans Pacific Partnership Agreement – Commitments above WTO Level - An A...Dr. Oliver Massmann
The Trans-Pacific Partnership Agreement (TPP) aims to liberalize trade and investment and address new trade issues among 12 Pacific Rim countries that account for 40% of global GDP. It establishes a free trade zone with commitments beyond the World Trade Organization (WTO) level, including further tariff reductions, opening services sectors, strengthening investment protections, and setting dispute settlement procedures. Vietnam would significantly benefit from the TPP, with projections of a 13.6% boost to GDP by 2025. Finalization of the agreement took many rounds of tough negotiations, and it will take effect once 6 countries ratifying 85% of the bloc's GDP approve it, which is projected for 2018.
Lawyer in Vietnam Oliver Massmann Foreign Direct InvestmentDr. Oliver Massmann
Vietnam has implemented numerous legal changes to improve its business environment and attract foreign direct investment as it prepares for trade agreements like the EU-Vietnam Free Trade Agreement. New laws clarify definitions, facilitate mergers and acquisitions, reduce restrictions on sectors, and allow greater foreign ownership of real estate. However, Vietnam's bureaucracy still poses challenges for foreign investors, with unpredictable outcomes and delays. Despite issues, foreign investment continues as Vietnam works to modernize its economy.
Vietnam – Bloomberg asking Lawyer in Vietnam Oliver Massmann on investment tr...Dr. Oliver Massmann
Foreign investment in Vietnam is growing due to the country's deeper economic integration through trade agreements like the TPP and FTAs, reforms that have opened the economy, and recovery from the global economic downturn. Major trends in 2016 include restructuring of banks and state-owned enterprises through mergers and acquisitions. To attract more foreign investment and ensure this trend continues, the Vietnamese government needs to demonstrate its commitment to trade agreements by reforming public investment procedures and improving dispute resolution. It should also address non-performing loans, support the private sector, improve education and job training, and streamline customs and tax procedures to create a more efficient business environment.
The document discusses recent developments in Vietnam's banking sector over the past year. It notes that inflation has remained under control, currency has been steady, and foreign exchange reserves have increased. However, loan growth has not met targets due to subdued credit demand and legacy non-performing loans. The State Bank of Vietnam has been active in developing new banking legislation, though implementation has posed challenges. The document makes recommendations regarding licensing updates, simplifying documentation for funds transfers, allowing non-recourse discounting and factoring, and permitting indirect foreign investors to open multiple accounts.
Lawyer in Vietnam Dr. Oliver Massmann VIETNAM – THE RISING DIGITAL ECONOMY - ...Dr. Oliver Massmann
Vietnam has experienced strong economic growth during the Covid-19 pandemic, partly due to the expansion of its digital economy which is growing at double digits. Online commerce in Vietnam has increased six-fold between 2016-2020, with high growth in e-commerce and mobile banking users. The Vietnamese government has implemented policies to develop the digital economy and e-government systems, while also regulating information distribution and requiring registration of e-commerce businesses. For investors in Vietnam's e-commerce sector, it is important to understand the legal registration requirements for different types of online businesses.
Vietnam - Banking - Modernizing the System - What must be done: Dr. Oliver Massmann
The document discusses several issues and recommendations regarding Vietnam's banking system. It recommends that the State Bank of Vietnam (SBV):
1. Adopt a legal framework for cash management products to help businesses better manage cash flow and provide liquidity management tools.
2. Further develop regulatory frameworks for risk management of foreign exchange, interest rate, and commodity risks to help companies hedge business risks.
3. Prioritize digitization and develop a relevant financial technology ecosystem in Vietnam by forming policies to facilitate partnerships between startups and banks.
4. Provide banks more time and opportunities for feedback on new regulations to improve regulatory enforcement and compliance.
The TPP is the first trade agreement to subject Vietnam to enforceable labor commitments like freedom of association, collective bargaining, and minimum work conditions. Key reforms include allowing workers to form independent unions without prior authorization and elect their own representatives. The TPP also supports collective bargaining by ensuring unions can consult international organizations and protecting independent association. Vietnam is held accountable through the TPP's enforcement mechanism, which includes dispute settlement and trade sanctions for failing to uphold commitments. The TPP promises to improve living standards and workers' rights in Vietnam over the next five years.
Lawyer in Vietnam Oliver Massmann Agriculture Business FARMING SUSTAINABLE FU...Dr. Oliver Massmann
This document discusses issues and recommendations regarding sustainable agriculture in Vietnam. It addresses concerns around the draft decree on foreign agricultural investment, modernization of Vietnam's small-holder agricultural system, and food safety standards. Key recommendations include making the draft decree more specific, conducting surveys to define effective incentives, encouraging cooperation among farmers to allow for mechanization, improving access to financing, and creating a more level playing field for all agricultural stakeholders. The overall goal is to upgrade Vietnam's agricultural sector through increased investment, technology adoption, and compliance with international food safety standards.
1. Vietnam has experienced rapid economic development which has led to a large increase in energy demand that has exceeded supply. Investments of $74 billion are needed between 2006-2025 to develop electricity infrastructure and meet the growing demand.
2. Private investment will be critical to meeting Vietnam's energy needs but the country faces challenges in attracting investment including low energy prices, lack of competitive bidding on projects, and unstable regulations.
3. Recommendations include establishing a competitive electricity market, gradually increasing energy prices, requiring transparent competitive bidding, clearly defining and adhering to contract terms, and allowing international arbitration. This would make Vietnam's legal framework more attractive to private investors in developing its energy sector.
This document discusses life insurance in Vietnam and the need for regulations on e-commerce for financial services distribution. It notes that while e-commerce has grown in Vietnam, there are currently no specific regulations enabling the distribution of insurance via e-commerce. The document recommends that the Vietnamese government issue a complete, detailed regulation on this to promote faster development of the insurance sector and allow insurers to reach more customers.
Lawyer in Vietnam Dr. Oliver Massmann DOING BUSINESS IN VIETNAMDr. Oliver Massmann
This document provides an overview of Duane Morris, a law firm with offices around the world including Vietnam, and discusses investing and Vietnam's legal system. It summarizes Vietnam's economy in 2018, the forms of investing in Vietnam including establishing entities and business cooperation contracts, and provides highlights of Vietnam's tax system and incentives for foreign investment.
Lawyer in Vietnam Oliver Massmann Capital Markets and Privatization THE BREAK...Dr. Oliver Massmann
The document discusses key issues facing foreign investors in Vietnam's capital markets. It summarizes:
1) The group welcomes Vietnam's privatization of state-owned enterprises (SOEs) but emphasizes the need for transparency and compliance with regulations to ensure success.
2) Decree 60/2015 increasing foreign ownership limits is appreciated but implementation is hindered by the lack of a foreign investment sector list and unclear application of the 2014 Investment Law.
3) Overlapping draft decrees on pension funds from the Ministry of Finance and Ministry of Labour need to be consolidated to expedite establishment of these funds.
Vietnam - Investment Guide - All you must know from Lawyer in Vietnam Dr. Oli...Dr. Oliver Massmann
This document provides an overview and summary of Vietnam's investment guide. It begins with an introduction to the guide's structure and contents. The guide is split into a main volume called "The Basics" and specialized volumes that build on the basic information. The second volume focuses on taxes, export/import law, and describes Vietnam's extensive tax system relevant for foreign investors. It also covers tax exemptions and the Germany-Vietnam double taxation treaty. Other sections provide an economic overview of Vietnam in 2020, discuss Vietnam's infrastructure development including ports and public-private partnerships, and cover energy and telecommunications sectors. The document aims to give investors an introduction to investing in Vietnam.
THE ASEAN ECONOMIC COMMUNITY AND THE COMPREHENSIVE AND PROGRESSIVE TRANS-PACI...Dr. Oliver Massmann
THE ASEAN ECONOMIC COMMUNITY AND THE COMPREHENSIVE AND PROGRESSIVE TRANS-PACIFIC PARTNERSHIP? Market access comparison – What is in for German investors?
LAWYER IN VIETNAM OLIVER MASSMANN VIETNAM M&A IN 2016 AND 2017 OUTLOOKDr. Oliver Massmann
This document summarizes Oliver Massmann's presentation on M&A trends in Vietnam in 2016 and the outlook for 2017. Some key points from the presentation include:
- Major foreign investors in Vietnamese M&A deals in 2016 came from Thailand, Japan, Korea, the US and Europe as they prepared for new trade agreements.
- Retail and real estate were the most active sectors in terms of deal value. Notable M&A deals included Central Group's acquisition of Big C Vietnam and TTC Holdings' acquisition of Metro Vietnam.
- Drivers of M&A activity in Vietnam in 2016 included the new Investment Law, Enterprise Law and implementing decrees which simplified procedures, as well as new trade agreements like the
The document discusses mergers and acquisitions (M&A) in Vietnam. It provides an overview of Vietnam's strong economic growth and increasing foreign investment. Major M&A trends in Vietnam in recent years are highlighted, with the value of M&A deals reaching $10.4 billion in the first nine months of 2019. The document also outlines Vietnam's legal framework for M&A transactions and considerations for foreign investors conducting deals in Vietnam.
Lawyer in Vietnam Dr. Oliver Massmann Vietnam M&A in 2018 and 2019 OutlookDr. Oliver Massmann
The document discusses mergers and acquisitions (M&A) trends and outlook in Vietnam. It notes that M&A deal value in Vietnam hit $9.9 billion in 2018, a 160% increase from 2017. Real estate was a major sector for deals. Foreign investment laws were also relaxed, allowing for up to 100% foreign ownership of listed public companies. The document provides an overview of Vietnam's economy and M&A regulation, and considers factors driving M&A activity as well as challenges for foreign investors.
VIETNAM’S BUSINESS ENVIRONMENT - Investment opportunities and challenges for...Dr. Oliver Massmann
The document is a presentation by Oliver Massmann of Duane Morris Vietnam LLC about investing in Vietnam. It provides an overview of Vietnam's economy, recent trade agreements including the EU-Vietnam Free Trade Agreement and TPP, and the business environment and investment opportunities in Vietnam. Key points covered include Vietnam's GDP growth, trade relations, incentives for foreign investment, and reduced restrictions on foreign ownership under new laws. Overall, the presentation aims to promote investing in Vietnam by outlining the country's economic reforms and integration into regional and global trade.
M&A in Vietnam: addressing key issues that arise under the enterprise law and...Dr. Oliver Massmann
This document summarizes a presentation given by Dr. Oliver Massmann on M&A in Vietnam. It discusses opportunities and challenges for M&A under Vietnam's new investment and enterprise laws. Key points include an overview of major M&A trends in Vietnam in recent years, notable M&A deals in 2016, drivers of M&A activity, changes to foreign ownership limits, and Vietnam's increasing economic integration through agreements like the TPP and EU-Vietnam Free Trade Agreement. The presentation addresses issues that commonly arise for foreign investors pursuing M&A transactions in Vietnam.
HOW CAN EUROPEAN BUSINESSES BENEFIT FROM THE EU- VIETNAM FREE TRADE AGREEMENT? Dr. Oliver Massmann
This document discusses the benefits of the EU-Vietnam Free Trade Agreement (EVFTA) for European and Vietnamese businesses. It provides an overview of Vietnam's economy in 2016 and the progress of EVFTA negotiations. Key points include that EVFTA will eliminate nearly all tariffs between the EU and Vietnam over 7-10 years, improve market access for goods and services, and establish rules for investment protection and dispute resolution. The agreement has the potential to significantly increase bilateral trade and investment by creating more opportunities in sectors like automotive, pharmaceuticals, alcoholic beverages, and others. Challenges include rising competition and reducing tariffs that impact government revenue.
Lawyer in Vietnam Dr. Oliver Massmann ASEAN AFTER CPTPP - Vietnam FocusDr. Oliver Massmann
The document discusses the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement and its implications for Vietnam. It notes that CPTPP will provide Vietnam access to new markets like Canada, Mexico, and Peru, and opportunities in sectors like textiles, food, and chemicals. It also discusses challenges like competition and the need to strengthen domestic industries. Overall, CPTPP is expected to boost Vietnam's GDP by 1.32% and offers incentives for reforms to attract more foreign investment.
The Vietnamese government is considering reinstating Circular 20, which regulates car imports into Vietnam. Critics argue this would limit competition by only allowing authorized dealers to import cars. Supporters argue it protects consumers and tax revenue. The debate over reinstating the regulations has grown contentious, with arguments on both sides. Lawyers state the regulations contradict Vietnam's competition laws and free enterprise provisions. The future of car import regulations in Vietnam remains unclear as the government considers feedback from all perspectives.
Lawyer in Vietnam Dr. Oliver Massmann - How can European businesses benefit f...Dr. Oliver Massmann
The document discusses the EU-Vietnam Free Trade Agreement (EVFTA) and its impact on EU-Vietnam trade relations. It provides an overview of Vietnam's economy, details of the EVFTA including coverage, opportunities and challenges for certain sectors, and comparisons of market access commitments in the WTO, ASEAN Economic Community (AEC), and EVFTA. The EVFTA will eliminate nearly all tariffs between the EU and Vietnam over 10 years and facilitate greater trade and investment flows. Vietnam's economy has grown significantly in recent years and the EVFTA could support continued growth and integration into global markets.
Lawyer in Vietnam Dr. Oliver Massmann - How can European businesses benefit f...Dr. Oliver Massmann
The document discusses the EU-Vietnam Free Trade Agreement (EVFTA) and its impact on EU-Vietnam trade relations. It provides an overview of Vietnam's economy, details of the EVFTA including coverage, opportunities and challenges for certain sectors, and comparisons of market access commitments in the WTO, ASEAN Economic Community (AEC), and EVFTA. The EVFTA will eliminate nearly all tariffs between the EU and Vietnam over 10 years and facilitate greater trade and investment flows. Vietnam's economy has grown significantly in recent years and the EVFTA could support continued growth and integration into global markets.
Interesting group project assessing whether Tata Motors should build a manufacturing plant in Vietnam or Malaysia, written after we spent some time in and around Ho Chi Minh City talking to business owners.
VIETNAMESE MARKET ANALYSIS Practical and Legal PerspectiveDr. Oliver Massmann
The document is a presentation by Oliver Massmann of Duane Morris Vietnam LLC providing an overview of investing in Vietnam. It discusses why Vietnam is an attractive investment destination due to its strong economic growth rates and integration into regional and international trade agreements. Several key points are made about Vietnam's economy in 2015, its transition from a rice importer to exporter, and projected growth rates. The benefits of trade agreements such as the ASEAN Economic Community, EU-Vietnam Free Trade Agreement, and Trans-Pacific Partnership for Vietnam and foreign investors are also summarized.
VIETNAM — Anwalt in Vietnam Dr. Oliver Massmann Corporate Sustainability Due ...Dr. Oliver Massmann
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Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chain Law): A Comprehensive Analysis and Review of its Implications on Vietnam-based Companies
Legal Alert - Vietnam - First draft Decree on mechanisms and policies to enco...Dr. Oliver Massmann
Legal Alert - Vietnam - First draft Decree on mechanisms and policies to encourage the development of rooftop solar power systems for self-consumption purpose
OMassmann - Investment into the grid and transmission system in Vietnam (2024...Dr. Oliver Massmann
The document summarizes Vietnam's Power Development Plan 8 (PDP8), which aims to ensure national energy security by 2050 through increasing renewable energy and developing the transmission grid system. Key points include: (1) PDP8 sets renewable energy targets of 47% by 2030 and 67.5-71.5% by 2050; (2) $134.7 billion will be invested in power generation and transmission from 2021-2030; (3) the plan encourages private investment and development of the transmission grid system.
Vietnam's Plan for Implementation of PDP8 – Key HighlightsDr. Oliver Massmann
The Prime Minister of Vietnam approved the Plan for Implementation of the National Power Development Plan to 2030 (PDP8) on April 1, 2024. The Implementation Plan sets specific tasks and timelines for government ministries to execute PDP8 through 2025. It maintains planned capacity targets for power generation projects such as gas, coal, and hydropower. However, it does not provide guidelines to address issues like project bankability and feed-in tariffs. The Implementation Plan also lists onshore wind and solar power projects and targets, while prioritizing the development of relevant legal frameworks through 2025 to fully implement PDP8 by 2030.
VIETNAM - THE NEW LAW ON CREDIT INSTITUTIONS - WHAT YOU MUST KNOW:Dr. Oliver Massmann
The National Assembly of Vietnam passed a new Law on Credit Institutions that takes effect on July 1, 2024. The objectives of the new law are to strengthen the resilience of the banking system, increase the independence and accountability of credit institutions, and improve oversight of the banking industry. Key changes include new rules around cross-ownership in commercial banks, managing bad debts, and providing a legal framework for digital banking. These regulations are intended to further develop Vietnam's market infrastructure and move the country closer to emerging market status. However, Vietnam remains a frontier market, and guidance on the new law could focus more on ensuring availability of information and streamlined processes to set up investment accounts to help Vietnam achieve emerging market status sooner. The new law
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The Prime Minister of Vietnam approved the National Energy Development Strategy to 2030 and vision to 2045 to ensure national energy security and sustainable development. The strategy aims to meet domestic energy demand through 2030 by supplying 150-170 million tons of oil equivalent primarily through renewable sources comprising 15-20% of supply by 2030 and 65-70% by 2045. It also seeks to reduce greenhouse gas emissions from energy by 15-35% by 2030 and 70-80% by 2045. The Ministry of Industry and Trade will implement policies and proposed legislation to develop an interconnected energy market, encourage private investment in renewable projects, and establish a framework for direct power purchase agreements between renewable producers and customers.
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2. www.duanemorris.com
AGENDA:
• OVERVIEW ON VIETNAM AND ITS AUTOMOTIVE
INDUSTRY
• RECENT GOVERNMENT’S POLICIES ON
AUTOMOTIVE INDUSTRY
• OPPORTUNITIES AND CHALLENGS FOR INVESTORS
• CONCLUSION
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Vietnam 2017 Economy at a glance
• GDP: US$220.3 billion
• GDP per capita: US$2,385
• GDP Growth: 6.81% (record breaking in 10
years)
• Inflation: 1.41%
• Population: About 91.70 million
• Labor force aged 15 and above: 54.61 million
• Total export and import turnover: : >US$420
billion (7.1% increase)
• Regional Minimum wage (Region I): VND
3.980 million (US$ 175) per month (Jan
2018)
• Vietnam’s average age: 29 years old
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Vietnam to be Asia’s second fastest growing country
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Asia’s second fastest growing
country, only after India
Vietnam tops 6 European countries
in the Global Competitiveness
Index
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Vietnam’s automobile sales volume (Jan - Mar ’18)
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According to the Vietnam Automobile Manufacturers Association (VAMA) report issued
on March 10, automobile sales (including non-VAMA manufactures) in Vietnam were
down 29.7% year on year to 12,394 units in February.
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A war on car prices
• All of Complete built-in vehicles made and imported from any
ASEAN country are taxed at 0% from Jan 2018.
• Vietnamese people tend to wait and buy cars after Jan 2018 as a
chance to buy cheaper cars.
• All brands participate in the sale program due to significant pitfalls
in sales volume in 2017.
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Vingroup is in the industry – Vinfast brand
• Vinfast manufacturing factory in Cat Hai, Hai Phong with
investment value of USD 5 billion.
• Hiring top management personnel from Bosch Vietnam and GM
Global.
• Start selling cars from Sep 2019.
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Decree No. 116/2017/ND-CP and Circular No.
03/2018/TT-BGTVT
• Requirement of submitting a Certificate of eligible imported motor
vehicle class issued by a foreign competent authority. This is said
to be not possible as most of the exporting countries do not issue
such document for types imported into Vietnam.
• Each shipment will be inspected by the quality management
authority. The model of each motor vehicle class in each
shipment will also be inspected or tested. This is new requirement
as previously, only one model of each motor vehicle class in one
shipment is tested. The next shipments of the same type were not
subject to any testing/ inspection.
Takes time and cost for importers --> consumers have to bear
higher cars price
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Decree No. 116/2017/ND-CP (cont.)
• The inspection/ testing measure at issue is conformity assessment
procedures and falls under the scope of the WTO Agreement on
Technical Barriers to Trade (“TBT”).
• The measure at issue could be a violation of the TBT national
treatment as:
– The cars importers are treated less favorably than the local cars
assemblers / producers. In particular, local cars assemblers/ producers
are not subject to inspection if there is no change to technical and
environmental safety parameters used for the previous certificate on vehicle
class. However, imported cars have to be inspected in every shipment even
in case there is no change to technical and environmental safety parameters.
– The measure constitutes a de facto discrimination as it is more
difficult, even impossible for cars importers to meet the requirement. The
exporting country can only issue the certificate based on its standards,
which may be not the same as those in Vietnam.17
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How long to settle a WTO dispute?
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WTO dispute
60 days Consultations, mediation, etc.
45 days Panel set up and panelists appointed
6 months Final panel report to parties
3 weeks Final panel report to WTO members
60 days Dispute Settlement Body adopts report (if no appeal)
Total: 1 year (without appeal)
60-90 days Appeals report
30 days Dispute Settlement Body adopts appeals report
Total: 1 years 3 months (with appeal)
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Decree No. 125/2017/ND-CP
• Most of imported automobile spare parts are subject to 0%
import duties on the conditions that the cars manufacturers/
assemblers must meet the output target for each brand.
• This is clearly a sign (in addition to Decree 116 requirements)
that the Government supports and protects local automotive
industry.
• Reduced import duties for imported spare parts are driving
factors of lower priced assembled cars compared with
imported cars.
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Proposal to waive special consumption tax
• The MOIT proposed in June 2017 to remove special consumption
tax on value added in Vietnam.
• Added value in Vietnam includes machinery, equipment, labor,
factory costs, etc.
• Local assemblers who invest more in factory, local spare parts, etc.
will be able to reduce cars price, thus being more competitive with
imported cars.
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Solutions
• Work with the Ministry of Transport in its proposal to remove the TBT
requirements in Decree 116 and Circular 03 as the requirements could be
considered as inconsistent with the WTO laws. Otherwise bring the case
to the WTO for settlement.
• In the long run, consider investing in manufacturing and assembling
activities in Vietnam instead of importing. This will contribute to
Vietnam’s economy and is encouraged by the Government.
• Focus on manufacturing and assembling brands whose major factories
have not been located in South East Asia. Increase the localization rate
to take advantage of zero import duties when exporting to other
ASEAN countries.
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DUANE MORRIS VIETNAM LLC
Thank you very much!
HANOI OFFICE HO CHI MINH CITY OFFICE
Pacific Place, Unit V1307/08, 13th Floor, Suite 1503/04, Saigon Tower
83B Ly Thuong Kiet, Hoan Kiem District 29 Le Duan Street, District 1
Hanoi, Vietnam Ho Chi Minh City, Vietnam
Tel.: +84 4 39462200 Tel.: +84 8 3824 0240
Fax: +84 4 3946 1311 Fax: +84 8 3824 0241
Contact email:
omassmann@duanemorris.com
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