VIETNAM - CAPITAL MARKETS - HOW THE CPTPP, EVFTA/IPA CAN EFFECT MORGAN STANLE...Dr. Oliver Massmann
- Vietnam was hoping to be placed on the MSCI watch list for emerging markets in 2020 but was not upgraded, remaining a frontier market. One key criteria for MSCI is removing restrictions on foreign ownership.
- Vietnam has been working to amend its securities law to relax foreign ownership limits and attract more foreign investment. Provisions in trade agreements like CPTPP, EVFTA, and EVIPA could help address MSCI's concerns if incorporated into Vietnamese law.
- Reforming Vietnamese laws on investment and securities to align with language in existing trade agreements guaranteeing no distinction between foreign and domestic investors would satisfy MSCI's criteria and likely result in Vietnam's placement on the 2020 MSCI watch list for emerging markets.
Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions ManualGalvinee
Full download : https://alibabadownload.com/product/auditing-a-practical-approach-canadian-2nd-edition-moroney-solutions-manual/ Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions Manual
This document discusses topics related to auditing receipts and payments. It covers vouching, documentary evidence, safeguards, verification of transactions, and audit of specific types of receipts and payments, including cash, investments, rentals, loans, and sales. The key points are that auditors must verify transactions by examining supporting documentation, ensure compliance with accounting principles, evaluate internal controls, and check that receipts and payments are properly recorded and authorized.
Shareholders' Agreements - An Overview of the BasicsBart Greenberg
This document provides an overview of shareholders' agreements, including the key parties, purposes, and provisions. It discusses who the typical parties are to a shareholders' agreement such as the company, founders, employees, new investors, and spouses. The primary purposes are ensuring continuity of ownership, maintaining management control, providing liquidity events, and complying with tax restrictions. The major provisions covered include restrictions on transferring shares, rights of first refusal, purchase rights triggered by events like death or divorce, valuation methods, purchase terms, liquidity options, voting agreements, and termination conditions. It suggests when shareholders' agreements are most applicable, such as during formation, new financing rounds, change of control events, and provides a case study example.
1. A mutual fund is a trust that pools savings from investors and invests them in stocks, bonds, and other securities.
2. SEBI regulates mutual funds in India and defines a mutual fund as a trust formed by a sponsor to raise money through the sale of units to the public and invest in securities.
3. The money collected is invested in capital market instruments and the income earned is shared by unit holders proportionate to their investment. This provides investors an opportunity to invest in a diversified basket of securities at low cost.
Forensic accounting is the application of accounting principles, theories and techniques to facts or hypotheses at issue in a legal dispute and encompasses every phase of litigation services. A forensic accountant uses accounting, auditing and investigative skills to assist in legal matters. This document provides an overview of forensic accounting and forensic auditing, including definitions, the differences between statutory and forensic audits, the approaches and techniques used in forensic audits and the functions of a forensic auditor.
The document discusses the legal aspects and implications of entries made in bank passbooks. It notes that while the passbook contains an authenticated record of customer transactions, views differ on whether entries are conclusively accurate. If an entry benefits the customer by showing a higher balance, and they withdraw and spend that amount in good faith, the bank cannot recover it. However, the customer must prove they relied on and altered their position due to the entry. False or erroneous entries benefitting the bank allow customers to have mistakes rectified without time limits. Precautions for both banks and customers are outlined to catch errors early.
financial accounting theory by Craig Degan 3rd edition chapter 2
prepared by: Dewan Mahbood Hossain
Assistant Professor, dept. of A.I.S
UNIVERSITY OF DHAKA
VIETNAM - CAPITAL MARKETS - HOW THE CPTPP, EVFTA/IPA CAN EFFECT MORGAN STANLE...Dr. Oliver Massmann
- Vietnam was hoping to be placed on the MSCI watch list for emerging markets in 2020 but was not upgraded, remaining a frontier market. One key criteria for MSCI is removing restrictions on foreign ownership.
- Vietnam has been working to amend its securities law to relax foreign ownership limits and attract more foreign investment. Provisions in trade agreements like CPTPP, EVFTA, and EVIPA could help address MSCI's concerns if incorporated into Vietnamese law.
- Reforming Vietnamese laws on investment and securities to align with language in existing trade agreements guaranteeing no distinction between foreign and domestic investors would satisfy MSCI's criteria and likely result in Vietnam's placement on the 2020 MSCI watch list for emerging markets.
Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions ManualGalvinee
Full download : https://alibabadownload.com/product/auditing-a-practical-approach-canadian-2nd-edition-moroney-solutions-manual/ Auditing A Practical Approach Canadian 2nd Edition Moroney Solutions Manual
This document discusses topics related to auditing receipts and payments. It covers vouching, documentary evidence, safeguards, verification of transactions, and audit of specific types of receipts and payments, including cash, investments, rentals, loans, and sales. The key points are that auditors must verify transactions by examining supporting documentation, ensure compliance with accounting principles, evaluate internal controls, and check that receipts and payments are properly recorded and authorized.
Shareholders' Agreements - An Overview of the BasicsBart Greenberg
This document provides an overview of shareholders' agreements, including the key parties, purposes, and provisions. It discusses who the typical parties are to a shareholders' agreement such as the company, founders, employees, new investors, and spouses. The primary purposes are ensuring continuity of ownership, maintaining management control, providing liquidity events, and complying with tax restrictions. The major provisions covered include restrictions on transferring shares, rights of first refusal, purchase rights triggered by events like death or divorce, valuation methods, purchase terms, liquidity options, voting agreements, and termination conditions. It suggests when shareholders' agreements are most applicable, such as during formation, new financing rounds, change of control events, and provides a case study example.
1. A mutual fund is a trust that pools savings from investors and invests them in stocks, bonds, and other securities.
2. SEBI regulates mutual funds in India and defines a mutual fund as a trust formed by a sponsor to raise money through the sale of units to the public and invest in securities.
3. The money collected is invested in capital market instruments and the income earned is shared by unit holders proportionate to their investment. This provides investors an opportunity to invest in a diversified basket of securities at low cost.
Forensic accounting is the application of accounting principles, theories and techniques to facts or hypotheses at issue in a legal dispute and encompasses every phase of litigation services. A forensic accountant uses accounting, auditing and investigative skills to assist in legal matters. This document provides an overview of forensic accounting and forensic auditing, including definitions, the differences between statutory and forensic audits, the approaches and techniques used in forensic audits and the functions of a forensic auditor.
The document discusses the legal aspects and implications of entries made in bank passbooks. It notes that while the passbook contains an authenticated record of customer transactions, views differ on whether entries are conclusively accurate. If an entry benefits the customer by showing a higher balance, and they withdraw and spend that amount in good faith, the bank cannot recover it. However, the customer must prove they relied on and altered their position due to the entry. False or erroneous entries benefitting the bank allow customers to have mistakes rectified without time limits. Precautions for both banks and customers are outlined to catch errors early.
financial accounting theory by Craig Degan 3rd edition chapter 2
prepared by: Dewan Mahbood Hossain
Assistant Professor, dept. of A.I.S
UNIVERSITY OF DHAKA
Customer Due Diligence Part 1 slides.pptxSiniTizhe
Customer due diligence (CDD) involves identifying clients, assessing risks, and verifying client identities. It should be performed at the start of relationships and periodically thereafter to understand clients and manage money laundering risks. The key stages of CDD are customer identification, risk assessment, and customer verification. Firms must document their CDD and be able to show regulators that appropriate processes were followed. Failure to perform proper CDD can lead to facilitating money laundering and reputational and regulatory issues for firms.
The document discusses the Sarbanes-Oxley Act (SOX) passed in 2002 in response to several major corporate accounting scandals. SOX aimed to restore confidence by requiring stricter financial disclosures, independent audits of internal controls, corporate fraud accountability, and protections for whistleblowers. Key aspects of SOX include CEO/CFO certification of financial reports, management assessment of internal controls, auditor oversight, and analysis of potential conflicts of interest for securities analysts.
This presentation gives us an insight about how creative accounting can be. But this creative forms may also sometimes lead to fraud. This presentation will tell you what legal actions are taken when such a crime is committed.
This chapter provides an overview of auditing. It covers topics like generally accepted auditing standards, competence and independence of auditors, audit planning and supervision, audit evidence, gathering evidence through inspection, observation, inquiry and other procedures. It discusses auditing in depth by examining the system and tracing transactions. It also covers test checks, related precautions, factors determining sample size, and compliance with accounting standards and enactments. Finally, it lists various accounting and auditing statements, guidance and standards.
This document outlines an agreement between two companies to lease a €100 million standby letter of credit for one year. Key details include:
- Company A will provide and Company B will lease the letter of credit for 10% of the face value plus 2% in intermediary fees.
- The letter of credit will be issued by HSBC, Barclays or Deutsche Bank and delivered via SWIFT message within 3 banking days of payment.
- The agreement establishes procedures for issuing, delivering and paying for the letter of credit and penalties for non-performance or unauthorized bank contact.
AUDIT WORKING PAPERS-CUSTODY OF OWNERSHIP.pptxHeldaMaryA
Audit working papers are documents an auditor collects during an audit to provide evidence supporting the audit opinion. They include information on audit procedures performed, evidence obtained, and issues discussed with management. Working papers are prepared by audit staff and reviewed by senior managers. They are owned by the auditor but must remain confidential, being retained for legal and professional requirements. Working papers support the audit opinion by demonstrating compliance with auditing standards and sufficient evidence was obtained.
This document discusses the various types of securities that banks accept when providing secured advances to customers. It outlines 7 main types of securities: advances against goods, documents of title to goods, stock exchange securities, life insurance policies, fixed deposit receipts, book debts, and real estate. For each type, it provides guidelines on the precautions banks should take, such as only accepting goods that are easily marketable, verifying the authenticity of documents, and ensuring the borrower has ownership of pledged assets. Maintaining the safety, liquidity, and profitability of loans is key.
Here I am Sharing Presentation about Mutual Fund Which is beneficial for Finance Student. Who one want to know details of mutual fund can see this slide this will be helpful to the student of finance.
All The Best
The Securities and Exchange Board of India (SEBI) was established in 1988 as an interim administration body and given statutory powers in 1992 through the SEBI Act. SEBI is chaired by C B Bhave and is responsible for regulating the securities market and protecting investors. SEBI's objectives include regulating stock exchanges, controlling insider trading, and protecting investors. It undertakes regulatory functions like registering intermediaries and developmental functions like investor education. SEBI has guidelines for primary and secondary markets and regulates foreign institutional investors. It faces challenges from cross-border trading and demanding investors.
The concept of Cost of capital for MNC is addressed in this ppt
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
This document provides an overview of the history and development of accounting theory. It discusses key periods in the evolution of accounting theory including pre-theory, pragmatic accounting, normative accounting, and positive accounting. Recent developments have focused on establishing a conceptual framework to guide standard setting and harmonizing accounting practices through International Financial Reporting Standards. The goal is to develop a consistent set of principles that can evaluate practice and guide future development.
The document discusses the history and liberalization of the insurance sector in India. It outlines key events such as the nationalization of insurance in 1956 and the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA) in 1999. The Malhotra Committee in 1993 recommended allowing private companies and foreign investments in insurance and reducing government stakes in insurance companies. This led to opening up the insurance sector and allowing greater private sector participation.
A stock broker is required to register with SEBI and be a member of a recognized stock exchange in order to buy, sell, or deal in securities. They must abide by the rules and regulations of the exchange, pay fees, and address investor complaints. Registration requires application through a stock exchange, which forwards the application to SEBI. SEBI verifies eligibility requirements prior to granting registration. Registered stock brokers must follow capital adequacy norms, codes of conduct, and are subject to inspection and penalties for non-compliance. The National Stock Exchange was established to provide a nationwide trading facility and screen-based trading system for securities including equities, debt instruments, and derivatives.
Hand written Notes of auditing:-
1) Auditing and its objectives
2) Audit plan and its characteristics
3) Internal check advantages/ disadvantages?
4) Vouching and its objectives?
5) Auditors and its provisions?
Securities' Lending and Borrowing describes the market practice whereby securities are temporarily transferred by one party (the lender) to another (the borrower) via an approved intermediary.
The Borrower is obliged to return them either on demand or at the end of an agreed term and also has an option to early return. Lender may recall securities at any time within normal market settlement cycle.
SLB is a major and growing activity which provides significant benefits for issuers, investors and traders alike. SLB helps in improving market liquidity, more efficient settlement, tighter dealer prices and perhaps a reduction in the cost of capital.
The document outlines the steps an auditor should take when auditing a cinema. The auditor should: 1) examine the internal check system and verify daily ticket receipts; 2) ensure taxes on tickets are deposited properly; 3) verify cash on hand and bank balances. The auditor must also 4) examine film purchase and hire agreements, 5) vouch for advertisement receipts, and 6) check travelling expenses if it is a touring cinema.
This document is the Depositories Act of 1996 which establishes a legal framework for regulation of depositories in India. Some key points:
- It defines important terms related to depositories like depository, participant, beneficial owner, etc.
- It provides for regulation and oversight of depositories by the Securities and Exchange Board of India (SEBI). Depositories must be registered and obtain a certificate to operate.
- It specifies the rights and obligations of depositories, participants, issuers and beneficial owners when dealing with securities held in depositories. Securities are to be in dematerialized fungible form.
- Depositories must maintain records of beneficial owners and are responsible for indemnifying
This document is a letter requesting verification of bank details for a funds transfer. It requests that the recipient acknowledge and have their bank officer contact the sending bank to confirm bank coordinates, Telex code, and other confidential information needed to process the transfer. Contact information is provided for the sending bank, Commercial Development Bank in Australia, including the officer in charge, Mr. Bruce. The letter expresses appreciation for the recipient's cooperation.
The position of a minor in partnership AND Registration of a firm pptxOsama Yousaf
This document summarizes the position of minors in partnerships and the registration of firms under Pakistani law. It explains that while minors cannot be partners, they are entitled to profits and can inspect accounts. Upon reaching majority, former minors can become active partners or pursue claims. Registration of firms is not required but provides benefits like clearer agreements, tax advantages, and ability to file suits. The process involves submitting partner and location details to the Registrar, who issues a registration certificate.
Lawyer in Vietnam Dr Oliver Massmann Vietnam on a new course with EuropeDr. Oliver Massmann
The document summarizes key points from a presentation about the EU-Vietnam Free Trade Agreement (EVFTA) and its impact on market access for European companies in Vietnam. Specifically, it provides an overview of Vietnam's economy, details of the EVFTA and Investment Protection Agreement, comparisons of market access commitments in sectors like distribution, transport, securities and telecommunications, opportunities and challenges in automotive, pharmaceuticals and alcohol, and considerations for doing business and investing in Vietnam.
THE SIGNIFICANT TRANSITION FROM THE TRANS-PACIFIC PARTNERSHIP (“TPP”) TO THE ...Dr. Oliver Massmann
THE SIGNIFICANT TRANSITION FROM THE TRANS-PACIFIC PARTNERSHIP (“TPP”) TO THE COMPREHENSIVE AND PROGRESSIVE TRANS-PACIFIC PARTNERSHIP (“CPTPP”)-How will it affect businesses in Vietnam?
Customer Due Diligence Part 1 slides.pptxSiniTizhe
Customer due diligence (CDD) involves identifying clients, assessing risks, and verifying client identities. It should be performed at the start of relationships and periodically thereafter to understand clients and manage money laundering risks. The key stages of CDD are customer identification, risk assessment, and customer verification. Firms must document their CDD and be able to show regulators that appropriate processes were followed. Failure to perform proper CDD can lead to facilitating money laundering and reputational and regulatory issues for firms.
The document discusses the Sarbanes-Oxley Act (SOX) passed in 2002 in response to several major corporate accounting scandals. SOX aimed to restore confidence by requiring stricter financial disclosures, independent audits of internal controls, corporate fraud accountability, and protections for whistleblowers. Key aspects of SOX include CEO/CFO certification of financial reports, management assessment of internal controls, auditor oversight, and analysis of potential conflicts of interest for securities analysts.
This presentation gives us an insight about how creative accounting can be. But this creative forms may also sometimes lead to fraud. This presentation will tell you what legal actions are taken when such a crime is committed.
This chapter provides an overview of auditing. It covers topics like generally accepted auditing standards, competence and independence of auditors, audit planning and supervision, audit evidence, gathering evidence through inspection, observation, inquiry and other procedures. It discusses auditing in depth by examining the system and tracing transactions. It also covers test checks, related precautions, factors determining sample size, and compliance with accounting standards and enactments. Finally, it lists various accounting and auditing statements, guidance and standards.
This document outlines an agreement between two companies to lease a €100 million standby letter of credit for one year. Key details include:
- Company A will provide and Company B will lease the letter of credit for 10% of the face value plus 2% in intermediary fees.
- The letter of credit will be issued by HSBC, Barclays or Deutsche Bank and delivered via SWIFT message within 3 banking days of payment.
- The agreement establishes procedures for issuing, delivering and paying for the letter of credit and penalties for non-performance or unauthorized bank contact.
AUDIT WORKING PAPERS-CUSTODY OF OWNERSHIP.pptxHeldaMaryA
Audit working papers are documents an auditor collects during an audit to provide evidence supporting the audit opinion. They include information on audit procedures performed, evidence obtained, and issues discussed with management. Working papers are prepared by audit staff and reviewed by senior managers. They are owned by the auditor but must remain confidential, being retained for legal and professional requirements. Working papers support the audit opinion by demonstrating compliance with auditing standards and sufficient evidence was obtained.
This document discusses the various types of securities that banks accept when providing secured advances to customers. It outlines 7 main types of securities: advances against goods, documents of title to goods, stock exchange securities, life insurance policies, fixed deposit receipts, book debts, and real estate. For each type, it provides guidelines on the precautions banks should take, such as only accepting goods that are easily marketable, verifying the authenticity of documents, and ensuring the borrower has ownership of pledged assets. Maintaining the safety, liquidity, and profitability of loans is key.
Here I am Sharing Presentation about Mutual Fund Which is beneficial for Finance Student. Who one want to know details of mutual fund can see this slide this will be helpful to the student of finance.
All The Best
The Securities and Exchange Board of India (SEBI) was established in 1988 as an interim administration body and given statutory powers in 1992 through the SEBI Act. SEBI is chaired by C B Bhave and is responsible for regulating the securities market and protecting investors. SEBI's objectives include regulating stock exchanges, controlling insider trading, and protecting investors. It undertakes regulatory functions like registering intermediaries and developmental functions like investor education. SEBI has guidelines for primary and secondary markets and regulates foreign institutional investors. It faces challenges from cross-border trading and demanding investors.
The concept of Cost of capital for MNC is addressed in this ppt
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
This document provides an overview of the history and development of accounting theory. It discusses key periods in the evolution of accounting theory including pre-theory, pragmatic accounting, normative accounting, and positive accounting. Recent developments have focused on establishing a conceptual framework to guide standard setting and harmonizing accounting practices through International Financial Reporting Standards. The goal is to develop a consistent set of principles that can evaluate practice and guide future development.
The document discusses the history and liberalization of the insurance sector in India. It outlines key events such as the nationalization of insurance in 1956 and the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA) in 1999. The Malhotra Committee in 1993 recommended allowing private companies and foreign investments in insurance and reducing government stakes in insurance companies. This led to opening up the insurance sector and allowing greater private sector participation.
A stock broker is required to register with SEBI and be a member of a recognized stock exchange in order to buy, sell, or deal in securities. They must abide by the rules and regulations of the exchange, pay fees, and address investor complaints. Registration requires application through a stock exchange, which forwards the application to SEBI. SEBI verifies eligibility requirements prior to granting registration. Registered stock brokers must follow capital adequacy norms, codes of conduct, and are subject to inspection and penalties for non-compliance. The National Stock Exchange was established to provide a nationwide trading facility and screen-based trading system for securities including equities, debt instruments, and derivatives.
Hand written Notes of auditing:-
1) Auditing and its objectives
2) Audit plan and its characteristics
3) Internal check advantages/ disadvantages?
4) Vouching and its objectives?
5) Auditors and its provisions?
Securities' Lending and Borrowing describes the market practice whereby securities are temporarily transferred by one party (the lender) to another (the borrower) via an approved intermediary.
The Borrower is obliged to return them either on demand or at the end of an agreed term and also has an option to early return. Lender may recall securities at any time within normal market settlement cycle.
SLB is a major and growing activity which provides significant benefits for issuers, investors and traders alike. SLB helps in improving market liquidity, more efficient settlement, tighter dealer prices and perhaps a reduction in the cost of capital.
The document outlines the steps an auditor should take when auditing a cinema. The auditor should: 1) examine the internal check system and verify daily ticket receipts; 2) ensure taxes on tickets are deposited properly; 3) verify cash on hand and bank balances. The auditor must also 4) examine film purchase and hire agreements, 5) vouch for advertisement receipts, and 6) check travelling expenses if it is a touring cinema.
This document is the Depositories Act of 1996 which establishes a legal framework for regulation of depositories in India. Some key points:
- It defines important terms related to depositories like depository, participant, beneficial owner, etc.
- It provides for regulation and oversight of depositories by the Securities and Exchange Board of India (SEBI). Depositories must be registered and obtain a certificate to operate.
- It specifies the rights and obligations of depositories, participants, issuers and beneficial owners when dealing with securities held in depositories. Securities are to be in dematerialized fungible form.
- Depositories must maintain records of beneficial owners and are responsible for indemnifying
This document is a letter requesting verification of bank details for a funds transfer. It requests that the recipient acknowledge and have their bank officer contact the sending bank to confirm bank coordinates, Telex code, and other confidential information needed to process the transfer. Contact information is provided for the sending bank, Commercial Development Bank in Australia, including the officer in charge, Mr. Bruce. The letter expresses appreciation for the recipient's cooperation.
The position of a minor in partnership AND Registration of a firm pptxOsama Yousaf
This document summarizes the position of minors in partnerships and the registration of firms under Pakistani law. It explains that while minors cannot be partners, they are entitled to profits and can inspect accounts. Upon reaching majority, former minors can become active partners or pursue claims. Registration of firms is not required but provides benefits like clearer agreements, tax advantages, and ability to file suits. The process involves submitting partner and location details to the Registrar, who issues a registration certificate.
Lawyer in Vietnam Dr Oliver Massmann Vietnam on a new course with EuropeDr. Oliver Massmann
The document summarizes key points from a presentation about the EU-Vietnam Free Trade Agreement (EVFTA) and its impact on market access for European companies in Vietnam. Specifically, it provides an overview of Vietnam's economy, details of the EVFTA and Investment Protection Agreement, comparisons of market access commitments in sectors like distribution, transport, securities and telecommunications, opportunities and challenges in automotive, pharmaceuticals and alcohol, and considerations for doing business and investing in Vietnam.
THE SIGNIFICANT TRANSITION FROM THE TRANS-PACIFIC PARTNERSHIP (“TPP”) TO THE ...Dr. Oliver Massmann
THE SIGNIFICANT TRANSITION FROM THE TRANS-PACIFIC PARTNERSHIP (“TPP”) TO THE COMPREHENSIVE AND PROGRESSIVE TRANS-PACIFIC PARTNERSHIP (“CPTPP”)-How will it affect businesses in Vietnam?
Lawyer in Vietnam & Myanmar Dr. Oliver Massmann - Alternative Dispute Resolut...Dr. Oliver Massmann
Lawyer in Vietnam & Myanmar Dr. Oliver Massmann - Alternative Dispute Resolution in Vietnam AND MYANMAR — THE PRESENT— THE FUTURE — THE GOLDEN RULE what you must know
LAWYER IN VIETNAM DR.OLIVER MASSMAN - DOING BUSINESS IN VIETNAMTHE EU-VIETNA...Dr. Oliver Massmann
LAWYER IN VIETNAM DR.OLIVER MASSMAN - DOING BUSINESS IN VIETNAMTHE EU-VIETNAM FREE TRADE AGREEMENT AND INVESTMENT PROTECTION AGREEMENT – WHAT YOU MUST KNOW
The document discusses investment opportunities in Vietnam's real estate sector. It notes that Vietnam has a rapidly growing economy and population that is urbanizing quickly, creating significant demand for residential and commercial real estate. Recent trade agreements are expected to further boost foreign investment in Vietnam and the real estate sector. The document advises that now is an opportune time for investors to invest in Vietnam's real estate market before competition increases.
The document discusses upstream risks management in Vietnam's oil and gas industry from both a legal and practical perspective. Legally, Vietnam's system is based on civil law and lacks transparency. The petroleum law is outdated and ambiguous, while production sharing contracts require selling to PetroVietnam at negotiated prices. Practically, long approval times, PetroVietnam's monopoly position, and inefficient negotiations with state-owned enterprises pose challenges. Risk management strategies include understanding Vietnamese law, maintaining relationships, and contractual assurances to limit sovereignty risks. Insurance can also help manage legal and contractual liabilities.
Lawyer in Vietnam Dr. Oliver Massmann - DOING BUSINESS IN VIETNAM - What in-h...Dr. Oliver Massmann
The document provides an overview of doing business in Vietnam presented by Dr. Oliver Massmann of Duane Morris Vietnam LLC. It discusses Vietnam's strong economic growth, integration into regional trade agreements, attractive investment environment including tax incentives, and labor market. Specific topics covered include Vietnam's GDP, exports, free trade agreements like CPTPP and EVFTA, sectors seeing foreign investment, procedures for investment and M&A, and taxation. The presentation encourages investors to take advantage of opportunities in Vietnam.
Vietnam - New Investment Law, The TPP, AEC, EVFTA and Star Trek: Scotti: Bea...Dr. Oliver Massmann
This document provides an overview of Vietnam's new investment law and the opportunities presented by various trade agreements including the ASEAN Economic Community (AEC), the EU-Vietnam Free Trade Agreement (EVFTA), and the Trans-Pacific Partnership (TPP). Key points include simplifying investment procedures, liberalizing certain sectors, increasing market access through tariff reductions and services commitments, and establishing investor-state dispute settlement mechanisms.
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.
A better way to understand the international trade arbitrationShahram Shirkhani
Today companies have more sophisticated methods and always try to find means and suitable locations to resolve trade and international investment disputes, such as international arbitration.
The document discusses several key aspects of international business laws and trade agreements. It begins by defining international business and outlining some of the common challenges, such as differing languages, cultures, and policies. It then explains the three main types of international business law - public, private, and foreign law. Several major trade agreements and organizations are also summarized, including the GATT, WTO, and their guiding principles of non-discrimination, reciprocity, and transparency. Common elements of international contracts and payment terms are also highlighted.
The document provides information about several Ontario administrative tribunals:
1) The Licence Appeal Tribunal hears appeals regarding licensing and compensation claims regulated by several Ontario ministries. It is an independent adjudicative tribunal subject to rules of natural justice.
2) The Financial Services Tribunal is an independent body that hears appeals regarding decisions of the Superintendent of Financial Services involving insurance, pensions, and other financial matters. It has exclusive jurisdiction to determine legal and factual questions in its proceedings.
3) The Landlord and Tenant Board resolves disputes between residential landlords and tenants under the Residential Tenancies Act. It is one of Ontario's busiest tribunals with regional offices and hearings across the province.
The
R3 and Insol Europe International Restructuring ConferencePatrick N.Z. Rona
This document summarizes a presentation by Patrick N.Z. Rona on developing a global insolvency convention. It discusses the shortcomings of existing instruments like the UNCITRAL Model Law and argues that a convention would provide stronger universalism and reciprocity. A convention could address issues like recognition of foreign proceedings, cooperation between courts, and treatment of multinational corporate groups. The benefits would be greater certainty and a more consistent international framework for cross-border insolvencies.
This document counters arguments made by opponents of the Trans-Pacific Partnership (TPP) agreement. It addresses opponents' concerns about the Investor-State Dispute Settlement (ISDS) provision, which allows corporations to challenge laws and regulations of sovereign countries. The document argues that ISDS provides procedural mechanisms to protect foreign investment from illegal expropriation or discrimination. It also notes that corporations have a low success rate in ISDS cases and are usually awarded small monetary settlements, not changes to laws. The document maintains that ISDS helps provide transparency in dispute settlements and does not prevent countries from regulating in the public interest.
This document provides an overview of doing business in Vietnam. It discusses how to access the Vietnamese market through establishing a corporate entity or partnership. It also covers understanding state-owned enterprises like PVN, dealing with corruption, intellectual property issues, and competition law compliance. The document recommends foreign companies partner with well-connected local firms, take advantage of trade agreements, and pressure Vietnam to improve transparency in government procurement to help mitigate challenges in the market.
This document provides an overview of doing business in Vietnam. It discusses how to access the Vietnamese market through establishing a corporate entity or partnership. It also covers understanding state-owned enterprises like PVN, dealing with corruption, intellectual property issues, and competition law compliance. The document recommends foreign companies partner with well-connected local firms, take advantage of trade agreements, and pressure Vietnam to improve transparency in government procurement to help level the playing field.
VIETNAM — Anwalt in Vietnam Dr. Oliver Massmann Corporate Sustainability Due ...Dr. Oliver Massmann
VIETNAM — Anwalt in Vietnam Dr. Oliver Massmann Corporate Sustainability Due Diligence Directive (CSDDD oder das EU-Lieferkettengesetz): Umfassende Analyse und Ausblick auf die Auswirkungen auf Unternehmen in Vietnam
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chai...Dr. Oliver Massmann
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
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chai...Dr. Oliver Massmann
Corporate Sustainability Due Diligence Directive (CSDDD or the EU Supply Chain Law): A Comprehensive Analysis and Review of its Implications on Vietnam-based Companies
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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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Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
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"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
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AGENDA
• EVIPA CONTENT
• INVESTMENT PROTECTION UNDER EVIPA
• DIRECT INVESTMENT PROTECTION UNDER
PUBLIC INTERNATIONAL LAW
• INVESTOR-STATE DISPUTE SETTLEMENT (‘ISDS’)
• GERMANY AND ISDS
• EVIPA – A NEW APPROACH
• EVIPA AND GOVERNMENT PROCUREMENT
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EVIPA contents
EVIPA (approx. 200 pages)
Preamble
Chapter 1: Objectives and General Definitions
Chapter 2: Investment Protection
Chapter 3: Dispute Settlement
Chapter 4: Instutional, general and final
Provisions
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EVIPA
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• EVIPA requires the
ratification of all EU
member to entry into force.
• EVIPA that once comes in
force will replace the 21
bilateral investment treaties
(BITs) in force between
Vietnam and EU Member
States
• The agreement contains
guarantees that EU
investors will enjoy the best
available treatment when
investing in Vietnam
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Investment protection under IPA
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PRECISE
STANDARDS
ON
INVESTMENT
PROTECTION
Non-discrimination
No expropriation
without prompt and
adequate
compensation
Possibility to transfer
and repatriate funds
relating to an
investment
A general guarantee of
fair and equitable
treatment and physical
security
A commitment that
governments will
respect their own
written and legally
binding contractual
obligations towards
an investor
A commitment to
compensate for losses in
certain circumstances
linked to war or armed
conflict
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Direct investment protection under public
international law
• 2,750 bilateral investment treaties (BITs), Multilateral Investment
Treaties, most notably the Energy Charter Treaty and number of Free
Trade Agreements such as NAFTA.
• Legal protection includes: the right to "fair and equitable treatment",
"full protection and security", "free transfer of means" and the right
not to be directly or indirectly expropriated without full
compensation) and access to ISDS for redress against host states
for breaches of such protection.
• Some of these standards are framed in vague terms, given extensive
discretion to arbitrators in their interpretation and application.
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Investor-state dispute settlement (ISDS) -
cont
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Since only States are the parties of the
treaty, not the Investors:
Only foreign investors can sue states under
investment treaties.
States have no corresponding right to bring an
original claim against a foreign investor under the
treaties
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Investor-state dispute settlement (ISDS) -
cont
A decision in favour of the state means that the state
has not been ordered to pay compensation, not that
it received any compensation from the investor
(although costs can be awarded against the
investor).
A state cannot "win" in ISDS in the manner of a
foreign investor - a state which wishes to sue a
foreign investor does so through its own domestic
courts, without the need for a treaty.
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Germany and ISDS
• Germany refused ISDS in several EU Trade
agreements:
Transatlantic Trade and Investment Partnership (TTIP)
between EU and US
Comprehensive Economic and Trade Agreement (CETA)
between the EU and Canada
• If an EU member refuses to ratify IPA, it will not be
enforced in any EU member states.
• High possibility that Germany would approve IPA,
because it is in benefit of Germany investors in
Vietnam.11
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EVIPA – Appeal Tribunal
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PERMANENT
TRIBUNAL
3 members from EU
3 members from Vietnam
3 members from a third country
TRIBUNAL FOR
THE FIRST TRIAL
President: 1 member from the third party
1 member
from Vietnam
1 member
from EU
Appoint on a rotation basis
4 years term
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EVIPA – Tribunal of first instance
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PERMANENT APPEAL
TRIBUNAL
2 members from EU
2 members from Vietnam
2 members from a third country
APPEAL
TRIBUNAL
President: 1 member from the third party
1 member
from Vietnam
1 member
from EU
Appoint on a rotation basis
4 years term
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EVIPA – Tribunal system
• Members of the tribunals are appointed by a committee which are
formed by representatives from Vietnam and EU.
• The EU and Vietnam have committed themselves to only appoint
Tribunal Members whose independence is beyond doubt, who are
not affiliated with any government and who do not take
instructions from any government and must have demonstrated
expertise in public international law and must possess the
qualifications required in their respective countries for appointment to
judicial offices or be jurists of recognised competence.
• All tribunal members must comply with a binding code of conduct
annexed to the agreement => ensure the ethics of the tribunal
members.
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Tribunal system in EVIPA and CPTPP
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EVIPA CPTPP
Two-stage arbitration (Tribunal
and Appeal Tribunal), similar to
WTO dispute settlement system
One-stage arbitration
Arbitrators are chosen from the
permanent tribunal, which
includes independent, neutral,
and expert members.
Arbitrators are chosen by the
disputing parties (tribunal
includes 3 arbitrators, in which 2
are decided by each disputing
parties, and 1 is chosen by the
agreement of both parties).
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EVIPA - Procedure
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• Parties can choose the jurisdiction under the four proceedings to
apply:
International Centre for Settlement of Investment Disputes
Convention (ICSID Convention)
International Centre for Settlement of Investment Disputes
Additional Facility Rules (ICSID Additional Facility Rules);
The United Nations Commission on International Trade Law
arbitration rules (The UNCITRAL arbitration rules);
Any other rules by agreement of the disputing parties.
• EVIPA provides for the attending of one or more experts to report
any factual issue of environmental, health, safety, or other
matters raised by a disputing party if requested by the parties or
tribunal necessary.
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EVIPA - Transparency
EVIPA applies the UNCITRAL Transparency Rules:
1. Upon a receipt of the notice of arbitration from the respondent, the
repository shall promptly make available to the public information
regarding the name of the disputing parties, the economic sector
involved and the treaty under which the claim is being made.
2. Allow public access to documents during the proceedings.
3. Open hearing
4. Allow non-parties to act as amicus curiae and submit information
relevant to the dispute to the tribunal
5. Publicize the final award
6. Both parties are comfortable that confidential information can still
be shielded from disclosure.17
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EVIPA - Enforcement
• The recognition of the award is automatic,
without the need to go through the process
by the authority of the State => pave the
way for offshore enforcement of
arbitration awards.
• A delay of 05 years for Vietnam to
automatically recognize the award because
Vietnam needs time to change its domestic
laws.18
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EVIPA – a new approach
• CP-TPP still has the appearance of the traditional ISDS
mechanism, while EVIPA has taken a new approach on
many different aspects.
• EVIPA tries to overcome the weakness of the traditional
ISDS mechanism which has regulated for 60 years:
Growing time and cost for arbitration proceedings => detrimental to small
and medium enterprises or developing countries, as well as small value in
dispute cases;
The doubt about the independence and impartiality of arbitrators or
adjudicators;
The lack of transparency;
Concerns about the consistency, coherence, predictability, and
correctness of arbitral decisions.19
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EVIPA and Government Procurement
• Average government procurement in the EU is about 16%
• Vietnam has one of the highest government procurement
rates of all countries worldwide (wiis not a member of the
Government Procurement Agreement of the WTO
• th about 39%)
• Vietnam Vietnam undertakes to transparency and procedural
fairness regulations
• Investors will get access to a huge market of government
procurement
• EVIPA is a great tool to protect foreign investors in case
any dispute arises20
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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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