The document summarizes recent legal updates in Vietnam related to labor, foreign investment, and priority projects. Some key points include:
- Collective bargaining must occur at least annually and collective labor agreements will be reviewed by labor authorities.
- Foreign investment in stocks will require listed companies to check ownership limits and sectors but further guidance is pending.
- Unemployment benefits are calculated based on the average of the last 6 months of work and cannot exceed 5 times the minimum wage.
- Projects applying high technology, energy, minerals, or exports can receive government guarantees if approved by the National Assembly or encouraged under investment law.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: changes to the social insurance and labour laws; feed in tariffs for power projects; changes to investment conditions for insurance enterprises.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
Concept of Cross Charge & Input Service Distributor in GST- My PresentationCA PRADEEP GOYAL
Let us accept the fact most of us are confused between concept of Cross Charge and concept of Distribution of Input Tax Credit related to services among distinct persons (Input Service Distributor Concept) in GST. Let me tell you, both concepts have own legal backing as per GST provisions.
I have prepared this presentation in most simplified manner which will remove all your doubts and clarify the concept. I am sure after reading this, you will not make a mistake.
Income Computation and Disclosure Standards (ICDS) – VI to XDVSResearchFoundatio
Objectives & Agenda :
To understand the concept of ICDS and the rationale for introducing ICDS, its applicability and its commencement year. To analyse ICDS VI-X and draw up a comparative analysis of ICDS and Accounting Standards (AS). Finally, to know the relevant disclosure of ICDS in tax audit report.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: changes to the social insurance and labour laws; feed in tariffs for power projects; changes to investment conditions for insurance enterprises.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
Concept of Cross Charge & Input Service Distributor in GST- My PresentationCA PRADEEP GOYAL
Let us accept the fact most of us are confused between concept of Cross Charge and concept of Distribution of Input Tax Credit related to services among distinct persons (Input Service Distributor Concept) in GST. Let me tell you, both concepts have own legal backing as per GST provisions.
I have prepared this presentation in most simplified manner which will remove all your doubts and clarify the concept. I am sure after reading this, you will not make a mistake.
Income Computation and Disclosure Standards (ICDS) – VI to XDVSResearchFoundatio
Objectives & Agenda :
To understand the concept of ICDS and the rationale for introducing ICDS, its applicability and its commencement year. To analyse ICDS VI-X and draw up a comparative analysis of ICDS and Accounting Standards (AS). Finally, to know the relevant disclosure of ICDS in tax audit report.
Understanding the Impact of Finance Act, 2020 on Residential Status of Indivi...Taxmann
Overview of the Presentation:
1. Under the provisions of the Income-tax Act, an individual becomes a resident of India based on, his/her number of days of stay in India. The condition of ‘number of days’ is relaxed in case of a Person of Indian origin (PIO) / Citizen of India (COI), visiting India. Also, India unlike other countries classifies residents into Resident & Ordinary Resident (ROR)and Resident but Not Ordinary Resident (RNOR).
2. In few countries an individual becomes tax resident based on citizenship irrespective of whether he/she lives in that country or not. Examples: USA, Eritrea
3. The Finance Act, 2020 (FA 2020)has introduced citizenship-based residency provisions for Indian citizens apart from restricting the relaxations granted to COI/PIO visiting India. Further, the FA 2020 has also increased the criteria of qualifying RNOR
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Simplify Statutory Compliances with Greytip OnlineGreytip Software
With Greytip Online, easily add employees under PF and ESI schemes, generate various reports, calculate PT etc. For more information visit http://www.greytip.in/
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam.
In this edition, we provide a summary of changes to the hiring of foreign labour; new securities law sanctions and regulations; new regulations on the issuance of corporate bonds.
Vati is one of the premier recruitment process outsourcing and consulting organization built and managed by an experienced team of professionals who have served leading organizations worldwide. Over a decade, Vati has helped organizations worldwide to improve their recruitment process, improve Quality-of-Hire, Time-to-fill and reduce Cost-Per-hire. We specialize in providing customized hiring solutions to our customers so that they can achieve greater efficiency and business output.
Understanding the Impact of Finance Act, 2020 on Residential Status of Indivi...Taxmann
Overview of the Presentation:
1. Under the provisions of the Income-tax Act, an individual becomes a resident of India based on, his/her number of days of stay in India. The condition of ‘number of days’ is relaxed in case of a Person of Indian origin (PIO) / Citizen of India (COI), visiting India. Also, India unlike other countries classifies residents into Resident & Ordinary Resident (ROR)and Resident but Not Ordinary Resident (RNOR).
2. In few countries an individual becomes tax resident based on citizenship irrespective of whether he/she lives in that country or not. Examples: USA, Eritrea
3. The Finance Act, 2020 (FA 2020)has introduced citizenship-based residency provisions for Indian citizens apart from restricting the relaxations granted to COI/PIO visiting India. Further, the FA 2020 has also increased the criteria of qualifying RNOR
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Simplify Statutory Compliances with Greytip OnlineGreytip Software
With Greytip Online, easily add employees under PF and ESI schemes, generate various reports, calculate PT etc. For more information visit http://www.greytip.in/
Asia Counsel Insights provide readers a punchy update on legal and business developments in Vietnam.
In this edition, we provide a summary of changes to the hiring of foreign labour; new securities law sanctions and regulations; new regulations on the issuance of corporate bonds.
Vati is one of the premier recruitment process outsourcing and consulting organization built and managed by an experienced team of professionals who have served leading organizations worldwide. Over a decade, Vati has helped organizations worldwide to improve their recruitment process, improve Quality-of-Hire, Time-to-fill and reduce Cost-Per-hire. We specialize in providing customized hiring solutions to our customers so that they can achieve greater efficiency and business output.
Protect What Matters Most: Business Critical Apps and Data : Hackers and malicious insiders steal your data by exploiting the gaps left by traditional endpoint and network security. As many companies have painfully discovered, a breach goes far beyond the loss of data. It results in financial losses, regulatory fines, and damage to a company’s reputation. The Imperva SecureSphere, Incapsula and Skyfence product lines enable organizations to discover assets and vulnerabilities, protect information wherever it lives – in the cloud and on-premises – and comply with regulations. check this out and thanks
Members of the ACRS attended the all-day event which spoke about 10 macro trends that were now influencing consumer behaviour across multiple industries in Australia. The seminar addressed rapidly rising consumer expectations, how the trends were reshaping consumers expectations and how these successful trends were simply satisfying basic human needs. Insight was given on how retailers and businesses could interpret the macro trends to apply and innovate their own their own vision, products or services, marketing or campaigns, and business models. The following pages highlight the key insights with examples where relevant.
Solving QoS multicast routing problem using aco algorithm Abdullaziz Tagawy
In IP multicasting messages are sent from the source node to all destination nodes. In order to meet QoS requirements an optimizing algorithm is needed. We propose an Ant Colony Optimization algorithm to do so. Ants release a chemical called pheromone while searching for food. They are capable of finding shortest path to their target. This can give an effective optimal solution to our Multicast Routing Problem.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the long awaited new Decree 118 implementing the Law on Investment; new SBV circular on the use of cheques; and new penalties in the consumer protection regime.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on proposed changes to investment and business laws; changes to minimum wage; and anti-dumping duties imposed on galvanised steel from China and Korea.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the lowering of prudential ratios for restructuring banks; proposed ranking of foreign investment projects; the EU-Vietnam Free Trade Agreement and the mortgaging of off-the-plan property projects.
We also want to take this opportunity to wish everyone a safe and enjoyable holiday season. Happy Holidays.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the new environment police force; new Decree 96 implementing the Law on Enterprises; regulations on rights of female employees in a workplace and new Decree implementing the Petroleum Law.
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Global Regulatory Update”, a compilation of global and domestic news, opinions on regulatory issues, CII initiatives and representations on regulatory issues.
The Update is aimed at keeping CII membership apprised of developments in the international and domestic corporate governance and regulatory landscape.
Asia Counsel Insights provide readers an update on legal and business developments in Vietnam.
In this edition, we provide a summary of (a) the new decree regulating e-commerce businesses taking effect from 1 January 2022; (b) the new decree on security transactions; and (c) Government relief for Covid-19 affected businesses.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on: offshore securities investments; conditions for opening vocational education centres; and wind power projects.
Latest Updates on Thailand's Laws and Regulations on Business AcquisitionsLawPlus Ltd.
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VIETNAM — Anwalt in Vietnam Dr. Oliver Massmann Corporate Sustainability Due ...Dr. Oliver Massmann
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All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
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Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
1. Rechtsanwalt in Vietnam - Oliver Massmann - Lawyer in Vietnam
- Vietnam - Legal Update August 2015
1. Circular No. 29/2015/TT-BLDTBXH issued by the Ministry of Labour, War
Invalids and Social Affairs guiding Government’s Decree 05/2015/ND-CP on
collective bargaining, collective labor agreement and handling with labour disputes
(“Circular 29”)
Issuance date: 31 July 2015
Effective date: 15 September 2015
Under Circular 29, collective bargaining must be conducted at least once a year. Particularly, the
next collective bargaining is required to take place within twelve (12) months from the last
collective bargaining.
With regard to collective labour agreement, the relevant labour authorities must make a
management book for collective labour agreements in accordance with the standard form set out
in an Annex to Circular 29.
Within 15 days upon receiving the collective labour agreements, the relevant labour authority is
required to review them to see if the contents of the collective labour agreement are illegal
pursuant to Vietnamese law. In case there are unlawful contents and/or the signatory is
unauthorized, the following steps must be taken:
(i) Should the collective labour agreement has not yet come into force, such unlawful
contents must be amended and/or supplemented, then be re-submitted to the relevant
labour authorities.
(ii) Should the collective labour agreement has been effective, the relevant labour authority
must ask the court to declare such collective labour agreement to be invalid and then keep
the relevant parties informed.
It is also worth noting that in case illegal strike causes damage(s) for the employer but the trade
union leading the strike does not agree with the contents of compensation request issued by the
employer, such trade union is allowed to get back to the employer with a written request to
arrange negotiation of the items with which the trade union disagrees.
Within three (03) working days from the date of receipt of such request from trade union, the
employer must discuss with the trade union the proposed time, place, and attendants of the
negotiation meeting. In case no agreement is reached, either parties may request a court
settlement.
2. In principle, this negotiation meeting must be recorded by a minutes where agreed and non-
agreed items are specifically addressed with confirmation signatories of the attendants. If the
parties reach an agreement, they are responsible for implementing the agreed matters.
2. Circular 123/2015/TT-BTC issued by Ministry of Finance guiding foreign
investment in Vietnamese stock market (“Circular 123”)
Issuance date: 19 August 2015
Effective date: 1 October 2015
At first glance, in spite of promulgating Circular 123 guiding Government’s Decree
05/2015/ND-CP on foreign ownership limit (FOL) ratios in listed enterprises in Vietnam,
investors still need to wait for another guidance by the Ministry of Planning and Investment on
the list of conditional business activities applicable for foreign investors.
Under Circular 123, a target listed company is responsible for checking the maximum statutory
FOL with respect to its business activities; the list of conditional business sectors; international
treaties and relevant local regulations as well.
For those listed companies which are allowed to have up to 100% foreign ownership but still
wish to limit this ratio, such FOL ratios are required to be officially addressed in the charter of
such listed companies.
In addition, Circular 123 describes the procedures and application dossier together with standard
forms for a target listed company to report the FOL to the State Securities Commission.
Nonetheless, Circular 123 does not provide enough guidelines for target listed firms to scale up
foreign ownership, so they also have to wait for the Ministry of Planning and Investment’s list of
conditional business sectors, which is not yet available. To the best of our awareness, the
Ministry of Planning and Investment is now working on investment conditions for foreign
investors and will publicize them soonest possible as required by the Government. We will keep
posted of any further development in this regard.
Finally, Circular 123 introduces the procedure for foreign stock-investors to register online
transaction codes. Also, from 1 October 2015, English documents shall be not required to be
translated into Vietnamese – which is to minimize burdens for those who would like to join the
stock market in Vietnam.
3. Circular 28/2015/TT-BLDTBXH by Ministry of Labour, War Invalids and Social
Affairs guiding Law on Employment and Government’s Decree 28/2015/ND-CP
regarding unemployment insurance (“Circular 28”)
Issuance date: 31 July 2015
Effective date: 15 September 2015
3. Under Circular 28, the monthly entitlement amount for unemployment insurance is equal to 60
per cent of the ‘regular salary’. As such, ‘regular salary’ of an unemployed staff is calculated as
the average rate of six (6) latest continuous months prior to his/her unemployment.
In case the unemployment insurance is interruptedly contributed during such six (6) latest
continuous months, ‘regular salary’ will be deemed as the average rate of six (6) latest months
where unemployment insurance is contributed.
It is also worth noting that the entitlement for unemployment insurance every month cannot
exceed five (5) times of the statutory minimum wage as set out by the Government at the time of
termination of labour contract.
4. Official Letter No. 5122/BKHDT-PC by the Ministry of Planning and Investment on
implementing the 2014 Law on Investment (“Official Letter 5122”)
Issuance date: 24 July 2015
Effective date: 24 July 2015
Official Letter 5122 regulates the following matters:
- Dealing with application dossiers received before the effectiveness of the 2014 Law on
Investment;
- Granting investment registration certificate to projects that are not subject to the approval
of investment policies;
- Procedures to amend the Investment License, Investment Certificate (concurrently serves
as Business Registration Certificate);
- Procedures to establish branches, representative offices of enterprises; and
- Supplements to business lines of foreign invested enterprises.
Discussed below are major points related to the above matters.
Application dossiers received before the effectiveness of the 2014 Law on Investment
If these application dossiers are already qualified for the issuance of the Investment Certificate
(IC), based on the investor’s written agreement on the issuance of the Investment Registration
Certificate (IRC), the investment registration authority will issue the IRC pursuant to the 2014
Law on Investment. For other application dossiers, the investors are required to amend the
dossiers in accordance with the 2014 Law on Investment, except otherwise required by such law.
Procedures to amend the Investment License, IC (concurrently serves as the Business
Registration Certificate)
If there are only amendments to the business registration content, enterprises will carry out the
procedures to apply for issuance of the Enterprise Registration Certificate (ERC) at the business
registration authority pursuant to the 2014 Law on Enterprises. Business registration contents in
4. the Investment License and IC will be invalid from the issuance of the ERC. Details on
investment project in the IC remain valid.
In case the change in business registration contents derives from the capital contribution,
purchase of shares and stocks by foreigners pursuant to 2014 Law on Investment, the investors
will register such transactions before carrying out procedures to apply for the ERC.
In case there are only amendments to details of the investment project, enterprises will carry out
the procedures to apply for issuance of the IRC at the investment registration authority pursuant
to the 2014 Law on Investment. Business registration contents in the Investment License and IC
remain valid.
If the changes to the IC affect both the business registration and investment project contents, the
relevant enterprise registration procedures shall be conducted prior to the relevant investment
registration procedures. This order also applies when enterprises requests the issuance of the IRC
and ERC in replace of the Investment License and the IC.
5. Decision No. 34/2015/QD-TTg by the Prime Minister on promulgating the list of
programs and projects prioritized for consideration of being granted Government’s
guarantee (“Decision 34”)
Issuance date: 14 August 2015
Effective date: 30 September 2015
Pursuance to Decision 34, prioritized programs and projects include:
- Projects applying high technology, projects in energy sectors, exploiting, processing
minerals or goods manufacturing, supplying export services for the purposes of
developing the country’s economy and society which satisfy the following conditions:
o Being important projects whose investment policies are approved by the National
Assembly according to the Law on Public Investment; and
o Being in areas that the Government encourages investment according to the Law
on Investment.
- Programs, projects in energy sectors, exploiting, processing minerals type A:
o Investment in power infrastructure, investment in new construction of power
plants, power distribution and transmission;
o Investment in oil refinery plants.
- Programs and projects encouraged for investment include:
o Investment projects in construction transport infrastructure (highways) with total
investment capital of VND 10 billion and more;
o Projects developing public transport: Investment in the purchase of air planes
according to the Government’s approved plan;
- Other special programs decided by the Government.
***
5. Please do not hesitate to contact Mr. Oliver Massmann under omassmann@duanemorris.com if
you have any questions on the above. Oliver Massmann is the General Director of Duane Morris
Vietnam LLC.
THANK YOU VERY MUCH!