Commercial mediation (CM) is a common dispute resolution (DR) method in the world, especially in the developed countries. In addition to Negotiation and Arbitration, Mediation is deemed to be an Alternative Dispute Resolution (ADR) usually chosen by the enterprises thanks to its outstanding advantages. However, in Vietnam, this DR method is quite new. Decree No. 22/2017/ND-CP (“Decree”) dated April 15th, 2017 on Commercial Mediation, the official and sole document recently issued relating to this matter, defines: “CM is a commercial DR method agreed by the parties and assisted by commercial mediators in DR”.
On April 14th 2017, the Government issued Decree No. 44/2017/ND-CP ("Decree 44") on the rate of contribution to the Occupational Accident and Disease Insurance fund, effective June 1st 2017.
Under Decree 44, the level of monthly contribution by the employer to the Occupational Accident and Disease Insurance Fund, as provided for in Clause 3, Article 44 of the Law on Occupational Safety and Hygiene is reduced.
On April 7th 2017, the Supreme People's Court issued Document No. 01/2017/GD-TANDTC, dealing with professional issues and problems in the application of the law. In particular, the court addresses legal consequences of Invalid Contracts, Credit Contracts, and the application of Customary Practices in dispute settlement, which are the highlights that Enterprises should pay attention to.
On April 11th 2017, the Prime Minister promulgated Decision No. 11/2017/QD-TTg on mechanism for encouraging the development of solar power projects in Vietnam (“Decision 11”). Decision 11 will be valid from June 1st 2017 to June 30th 2019.
In early 1970s, the rapid development of the oil producing countries in the Middle East made it possible for them to sign many large contracts with Western companies. For the sake to ensure safety and minimize risks in performing those contracts, a need arose for a guaranteed by a third party with good credibility and strong financial capacity. Therefore, bank guarantee was born as from this time.
On 4 May 2017 the Government promulgated Decree No. 42/2017/ND-CP (“Decree 42”) amending and supplementing some provisions of Decree No. 59/2015/ND-CP (“Decree 59”) on construction project management.
On 3 April 2017, the Government promulgated Decree No. 35/2017/ND-CP on collection of fees for using land, renting land, renting water surface in economic zones and hi-tech zones (“Decree 35”).
On 4 April 2017, Decree No. 37/2017/ND-CP (“Decree 37”) guiding regulations on business conditions for operating seaports, ports, wharves, buoys, transshipment areas, offshore oil and gas ports (collectively referred to as seaports) was promulgated.
Trading of goods can now be made in different ways, including through e-commerce. Online trading activities in Vietnam are mainly governed by the Commercial Law, the E-Transactions Law, and Decree 52/2013/ND-CP on e-commerce.
On March 2nd, 2017, Vietnam International Arbitration Centre ("VIAC") officially issued the Rules of Arbitration – 2017 edition ("2017 Rules of Arbitration "), effective as from March 1st, 2017.
On February 13th, 2017, Circular No. 02/2017/TT-BNNPTNT (“Circular 02”) was issued to amend and supplement some provisions of Circular No. 48/2013/BNNPTNT (“Circular 48”) on inspection and certification of food safety of exported aquatic products.
On November 29th, 2016, the Government issued Decree 160/2016/ND-CP prescribing conditions for sea transportation business, shipping agency services and towage services (“Decree 160”), revoking Decree 30/2014/ND-CP.
Although commercial dispute settlement via mediation has been applied in practice for a long time, only on February 24th, 2017 did the Government officially promulgate Decree No. 22/2017/ND-CP detailing commercial mediation (“Decree 22”).
On February 24th, 2017, the Government promulgated Decree 20/2017/ND-CP providing tax administration applicable to enterprises having controlled transactions (“Decree 20”).
Circular 43/2016/TT-NHNN dated December 30th 2016 issued by the State Bank prescribing consumer lending by finance companies officially took effect as from March 15th 2017 (“Circular 43”).
On March 15th, 2017, Circular No. 39/2016/TT-NHNN regulating lending activities of credit institutions and foreign bank branches with customers (“Circular 39”) promulgated by the State Bank of Vietnam will officially take effect, replacing Regulation on lending activities of credit institutions as stipulated in Decision No.1627/2001/QD-NHNN.
On February 06th, 2017, the General Department of Tax issued Official Letter No. 373/TCT-KK on Value-added tax refund (“Official Letter 373”) to remove obstacles to the enterprises regarding the value-added tax (“VAT”) not yet entirely deducted within 12 consecutive months.
On February 20th, 2017, Circular No. 30/2016/TT-BXD detailing implementation of Decree No. 37/2015/ND-CP on engineering, procurement and construction contracts (“Circular 30”) of the Ministry of Construction officially took effect.
Pursuant to Article 8.3.(g) of Regulation No. 637 of the State Security Commission guiding securities margin trading issued with Decision No. 637/QD-UBCK dated August 30th, 2011 (“Regulation 637”), securities companies (“Securities Companies”) are responsible to inform investors of their rights arising from securities in the client's margin trading account.
Pursuant to Article 43.5 of the 2010 Commercial Arbitration Law (“CAL”), if the parties already had an arbitration agreement but do not clearly indicate a specific arbitration institution, then if a dispute arises, the parties must reach agreement on the arbitration institution to resolve the dispute.