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.
On January 24th, 2017, the Government promulgated Decree No. 06/2017/ND-CP on betting business on horse and greyhound racing and on international soccer (“Decree 06”).
On February 10th, 2017, Circular No. 35/2016/TT-BTC on identification of foreign workers who are eligible for exemption of the work permit (“WP”) and internally reassigned by enterprises operating within eleven service sectors specified in Vietnam’s WTO commitments.
On January 25th, 2017, the State Securities Commission issued Decision No. 87/QD-UBCK, together with the new regulations guiding securities margin trading (“Regulations 87”) to replace Decision 637/QD-UBCK as from April 01st, 2017.
From time immemorial, inside the “subconscious” of every Vietnamese enterprise, the corporate seal has been its inseparable asset. A document without a seal stamped on it is deemed to have not legal value. However, from Vietnam’s integration into international economy, the legislator’s mindset about the role of the corporate seal has changed
On January 6th, 2017, the Government promulgated Decree No. 01/2017/ND-CP amending and supplementing a number of decrees detailing implementation of the Land Law (“Decree 01”).
On February 15th, 2017, Resolution No. 04/2016/NQ-HĐTP of the Council of Judges of the Supreme People’s Court on e-transactions in civil and administrative procedures will take effect. Once implemented, the new piece of legislation can help the court and involved parties save a lot of time and monies in settling cases.
On December 30th, 2016 the State Bank of Vietnam issued Circular 41/2016/TT-NHNN regulating the capital adequacy ratio for banks and branches of foreign banks in Vietnam (“Circular 41”).
Under previous regulations, when conducting investment in Vietnam, foreign investors and foreign-invested enterprises are required to open an invested capital account in a commercial bank operating legally in Vietnam. Dependent on the form of investment, invested capital accounts are classified into direct investment capital account or indirect investment capital account.
In the operation of enterprises, signing contracts is a regular work to be done before starting any transaction. Contracts to perform commercial activities are diverse and various and are becoming more and more complex. This also means that legal risks may increase. Once such risks arise, the contracting parties will suffer not only property losses but also serious and unpredictable legal consequences. So how to control these risks before signing the contracts?