Legal updates

Feb 16 2018

Accordingly, as from 15 January 2018, the commercial activities of foreign traders in Vietnam have some important changes as follows:

Feb 16 2018

On 15 January 2018, the Government issued Decree 08/2018/ND-CP amending a number of decrees related to investment and business conditions under the State management of Ministry of Industry and Trade.

Feb 16 2018

Remedying the shortcomings of Decree 140/2007/ND-CP, Decree 163/2017/ND-CP dated 10 December 2017 of Government on provision of logistics services (“Decree 163”) permits foreign investor to not only establish the companies but also contribute capital, purchase shares in logistics companies in Vietnam with their ratio of shares ranging from 49% to 100% of the charter capital, subject to the registered logistics services, upon their satisfaction of a number of statutory conditions.

Jan 26 2018

On 29 September 2017, the Ministry of Natural Resources and Environment promulgated Circular No. 33/2017/TT-BTNMT ("Circular 33") detailing Decree No. 01/2017/ND-CP (“Decree 01”) dated 6 January 2017 of the Government amending and supplementing a number of decrees detailing the implementation of the Land Law and amending and supplementing a number of articles of the circulars guiding the implementation of the Land Law.

Jan 26 2018

On 29 November 2017, the Ministry of Industry and Trade announced that the quantity of raw tobacco (HS 2401) imported under the tariff quota in 2018 will be 53,604 tons (Fifty-three thousand six hundred and four tons).

Jan 26 2018

On 27 December 2017, the Government issued Resolution No. 136/NQ-CP (“Resolution No. 136”) on simplifying administrative procedures, citizen documents related to population management under the State management functions of the Ministry of Planning and Investment attached with the Plan of simplification for implementation by the relevant competent bodies (the “Plan”).

Jan 26 2018

Circular No. 14/2017/TT-NHNN issued by the State Bank of Vietnam on 29 September 2017 on methods of calculating interest on depositing and credit extension transaction between credit institutions (“Credit Institutions”) and clients (“Circular 14”) took effect as from 1 January 2018.

Jan 02 2018

Recently, the Government has promulgated Decree No. 141/2017/ND-CP dated 7 December 2017 providing for regional minimum wages applicable to the employees working under a labor contract. Accordingly, the regional minimum wages applicable to the employees working for the enterprises are set forth as below:

Jan 02 2018

When a credit institution, a foreign bank branch (the “Credit Institution”) is found in one of the following cases but has not been placed under special control in accordance with the laws, the State Bank will consider applying early intervention, specifically when the Credit Institution:

Dec 15 2017

On 1 January 2018, Decree No. 123/2017/ND-CP (“Decree 123”) amending and supplementing Decree No. 45/2014/ND-CP providing the collection of the land use levy and Decree No. 46/2014/ND-CP providing the collection of the land rent and water surface rent will take effect.

Dec 15 2017

Within a time-limit of sixty (60) days from the date the enterprise is granted a new, renewed or re-issued Certificate of satisfaction of security and order conditions, the competent police body will carry out post-inspection procedures.

Dec 15 2017

On 1 January 2018, Decree 126/2017/ ND-CP on transforming State-owned enterprises (SOEs) and one-member limited liability companies with 100% charter capital invested by State-owned enterprises into joint stock companies (“Decree 126”) will take effect and replace Decree 59/2011/ND-CP, Decree 189/2013/ND-CP, and Decree 116/2015/ND-CP.

Nov 29 2017

On 1 November 2017, the Government issued Decree No. 119/2017/ND-CP (“Decree 119”), replacing Decree No. 80/2013/ND-CP dated 19 July 2013 (“Decree 80”) on the sanctioning of administrative violations in the domain of standard, measurement and quality of products and goods. Decree 119 takes effect on 15 December 2017.

Nov 29 2017

On 25 October 2017, Circular No. 115/2017/TT-BTC (“Circular 115”) guiding the supervision of trading on securities market was issued and will replace Circular No. 13/2013/TT-BTC (“Circular 13”) as from 08 December 2017.

Nov 29 2017

Removing the entanglements related to the guarantee of houses to be formed in the future (“Future House”) is one of the legal requirements for the Future Houses to be for sale. Therefore, on 29 September 2017, the Governor of the State Bank of Vietnam issued Circular No. 13/2017/TT-NHNN (“Circular 13”) amending, supplementing a number of articles of Circular No. 07/2015/TT-NHNN dated 25 June 2015 regulating bank guarantees (“Circular 07”), specifically guiding the conditions, procedures for underwriting in the sale, hire-purchase of the Future Houses of credit institutions, branches of foreign banks in Vietnam (the “Bank”).

Nov 13 2017

On 17 October 2017, the Government issued Decree 116/2017/ND-CP on requirements for manufacturing, assembly, and import of automobiles and trade in automobile warranty and maintenance services (“Decree 116”). Accordingly, the enterprises manufacturing, assembling and importing automobiles and providing in automobile warranty and maintenance services shall meet the conditions and obtain the certificates as set forth in Decree 116.

Nov 13 2017

In order to be allowed to play at the pilot casino business points for Vietnamese players, Vietnamese players need to prove that they have sufficient financial capacity to play.

Oct 27 2017

The Ministry of Finance has issued Circular No. 101/2017/TT-BTC (“Circular 101”), effective from 1 December 2017, guiding some provisions of Decree No. 06/2017/ND-CP on horse racing, dog racing and international football gambling business (“Decree 06”). Accordingly, the establishment procedure as well as the tasks and powers of the Race Supervision Council have been specified.

Oct 27 2017

On 16 October 2017, the Government promulgated Decree No. 115/2017/ND-CP guiding implementation of paying enforcement guarantee amount by commercial legal entities in accordance with Penal Code No. 100/2015/QH13 amended, supplemented by Law No. 12/2017/QH14 and Criminal Procedure Code No. 101/2015/QH13 (“Decree 115”).

Oct 27 2017

On 22 September 2017, the Ministry of Finance issued Circular No. 95/2017/TT-BTC (“Circular 95”) guiding Decree No. 71/2017/ND-CP (“Decree 71”) dated 6 June 2017 of the Government on corporate governance applicable to public companies.