Legal Update

Vietnam’s employers, unions fight again over wage increase

Vietnam’s employers, unions fight again over wage increase

Businesses started with a low offer of 5 percent while the labour federation insisted on 13.3 percent. Discussions for the annual wage increase have started, and as expected, the business group...

Over 61,000 new enterprises established in six months

Over 61,000 new enterprises established in six months

Hanoi (VNA) – In the first two quarters of this year, 61,276 enterprises were formed, with total registered capital of over 596 trillion VND (more than 26.2 billion USD), according to...

 
Zero-dong banks promote themselves as fully state-owned banks to attract customers

Zero-dong banks promote themselves as fully state-owned banks to attract customers

In 2015, the State Bank of Vietnam (SBV) decided to compulsorily acquire the entire shares of GPBank, OceanBank and VNCB at zero dong. After the acquisition, SBV transformed their operation...

New regulations to prevent conflicts of interest in corporate governance

New regulations to prevent conflicts of interest in corporate governance

From August 1, members of the board of directors, supervisors, director or director general, and other managers of a public company will be required to make public their related interests...

 
Gov’t raises depositors’ insurance compensation to VND75 million

Gov’t raises depositors’ insurance compensation to VND75 million

The maximum insurance payable to a depositor for all deposits in an insured organisation will be raised to VND75 million (US$3,289) from VND50 million from August this year. Under Decision 21/2017/QD-TTg,...

High-tech transfers gain tax breaks

Firms that transfer high technology and conduct technological innovations in Vietnam are expected to enjoy special financial incentives in the future. According to the draft amendments to the Law on Technological...

 
Environmental protection tax: appropriate solution for environmental problems

Environmental protection tax: appropriate solution for environmental problems

According to the Ministry of Finance (MOF), from 2012-2016, state budget’s expenditures on environmental protection were 26,371 billion vnd per year on average, higher than environmental protection tax revenues of...

Uncleared goods are not considered as tax debts

Uncleared goods are not considered as tax debts

During delivery of goods for preservation, goods which are not cleared, still under the supervision of the Customs officers are not considered as tax debts.   Customs operations at the Customs Branch...

 
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