Some foreign employees no longer need permits to work in Viet Nam
The Ministry of Industry and Trade (MOIT) issued Circular No. 41/2014/TT-BCT (5 November 2014) on bases and procedures for determining that a foreign employee internally transferring within an enterprise belonging to one of eleven services in the list of service commitments of Viet Nam on the WTO (Service Commitment List) is not required to obtain […]
More sanctions on environmental protection
The revised Law on environmental protection has been passed at the 7th session of the 13th National Assembly. It contains 20 chapters and 170 articles and will officially take effect from January 1, 2015. This is seen as an important legal framework for state management of the environment. Deputy Minister of Natural Resources and Environment […]
Foreigners with working permit required to join social insurance
Foreigners with working permits or professional licenses granted by Vietnamese authorised agencies will be required to join Vietnam’s social insurance, according to the new Law on Social Insurance announced by the Presidential Office on December 11. The regulation will come into force as from January 1, 2018 while the law will take effect on January 1, […]
SBV tightens rules for online foreign currency transactions
Financial institutions have to report international online transactions worth more than US$1,000, or the equivalent in other currencies, to the State Bank of Viet Nam’s (SBV) Anti-money Laundering Department. They are also required to report local transactions worth more than VND500 million ($23,810), or the equivalent in other currencies, to the department. The regulations are […]
E-wallet service providers granted official license from March
Electronic wallet service providers will be granted an official license in March 2015, more than five years after the pilot programme was set in motion. As a payment intermediary service, it will be regulated by instructions given in Decree No. 39/2014/TT-NHNN, issued by the State Bank of Viet Nam (SBV) on December 11. The e-wallet […]
List of goods announced for customs inspections
The Ministry of Industry and Trade has announced the list of products that are exported or imported which need to undergo checks for quality, technical standards and food safety before being given customs clearance. The list, released this month, included goods controlled by the ministry, such as textile and garments, steel and products made of […]
SBV issues new guidelines for foreign investors
Foreign investors must be committed to a long-term attachment in terms of interest in domestic credit institutions, if they want to buy stakes and become strategic investors of these organisations. This is stated in the State Bank of Viet Nam’s (SBV) Circular No 38/2014/TT-NHNN, which was issued on December 8, 2014, and takes effect on […]
Revised laws to improve business conditions
The Minister of Planning and Investment, Bui Quang Vinh, spoke to reporters about changes made to the amended Law on Enterprise and Law on Investment, both recently approved at the eighth session of the 13th National Assembly. What noteworthy changes were made to the Law on Investment? The two amended laws on enterprise and investment […]
New circular targets safer growth for banks: SBV
HA NOI (Biz Hub) — State Bank of Viet Nam Deputy Governor Nguyen Thi Hong has affirmed the need for Circular 36, saying the regulations would help the Vietnamese banking sector develop more safely. Hong was responding to this week’s recommendations from the Viet Nam Business Forum’s (VBF) banking working group. Last November, the SBV […]
Foreigners permitted to buy houses in Vietnam
Under article 159 of the law, three groups of foreigners allowed to own houses in Vietnam are those developing housing projects; foreign-invested companies, branches and representative offices of foreign companies, foreign investment funds, branches of foreign banks operating in Vietnam (foreign organizations for short); and foreign individuals allowed to enter Vietnam. Foreign organizations and individuals […]