Vietnam house scraps ad tax, hikes tobacco, wine tax
Vietnam’s legislature approved a draft of tax relief measures on Wednesday, including a highly-anticipated move to make all advertising tax-deductible. Nearly 86 percent of the National Assembly members voted for the new rules, which go into effect next year. Ad cap eliminated The country’s Corporate Tax Law currently allows businesses to deduct a maximum 15 […]
Vietnam Minimum Wage Increases Spark Investor Uncertainty
The Vietnamese government has issued a decree to increase the country’s minimum salary by between VND250,000-VND400,000 (US$12-$19) starting January 1, 2015. This will bring the wage floor to between VND2.15 million-VND3.1 million ($101.4-$146.2) depending on the region. The minimum wage will be highest in Region One, which includes urban Hanoi, Hai Phong, and Ho Chi […]
Taxi fares cut in three cities
The Ministry of Finance has confirmed taxi fare cuts of 2 per cent to 32 per cent in three major cities of Viet Nam this November.The ministry’s six-day spot checks were carried out in Ha Noi, Da Nang and HCM City following complaints that the sharp fall in petrol prices in the past five months […]
Easier Foreign Ownership Likely To Revive Property Market
A Construction Ministry recent proposal on creating more favourable conditions for foreigners to buy property is considered a step in the right direction to attract stronger foreign investment inflows. Most foreigners living and working in Ho Chi Minh City are forced to rent a house because they fail to meet the strict regulations to own […]
Protecting the rights of consumers
Since the Consumer Protection Law was first implemented three years ago thousands of cases have been handled. Vietnam Economic News’ Lan Phuong spoke with Nguyen Manh Hung, Deputy Chairman and Secretary General of the Vietnam Standards and Consumers Association (Vinastas) around this issue. Could you give us a brief description about how the Consumer Protection […]
New circular sets home purchase bailout limits
HA NOI (Biz Hub) ─ Individuals purchasing commercial houses worth VND1.05 billion (US$50,000) or less in urban projects that authorities have approved are entitled to financial assistance from the national real estate bailout programme. This is in accordance with Circular No. 32/2014/TT-NHNN which the State Bank of Viet Nam (SBV) issued last November 18 to […]
National Assembly approves new civil aviation legislation
The revised Law on Viet Nam Civil Aviation passed by the National Assembly yesterday adds a number of aviation and essential non-aviation services subject to price control by the State, aiming to ensure the interests of both consumers and enterprises. It also affirms that the national aviation authority is the Civil Aviation Administration of Viet […]
Competition Law determines the fate of mergers and acquisitions
Mergers & Acquisitions (M&As) implicate a variety of legal domains, among the most important of which is the Competition Law. The Competition Law of Vietnam (2004) treats M&As as forms of economic concentration that manifest via: merger of enterprises, amalgamation of enterprises, acquisition of an enterprise, establishment of joint ventures, and other forms deemed legal. […]
New law defines bankruptcy proceedings
After 10 years from the issuance of the 2004 bankruptcy law, a new Law on Bankruptcy (the Bankruptcy Law) was passed on June 19, 2014, by the 13th National Assembly with bankruptcy proceedings separated into the two concepts – insolvency and bankruptcy. In addition, the new law clearly defines rights and obligations of involved parties […]
Government issues new rules on employment services
To provide detailed guidelines to enterprises engaged in employment service activities as stipulated under Labour Code 2012, on May 23, 2014, the government of Vietnam issued Decree No 52/2014/ND-CP providing conditions and procedures for issuance of an operation licence for enterprises engaged in employment-service activities, which will take effect as from July 15,2014, (“Decree 52″). […]