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″). […]
Government announces new regulations on forex transactions
All transactions and cash payments for exports and imports of goods and services must be conducted by bank transfers through authorised credit institutions. This regulation was approved in the decree 70/2014/ND-CP, issued last week to replace decree 160/2006/ND-CP, detailing the Ordinance on Foreign Exchange. The new decree will come into effect on September 5. Accordingly, […]
Government lowers income tax for firms
Vietnam’s Ministry of Finance has cut the general enterprise income tax rate to 22 per cent from 25 per cent from 2014 on and to 20 per cent by 2016. Enterprise income eligible for the 22 per cent tax are from the transfer of real estate, investment projects, the right to participate in investment projects, […]
Foreign exchange control of FDI activities
The State Bank of Vietnam (SBV)’s Circular 19/2014/TT-NHNN (11 August 2014) guides foreign exchange control of foreign direct investment (FDI) activities in Vietnam such as contribution of investment capital, opening and use of direct investment capital accounts, remittance overseas of capital, profit and other lawful income and transfer of capital into Vietnam in the pre-investment […]
Circular regulates deposit insurance
Depositors of credit institutions that go bankrupt will be allowed to receive claim money from the Deposit Insurance of Vietnam within one month after the bankruptcy declaration. This is contained in Circular 24/2014/TT-NHNN on bank deposit insurance, which the State Bank of Vietnam (SBV) issued this week. The circular says that claim money will be […]