On 1 August 2022, the Ministry of Industry and Trade issued Decision No. 1514/QD-BCT to apply anti-circumvention measures on cane sugar imported from Cambodia, Indonesia, Laos, Malaysia and Myanmar under HS codes 1701.13.00, 1701.14.00, 1701.91.00, 1701.99.10, 1701.99.90, and 1702.90.91. This comes after Vietnam initiated the anti-circumvention investigation on 21 September 2021.
Vietnam is becoming an increasingly important market for talent, and we have witnessed growing demand for the offering of share-based awards to employees in Vietnam in recent years. Due to currency control restrictions imposed by the State Bank of Vietnam (SBV), including the requirement that each plan be registered with the SBV, it has traditionally been challenging to implement a share plan in Vietnam. Since the adoption of Circular 10 in 2016, the SBV registration process has been clarified and a growing number of companies have successfully registered their plans with the SBV.
As global and regional integration increases, multinational companies ought to navigate numerous custom-related complexities and challenges imposed by relevant authorities in any jurisdiction. This webinar series provide an in-depth coverage of legal frameworks, practical issues and key trends and developments surrounding customs audits in select Asia Pacific jurisdictions.
The State Bank of Vietnam released a draft circular on conditions for enterprises’ offshore loans without government guarantee, which aims to replace Circular No. 12/2014/TT-NHNN dated 31 March 2014. The Draft Circular tightens the control on offshore loans to tackle the risk of excess national foreign debt quota and to promote the onshore loan market. Borrowers are now expected to meet additional conditions to borrow offshore loans without government guarantee.
After surveying more than 2500 SMEs in Vietnam, the authority found that SMEs generally do not have a high level of awareness of the law. The regulator also published papers on the state of competition in two sectors. The annual report includes consolidated and published statistics by the VCCA and MOIT. This update was published as part of our quarterly newsletter, Asia Pacific Competition Highlights.
The new year, 2022, has officially started with the launch and coming into force of novel legal policies that may impact the operations in general and workforce in particular of enterprises in Vietnam, especially those with foreign employees. This post highlights these developments.
On 27 January 2022, the government issued Decree No. 14/2022/ND-CP to amend and supplement several provisions of Decree No. 15/2020/ND-CP on penalties for administrative violations in the fields of postal services, telecommunications, radio frequency, information technology and electronic transactions, and Decree No. 119/2020/ND-CP on penalties for administrative violations in journalistic and publishing activity. Decree No. 14 was issued with the aim of: implementing the new provisions of the amended Law on Handling Administrative Violations, supplementing sanctions for the violating acts, including those regarding spam, illegal content, social network management, game licensing, etc., and revising and supplementing provisions regarding the authorities to fine administrative violations.
Vietnam has introduced a new extended producer responsibility regime that places responsibility on producers and importers to manage waste associated with the full life-cycle of their products. EPR in Vietnam is implemented via Decree No. 08/2022/ND-CP implementing some Articles in the Law on Environmental Protection, and Circular No. 02/2022/TT-BTNMT on the Detailed Implementation of some Articles in the Law on Environmental Protection.
On 27 January 2022, the government issued Decree No. 14/2022/ND-CP to amend and supplement several provisions of Decree No. 15/2020/ND-CP on penalties for administrative violations in the fields of postal services, telecommunications, radio frequency, information technology and electronic transactions (“Decree No. 15”), and Decree No. 119/2020/ND-CP on penalties for administrative violations in journalistic and publishing activity (“Decree No. 14”). Decree No. 14 was issued with the aim of: 1) Implementing the new provisions of the amended Law on Handling Administrative Violations 2) Supplementing sanctions for the violating acts, including those regarding spam, illegal content, social network management, game licensing, etc 3) Revising and supplementing provisions regarding the authorities to fine administrative violations
Our Tax Partner Thanh Vinh Nguyen authored the Vietnam chapter of The Inward Investment and International Taxation Review — a practical overview of the business tax regimes in key jurisdictions worldwide, with a focus on the implications for international organisations seeking to expand into new markets.