Vietnam's New Law on Investment 2020
The Law of Investment 2020 (“LOI 2020”) was approved by the National Assembly of Vietnam on 17 June 2020, and takes effect from 1 January 2021, replacing and supplementing the Law on Investment 2014 (“LOI 2014”).
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Vietnam's New Enterprise Law 2020
In 18 June 2020, the National Assembly of Vietnam approved the new Enterprise Law 59/2020/QH14 (“Enterprise Law 2020”), which comes into effect from 1 January 2021. The Enterprise Law 2020 contains 10 Chapters and 218 Articles, and replaces the Enterprise
Updates to Vietnam Transfer Pricing (July 2020)
The Vietnamese Government issued Decree 68/2020/ND-CP on 24 June 2020 (“Decree 68”), amending interest deductibility for companies subject to Transfer Pricing obligations in Decree 20 /2017/ND-CP (“Decree 20”).
Changes to Vietnamese Immigration Laws (from 1 July 2020)
From 1 July 2020, new immigration laws have come into effect in Vietnam in relation to Visas and Temporary Resident Cards (“TRC”) for foreign individuals. As background, on 25 November 2019, The National Assembly of Vietnam approved Law 51/2019/QH14 (“New
Buying an Existing Company in Vietnam: Risks and Issues for Investors
International investors and entrepreneurs commonly undertake direct investments in existing companies in Vietnam, however, as with any investment, care needs to be taken. When assessing the value and risks of a potential acquisition target, there are proc
Personal income tax reductions for individuals in Vietnam for 2020
The Vietnamese Government formally released Resolution 954/2020/UBTVQH14 on 2 June 2020 to implement reductions in Personal Income Tax for Vietnamese taxpayers for the 2020 tax year, as part of the effort to stimulate the economy.
Vietnam’s New Labour Code: Employment Implications for Foreigners
On November 20, 2019, the National Assembly adopted the Labour Code No. 45/2019/QH14 (“Labour Code 2019”). The Labour Code 2019 will come into effect on 1 January 2021.
Repatriation of Profits: Dividend Payments to Foreign Investors in Vietnam
The repatriation of profits through dividend payments is an important element to any foreign investment in Vietnam. The good news is that the process is not overly complicated, provided that the appropriate ongoing compliance procedures are undertaken by
Decree Deferring Taxes & Land Rental (COVID-19 Support)
On 8 April 2020, the Vietnam Government issued Decree 41/2020/ND-CP deferring certain payments for Value Added Tax (VAT), Corporate Income Tax (CIT), Personal Income Tax (PIT) and Government Land Rent for selected taxpayers, to support businesses in Vietn
Temporary Residence Cards: Significant Changes for Small Investors
From 1 July 2020, the laws surrounding the issuing of Temporary Residence Cards (TRC) for small investors in Vietnam change significantly. Foreign investors who currently hold (or are planning to hold) a TRC based upon their individual investment into a V
Social Distancing 'Shutdown' & Tax Deferrals: COVID-19 Response
We discuss the Vietnamese Government’s requirements for Social Distancing and general “Shutdown” effective 1 April 2020 as it applies to businesses, along with updates for Tax Deferrals in Vietnam as likely to be enacted in coming days.
Impacts of Covid-19 on Corporate Governance & Compliance
With companies active in Vietnam impacted by the current Covid-19 situation, and facing structural and operational complications., it is important to be able to maintain compliance and ensure their business continuity plan is sustainable. Therefore, busin
Residency Requirements for Legal Representative in COVID-19
Vietnam has taken drastic measures in 2020 to limit the exposure and spread of Covid-19, limiting immigration and travel rights for foreign individuals entering the country, in order to maintain control.
Work permits, TRCs and visas in Vietnam with COVID-19
In recent weeks, in combination with the effective closure of Vietnam’s borders for foreign individuals, there has been concern and confusion with how Work Permits, Temporary Resident Cards and Visas are being processed for foreign individuals in Vietnam.
Labour Implications in Vietnam With COVID-19
The impacts of Covid-19 continue to be felt globally, with businesses in Vietnam being effected by downturns across many sectors. As part of the planning on how to manage business continuity and control costs, understanding the rights and responsibilities
Proposed Vietnam Tax Support: COVID-19
On 11 March 2020, the Ministry of Finance issued a draft Decree to defer certain tax payments to support businesses that are effected are impacted by Covid-19. The final draft is intended to be submitted to the Government for approval shortly, after feedb
Corona Virus & Vietnam: Impacts and Thoughts for Business
By: Matthew Lourey, Managing Partner, Domicile Corporate Services
Investing in higher education in Vietnam: Licensing and compliance
The higher education sector in Vietnam has attracted a significant focus in recent years for its potential growth and returns for investors. However, despite the opening up of the sector to foreign investors, the approval process is substantial, extremely
Changes to the Labour Law (Labour Code 2019)
The National Assembly of Vietnam adopted the Labour Code 45/2019/QH14 (“New Labour Code 2019”) on 20 November 2019, and which will be effective from 1 January 2021. After many rounds of negotiations, the updated New Labour Code 2019 seeks to harmonise int
Changes to Immigration Laws for Foreign Individuals in Vietnam
On October 19, 2019, the National Assembly of Vietnam approved amendments to the Law on Entry, Exit, Transit, and Residence of Foreigners in Vietnam (“Law”). The amended Law was formally issued on 25 November 2019 (Law 51/2019/QH14 on amending and supplem
