Vietnam Regualtory Brief: Antibiotic Imports and Asset Disclosures

Posted by Reading Time: 3 minutes


Antibiotics import norms to be tightened

The Ministry of Agriculture and Rural Development recently issued regulations to tighten import of antibiotics to prevent their use in the breeding of sea animals. However, a list of 57 government approved antibiotic substances can be imported to produce veterinary medicines, which are certified or legally permitted in Vietnam. Importers applying for licenses are required to furnish details of previous shipments and cannot sell to veterinary medicine dealers, breeders, and farmers, but only to licensed veterinary medicine manufacturers.

The stricter food safety norms come after Vietnamese seafood exports (heading mostly for Japan and EU) were returned last year due to chemical contamination and high antibiotic residue levels. To control the overuse of certain antibiotics, Vietnam’s Veterinary Department has ceased issuing import licenses, imposing a temporary suspension of operations for six firms involved in antibiotics trading.

DZS RELATED: Dezan Shira & Associates’ Business Advisory Services
Bank shareholders required to disclose assets

Vietnam will soon introduce a law requiring the full disclosure of incomes and assets by large shareholders of privately owned banks. The new law aims to clean up the country’s banking system, which has the highest ratio of non-performing loans in Southeast Asia. In the last few years, bad debts have impeded the country’s economy growth with non-performing loans in 2012 rising to 11 percent of the country’s GDP at US$12.5 billion (VND 280 trillion).

In order to keep a check on stock manipulation and bad debt, the Vietnamese State Bank will be introducing regulations compelling stockholders of major banks to disclose details about their stock ownership. If the government finds any irregularities in their finances, bank executives will not be able to join the board of other firms.


Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email or visit

Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.

Related Reading Icon-VB

Annual Audit and Compliance in Vietnam 2016
In this issue of Vietnam Briefing, we address pressing changes to audit procedures in 2016, and provide guidance on how to ensure that compliance tasks are completed in an efficient and effective manner. We highlight the continued convergence of VAS with IFRS, discuss the emergence of e-filing, and provide step-by-step instructions on audit and compliance procedures for Foreign Owned Enterprises (FOEs) as well as Representative Offices (ROs).

VB_2015_Navigating_the_Vietnam_Supply_Chain_ImageNavigating the Vietnam Supply Chain
In this edition of Vietnam Briefing, we discuss the advantages of the Vietnamese market over its regional competition and highlight where and how to implement successful investment projects. We examine tariff reduction schedules within the ACFTA and TPP, highlight considerations with regard to rules of origin, and outline the benefits of investing in Vietnam’s growing economic zones. Finally, we provide expert insight into the issues surrounding the creation of 100 percent Foreign Owned Enterprise in Vietnam.

Tax, Accounting and Audit in Vietnam 2016 (2nd Edition)
This edition of Tax, Accounting, and Audit in Vietnam, updated for 2016, offers a comprehensive overview of the major taxes foreign investors are likely to encounter when establishing or operating a business in Vietnam, as well as other tax-relevant obligations. This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who must navigate Vietnam’s complex tax and accounting landscape in order to effectively manage and strategically plan their Vietnam operations.