Other Briefings
Vietnam’s 12th Draft Law of Residential Housing Expected to be Favorable Towards Foreigners
At a National Congress meeting on June 18th, many Congressmen expressed their approval towards the 12th Draft Law of Residential Housing, which proposes more opportunities for foreign organizations and individuals who wish to purchase housing in Vietnam.
Vietnam’s PM Urges Improvement of Customs Process
Vietnam’s Prime Minister, Nguyen Tan Dung, has called the country’s lengthy import-export procedures “unacceptable” and has proposed upgrading the process so that it is more in line with standards around the Asian region.
Vietnam’s Land Law Goes Into Effect, More Room for FIEs
On July 1st, 2014, Vietnam’s 2013 Land Law (revised) officially came into effect, The new law has seven more chapters and 66 more articles than the original 2003 Land Law. The new law institutionalizes the points of view and orientations contained in Resolution 11-NQ/TW of the sixth Plenum of the Party Central Committee. Although the new Land Law still does not allow foreign-invested enterprises to receive the transfer of land use rights or purchase land, it does not prohibit foreign investors from buying the capital associated with the land, for example, factories.
Vietnam Tightens Regulations on Foreign Sourced Loans
On May 15, 2014, new legislation went into effect that tightened the Vietnamese government’s control of foreign sourced loans. This legislation is of particular importance since many Vietnamese businesses tend to opt for loans from overseas financial institutions and business partners.
Vietnam Finance and Investment Regulatory Update
An update on the latest regulations and legislation affecting finance and investment in Vietnam.
Airfares for Overseas Employees Working in Vietnam Not Subject to Personal Income Tax
On May 15, Vietnam’s Ministry of Finance released Official Letter 6375/BTC-TCT which clarified that airfares and related expenses provided to overseas employees for travel between their foreign location and Vietnam are not subject to Personal Income tax.
Enterprise Law 2005 Amendments Under Discussion
Amendments to the Enterprise Law 2005 are projected to be passed at the 13th National Assembly this October. These draft amendments have received significant attention and opinions from related departments, economic experts and enterprises.
Circular 39/2014 Issued on Invoicing Regulations in Vietnam
Vietnam’s Ministry of Finance has issued Circular 39/2014 to provide guidance on invoicing regulations, replacing Circular 64/2013. The new Circular will come into effect from June 1, 2014. The content in the new Circular regards amendments to invoice self-printing and the tightening of the scope of entities allowed to self-print invoices.
Ho Chi Minh City Cracks Down on Work Permits
The Ho Chi Minh City Department of Labor, War Invalids, and Social Affairs has announced that foreign workers in the city will have to apply for new work licenses when their work permits expire and will not be able to get an extension.
Vietnam to Pursue Draft Amendments to Business Laws
Vietnam’s government is seeking to issue draft amendments to a number of laws in order to help streamline business activities and make existing regulations easier to understand. These laws include the Law on Enterprises, the Bankruptcy Law, and changes to regulations surrounding the Law on Social Insurance.
