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Thanh Nguyen

Thanh Vinh Nguyen is a partner in Baker McKenzie's Ho Chi Minh City office. Prior to joining the Firm, he practiced tax and consultancy work for two international accounting firms and worked as a compliance counsel for an international insurance company. He has co-written Business Operations in Vietnam, published by The Bureau of National Affairs, Inc.

After almost a decade of negotiations, the RCEP was finally signed on 15 November 2020 by 10 ASEAN countries, along with Australia, China, Japan, New Zealand and South Korea. India was originally party to the RCEP negotiations, but it left the deal in 2019 due to concerns over the protection of its national interests and local industries.

The RCEP is the largest regional free trade agreement (FTA) outside the WTO. Its member states account for approximately 30% of the world’s gross domestic product (USD 26.3 trillion) and 30% of the world’s population (2.3 billion). Key developments that are expected from the implementation of the RCEP include further liberalization of trade, removal of non-tariff trade barriers and increased trade facilitation, removal of barrier to services sectors, as well as overall enhanced business environment through regulations relating to intellectual property protection, government procurement practices, e-commerce and more.

On 5 November 2020, the government issued Decree No. 132/2020/ND-CP (“Decree 132”) providing tax administration for enterprises with related party transactions.

Decree 132 will take effect on 20 December 2020 and it will replace Decree 20/2017/ND-CP (“Decree 20”) and Decree 68/2020/ND-CP (“Decree 68”). Decree 132 is applicable for the corporate income tax year 2020 onward.

On 19 October 2020, the government issued Decree No. 126/2020/ND-CP guiding some provisions of the Law on Tax Administration (“Decree No. 126”), to be effective on 5 December 2020. 

Decree No. 126 covers, the tax declaration and calculation; timeline for tax declaration and payment; tax assessment; tax refund; late payment interest and fines; rights and obligations of tax authorities and taxpayers; obligations of commercial banks and payment intermediary service providers in withholding and paying tax on behalf of offshore e-commerce suppliers; enforcement; and other issues. 

On 18 September 2020, the Government issued Decree No. 111/2020/ND-CP on Vietnam’s Preferential Export Tariffs and Special Preferential Import Tariffs for the implementation of Vietnam’s commitments on opening the market for goods under the Free Trade Agreement between the Socialist Republic of Vietnam and the European Union (“EVFTA”) for the period 2020 – 2022 (“Decree No. 111”).

The Ministry of Finance (“MOF”) has released a draft decree promulgating the management of exported and imported goods in cross-border e-commerce (“Draft Decree”). This is considered a positive Government initiative designed to facilitate, and ultimately expedite, the flow of e-commerce goods into Vietnam. An alternative for e-commerce transactions in customs…

The Agreement on Investment among the Governments of the Hong Kong Special Administrative Region of the People’s Republic of China and the Member States of the Association of Southeast Asian Nations (“AHK-IA”) introduces investment protection and transfer guarantees for investments between Vietnam, Laos, Myanmar, Singapore, and Thailand and Hong Kong…

On 26 June 2019, the Government issued Decree No. 57/2019/ND-CP (“Decree No. 57”) effective on 26 June 2019 to implement Vietnam’s tariff commitments on exports and imports under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) Decree No. 57 sets forth the tariff rates applicable to countries which already…