On 2 August 2023, under Resolution No. 122/NQ-CP, the government approved the formulation of a Resolution of the National Assembly as proposed by the Ministry of Finance for implementing Pillar Two. In particular, the proposal of the MOF includes a draft resolution on the Income Inclusion Rule and Qualified Domestic Minimum Top-up Tax in addition to other documents such as reports on impact and opinions of other ministries. The government plans to have the proposed legislation discussed and adopted during the October session of the National Assembly.
Vietnam currently maintain a drop ship model under which a foreign buyer may purchase goods in Vietnam, and instruct the seller to deliver the goods to another Vietnamese entity, which is called “On The Spot” Export/Import (OTS).
Under this OTS scheme, the seller is still qualified as exporting their goods out of Vietnam to enjoy certain tax and duty incentives (i.e., import duty exemption of imported materials, 0% VAT).Under this new proposal, OTS scheme is to be abolished, and current transactions would be categorized under other existing rules.
On 20 June 2023, the National Assembly (NA) passed the Law on Protection of Consumers’’ Rights (amended), with an effective date of 1 July 2024, superseding the current Law on the Protection of Consumers’’ Rights No. 59/2010/QH12.
The New LPCR includes seven Chapters and 80 articles under which many proposed critical changes have been officially adopted. This law also addresses various issues that will have direct impacts on onshore and offshore organizations that transact or do business with consumers in Vietnam.
On 23 June 2023, the National Assembly passed the Law on e-Transactions (amended), replacing the current Law on e-Transactions No. 51/2005/QH11. The new law includes seven chapters and 54 articles addressing various issues that will directly impact both onshore and offshore businesses that transact with consumers in Vietnam. It will come into force on 1 July 2024.
Vietnam is releasing a brand-new draft decree superseding Decree No. 72/2013/ND-CP (as amended) on the management, provision and use of internet services and online information.
On 1 July 2023, the Government officially issued the new Decree No. 46/2023/ND-CP for implementing a number of articles of the new Law on Insurance Business 2022 (“Decree No. 46”). Decree No. 46 takes effective from 1 July 2023 (except for certain clauses, which take effect from 1 January 2023) and replaces the previous Decree No. 73/2016.
Among other things, Decree No. 46 provides detailed guidelines on the licensing requirements and process for participants in the insurance market, the operation of insurance agencies, insurance brokers and insurance ancillary service providers, and supplying cross-border services.
On 30 June 2023, the Ministry of Information and Communications issued two circulars, Circular No. 05/2023/TT-BTTTT and Circular No. 06/2023/TT-BTTTT, to guide the implementation of Government’s Decree No. 06/2016/ND-CP, as recently amended (by Decree No. 71/2022/ND-CP).
On 31 May 2023, Vietnam’s Ministry of Information and Communication (MIC) issued Circular No. 04/2023/TT-BTTTT on the list of potentially unsafe goods under the management of the MIC. The new Circular will take effect on 15 July 2023, replacing the current Circular No. 2/2022/TT-BTTTT, dated 16 May 2022.
On 28 June 2023, the State Bank of Vietnam issued Circular No. 06/2023/TT-NHNN amending several provisions of Circular No. 39/2016/TT-NHNN of the SBV dated 30 December 2016 on lending activities of onshore credit institutions and foreign bank branches (local banks) to customers. The new Circular will come into effect on 1 September 2023.
On 9 June 2023, the Government released Decree No. 32/2023/ND-CP to replace Annex II of Decree No. 53/2018/ND-CP regarding encryption products subject to Import Permit, which also takes effect on 9 June 2023.