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Vietnam is becoming an increasingly important market for talent, and we have witnessed growing demand for the offering of share-based awards to employees in Vietnam in recent years. Due to currency control restrictions imposed by the State Bank of Vietnam (SBV), including the requirement that each plan be registered with the SBV, it has traditionally been challenging to implement a share plan in Vietnam. Since the adoption of Circular 10 in 2016, the SBV registration process has been clarified and a growing number of companies have successfully registered their plans with the SBV.

As global and regional integration increases, multinational companies ought to navigate numerous custom-related complexities and challenges imposed by relevant authorities in any jurisdiction. This webinar series provide an in-depth coverage of legal frameworks, practical issues and key trends and developments surrounding customs audits in select Asia Pacific jurisdictions.

The State Bank of Vietnam released a draft circular on conditions for enterprises’ offshore loans without government guarantee, which aims to replace Circular No. 12/2014/TT-NHNN dated 31 March 2014. The Draft Circular tightens the control on offshore loans to tackle the risk of excess national foreign debt quota and to promote the onshore loan market. Borrowers are now expected to meet additional conditions to borrow offshore loans without government guarantee.

After surveying more than 2500 SMEs in Vietnam, the authority found that SMEs generally do not have a high level of awareness of the law. The regulator also published papers on the state of competition in two sectors. The annual report includes consolidated and published statistics by the VCCA and MOIT. This update was published as part of our quarterly newsletter, Asia Pacific Competition Highlights.

On 27 January 2022, the government issued Decree No. 14/2022/ND-CP to amend and supplement several provisions of Decree No. 15/2020/ND-CP on penalties for administrative violations in the fields of postal services, telecommunications, radio frequency, information technology and electronic transactions, and Decree No. 119/2020/ND-CP on penalties for administrative violations in journalistic and publishing activity. Decree No. 14 was issued with the aim of: implementing the new provisions of the amended Law on Handling Administrative Violations, supplementing sanctions for the violating acts, including those regarding spam, illegal content, social network management, game licensing, etc., and revising and supplementing provisions regarding the authorities to fine administrative violations.

Vietnam has introduced a new extended producer responsibility regime that places responsibility on producers and importers to manage waste associated with the full life-cycle of their products. EPR in Vietnam is implemented via Decree No. 08/2022/ND-CP implementing some Articles in the Law on Environmental Protection, and Circular No. 02/2022/TT-BTNMT on the Detailed Implementation of some Articles in the Law on Environmental Protection.

On 27 January 2022, the government issued Decree No. 14/2022/ND-CP to amend and supplement several provisions of Decree No. 15/2020/ND-CP on penalties for administrative violations in the fields of postal services, telecommunications, radio frequency, information technology and electronic transactions (“Decree No. 15”), and Decree No. 119/2020/ND-CP on penalties for administrative violations in journalistic and publishing activity (“Decree No. 14”). Decree No. 14 was issued with the aim of: 1) Implementing the new provisions of the amended Law on Handling Administrative Violations 2) Supplementing sanctions for the violating acts, including those regarding spam, illegal content, social network management, game licensing, etc 3) Revising and supplementing provisions regarding the authorities to fine administrative violations

The Ministry of Industry and Trade has recently published the draft law on Protection of Consumers’ Rights. The Draft Law includes a number of proposed changes to the existing product liability and consumer protection framework. If adopted, the Draft Law may have major impacts on the business of companies whose products are produced or sold in Vietnam complying with new requirements under the Draft Law. The MOIT is gathering public comments on the Draft Law until 10 March 2022.