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In Corporate Compliance

Vietnam: New market access conditions for foreign investment in electronic game business applicable from 14 January 2024

by , , and 4 Mins Read

Under Vietnam’s current regulations on electronic games, foreign service providers of online electronic games must establish local enterprises to provide their services in Vietnam. The Schedule of Specific Commitments in Services of the Working Party on the WTO Accession of Vietnam (“Vietnam’s WTO Commitments”) only allows foreign investors to own up to 49% of the charter capital of such game companies. The commitments under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) further allow foreign investors from member countries of the CPTPP to own up to 51% of the charter capital in game companies from 2019. However, from 14 January 2024, foreign investors from CPTPP member countries may own up to 100% of the charter capital in game companies in Vietnam.

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In AML & Financial Services Regulatory

Vietnam: New draft on Law on Credit Institutions

by , and 6 Mins Read

In November 2023, the National Assembly of Vietnam addressed the draft law on credit institutions (“Draft Law”) in its sixth session. The Draft Law proposes significant changes to the current Law on Credit Institutions and will have a major impact on the development of Vietnam’s financial market. The Draft Law will be submitted and is expected to be approved at the National Assembly’s next session.

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Vietnam passes New Telecoms Law regulating data center, cloud-computing and OTT communications services

by , and 3 Mins Read

On 24 November 2023, the Vietnam National Assembly (NA) officially approved the new Law on Telecommunications. This new law will supersede the existing 2009 Law on Telecommunications, which has remained effective since 2010.
The new law comprises 10 Chapters and 73 Articles that provide, among others, new regulations regarding the provision of data center services, cloud computing services, and OTT services in Vietnam.

In Product Regulation & Liability

Vietnam: Draft decree guiding the new Consumer Law

by 5 Mins Read

Following the promulgation of the Law on Protection of Consumers’ Rights (amended) (“New LPCR”), the Ministry of Industry and Trade has released for public consultation the draft decree detailing and guiding several articles of the New LPCR (“Draft Decree”).
The Draft Decree is due to come into effect on 1 July 2024, which is also the effective date of the New LPCR. The draft includes eight chapters and 30 articles, enclosed with 14 regulatory forms that will be used in different procedures under the New LPCR.

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In Tax

Vietnam: The Vietnamese government proposes to implement IIR and QDMTT from 2024

by and 3 Mins Read

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.

In Trade and Foreign Investment

Vietnam: Proposed abolishment of On the Spot Export/Import scheme

by 1 Min Read

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.

In Product Regulation & Liability

Vietnam: New Law on Protection of Consumers’ Rights, new obligations for digital services providers

by , , and 10 Mins Read

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.

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In AML & Financial Services Regulatory

Vietnam: New Decree 46 guiding Law on Insurance Business officially issued

by 3 Mins Read

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.

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