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.
Vietnam continues to develop regulatory structures incentivizing a shift to a green economy. The proposed classification framework for green credit and green bonds is introduced via the Draft Decision of the Prime Minister on environmental criteria and certification for projects eligible for green credit and green bonds released in December 2022.
On 20 June 2023, the National Assembly passed the Law on Protection of Consumers’ Rights (amended), with an effective date of 1 July 2024, replacing the current Law on the Protection of Consumers’ Rights No. 59/2010/QH12. The new law includes 80 articles addressing various issues that will have direct impacts on both onshore and offshore businesses that transact with consumers in Vietnam.
Currently, Vietnam is in the process of reviewing the implementation of Decree No. 152/2020/ND-CP on foreign employees working in Vietnam, and the recruitment and management of Vietnamese employees working for foreign individuals and organizations in Vietnam. Against this context, the authorities have made various attempts to visit, inspect and audit companies on the use of foreign employees, work permit documentation and relevant compliance matters.
The Secretariat of Foreign Trade, by means of Circular No. 22, of 13 June 2023, published on 14 June 2023, opened an antidumping sunset review concerning Brazilian imports of welded steel pipes of austenitic stainless steel originated from Malaysia, Thailand, and Vietnam.
The duties remain in force throughout the investigation, and they may be renewed for another five years at the end of the proceeding.
In an effort to address Vietnam’s historical perception as a high-risk compliance jurisdiction, the Vietnamese government has recently implemented a series of regulatory and practical measures to significantly reduce corrupt practices in the country.
These recent efforts to combat corruption have resulted in a number of measures, including legal reforms, public awareness campaigns, international cooperation efforts, as well as increased enforcement of corruption and bribery laws (including a number of high profile arrests and prosecutions for bribery offences). These trends in Vietnam show no sign of slowing down, and heightened enforcement of corruption-related crimes in Vietnam can be expected to continue and even increase in the months and years to come.
Baker McKenzie is proud to launch a series of webinars aimed at helping employers understand current employment trends and issues in the South East Asia region. Some of the topics discussed are Alternatives to the Traditional Employment Model, and complexities of Workforce Optimization.