Insurance business requirements are streamlined

On November 7, 2018, the Government promulgated the Decree No. 151/2018/ND-CP on revision of investment and business requirements under the state management, especially in the insurance business sector.

The Decree revises certain noticeable contents as follows:

- Requirements for grant of the license for establishment of the insurance enterprise or the insurance brokerage enterprise:

The requirement under which the organization contributing capital to establishment of an enterprise must not have the accrued loss till the date of submission is abolished.

- Requirements for establishment of an insurance joint-stock company:

+ Have at least 2 shareholders that meet requirements set forth in clause 1 of Article 7 and own at least 20% of total share of the company (the previous requirement prescribes 2 founding shareholders).

+ Repeal the requirement: Within duration of 03 years from the date of issue of the license, founding shareholders must own at least 50% of ordinary shares of the company of which sale is authorized.

For more details, see the Decree No. 151/2018/ND-CP (in force from November 7, 2018).

Source: Thuvienphapluatvn

To Set up business in Vietnam, please contact our lawyers for advice via email ant@antlawyers.vn or call our office at (+84) 24 730 86 529

Read More

Vietnam Ratifies the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Vietnam has recently ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – CPTPP (before Trans-Pacific Strategic Economic Partnership Agreement – TPP. This Agreement was signed on 08 March 2018 in Santiago, Chile including 11 countries New Zealand, Canada, Japan, Mexico, Singapore, Brunei, Chile, Malaysia, Peru, Australia and Vietnam.

TPP was initially expected to form a largest free trade area in the world with the participation of the United States of America (USA). Nonetheless, the President of USA – Mr. Donald Trump – withdrew USA from TPP, and the remaining members have to re-negotiate and establish CPTPP as a result. Eleven countries participating in the CPTP have total GDP of USD 10,000 billion equivalent to 13.5% of global GDP.

CPTPP will contribute to boost the export of goods to major markets such as Japan, Australia, Canada and Mexico as well as attract foreign investment into the sectors that Vietnam needs to be developed. Further, this participation has established trade relations with the countries which have never signed a free trade agreement with Vietnam before such as Canada, Mexico or Peru. One of the commitments of CPTPP, the members of CPTPP agree to eliminate import duties on almost all products within 7 years, and Vietnam is flexible up to 10 years. Joining CPTPP, Vietnam not only commits to open up markets, remove tariff barriers, continue to open and facilitate trade, but also continues to show the transparency of the State management on market’s development. The business lines being benefited directly and strongly from CPTPP are garment, textile, footwear, food manufacturing, drink, confectionaries, tobacco, …which is expected to receive investment from oversea through setting up company, factory, and business joint venture in Vietnam.

Further, CPTPP regulates the new legal issues being labour, environment, government procurement, Intellectual Property, state enterprises, …The CPTPP essentially retains the provisions of the TPP Agreement, but with the USA withdrawal, it allows Member States to reserve a number of articles to ensure the balance in the new situation.

In conclusion, Vietnamese enterprises should firstly keep up the commitments of CPTPP in order to seek up the favorable policy trends and to prepare the plans to build competitiveness and enhance the prestige on brand and product quality.

Read More

Abolishing regulations on cosmetics management

The Government has promulgated the Decree No. 155/2018/ND-CP on amendments and supplements to certain regulations regarding investment and business requirements under the state management of the Ministry of Health.

The Decree abolishes regulations set forth in the Circular No. 06/2011/TT-BYT on cosmetics management as follows:

- Removing the duplicate copy of the Certificate of Business Registration of an organization or individual responsible to launch cosmetic products into the market from the application requirements for announcement of cosmetic products. 

- Removing the following documents from the application requirements for the certificate of conformance to ASEAN Cosmetic Good Manufacturing Practices:

+ Duplicate copy of the Business Registration Certificate or the Investment License.

+ Training program and assessment report of the “Cosmetic Good Manufacturing Practices” training internally held by a cosmetic business. 

+ List of cosmetic products in process or in the process planning.

Additionally, the Decree No. 155 abolishes certain regulations on cosmetic manufacturing requirements prescribed in the Decree No. 93/2016/ND-CP dated July 1, 2016.

The Decree No. 155/2018/ND-CP will take effect on November 12, 2018.

Source: Thuvienphapluatvn

To set-up business in Vietnam, Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

Read More

Decree: Amending certain decrees on investment and business requirements, and administrative procedures in the information and communications sector

Amendments to and abrogation of certain articles of the Government’s Decree No. 195/2013/ND-CP dated November 21, 2013 on elaboration and implementation of the Law on publishing

1. Clause 1 Article 7 is amended as follows:

a) Point a Clause 1 is amended as follows:

“a) The application for the license for establishment of representative office shall be made in Vietnamese (if a foreign language document is submitted, it must be translated into Vietnamese and legally notarized) and submitted to the Ministry of Information and Communications. The application includes: The application form for the license; the written certification granted by a foreign competent authority certifying that the publishing house or the publication distribution company (the applicant) lawfully operates in the country where its head office is located; the certified copies or the copies presented with their originals for verification purpose of bachelor’s degree or academic qualifications of higher level, the criminal record and the family register or documents proving the lawful residence in Vietnam of the head of the representative office, issued by competent authorities of Vietnam;"

b) Point b Clause 1 is amended as follows:

“b) Within 20 business days from the receipt of a complete application, the Ministry of Information and Communications shall issue the license for establishment of the representative office to the applicant; in case of refusal, a written response in which reasons for such refusal are indicated must be given to the applicant.

If an application submitted through the Internet or postal service is incomplete or contains incorrect forms of documents, within 03 business days from the receipt of the application, the Ministry of Information and Communications (the Agency of Publication, Print and Release) shall inform and instruct the applicant to modify the application either by telephone, email or fax.

A license for establishment of representative office is valid for 05 years from the date of issue and may be extended provided that each extension shall not exceed 05 years.”

2. Point c Clause 2 Article 7 is amended as follows:

“c) Within 07 business days from the receipt of a complete application, the Ministry of Information and Communications shall re-issue or extend the license for establishment of the representative office; in case of refusal to re-issue or extend the license, a written response in which reasons for such refusal are indicated must be given to the applicant.”

3. Point a Clause 1 Article 8 is amended as follows:

“a) It must have a head office of adequate area meeting relevant regulations on standards of working offices;”

4. Clause 1 Article 9 is amended as follows:

a) Point a Clause 1 is amended as follows:

“a) Before appointing the general director (or director) or the editor-in-chief of a publishing house, the agency in charge of managing such publishing house must submit an application for approval from the Ministry of Information and Communications. The application includes: The application form for approval of the personnel appointment; the resume of the to-be-appointed person; the certified copy or the copy presented with its original for verification purpose of the bachelor’s degree or higher of the to-be-appointed person;”

b) Point c Clause 1 is amended as follows:

“c) Within 15 business days from the receipt of a complete application, the Ministry of Information and Communications shall give or refuse to give a written approval for the appointment, dismissal or discharge of the general director (or director) or the editor-in-chief of a publishing house.”

5. Point b Clause 2 Article 13 is amended as follows:

“b) With respect to documents proving production space: The certified copy or the copy presented with its original for verification purpose of the certificate of land use rights or the contract or any documents proving the land allocation or lease of land, premises or workshop."

6. Clause 2 and Clause 3 Article 14 are amended as follows:

a) Point b Clause 2 is amended as follows:

“b) Within 20 business days from the receipt of a complete application, the Ministry of Information and Communications shall issue the license to import publications to the applicant; in case of refusal, a written response in which reasons for such refusal are indicated must be given to the applicant.”

b) Point b Clause 3 is amended as follows:

“b) Within 07 business days from the receipt of a complete application, the Ministry of Information and Communications shall re-issue the license to import publications to the applicant; in case of refusal to re-issue the license, a written response in which reasons for such refusal are indicated must be given to the applicant.”

7. Article 17 is amended as follows:

a) Point a Clause 1 is amended as follows:

“a) It must have a server located in Vietnam;”

b) Clause 2 is amended as follows:

“2. Requirements regarding technicians in charge of operating and managing the publishing and distribution of e-publications are laid down in Point a Clause 1 and Point a Clause 2 Article 45 of the Law on publishing. To be specific:

They must complete training courses in Information Technology.”

c) Point b Clause 3 is amended as follows:

“b) Technical measures must be adopted to prevent unauthorized access via the Internet;”

8. Point b Clause 2 Article 18 is amended as follows:

“b) Within 15 business days from the receipt of the documentation of registration of e-publication publishing or distribution, the Ministry of Information and Communications shall examine the implementation of the Scheme and give a written certification of registration of e-publication publishing or distribution to the applicant; in case of refusal, a written response in which reasons for refusal are indicated must be given to the applicant;”

9. The following regulations of the Government’s Decree No. 195/2013/ND-CP dated November 21, 2013 on elaboration and implementation of the Law on publishing shall be abrogated:

a) Point c Clause 1 Article 6;

b) Clause 3 Article 8;

c) Points b, c, e Clause 1 Article 17;

d) Point a Clause 3 Article 17;

dd) Clause 5 Article 17.

Source: Thuvienphapluatvn

Read More

The Cases of Transferring Money from Vietnam Abroad

In the context of international economic integration, more and more foreign investors are coming and investing in Vietnam. Besides, many Vietnamese individuals and organizations have also implemented many investment activities, living, traveling… abroad. Therefore, there are needs to transfer money from Vietnam abroad. According to the provisions of Vietnamese laws on foreign exchange management, domestic individuals and organizations are allowed to transfer money abroad in the following cases:

For individuals being Vietnamese citizens, they are entitled to buy, transfer or bring foreign currencies overseas according to the State Bank’s regulations for the following purposes: to study and receive medical treatment abroad; traveling; business trip; visiting abroad; to pay charges and fees to foreign countries; allowances for relatives members living abroad; transfer of inheritance money to overseas heirs; transfer money in case of permanent residence abroad; One-way money transfer for other legitimate needs.

For enterprises, they are allowed to transfer money abroad when performing the following cases: Carrying out payment and transferring money related to the import or export of goods and/or services; payment of payments and remittances related to commercial credits and short-term bank loans; make payments and transfers related to direct and indirect investment income; transfer money when being allowed to reduce direct investment capital; payment of debts and interest of foreign loans; make one-way money transfers; payment and other remittance according to regulations of the State Bank of Vietnam.

How ANT Lawyers Could Help Your Business?

Please click to learn more about Finance Law firm in Vietnam or contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

Read More

Vietnam retains anti-dumping taxes on Chinese H-shaped steel

HCMC – The Ministry of Industry and Trade has issued two decisions on maintaining anti-dumping measures against some galvanized steel and H-shaped steel products from China and South Korea, Thanh Nien newspaper reported.

Antidumping duties on H-shaped steel imports from China remain unchanged. Another decision on retaining the anti-dumping tariffs on galvanized steel items imported from China and South Korea into Vietnam was also launched.

In the last 60 days of a year starting from the issuance of the decisions, the relevant sides may submit a request for a review.

Earlier, on August 21, 2017, the ministry decided to slap anti-dumping duties on Chinese H-shaped steel imports classified under Harmonization System Codes 7216.33.00, 7228.70.10 and 7228.70.90.

Four steel manufacturers and 10 commercial enterprises that participated in the antidumping investigation were subject to the antidumping tariffs of 20.48%-22.9%. Meanwhile, other steel manufacturers and exporters had to pay a duty of 29.17%.

Besides this, the Ministry of Industry and Trade, on March 3, 2016, decided to launch an anti-dumping investigation into galvanized steel imports from China, Hong Kong and South Korea.

During the probe that lasted one year, the ministry on September 1, 2016 levied temporary anti-dumping duties of 4%-38.34% on these imports.

On March 30, 2017, the ministry slapped official antidumping duties on galvanized steel imported into Vietnam. Chinese galvanized steel product imports were subject to duties of 3.17%-38.34%, while imports from South Korea received a lower rate of tariffs, at 7.02%-19%.

Source: TheSaigontimes

How ANT Lawyers Could Help Your Business?

Please click to learn more about Anti-dumping law firm in Vietnam or contact our lawyers for advice via email ant@antlawyers.vn or call our office at (+84) 24 730 86 529

Read More

Vietnam gets ready to lift foreign ownership caps

A new draft law is set to attract more foreign investment into multiple sectors by removing foreign ownership caps.

At a Wednesday forum in Hanoi, the Ministry of Finance presented a draft securities law that would remove the current 49 percent foreign ownership cap in many sectors, allowing majority or even 100 percent ownership of a company.

"The new law would remove the limit on companies operating in many of more than 200 of the conditional sectors," a Reuters report quoted Nguyen Quang Viet, an official in the State Securities Commission’s legal department, as saying.

In Vietnam, conditional sectors refer to industries subject to additional regulations that would override limits set out by the securities law.

"We expect the new law to encourage development of the market in a faster, stronger and more sustainable manner," Deputy Finance Minister Huynh Quang Hai said at the forum.

Former head of the Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment Le Dang Doanh said that the bill would "push" more foreign investment into Vietnam.

"Foreign investors have been reluctant to invest in Vietnamese businesses because they can only own a minority stake so far," he told VnExpress International.

Should the 49 percent restriction be removed, foreign companies will be able to gain further management rights, which will be a big incentive to enter Vietnam and expand their business, he added. "With the new law, they can hold decisive positions in Vietnamese companies."

Industry insiders also expect that the new regulation will allow foreign investors to expand their operations in Vietnam.

Citibank's Tsuyoshi Yamashita, who deals with Japanese businesses expanding into Vietnam, told the Nikkei Asian Review that real estate and infrastructure-related business, such as thermal power generation, will likely see a higher demand from foreign companies to do business together.

Roy Zuin Forney, an analyst in international business advisory at consultancy Dezan Shira & Associates, said that Asian investors will be interested in seeking merger and acquisition (M&A) deals with Vietnamese companies to reach into this market.

Vietnamese people’s rising income has allowed more of them to afford health care, which would be a potential market for the pharmaceutical sector, he said.

One source familiar with M&A deals in Vietnam told the Nikkei that Indian drugmaker Renova Global, which already has an office in Vietnam, is looking for opportunities to expand further in the country.

Informational technology and logistics are other industries that will also likely see more foreign investment flow in, industry insiders said.

However, Vietnam remains firm in keeping "sensitive and important" sectors out of the list.

Companies in security, defence, telecommunications and insurance, will continue to have 49 percent foreign ownership caps, Reuters quoted State Securities Commission official Viet as saying. The limit for banks will remain at 30 percent, he added.

Can Van Luc, a government economic advisor, said the government would consider raising limits on foreign ownership of banks on a case-by-case basis.

The draft law is expected to be submitted to the parliament for approval next year and take effect in January 2020.

Source: evnexpress

How ANT Lawyers Could Help Your Business?

To set up business in Vietnam, please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

Read More

Government courts Swiss enterprises to invest in Vietnam

HCMC – The Government has expressed its desire to attract further investment from Swiss enterprises, praising their great strengths in advanced technology as well as their experience with the fourth industrial revolution and the global supply chain, news website Vietnam Plus reported, citing Deputy Prime Minister Vuong Dinh Hue.

Deputy Prime Minister Hue on Monday, November 5, held a meeting with a Swiss enterprise delegation led by Andreas Gerber, head of Swiss SME business at Credit Suisse bank, in a visit to Vietnam to gain more insights into investment opportunities in the country.

The Government will create as many favorable business conditions as possible to ease the investment flow from foreign firms, stated Hue. He stressed that the country had considered foreign-invested enterprises an integral part of its economy and lauded the activities of the Swiss delegation in some localities across the country over the years.

Hue noted that there was significant room for foreign investment opportunities in Vietnam. In particular, Vietnam is in need of further overseas investment in areas in which Swiss firms excel.

Apart from that, the Government also prioritizes developing the finance-banking sector and encourages mergers and acquisitions in this sector to establish fintech and digital banking models in the years to come.

Moreover, foreign companies are encouraged to participate in the process of equitizing State-owned enterprises, become their strategic partners or get involved in local ventures and startup development.

Addressing the reception, Andreas Gerber remarked that the delegation had come to Vietnam for the fifth time to seek business opportunities. This time, it will visit the northern localities of Hanoi, Haiphong City and Ninh Binh Province.

The delegation aims to transfer advanced technologies from Switzerland to Vietnam in the coming period, according to its leader. During the visit, one of the enterprises decided to invest directly in the country.

This is reportedly the largest Swiss delegation seen to date, with enterprises boasting strong business performance and operating in various sectors, such as glass manufacturing, nanotechnology, medical technology combined with artificial intelligence, application software and communications.

As for Vietnam, the Government has prioritized foreign investment in nine sectors such as transportation and socioeconomic infrastructure under the public-private partnership format, manufacturing and supporting industries deploying advanced technology, hi-tech agriculture and logistics, said Hue.

Source: TheSaigonTimes

Read More

ANT Lawyers Participating in Vietnam-Austria Business Forum in Vienna on October 15, 2018.

On the afternoon of October 14th, 2018, the Vietnam Prime Minister Nguyen Xuan Phuc and his wife led Vietnamese delegation to Vienna for official visit to Republic of Austria under the invitation of Austrian Chancellor Sebastian Kurz. On October 15th, 2018, the Prime Minister Nguyen Xuan Phuc had an official meeting with the Chancellor Sebastian Kurz and participated in the Vietnam – Austria Business Forum.

In Vienna, the representative of ANT Lawyers law firm, Mr. Tuan Nguyen participated the Vietnam – Austria Business Forum organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Austrian Federal Economic Chamber (WKO). This forum has been joined by the representatives from 60 Vietnamese businesses and over 100 Austrian companies. The lawyer of ANT Lawyers law firm met the representative of Austrian companies including Asteas Technologies GmbH & Co KG, AGES – Austrian Agency for Health and Food Safety, FRONIUS International GmbH, Europlast Kunststoffbehälterindustrie GmbH, Bitmedia e-solutions GmbH, D2 Consult International GmbH,… to discuss the Vietnam market entrance possibilities.

The meeting has occurred in the context that Vietnam Prime Minister and the Austrian Chancellor emphasized the importance of promoting the bilateral cooperate on economic, investment and trade; the opportunities post signing the Free Trade Agreement between Vietnam – EU (EVFTA) and Investment Protection Agreement (IPA) looking into the future.

The Vietnam economy has been achieving high growth for the last 30 years. Vietnam is a large market with a population of almost 100 million, 65% of the country’s workforce is young, and the increasing number of internet and smart phone users in Vietnam has also opened up a great opportunities for e-commerce development. Vietnamese Government has committed to vigorously reform and created optimal conditions for Austrian investors. The Prime Minister suggested Austrian companies invest in high-tech agriculture, processing and manufacturing industry, especially agricultural product processing, high-tech zones,…

Along with the advantages facilitated by Vietnamese Government, Austrian companies will seek for investment opportunities to set up company in Vietnam, joint invest, or cooperate to transfer technology. It is expected that both countries will further cooperate and receive benefits from competitive advantage of each other, contribute to economic development and promote the relationship between Vietnam and Austria.

Mr Tuan Nguyen, the representative of ANT Lawyers law firm is honored to participate in the Vietnam – Austria Business Forum, and together with its law firm partner in Austria, Leitner HirthRechtsanwälte GmbH, under the leadership of Markus Leitner, to promote the development of trade relation between Vietnam – Austria in particular and Vietnam – EU in general. With legal and business expertise and experience, we will continue to support the Austrian and other European companies to invest in Vietnam and that Vietnamese company to enter Austrian and European market.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang and Ho Chi Minh City. We provide convenient access to our clients. Please contact us to book your time in advanced to let us provide our best service. 

Call us at +84 28 730 86 529 or send us email ant@antlawyers.vn

Read More