Vietnam officially joined the WTO on November 7, 2006, and put its commitments into force from January 11, 2007. Explore other chapters from this report. In the case of adjusting the IRC, under Article 40 of the LOI, within 10 working days from the day on which the competent investment registry authority receives sufficient documents, the authority shall issue the amended IRC. Legal Retainer Service for Business. • Executing a PPP or BCC. Vietnam should also regularly review and update its legal system as well as strengthen its law enforcement. Final exam review May 2016_2017.pdf. Therefore, the plan will still be launched in November. Ordinance and resolution of the Standing Committee of the National Assembly; 4. Decision 929/QD-TTg, dated July 17, 2012, of the prime minister of Vietnam: Decision 929/QD-TTg (Decision 929) on the approval of the scheme of “restructuring of SOEs with a focus on large state-owned corporations, for the period of 2011-15” is another notable legal document in relation to the equitisation process of Vietnam. The current LOE liquidates the regulations wherein the general meeting of shareholders directly elects chairman of the board of directors, and the general director of the enterprise cannot be a general director of another enterprise. International treaties play an important role in the development of the legal system of Vietnam, acting as another source of law. Vietnam has one of the fastest-growing economies in the world. Since Vietnam’s independence on September 30, 1945, the country has developed a socialist legal system based on the civil law system, with some major modifications from Marxist-Leninist ideology. Choose from the options below to purchase print or digital editions of our Reports. Ensure and take responsibility for quality of goods/services according to standards prescribed by law or registered/announced standards. Market price of a stake or share means the highest price on the market on the previous day, the price agreed between the seller and the buyer, or the price determined by a professional valuation organization. He added that the ministry was working on new tax policies that are more suitable for new business models, with focus on start-ups, and would submit the proposal to the Government and the National . who are not involved in the JSC’s direct management. Vietnam's problematic cybersecurity law went into effect in January 2019. Freedom to do business can be seen from amendments to the regulations of the LOI on prohibited and conditional businesses. In 2017, as stated in Resolution 22/2016/ QH14, which was issued on July 29, 2016, the National Assembly plans to pass a new law to support the nation’s small and medium-sized enterprises. Furthermore, the Department of Planning and Investment of each city has its own Investment Promotion Agency to facilitate all foreign investment, and a website guides investment registration procedures. Branch of a foreign company: A branch of a foreign enterprise is permitted to be established only in a few business areas that Vietnam has committed to under an international trade treaty. Furthermore, an enterprise can have more than one legal representative and more than one company seal. mixed Companies wishing to pursue business opportunities in Sweden would find that while some industries are privately owned, others are state-controlled. Found inside – Page 193Distorted by years of inhabiting a legal twilight, business norms and habits were considered sub-optimal sources of commercial law by Vietnamese legal ... Found insideVietnam's brisk economic growth continued during the first half of 2003 despite ... The Enterprise Law of 2000 laid the groundwork for a healthy business ... Related person means any organization or individual that has a direct or indirect relationship with the enterprise, including the following cases: Enterprise manager is the manager of the company or manager of sole proprietorship, who is either an owner of a sole proprietorship, a general partner, the Chairpersons of the Board of members, a member of the Board of members, the company’s President, the Chairperson of the Board of Directors, a member of the Board of Directors, the Director/General Director, or a person holding another managerial position who is entitled to enter into the company’s transactions on behalf of the company according to the company’s charter. The concepts of “foreign investor” and “foreign-invested economic organisation” are clearly distinguished. Eastern Asia, bordering the East China Sea, Korea Bay, Yellow Sea, and South China Sea, between North Korea and Vietnam. Founder means any organization or individual that establishes or contributes capital to establish an enterprise. By admin November 6, 2019. For instance, although Samsung is a high-tech company, from a legal perspective it can only hire foreign workers for some important positions to create jobs for domestic citizens. Decision 58/2016/QD-TTg of the prime minister of Vietnam: Decision 58/2016/QD-TTg, dated December 28, 2016, on the criteria for classification of SOEs is another recent significant legal document in relation to equitisation regulations of Vietnam. Investments under PPP contracts are provided under Article 27 of the LOI. The first structure includes a chairman and a director (or general director) and a controller. Vietnam's official country name is the Socialist Republic of Vietnam,1 led by the Vietnamese Communist Party as the sole political party.2 -Where the answer differs according to the legal system applicable to the woman or man in question (as may be the case in economies where there is legal plurality), the answer used will be the one that applies to the majority of the population. Vietnam (Vietnamese: Việt Nam, [vîət nāːm] ()), officially the Socialist Republic of Vietnam, is a country in Southeast Asia.Located at the eastern edge of mainland Southeast Asia, it covers 311,699 square kilometres.With a population of over 96 million, it is the world's fifteenth-most populous country.Vietnam borders China to the north, Laos and Cambodia to the west, and shares . An LLC mobilises its capital from capital contributions made by its owners, and it cannot issue shares. Loose-leaf publication covering selected laws and regulations pertaining to foreign trade and investment as of September 1994. In practice, the timeline for issuance of an MA number for a drug can range from 12 to 30 months. Enterprise means an organization that has its own name, assets, office, and is registered in accordance with business law. There are two important requirements under this regulation: • Only a manager, executive, expert or technical labourer can be granted work permission. 110. The authorized representatives of owners, members, shareholders being organizations must be individuals authorized in writing to perform their rights and obligations prescribed in this Law on behalf of such owners, members, shareholders. Vietnam's economic freedom score is 61.7, making its economy the 90th freest in the 2021 Index. VIVA has been continuously trusted by thousands of well-known clients since 2006. Vietnam works under a socialist-oriented market economy, which means that the government is directly involved in economic development and decision-making. However, under the laws of the country, foreign investors can also participate in Vietnam under other forms including branch, representative office (RO), business cooperation contract (BCC) and public-private partnership (PPP) contracts. LLCs, JSCs and partnerships are three types of enterprises that foreign investors can establish and participate in. Vietnam Legal Normative Documents external link (Vietnam. In order to improve business environment, create a unified legal framework and playground for all economic sectors and institutionalize Vietnam's commitments to international integration, the Vietnamese Government should issue Competition Law, Unified Enterprise Law applied for all forms of enterprises and Common Investment Law applied for both . It also provides detailed guiding procedures for each project type, and application forms are regulated in Circular 16/2015/ TT-BKHDT. • Projects which are not subject to an issuance of a decision on investment policies, shall receive the IRC within 15 days from the date on which competent authorities receives sufficient documents. Found inside – Page 5Some of have to be largely paid for from the global commercial law arena them will wait to get a clearer metropolitan funds . any valued Vietnamese picture ... Satisfy the conditions when engaging in the business lines subject to business regulations conditions as prescribed by the Law on Investment; maintain the fulfillment of such conditions throughout the business operation. Therefore, clarifying key legal concepts was a notable objective of the LOI. Political organizations and socio-political organizations within enterprises shall operate in accordance with the Constitution, law, and the organization’s charter. VIVA has been continuously trusted by thousands of well-known clients since 2006.The insights and consistent backgrounds in Business Laws - Accounting and Corporate Finance - Tax Management – Labor Relations and Payroll - Secretarial services help us build trust and confidence in the entrepreneurs’ community.We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. • Foreigners can be employed for positions which Vietnamese workers cannot satisfy. The program promotes domestic production as well as exports and is . Location. If a work permit is not required, the employer must apply for a written confirmation from the competent labour authorities for such employee. More importantly, from these action plans, investors can learn more about the upcoming plans of the various ministries responsible for drafting and revising legal documents. Its overall score has increased by 2.9 points, primarily because of an improvement in fiscal health. Enterprise restructuring is either a total division, partial division, consolidation, acquisition of an enterprise, or conversion of the type of business regulations entity. Fax: + (91) 11 66544966. After years of implementation, Decree 59 has shown its limitations in practice. Right to Decide on the method of raising and using capital. Decree 15/2015/ND-CP on investment in the form of PPP of the government details PPP contract forms, such as build-operate-transfer, build-transfer-operate, build-transfer, build-own-operate, build-transfer-lease, build-lease-transfer, and operation and maintenance contracts, to encourage investment in public sector areas. Subscribe to VIETNAM LAWS ONLINE DATABASE for online access to over 2500 Vietnamese laws in English. Declaring false charter capital; failure to contribute sufficient charter capital as registered; deliberately determining inaccurate values of contributed assets. Dividend means a net profit paid to each share in cash or other assets from the residual profit of the joint-stock company after all financial obligations are fulfilled. Several legal documents are issued to interpret the treaty’s regulations into domestic law and to replace prevailing regulations, which are contradicted by the ratified treaty. This led to the issue of different licensing authorities interpreting the law differently, and various aspects of the investment registration procedure became unpredictable. 10 FTAs are in effect: • Six multilateral FTAs (Vietnam with ASEAN, ASEAN-China, ASEAN-Korea, ASEAN-Japan, ASEAN-India and ASEAN-Australia-New Zealand); • Four bilateral trade agreements (Vietnam-Japan Economic Partnership Agreement, Vietnam-Chile Bilateral FTA, Vietnam-Korea FTA and Vietnam-Eurasian Economic Union FTA); The following 2 FTAs have been concluded: • Trans-Pacific Partnership. There must always be at least one legal representative that resides in Vietnam. A special organisation that serves as a state management agency should be established to . Stakeholding means the ratio of a member/partner’s stake to charter capital of the limited liability company or partnership. According to Resolution 05, the equitisation process in previous years was not as successful as expected. National Enterprise Registration Database means a collection of data about business registration nationwide. Authorized representatives must be appointed in writing; the appointment of authorized representative must be notified to the company and is only effective when the company receives the notification. Nevertheless, there are certain cases in which foreign workers are exempted from the work permit requirement. Authorized representatives are responsible to owners, members, shareholders being organizations for failure to fulfill the obligations. Expansion of the freedom of business: In recent years eliminating criminalisation of business activities has been a priority of Vietnam to protect private investors. We provide a full range of services to our clients, including advice and compliance services, customs, transfer pricing, due diligence, and legal services. When the director’s tenure ends, the director can be reappointed. In accordance with the LOL, domestic contractors, enterprises, organisations and individuals can only recruit foreigners working as managers, CEOs, experts and technical labour for which Vietnamese workers do not qualify. Found inside – Page 108Hearing Before the Committee on Small Business, House of Representatives, ... Stress / The Vietnam Veteran and The Criminal Justice System Hearing The ... Building relationships for export success in Vietnam Vietnam is a burgeoning market offering plenty of opportunities for Canadian exporters, however, navigating through the processes and administration can be complex. Vietnamese-Attorney.com can advise you on all your questions on competition law in Vietnam. Authorized representatives must attend every meeting of the Board of members or the General Meeting of Shareholders; perform given rights and obligations in a truthful and careful manner to protect the lawful interests of the authorizing owners, members and shareholders. Found inside – Page 96The Philippines and Vietnam are among the economies which ranked very low with ... Vietnam's legal system is constantly evolving and business laws and ... Overview of legal entities in Vietnam The year 2017 comes with many important policies and regulations influencing the equitisation process of SOEs in Vietnam. Found inside – Page 13the economic system, the business environment, FDI legislation, and regulations throughout the history of Vietnamese development, a set of hypotheses is ... At the end of 2016 the government of Vietnam reviewed the performance of its equitisation process during the implementation of this decision. The Vietnamese legal system is often said to be similar to a civil law jurisdiction, in that its only source of law is written legislation, commonly referred to in Vietnam as 'legal instruments'. The State recognizes and protects the ownership of assets, capital, income, other lawful rights and interests of enterprises and owners of enterprises. Subjects of the work permit: apply for a work permit from the labour authorities to legally work in Vietnam. Corporate law in Vietnam was originally based on the French commercial law system. Found inside – Page 27Little judicial enforcement regarding actions which need to be taken Apart from the Vietnamese business in order to make Vietnam's legal system culture of ... This chapter offers an overview of Vietnam's legal framework, focusing on legislation passed to improve the business environment, the Law on Enterprises, the New Civil Code and other important areas. The respective laws passed between 2010 and 2015 on investment, businesses, taxation, real estate or work reflect Vietnam’s desire to present itself as a competitive and modern law. In 2016 Vietnam took further action to remove legal barriers for business by revising the LOI. Discover DFDL's publications, books, white papers, legal and tax investment guides covering the ASEAN region and Bangladesh, and our firm brochures. The director, appointed by the chairman, manages the daily operations of the SLLC. Providing untruthful information in the application for enterprise registration or application for adjustments to business registration. Written by some of DFDL's leading experts, these publications provide in-depth insight and guidelines on doing business in our various jurisdictions. Otherwise, the chairman can hire another person and appoint such a person to be the director of the SLLC. According to the Constitution, Vietnam is "in the period of transition . Or subscribe to FOREIGN INVESTMENT LAWS OF VIETNAM LOOSE-LEAF SERVICE.Read VIETNAM LEGAL UPDATE for recent legal and commercial developments in Vietnam. Solving this issue is indeed necessary. Thus, Vietnam Business Law is perfectly inserted into the global economic system, and Vietnam is an Asian country with the highest economic growth rates. The authorized representatives of owners, members, shareholders being organizations shall perform the rights and obligations of owners, members, and shareholders on their behalf at the Board of members or the General Meeting of Shareholders in accordance with this Law. Movement of foreign workers in different provinces: Before Circular 40 came into effect, foreigners were required to apply for a new work permit in case of moving to another province that was different from where the prevailing work permit was issued. To address this shortcoming, Circular 40 stipulates that a foreign worker with a valid work permit only needs to give written notification to the labour authority of the province where he or she moves to. Regarding prohibited business areas, the LOI adopts a “negative list” approach, meaning that investors are allowed to operate in all areas except for seven areas prescribed in Article 6 of the LOI, consisting of these business lines: • Specimens of wild flora and fauna; specimens of rare and/or endangered species of wild fauna and flora; • Human trafficking; human tissues and body parts; • Business pertaining to human cloning; and. Unless otherwise prescribed by the company’s charter, the authorized representative shall be appointed as follows: If the owner, member, or shareholder being an organization appoints multiple authorized representatives, the stake/shares of each representative must be determined. The current legal system of Vietnam has the following characteristics: • Legislation is the most important source of law; • Courts are subordinate to the legislature and must make decisions based on legislation; and. Currently, it is a mix between this state-planned economy and a market economy, which is controlled by supply and demand. Higher-ranking legal instruments • Investment projects of foreign-invested economic organisations to establish business organisations; made by contributing capital, buying shares, buying capital contribution of business organisations; making investments under a BCC except in the following cases: 11. Shareholder means any individual or organization that owns at least a share of a joint-stock company. Annex 1 provides information on the threshold of state ownership in different business sectors: • Some of the listed sectors where SOEs will not be equitised include national defence and security-related sectors, manufacturing and trading of industrial explosions, lottery, public post, marine safety, air traffic services, currency printing and traffic infrastructure management; • Some of the listed sectors which will not be equitised by more than 35% include airport management and exploration, banking, oil exploration, large-scale mining and navigation information services; and. Resolution 05-NQ/TW, Centre Committee, Communist Party of Vietnam: On November 11, 2016 Resolution 05-NQ/TW (Resolution 05) was issued outlining several major policies for further improvements in the growth model and quality, labour productivity and competitiveness of Vietnam’s economy. Found inside – Page 441Second , the Vietnamese legal system is not premised on an English common law ancestry as is true of many countries of the region , so that normal asset ... Under the LOI, a foreign investor is a foreign individual holding foreign nationality, or an organisation established under the laws of a foreign country, conducting a business investment in Vietnam, while a foreign-invested economic organisation is a business organisation established under the laws of Vietnam whose members or shareholders consist of a foreign investor. • Some of the listed sectors which will not be equitised by more than 50% include basic chemicals manufacturing, aviation transportation, rice wholesaling, oil and fuel importing, tobacco, telecommunication services with infrastructure and electricity retailing. Right to Find markets, customers, and sign contracts proactively. VIETNAM. Later, however, having already invested heavily in steering many of the agreements through its political system, Vietnam returned to the fold as part of the TPP-11. The Civil Code also allows courts to make decisions based on certain court precedents issued by the Supreme Court or based on the principle of fairness when there are no regulations, Customs or analogous laws that can be applied to solve the legal issue. Overall, registering investments is becoming easier for all investors, including foreign investors. Tradition here means the upholding of the Soviet inspired legal system and modernity refers to legal reforms to a more globally acceptable system (Modeer 10). Found inside – Page 74This comes as no surprise given that Vietnam has created an entire legal system from scratch in a very short period of time.271 The rapid additions and ... Without prior consent from all other general partners, a general partner is prohibited to be the owner of another sole proprietorship or a general partner of another partnership. Capital contribution is either contribution of capital to establish a new enterprise or contribution of additional capital to an existing enterprise. Found inside – Page 225BUSINESS. LAW. AND. REGULATIONS. The People's Supreme Court serves as the highest court in Vietnam. The Chief Justice, who is nominated by the President and ... Employers should build up an effective plan to complete legal procedures before foreign workers immigrate to Vietnam. Corporate tax was reduced to 20% in January 2016 except for certain specific industries; income tax is progressive and varies from 5 to 35%; VAT is 10% exceptions and tariffs have generally been declining since Vietnam’s accession to the WTO. Under Vietnam’s Law on Enterprises 2014 (LOE), a foreign investor must first apply for an investment registration certificate (IRC), and second, apply for an enterprise registration certificate (ERC) to establish a company. How to set up a company/enterprise in Vietnam? Authorized representatives must satisfy the conditions below: WHO WE AREVIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. Compared to the OECD norm of 176 and the East Asia and Pacific average of 209, taxation is one of the most burdensome processes of doing business in Vietnam. This system uses a similarity . Vietnam’s accession to the WTO in 2007 has reinforced the effectiveness of this law, which was still struggling to apply. Preferential tax rates are available when certain criteria are met. Final exam review May 2016_2017.pdf. Copyright © 2017 Viva Business Consulting. Do accounting, make and submit truthful financial statements in a timely manner according to regulations of law on accounting and statistics. It would be our pleasures to share with you for any query or question about the terms and conditions as well as practical cases which we have been experiencing since years 2000, where the first law on enterprise has allowed private sector to born and blooming. TEMPORARY RESIDENCE CARD FOR FOREIGNERS IN VIETNAM, REGISTER LOGO – TRADEMARK – TRADEMARK COPYRIGHT SERVICES, DOING BUSINESS IN VIETNAM – GENERAL TERMS AND CONDITIONS. The payment or compensation must ensure enterprises’ interests without discrimination between types of business entities. -Where the answer differs according to the legal system applicable to the woman or man in question (as may be the case in economies where there is legal plurality), the answer used will be the one that applies to the majority of the population. Depending on the form, the enterprise must retain the following documents: Certificate of industrial property rights; Certificate of product quality registration; other licenses and certificates; Documents proving the company’s ownership of its assets; Minutes of meetings of the Board of members, the General Meeting of Shareholders, the Board of Directors; the enterprise’s decisions; The prospectus for securities issuance; Reports made by the Control Board; conclusions of inspection authorities; conclusions of audit organizations; Accounting books, accounting documents, and. Employer paid - Social Security contributions 17%. Found inside – Page 68About 73 percent of private sector businesses are in southern Vietnam, ... In May 1999 Vietnam's National Assembly passed a new "Enterprise Law" that ... The internal control committee is optional if the JSC has less than 11 shareholders. 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