Our Newsletter #1 would lead you on the following:
I. Providing details for some articles of the Cybersecurity Law
The Government issued Decree No. 53/2022/ND-CP to detail some articles of the Cybersecurity Law 2018 dated 15 August 2022. This Decree takes effect on 01 October 2022 with some notable contents as follows:
Domestic and foreign enterprises providing services on telecommunications networks, the Internet, and value-added services in cyberspace in Vietnam must store the following data in Vietnam (the form of storage will be decided by the enterprise):
- Data on personal information of service users in Vietnam;
- Data created by service users in Vietnam: account name, service time, credit card information, email address, Internet Protocol Address (IP), last logged in, and the registered phone number attached with the account or data;
- Data on the relationship of service users in Vietnam: friends, groups with which the service users connect or interact;
- The data storage period starts from the time the enterprise receives the data storage request to the end of the request; the minimum storage period is 24 months.
II. Providing details and guidelines for some articles of the Law on Value-Added Tax
The Government issued Decree No. 49/2022/ND-CP dated 29 July 2022 to amend and supplement the regulations on details and guidelines of the Law on Value-Added Tax. This Decree takes effect on 12 September 2022 with some notable contents as follows:
- The cases where land prices are deducted for VAT calculation are as follows:
- To be allocated land by the State to invest in infrastructure to build houses for sale, the land price deductible for VAT calculation includes land use levy payable to the state budget and compensation and ground clearance (if any).
- At the auction of land use rights, the land price which is deducted for VAT calculation is the auction-winning land price.
- Renting land for the construction of infrastructure, building houses for sale, the land price deductible for VAT calculation is the land rent levy payable to the state budget and compensation and ground clearance (if any).
- If a business operation is transferred a land use right by an organization or individual, the land price deductible for VAT calculation will be the land price at the time of receiving the land use right transfer, excluding the value of infrastructure.
- If a business operation is contributed with land use right by an organization or individual, the land price deductible for VAT calculation will be the price stated in the capital contribution contract.
- If a real estate business fulfills the form of build-transfer (BT) payment by the value of land use rights, the land price deducted for VAT calculation will be the price at the time of signing the BT contract.
- 03 cases that a business operation is not refunded VAT but is carried over the tax amount that has not yet been deducted from an investment project according to the law on investment to the next period, including:
- Investment projects of business operation in conditional business lines when the business conditions are not satisfied as prescribed.
- Investment project of a business operation in conditional business lines is not guaranteed to maintain sufficient business conditions during its operation.
- Investment projects on the exploitation of natural resources and minerals are licensed from 01 July 2016 or investment projects on the production of goods, in which the total value of natural resources, minerals, and energy costs accounts for more than 51% of product cost according to investment projects, excluding projects of exploration and development of oil and gas fields.
III. Management of foreign exchange for the issuance of bonds to the international market of enterprises that are not guaranteed by the Government
The Governor of the State Bank of Vietnam issued Circular No. 10/2022/TT-NHNN on foreign exchange management for the issuance of bonds to the international market by enterprises not guaranteed by the Government dated 29 July 2022. This Circular takes effect on 15 September 2022 with some notable contents including:
The issuing organization only makes a written notice (by post or directly) to the State Bank (Foreign Exchange Management Department) and does not need to register for changes in the issuance of international bonds for the following 07 cases:
- Changing the time of capital withdrawal, and principal payment within 10 working days;
- Changing the address of the issuing organization;
- Changing the name of the commercial transaction of the bank providing account services;
- Changing the schedule to pay interest and fees of the international bond issue;
- Changing the amount of capital withdrawal, payment of principal, interest, and fees within 100 currency units of the foreign borrowed currency;
- Changing the amount of principal payment due to the converted or swapped bonds into shares for international bond issuances with converted or swapped elements of public companies, securities companies, and securities investment fund management;
- Changing the amount of capital withdrawal and principal payment of a specific period that is less than the amount stated in the schedule for withdrawing capital and paying debts.
- How to protect the trade secrets (know-how) under Vietnamese law?
- Tax inspection, tax examination and 05 notes Vietnam-based enterprises should keep
- In Vietnam, what should parents consider when gifting assets to their children after their marriage?
- Conditions for naturalization in Vietnam
- Is the concept of “female being relative on mother’s side” a legitimate reason for women not to have an equal inheritance in Vietnam?
BLawyers Vietnam’s lawyers provided 08 following issues:
- Forms of outbound investment
- Conditions for issuance of the Outbound Investment Registration Certificate
- Opening of outbound investment capital accounts
- Transferring the outbound investment capital
- Transferring profits back to Vietnam
- Protection of intellectual property rights
- Using foreign workers
- Report regime on the outbound investment activities
BLawyers Vietnam is pleased to announce the admission of Tran Ngoc Thuyet Esq. into the Partnership of BLawyers Vietnam with effect from 01 July 2022.
Thuyet has nearly 25 years of experience in providing legal representation to corporations, non-profit organizations, and law firm clients. His areas of practice include domestic and foreign investment, corporate and commercial law, domestic and international commercial contracts, and dispute settlement, both in arbitration and court proceedings. He has also obtained a wide skill of practicing in civil law matters consisting of employment, civil contracts and dispute resolutions (ADR), and international and domestic private law i.e., cross–border marriage and family, inheritance, finance, and civil transactions.
Prior to joining us, recently Thuyet was working as a qualified lawyer for more than 12 years for leading Vietnam law firms. Thuyet graduated in medicine with honors BS from Pasteur Medicine Institute (1983) and graduated in law with a JD from Hanoi University of Law (1995). He completed a program management study at Chulalongkorn University (1996), Jointed Vietnam – Belgium Master’s Degree in Developed Economics (2002), and studied in urban community organization and management at the University of Philippines (2004). Thuyet is fluent in both English and Vietnamese.
1. Seminar on Internal Disputes – From the Practice of International Arbitration
Date of event: 08 September 2022
Organized by: Vietnam International Arbitration Center (VIAC)
2. [IPS 2022] INVESTMENT SUPPORT FORUM AND SUMMARY OF INVESTMENT PROMOTION EVENTS 2022
Date of event: 25 September 2022
Organized by: Vietnam International Arbitration Center (VIAC)
Maybe you are interested in reading other Legal Update of BLawyers Vietnam: August 2022 (Part 1) | July 2022 (Part 2) | July 2022 (Part 1) | June 2022 (Part 2) | June 2022 (Part 1) | May 2022 (Part 2) | May 2022 (Part 1) | April 2022 (Part 2) | April 2022 (Part 1) | March 2022 (Part 2) | March 2022 (Part 1)