Dear Valued Clients, On November 29, 2005, the National Assembly issued the Law on Electronic Transactions No. 51/2005/QH11 (“LET 2005”). However, after nearly 18 years of implementation, LET 2005 has clearly revealed shortcomings as many provisions are no longer consistent with development reality, and fail to respond to the needs of the 4.0 industrial revolution as well as digital transformation and building Vietnam’s digital economy in the coming period. Therefore,…

Dear Valued Clients, On September 18th 2023, the Government issued Decree 70/2023/ND-CP (“Decree 70”) amending and supplementing a number of articles of the Government’s Decree No. 152/2020/ND-CP dated December 30th, 2020 on foreign employees working in Vietnam, and recruitment and management of Vietnamese employees working for foreign employers in Vietnam (“Decree 152”). Decree 70 officially takes effect from the date of signing. In this Legal Update, we would like to…

On July 1st 2023, the Government issued Decree 46/2023/ND-CP detailing the implementation of a number of articles of the Law on Insurance Business (“Decree 46”). In particular, it stipulates a number of issues such as financial conditions to be granted establishment and operation Licenses of insurers, reinsurers, foreign insurance branches in Vietnam, capital conditions, responsibilities of the Ministry of Finance, etc. Decree 46 officially takes effect from the date of…

Dear Valued Clients, The Law on Insurance Business No. 08/2022/QH15 was passed and promulgated by the National Assembly on June 16, 2022 (“Law on Insurance Business 2022”). This is an important legal document and is expected to create a new development step for the insurance market of Vietnam in the upcoming time. The Law on Insurance Business 2022 takes effect from January 1, 2023. 1. Implementation of Vietnam’s international commitments…

Dear Valued Clients, In recent years, the situation of purchasing and disclosing personal data has been becoming more common in cyberspace, seriously affecting the freedom and privacy of users. Therefore, on April 17, 2023, the Government issued Decree No. 13/2023/ND-CP on the protection of personal data (“Decree 13”), effective from July 1, 2023. This Decree is considered the first comprehensive legal document regulating the protection of personal data in Vietnam….

Dear Valued Clients, With the goal of stimulating consumer demand, recovering and developing the economy after the Covid-19 pandemic, in 2022 the Government issued Decree No. 15/2022/ND-CP (“Decree 15”) dated January 28, 2022, providing tax exemption and reduction policies under Resolution No. 43/2022/QH15 of the National Assembly, with a strong focus on value-added tax (“VAT”) exemption and reduction. However, besides the results achieved, in the process of implementing Decree 15,…

  Dear Valued Clients, Single shareholder limited liability company is one of the most common enterprises form in Vietnamese. Nevertheless, not everyone thoroughly comprehends how this form of enterprise is organized. Therefore, in this Legal Update, we would like to summarize and clarify the main information and key features related to the management structure of the single shareholder limited liability company specified in the Law On Enterprise No. 59/2020/QH14 dated…

Dear Valued Clients, Recently, the State Bank of Vietnam (“SBV’) has announced the Draft of the Circular on requirements for taking foreign loans applied to companies not guaranteed by the Government (the “Draft Circular”) to replace Circular No. 12/2014/TT-NHNN of the SBV dated March 31, 2014 (“Circular 12”). In this Legal Update, we would like to emphasize several highlights which could give affect on requirements for taking foreign loans applied…