Reliable Vietnam Law Firm

Vietnam's ANT Lawyers is a law firm with locations in Ho Chi Minh City and Hanoi. We are a law firm in Vietnam that is a member of Prae Legal, a global network of law firms that spans 150 countries and five continents. Through this network, we have established relationships with lawyers from all over the world. Because of this collaboration, ANT Lawyers are able to handle international cases involving foreigners.

As a reputable English-speaking law firm in Vietnam, ANT Lawyers focuses on offering potential solutions that best satisfy the requirements of business and legal clients. We assist customers in achieving their objectives while safeguarding their interests, reducing risks, and adhering to the law.

The law firm provides a comprehensive range of contentious and non-contentious legal expertise to corporate and individual clients from all sectors. We are able to provide advice on a wide range of topics, from precedent-setting to strictly procedural, thanks to our experienced staff and highly professional personnel.

Our ability to combine commercial and legal perspectives is a recurring theme throughout everything we do as a law firm. As a result, our clients can rest assured that, regardless of the case or transaction, our lawyers at the law firm in Vietnam have the expertise to provide commercially relevant legal advice and service.

Tell us how we can be of service and one of our team members will contact you.

Email: ant@antlawyers.vn  - Tel: +84 28 730 86 529  

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Dispute Law Firm in Da Nang

ANT Lawyers offers clients legal services from Da Nang office.

 

Dispute Law firm in Da Nang

The office is represented by lawyers whom are local of Hoi An covering Da Nang, Hoi An, Hue and other central provinces.

Dispute Lawyers in Da Nang focus on important business and legal issues related to real estate, foreign investment, setting up company and other business structures, M&A, contract and other corporate legal works.

Together with law offices in Hanoi and Ho Chi Minh City, the law office in Da Nang with coverage of Hoi An, Hue and other central provinces strengthens the nationwide coverage of ANT Lawyers, serving clients better in legal services in Vietnam.

Our dispute resolution practice at ANT Lawyers helps our clients with the following:

Negotiation: reviewing relevant contracts and documents, advising possible courses of action and negotiating with relevant parties before initiating the legal proceeding.

Litigation and legal representation: representing clients before Vietnamese courts and other Vietnamese authorities.

Arbitration: advising on choice of arbitration, drafting arbitration clause, and representing clients for recognition and enforcement of foreign arbitral awards.

Alternative proceedings: certain alternatives may be available for dispute resolution in Vietnam.

Please contact us to book your time in advanced to let us provide our best service.

ANT Lawyers is a law firm in Vietnam, recognized by Legal500, IFLR1000. We are an exclusive Vietnam member of Prea Legal, the global law firm network covering more than 150 jurisdictions. The firm provides a range of legal services to multinational and domestic clients

 

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The advantages of attracting FDI to Vietnam in 2021

In 2020, due to the impact of the covid-19 epidemic, the global supply chain will be seriously affected. Besides, the effects of the US-China trade war, the shift of production out of China took place quickly. In which, there are four areas that corporations tend to shift to Vietnam to set up company and make investment are information technology and high technology, electronic equipment, e-commerce and logistics, consumer goods, and retail.

 

Some big global corporations have started recruiting, searching for supply chains, and Vietnam is one of the destinations in the transition to other countries in the region such as Indonesia, Thailand, or Malaysia.

Vietnam, with the advantage of being close to China, is favorable for the movement of investment and machinery. Besides, having policies to attract FDI from Vietnam will make it easier for international investors to transfer investment.

At the same time, Vietnam also participates in many Free Trade Agreements such as CPTPP, EVFTA, etc. that facilitate trade relations with many countries and regions in the world, which will make cooperation more favorable. In addition, the stability in the value of Vietnam currency is also a strong point in attracting international investment.

As the report of a famous industrial real estate brokerage firm, data comparing occupancy rates and rental rates of industrial zones in Southeast Asian countries in the first quarter shows that Vietnam has an average rental rate of 45-50% lower than in Thailand, Malaysia, and Indonesia. According to a report in 2019, Vietnam’s labor costs are also lower than that of Thailand, Malaysia and Indonesia, in addition, the labor force in Vietnam is increasingly abundant and the quality of labor is increasing.

Regarding electricity prices, according to EVN, comparing electricity prices in 2019 of Vietnam compared to other countries in the region, according to statistics, shows that electricity prices in Vietnam reach 80% compared to electricity prices of Indonesia; 42.1% of the electricity price of the Philippines and 66.7% of the electricity price of Cambodia.

In addition, with the application of supportive policies such as reduction of corporate income tax, import and export tax, land rental assistance, labor supply, and administrative procedures, Vietnam deserves to become be best investment destination in the world, for international companies to make investment, establish company and obtain investment registration certificate.

ANT Lawyers in a law firm in Vietnam, recognized by Legal500, IFLR1000. We are an exclusive Vietnam member of Prea Legal, the global law firm network covering more than 150 jurisdictions. The firm provides a range of legal services to multinational and domestic clients.

 

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Transport market in Vietnam – Investment opportunities for foreign investors

Currently, Vietnam is considered to have a stable economy and politics, and is gradually becoming an investment destination for many investors in the world. In addition, with the goal of becoming a part of the global supply chain, the transport market in Vietnam is in strong demand to meet the demand for freight transportation of businesses.

 

Law firm in Vietnam

As a country with bordering the sea, Vietnam is considered a trading place of Southeast Asia, Asian countries and other countries in the world. The modes of transport include: road, rail, water, air, and pipeline. According to the Strategy of the Government, until 2030, transport enterprises in Vietnam will be developed with the orientation of applying an advanced management model, high business efficiency, competitiveness, and ownership of the domestic transport market, occupying the role of plays an important role in the transport of goods import and export, step by step reaching out to invest and business effectively in the international transport market, the details as follow:

-To complete the restructuring of state-owned transport enterprises in the direction of accelerating the equitization, reducing the number and proportion of state ownership in transport enterprises, except for the case in transportation business units to ensure national security and social security.

-To separate the business of railway infrastructure from the transport business into independent enterprises, urgently equitizing the transport enterprises and providing railway transport support services.

-To establish a number of large-scale multimodal transport enterprises, capable of carrying out complete transport chains by road – rail – sea or road – waterway – sea, road – airline; strengthen connection of transport services between modes through the connection of service distribution, especially giving priority to the development of the intermodal ticket sale model between modes of passenger transport.

Regarding the implementation of investment in the transport sector for foreign investors, according to the provisions of the WTO and EVFTA services, foreign shipping companies can establish 100% foreign- capital enterprises. Foreign-invested enterprises are allowed to carry out activities including: (i) Marketing and sales maritime transport services through direct contact with customers, from quotation to invoicing; (ii) Acting on behalf of the cargo owners; (iii) Provision of required business information; (iv) Preparation of documentation concerning transport documents including customs documents, or other documents related to the origin and character of the goods transported; and (v) Provision of maritime transport services including cabotage services by Vietnamese flagged vessels for the supply of integrated transport services; (vi) Acting on behalf of the company, organizing the call of the ship or taking over cargoes when required; (vii) Negotiate and sign contracts for road, rail, inland waterways transportation related to cargoes transported by the company.

With the strategy of developing and opening up to attract foreign investors, Vietnam hopes to have more international transport investors to invest, set up company, apply for investment registration certificate for conducting business, to not only develop the transport market in Vietnam, but also bring economic benefits to international investors.

 

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Can Foreigner Authorize Other Person to Perform Transfer of Properties in Vietnam?

In the complicated situation of the Covid-19 epidemic, the Government continued to implement policies to restrict entry to Vietnam, thus many transactions were canceled or delayed. That has caused many obstacles for foreign individuals and organizations wishing to perform transactions in Vietnam. We refer to the transfer of home ownership for foreign individuals who cannot enter Vietnam to participate in signing transfer contracts and other related transactions i.e. sell or buy an apartment or a house located in Vietnam.

Pursuant to the law on housing, foreign organizations and individuals have the right to own house in Vietnam, before the time limit of the homeownership, the homeowner is entitled to gift or sell their house(s) to entities eligible for the homeownership in Vietnam; if not, their house(s) shall be under ownership of the State. Regarding the house ownership term, if a foreign organization or individual sells or gifted to a domestic organization, household, individual, or a Vietnamese citizen residing overseas, the buyer or recipient will acquire a long-term ownership of the house. If the house is sold to a foreign organization or individual eligible to own housing in Vietnam, the buyer or recipient may own the house for the remaining period. When this period expires, if the owner wishes to have this period extended, the State shall consider granting an extension. The seller or giver must pay tax and other amounts to state budget as prescribed by Vietnam’s law.

In accordance with the law on housing transactions, the seller or transferor of the commercial house sale and purchase contract must meet the following conditions:

He/she is the homeowner, or the person permitted and authorized by the homeowner to enter into housing as prescribed in this Law and law on civil; if the agreement of commercial housing is transferred, he must be the buyer for housing of the investor or the transferee of the agreement on housing sale;

If the entity is a person, he must have full civil capacity to enter into transactions in housing as prescribed in law on civil; if the entity is an organization, it must have legal personality.

Article 195 of the 2015 Civil Code stipulates: “A person who is not an owner of property has the right to dispose of property only under the authorization of the owner or according to the provisions of law.”

Clause 2 Article 55 of the Law on Notarization 2014 stipulates: “In case both the authorizing party and authorized party cannot appear together at the same notarial practice organization, the authorizing party shall request the notarial practice organization of the place of residence of the authorizing party to notarize the authorization contract; the authorized party shall request the notarial practice organization of the place of residence of the authorized party to further notarize the original of this authorization contract and complete procedures for notarization of the authorization contract.”

In order to perform the house purchase and sale transaction or in other words to buy an apartment or sell a house in Vietnam, the parties to the house transaction need to agree to make a sale contract or a document on the transfer of a commercial house sale and purchase contract. In case a foreign house owner cannot enter directly to sign a contract, he/she may authorize another individual or organization in Vietnam to perform instead. However, the authorization document needs to be notarized at the competent authority. In case a power of attorney is notarized at a competent agency in a foreign country, it is required to be notarized, legalized, and authenticated in accordance with regulations of the foreigner country (apostille) before that document can be used in Vietnam.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

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Da Nang – Boras (Sweden) cooperates in the field of science education

On the afternoon of January 15th, 2021, the People’s Committee of Da Nang City in collaboration with the city government of Boras (Sweden) organized an online seminar on the UN’s sustainable development goals to 2030, within the framework of the project “Scientific education for sustainable development in Da Nang” cooperation between Da Nang and Boras.

 

Based on the UN’s sustainable development goals up to 2030, in which education, environment, science, and technology development are the goals that Da Nang cares for and develops. The city seeks to ensure quality, open and equitable education and increase lifelong learning opportunities for all the citizens, ensure availability and sustainable management of water resources of the city, build solid infrastructure, promote open and sustainable industrialization, and encourage innovation. The city takes urgent measures to combat climate change and its impacts, conserve and sustainably use the oceans, seas, and marine resources for sustainable development, protection, regeneration, and promotion encourage the sustainable use of terrestrial ecosystems, manage forest resources sustainably, combat desertification, prevent soil erosion and loss of biodiversity.

For the Boras city -Sweden, with the goal of sustainable development, Boras city focuses on implementing a number of contents such as improving the institutional system, policies, strengthen information and communication, promote the role and participation of the parties, arrange, mobilize and strengthen financial resources, and strengthen international cooperation.

Da Nang hopes that science education project for sustainable development in Da Nang, which is cooperated between Da Nang and Boras, will have specific activities, contributing to improving the capacity of science education, promoting innovation associated with sustainable development goals in the city.

Da Nang and Boras have cooperated for many years, with many policies to attract and support Swedish investors. Many Swedish investors and enterprises have chosen Da Nang as the investment destination in Vietnam to set up company, establish factory, apply for investment registration certificate. In the coming time, Da Nang-Boras hopes that more investors from Sweden will invest in the city in wastewater and solid waste treatment projects to further strengthen cooperation in investment, education, and science between the two cities.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

 

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Several Noted Points on Law Competition of 2018 in Vietnam

Vietnam Law on Competition has been adopted and will be effective on July 1st, 2019. The competition law of 2018 has changed in comparison with the Law on Competition 2004.  These changes are fundamental which enterprises should be aware of when entering into Vietnam through M&A activities. Competition lawyer should be consulted for update and development to avoid non-compliance.

Competition Lawyers in Vietnam

Firstly, the Competition Law 2018 gave up regulations on the limit of acts of economic concentration. Accordingly, Article 30 prohibits an enterprise from conducting economic concentration that has the potential to cause significant adverse effects on competition in the Vietnamese market. Contrary to previous regulations, Competition Law 2004 prohibits economic concentration if the combined market share of enterprises participating in economic concentration accounted for more than 50% in the relevant market.

Secondly, the Competition Law 2018 under Article 112 provides clemency policy for enterprises violating competition regulations. Accordingly, enterprises which voluntarily declare to help the National Competition Committee detect, investigate and deal with prohibited competition restriction acts will be exempted or reduced penalties according to the leniency policy. The leniency policy is applicable to no more than three first enterprises applying for leniency to the National Competition Commission.

Thirdly, unlike the Competition Law 2004, the Competition Law 2018 specifies the maximum fine for violations of competition law.

For organization:

–Violating regulations on the acts of economic concentration: a maximum fine of 5% of the total turnover of the business on the relevant market.

–Violating regulations on unfair competition: a fine of up to VND 2 billion

–Violation of other regulations: up to 200 million VND.

For individual, the fine level is 50% of the organization’s level.

Fourth, on threshold of economic concentration. The Competition Law 2004 stipulated that for centrally-run enterprises with a market share of between 30% and 50% in the relevant market, the competition authority must notify the competition authority before conducting the economic concentration. At present, the Competition Law 2018 is not regulated specifically as above, but only the notification threshold of economic concentration is determined based on one of four criteria as following:

-Total assets on the Vietnamese market of enterprises participating in economic concentration;

-The total turnover in the Vietnamese market of enterprises participating in economic concentration;

-Transaction value of economic concentration;

-Market share in the relevant market of enterprises participating in economic concentration.

Finally, new regulation on the time limit for dealing with a breach of competition law. Previously, to solve and deal with cases of economic concentration violation, it is necessary to undertake a preliminary investigation and formal investigation. In particular, the preliminary investigation is 30 days; formal investigation is 60 days with unfair competition; 180 days with the agreement restriction competition, economic concentration. Competition Law 2018 no longer stipulates two phases of the above investigation, but only that the investigation period is 09 months for restricted competition; 90 days with economic concentration; 60 days with unfair competition cases.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529.

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Signs of possible corporate frauds to notice and avoid

Vietnam has signed many Free Trade Agreements with many countries and regions around the world, which makes international economic exchange easier. However, the expansion of international trade also makes many businesses at risk when they encounter fraudulent customers in their business.

 

According to the Ministry of Industry and Trade, in 2020, the Trade and Embassy of Vietnam in the a number of countries continuously received invitations to sell, buy goods and sign commercial transaction contracts which have signs of fraud and scams.

Despite many warnings and notices, but due to subjective psychology, high profits, limited foreign trade operations, lack of understanding of customers, difficulties due to epidemics, many businesses cannot directly meeting, checking goods,… using online transactions, which causes businesses to take advantage of fraudulent acts.

Some ways of commercial fraud activities such as: Unpaid delivery; Forging documents even bank papers to get goods; Set the person to get export documents; Using hackers to infiltrate the email addresses of two parties that are having transactions, track the progress of the negotiation, when the buyer prepares to transfer money to buy goods, hack the mailbox (or create an email account with the exact same address as the seller’s email) to send fraudulent account information. After the buyer transfers money to the fraudulent account, they will immediately withdraw the money and disappear; Using advantage of carelessness and unprofessionalism of domestic enterprises such as not asking a reputable inspection organization to check the goods before delivery, not verifying information about partner enterprises… to transfer goods with no value, not in accordance with the contract, or to notify the damaged or poor quality goods to pressure the price, deduct the debt or claim compensation …

Some signs of identifying fraudulent businesses which one should pay attention are: the price negotiation, the contract takes place easily, quickly, less bargaining, accepting high prices; Deposit to receive investment money; Do not provide or provide documents of many different legal entities; Opening L/C at a non-reputable bank in a third country; Business license is about to expire …

In order to avoid working with fraudulent partners, businesses need to improve their professional expertise, legal knowledge, and thoroughly understand their partners before making transactions, especially the new partner is dealing for the first time.

The current commodity prices could be updated through market information or on international commodity websites. Therefore, when there is a request for goods to be paid too high, or too low compared to the prices in the market, the enterprises need to pay close attention and carefully check their reliability.

It is also possible to reduce the risks through the professional service of local risks management in Vietnam for conducting of business due diligence, business license record checking, site visit survey, shareholders or directorship checking, criminal record certificate checking, business reputation verification, public reputation search, research for records of enterprises, research for the reputation of the company, …

ANT Lawyers - a Law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or service request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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Whom is Exempted from Work Permit Since 2021?

On December 30, 2020, the Government issued Decree No. 152/2020/ND-CP regulating foreign workers working in Vietnam and recruiting and managing Vietnamese employees to work for the foreign employers in Vietnam.

 

In which, foreign workers in Vietnam are not required to be granted work permits include:

The employee is the owner or capital contributor of a limited liability company with a capital contribution of at least 3 billion VND; Chairman of the Board of Directors or a member of the Board of Directors of a joint stock company with a capital contribution of at least 3 billion VND;

Intra-corporate transferees within 11 service sectors in Vietnam’s service commitment schedule with the World Trade Organization, including: business services, communication services, construction services, distribution services, educational services, environmental services, financial services, health services, tourism services, recreational and cultural services, and transport services;

The person responsible for establishing a commercial presence;

The employee enters Vietnam to work as manager, executive, expert or technical worker for a working time of less than 30 days and not more than 3 times a year;

The employee who enters Vietnam for a period of less than 03 months to offer services;

The employee enters Vietnam for a period of less than 03 months to handle complicated incidents, technical or technological situations that affect or risk affecting production and business that Vietnamese experts and the foreign experts currently in Vietnam cannot handle it;

Foreign lawyer who has been granted a law practice license in Vietnam in accordance with the Law on Lawyers; The employee is licensed by the Ministry of Foreign Affairs to operate information and press in Vietnam in accordance with the law; The person certified by the Ministry of Education and Training to enter Vietnam for teaching and researching;

The employee enters Vietnam to provide professional and engineering consulting services or perform other tasks intended for research, formulation, appraisal, supervision, evaluation, management and execution of programs and projects using official development assistance (ODA) in accordance with regulations or agreement in international treaties on ODA signed between the competent authorities of Vietnam and foreign countries;

The employee is sent to Vietnam by competent foreign agency or organization to teach and research at international schools under the management of foreign diplomatic missions or the United Nations; establishment and organization established under the agreement which Vietnam has signed and acceded to;

The employee enters Vietnam to implement an international agreement to which a central or provincial authority is a signatory as per the law;

Person obtains an official passport to work for a regulatory agency, political organization, or socio-political organization;

Relatives of members of foreign representative missions in Vietnam;

In cases where the provisions of an international treaty to which the Socialist Republic of Vietnam is a signatory;

Head of representative office, project or is responsible for the activities of international organizations, foreign non-governmental organizations in Vietnam;

The employee is a volunteer;

The student studies at a foreign school or training institution which has a probation agreement with an agency, organization or enterprise in Vietnam; or a probationer or apprentice on a Vietnam sea-going ship;

The employee is a foreigner who marries a Vietnamese and lives in the territory of Vietnam.

This Decree takes effect from February 15, 2021.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

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How to Distinguish between Deposit and Advance Payment

In commercial transactions, it is very common for one party to give the other party an amount of money before the contract being performed. Should this amount be considered as deposit or advance payment?

 

Law firm in Vietnam

Deposit is one of security measures for the performance of contract obligations. According to regulation of Civil Code 2015, deposit is an act whereby one party (hereinafter referred to as the depositor) gives to other party (hereinafter referred to as the depositary) a sum of money or precious metals, gemstones or other valuable things (hereinafter referred to as the deposited property) for a period of time as security for the entering into or performance of a contract.

Upon a contract being entered into or performed, any deposited property shall be returned to the depositor, or deducted from the amount of payment obligation. If the depositor refuses to enter into or perform the contract, the deposited property shall belong to the depositary. In case the depositary refuses to enter into or perform the contract, the depositary must return the deposited property and pay an amount equivalent to the value of the deposited property to the depositor, unless otherwise agreed.

It can be seen that the purpose of deposit is to ensure the entering into or performance of a contract. Due to the fact that its nature is a security measure for the performance of contract obligations, sanction is set in regulation of deposit in case one party refuses to perform the agreement.

In practice, the advance payment can be understood that the obligor pays the obligee a sum of money in advance and this amount is regarded as in-advance performance of a payment obligation. As the nature of the advance is not a security measure for the performance of contract obligations, there is no fine rising from the advance if one party refuses to perform the agreement. Further, when a contracting party gives to the other party a sum of money, which is not clearly identified by the parties as a deposit or an advance, such amount shall be considered an advance payment.

It is important to distinguish the difference between deposit and advance payment to avoid potential disputes in performance the contract or consult with dispute resolution lawyers in Vietnam at early stage of the dispute for proper actions.

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Why should you need to research the partner before signing the contract?

 Why should you need to research the partner before signing the contract?

It is important to find and work with a capable and long-term partner to build confidence doing business in a safely and effectively way for all parties, and avoid potential risks. In order to be guaranteed their legitimate rights and interests, individuals and organizations conducting business need to have a clear understanding of their partner before cooperating, in order to start their business cooperation most effectively.

 

In cooperation with a partner lawfully established in Vietnam, individuals and enterprises could find out information that has been registered at the competent state agencies. Accordingly, information about the owner, legal representative, business lines, head office address, tax code, charter capital, founding shareholder, business registration certificate, corporate history of the last three to five years, the latest business registration information, etc. could be checked on the National business registration information system. The registered information is the official information, valuable to determine the authority, position and responsibility of organizations and individuals if there is a mistake in the operation.

In addition, to find out if an individual is an owner, manager or capital contributor of one or more enterprises in Vietnam, organizations and individuals can also check the information registered in the National business registration information system. If an individual owns, manages, or contribute capital to any business lawfully established in Vietnam within 3 years, it will be recorded. This is the information which helps the organization and individual to verify the truth of information provided by their partner.

In addition, information related to the protection of trademarks of enterprises that have been protected in Vietnam, enterprises and individuals can also be found on the website of NOIP before cooperating.

The information that has been registered at the competent authority, these are basic and public information, so businesses and individuals can search. However, in the course of operation, a number of enterprises have been carrying out illegal activities that are not recorded on the registered information. Therefore, fact checking or finding out at other sources of information for an enterprise is essential to avoid cooperating with a party who is not capable of doing business.

Many businesses and individuals neglect their partner information before signing contracts. During the implementation of the contract, these partners were not able to continue to perform the contract, leading to many negative impacts on the business of the business. In addition, there are partners that commit fraud, provide inaccurate information, in order to appropriate assets of businesses and individuals through the signing of sales contracts. This makes businesses and individuals take a lot of time and effort to reclaim lost assets, affecting their business.

Searching the information of the partners before cooperating is very essential when doing business in any case so that businesses and individuals can cooperate in a long term. Cooperation with a good partner can help businesses and individuals achieve economic benefits, save time and costs in business, thereby bringing the best profit for themselves.

ANT Lawyers in a law firm in Vietnam, recognized by Legal500, IFLR1000. We are an exclusive Vietnam member of Prea Legal, the global law firm network covering more than 150 jurisdictions. The firm provides a range of legal services to multinational and domestic clients. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

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UKVFTA- the cooperation between Vietnam and UK

On December 29th, 2020, representatives of Vietnam and the United Kingdom signed the free trade agreement negotiation between the Socialist Republic of Vietnam and the United Kingdom of Great Britain and Northern Ireland (UKVFTA) in London, United Kingdom. It would open up opportunities for flow of goods and that investors from UK to make investment in Vietnam through setting up company, and manufacturing facilities.

 

After December 31st, 2020, the Vietnam – EU free trade agreement (EVFTA) will no longer apply to the UK due to Brexit, so the implementation of the signing of a free trade agreement between the two countries is essential to sustaining and developing economic cooperation. The UKVFTA is expected to help reduce import duties on goods from the UK to Vietnam and vice versa. In addition, the commitments in the Agreement will help develop trade and investment between the two countries in the coming time.

In recent years, the UK is a major trading partner of Vietnam in Europe, the import-export turnover between the two countries has increased significantly, especially products of seafood, garments, wood products, agricultural products etc. Besides opportunities to promote exports, improve business investment environment, expand commodity supply, the UKVFTA also poses certain challenges in meeting the quality of goods to qualify for pressure tax incentives in the Agreement.

In order to make the most of the economic effects from the UKVFTA, there are UK investors to invest and produce products that meet the quality and demand conditions for the UK market is essential for Vietnam. Besides, in addition, the advantages of British investors such as finance, pharmaceuticals, chemicals…will benefit Vietnam. Investing in Vietnam in these industries will enable investors to take advantage of highly skilled labor, perfect facilities as well as investment attraction policies in Vietnam to bring the best benefits for investors. On that basis, Vietnam also learns the operations, management and experience from British investors, thereby helping to develop the domestic market. In addition, Vietnam also needs to import raw materials for UK manufacturing industries such as textile materials and leather to ensure compliance with the rules of origin in order to make the best use of incentives from the Agreement.

With the negotiation of the Agreement, this is a new beginning for the economic relationship between the two countries Vietnam and the UK during a period of many difficulties due to epidemics and economic crisis. In addition, this is a step towards further developing the diplomatic, cultural and educational relationship between the two countries in the future.

ANT Lawyers in a law firm in Vietnam, recognized by Legal500, IFLR1000. We are an exclusive Vietnam member of Prea Legal, the global law firm network covering more than 150 jurisdictions. The firm provides a range of legal services to multinational and domestic clients. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

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Regulations on opening individual payment account by electronic method

On December 4, 2020, the State Bank of Vietnam issued Circular No. 16/2020/TT-NHNN amending and supplementing a number of articles of Circular No. 23/2014/TT-NHNN dated August 19, 2014 of The Governor of the State Bank of Vietnam guides the opening and use of a payment account at a payment service supplier. Accordingly, the State Bank has supplemented instructions to open individual payment accounts by electronic method.

 

Banks and/or foreign bank branches that open payment accounts by electronic method must develop, promulgate and publicize the process and procedures for opening payment accounts by electronic method in accordance with regulations of the law, include at least the following steps: collect information about the application for opening a payment account as prescribed; check, compare and verify customer identification information; warn customers about actions not performed in the process of opening and using payment accounts opened electronically; provide the customer with the content of an agreement to open and use a payment account as prescribed and enter into an agreement to open and use a payment account with the customer; notify customers of the number, the name of the current account, the transaction limit through the current account and the date of commencement of operation of the checking account to the customer.

Banks and/or foreign bank branches shall evaluate on technological conditions to assess risks, determine the scope of use and decide to apply transaction limits via customers’ checking payment account by electronic method but must ensure that the total transaction value limit (debit) through that customer’s payment accounts does not exceed VND 100 million/month/customer.

Banks and/or foreign bank branches may decide to apply a transaction limit via an electronic payment account that is higher than the above limit in one of the following cases: banks, foreign bank branches apply video call to collect, check and verify customer identification information in the process of opening payment accounts to ensure efficiency such as identification and verification of customer information through face-to-face methods; banks and/or foreign bank branches apply the technology to check and compare customers’ biometric characteristics with citizen biometric data through the citizen identification database; after the bank, foreign bank branch has implemented the identification and verification of customer information through face-to-face meeting with the account holder; money transfer transactions for electronic savings and term deposits for the account holders at such banks, foreign bank branches; in cases where banks, foreign bank branches are allowed to actively debit the customers’ payment accounts as prescribed.

Opening payment accounts by electronic method specified in this Article does not apply to joint payment accounts, individual customer who is foreigner; a person who is aged between exactly 15 and nearly 18 years and does not have his/her incapacity or restricted capacity for civil acts; a person who is under the age of 15, has restricted capacity for civil acts or is incapable of civil acts as defined by the Law of Vietnam is entitled to open a current account via his/her legal representative; a person who has limited cognition and behavioral control as defined by the Law of Vietnam may open a current account via his/her guardian.

This Circular takes effect on March 5, 2021.

ANT Lawyers in a law firm in Vietnam, recognized by Legal500, IFLR1000. We are an exclusive Vietnam member of Prea Legal, the global law firm network covering more than 150 jurisdictions. The firm provides a range of legal services to multinational and domestic clients. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

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RCEP Helps Vietnam Accelerate Investment Attraction

Together with ASEAN countries, Vietnam absolutely has the opportunity to become a hub to attract foreign investment in Vietnam, especially from countries participating in the Regional Comprehensive Economic Partnership (RCEP).

 

Law firm in Vietnam

Finally, the RCEP was signed after 8 years of negotiations. Although it still has to wait a while for the 15 member countries, including 10 ASEAN member countries and 5 partners (including China, Japan, Korea, Australia and New Zealand) to approve, the assessment of the impact of the RCEP on the Vietnamese economy has been repeatedly confirmed.

The rules of origin procedures in RCEP bring significant advantages to Vietnam, whose economy is heavily dependent on imported materials. Vietnam is having a large trade deficit from Korea, China on raw materials for export production and it is always difficult for the origin of goods when exporting to many major markets around the world.

With RCEP, it is reported that Vietnamese enterprises can more easily access raw materials from member countries to produce export goods. For example, it is possible to import electronic chips from Japan and Korea; imported raw materials for textile and leather from China, then produced domestically and exported to other countries, at the same time satisfying the rules of origin within the bloc to take advantage of tariff preferences.

Not only with Vietnam, experts also agreed that RCEP is a favorable opportunity for all countries to participate in restructuring, repositioning supply chains and participating in global value chains. With RCEP, ASEAN is hoping to become the center of the global production chain. If we can do that, the chances for Vietnam are not small.

Vietnam has the opportunity to reshape and better exploit new positions, thereby building up a position in the global supply chain map. Of course, there will be an opportunity to attract investment. RCEP can help Vietnamese companies expand their markets, join regional supply chains and attract foreign investment.

Among the remaining 14 RCEP member countries, most are major investment partners of Vietnam. Even in the list of 10 countries and territories with large investment in Vietnam, there are 6 partners from RCEP. In which, the largest is Korea (70.38 billion USD), followed by Japan (59.89 billion USD), Singapore (55.7 billion USD), China (18 billion USD), Malaysia (12.8 billion USD), Thailand (12.5 billion USD).

Even without RCEP, foreign investment capital from these countries is still pouring into Vietnam, especially when Vietnam is the focus of attention of international investors, when investment flows are changing during Covid-19 period.

Currently, China, Japan, Korea and even Singapore, Thailand, Malaysia are speeding up investment abroad to expand production and supply chains. Vietnam is a safe and attractive destination. The opportunity to speed up investment attraction from RCEP member countries will be greater for Vietnam, especially when Vietnam is building many outstanding mechanisms and policies to catch the shifting investment inflows.

But with RCEP, the story is not just the investments between RCEP members. The prosperity, large market size of the RCEP bloc will also make it become the focus of global investors.

When proposing to negotiate RCEP, ASEAN countries also want to create a favorable environment to connect economies, creating opportunities for enhancing production capacity towards the goal of building ASEAN into a dynamic and unique economic region in terms of production and market.

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Benefits of retaining a Real Estate Lawyer in Vietnam

Due to changes in law attracting foreigners to come to live, and invest in Vietnam, foreigners have growing interest in investment and acquiring real estate. However, as real estate is valuable assets, the law on real estate ownership and real estate transactions are complicated, especially for foreigners.

 

Under the land ownership regime in Vietnam, land belongs to the entire people with the State acting as the owner’s representative and uniformly managing land. Hence, in Vietnam, the land users will have the land use right without the private ownership of the land.  Land law 2013 does not allow foreigner to have land use rights in Vietnam. It only allows foreign invested enterprises to be permitted to use land through the form of land allocation or lease.

Although foreigners do not have land use rights in Vietnam, they are allowed to own houses in Vietnam under the Law on Housing. In addition, the Law on Real Estate Business has certain limitations for foreign investors to conduct real estate business in Vietnam and must meet the legal requirements.

Foreign investors investing in Vietnam wish to use the land to conduct business activities, or intend to conduct real estate business in Vietnam, or simply a foreigner wishing to purchase and own real estate in Vietnam should be aware of the legal provisions on conditions of implementation, orders and procedures to of the transactions to minimize risks.  The assistance of the lawyers on real estate in Vietnam shall be worthwhile.

Real estate lawyers in Vietnam would have in-depth knowledge of the Land Law, Law on Housing, Law on Real Estate Business and related regulations. In addition, they would have practical experience in implementing legal procedures, handling disputes, and supporting real estate transactions in Vietnam. The real estate lawyers could explain the restrictions on land use rights of foreign organizations and individuals in Vietnam and the conditions for conducting business in real estate in Vietnam.  The lawyers at request could assist the foreigners with the process and procedures to work with state agencies to obtain land use rights for enterprise and home ownership rights for individual more effectively.

When conducting transactions related to real estate such as buying, selling, transferring, renting, leasing, real estate lawyers could also provide assistance in in legal due diligence of the real estate to minimize legal risk to clients. It is important to evaluate the legal status of the property, the owner of property, whether property is in dispute, or subject to additional requirements of government before being sold by the developer and the people eligible for entering into the transaction. In addition, the lawyers in Vietnam can advise clients to draft or review the agreements, sales contract as well as the process to legalize the process to comply with the law in Vietnam.

We are a law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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