Implementation of Decree No. 72/2024/NĐ-CP regarding the implementation of matters related to the Customs sector.
On July 1, 2024, the General Department of Customs issued Dispatch No. 3160/TCHQ-TXNK to implement matters related to the Customs sector. Regarding the value-added tax (VAT) reduction policy: a) Reduction of the VAT rate by 2% for goods currently subject to a 10% VAT rate (reduced to 8%), excluding certain groups of goods such as […]
Adjusting gasoline and oil prices
On June 27, 2024, the Ministry of Industry and Trade issued Official Dispatch No. 4477/BCT-TTTN on operating petroleum business. The Ministry of Industry and Trade announces the base prices of popular consumer petroleum products on the market, as follows: E5RON92 gasoline increased by 506 VND/liter, kg to 22,014 VND/liter, kg; RON95-III gasoline increased by 544 […]
Continue to remove difficulties and support production and business activities
On June 28, 2023, the Minister of Finance issued Circular No. 43/2024/TT-BTC stipulating the rates for certain fees and charges to continue easing difficulties and supporting business production and operations. Accordingly, some fees and charges will be reduced by 50% compared to the current rates from the date Circular No. 43/2024/TT-BTC takes effect until December […]
Value-Added Tax Reduction Policy
On June 29, 2024, the Government issued Decree No. 72/2024/ND-CP stipulating the policy for reducing value-added tax according to Resolution No. 142/2024/QH15 dated June 29, 2024, of the National Assembly. The document is accompanied by Appendices I, II, and III, which include the "List of goods and services not eligible for value-added tax rate reduction." […]
Explanation of Land Rent Policy
On June 28, 2024, the General Department of Taxation issued Official Dispatch No. 2788/TCT-CS regarding the explanation of land rent policies. Based on Clause 2, Article 19 of Decree No. 46/2014/ND-CP dated May 15, 2014, by the Government regulating the collection of land rent and water surface rent; and Clause 6, Article 3 of Decree […]
Dispute over a sales contract of goods prior to fulfilling obligations outside the contract
On April 26, 2024, the People's Court of H District, Bac Lieu Province issued Judgment No. 01/2024/KDTM-ST regarding a dispute over a sales contract of goods. The plaintiff is N1 One Member Limited Liability Company (N1 Company), represented by Mr. N under authorization from the company. The defendant is Võ Văn M, a business household. […]
Company in Vietnam lending to foreign company
Question: We plan to lend about 2 million USD to an affiliated company in the United States. We need legal advice on procedures, documentation, and related considerations. Answer: - According to Article 2, Clause 2 of Circular 37/2013/TT-NHNN, the condition for borrowing funds abroad is that the economic organization must obtain permission from the Prime […]
Regulations on Payment Agent Operations
On June 21, 2024, the State Bank of Vietnam issued Circular No. 07/2024/TT-NHNN concerning payment agent operations. Below are some noteworthy provisions of this Circular: 1. The principal assigns the payment agent to perform one or several of the following tasks: - Receive applications for opening payment accounts, verify customer identification information, forward it to […]
Approaches and Methods for Real Estate Valuation Applicable
On June 20, 2024, the Minister of Finance issued Circular No. 42/2024/TT-BTC on Vietnamese Valuation Standards for Real Estate Valuation. These standards provide guidelines for real estate valuation in accordance with the pricing laws. These standards do not apply to land valuation under land law. The approaches applied in real estate valuation include: - Market […]