Setting up a trading company in Vietnam
Question: We are foreign investor and would like to open company for (1) import and distribution (wholesale and retail, without establishment of wholesale & retail outlet) of cosmetic, functional foods and medical equipment and materials; (2) export of pharmaceuticals, oriental pharmaceuticals, functional foods and foods. Please advise legal procedure for us. Answer: We refer with thanks […]
To exempt from mandatory labeling for genetically modified foods temporarily imported, placed in transit
On November 23, 2015, the Ministry of Agriculture and Rural Development, the Ministry of Science and Technology issued the Joint Circular No. 45/2015/TTLT-BNNPTNT-BKHCN on labeling of pre-packed genetically-modified foods. In accordance with the regulations in this Circular, the labeling of prepacked genetically-modified foods sold in Vietnam, at least 1 genetically modified ingredient of which makes […]
Block the inspected entity’s account if it is suspected to hide the property
In accordance with the Joint Circular No. 07/2015/TTLT-TTCP-NHNN dated November 25, 2015 by the Government Inspectorate and the State Bank of Vietnam guiding the account blockade of inspected entities; only if the inspected entity is suspected to hide the property or disobey the decision on confiscation of cash or property, the inspected entity’s account shall […]
Operation duration of a non-bank credit institution is no more than 50 years at the maximum
On December 25, 2015, the State Bank of Vietnam issued the Circular No. 30/2015/TT-NHNN on regulations on issuing the licenses, organization and operation of non-bank credit institutions; within that, the most important content is the requirements for licensing joint stock non-bank credit institutions. Accordingly, the founding shareholders must have at least two founding shareholders as organizations, […]
To annul the regulations on paying wage within working month for employees
On November 16, 2015, the Ministry of Labor, War Invalids and Social issued the Circular No. 47/2015/TT-BLDTBXH guiding the labor contracts, labor disciplines and material responsibilities prescribed in the Decree No. 05/2015/ND-CP dated January 12, 2015 of the Government guiding the implementation of a number of the Labor Code’s contents. In accordance with the regulations in […]
Application of information technology in import and export tax accounting
On November 10, 2015, the Ministry of Finance issued the Circular No. 174/2015/TT-BTC guiding the accounting operations of tax and other revenues for imported and exported goods. In according with this Circular’s regulations, the application of information technology in import and export tax accounting of the customs authorities at all levels must ensure the serious […]
From 2016, only qualified person allowed to perform civil status work
Takes effect on January 01, 2016, the Decree No. 123/2015/ND-CP dated November 15, 2015 of the Government detailing a number of articles of, and measures to implement, the Law on Civil Status, emphasizes that competent persons may only arrange and recruit persons who are qualified to perform civil status work, based on the number of commune-level […]
Maternity regime for female employees being surrogate mothers and intended mothers
On November 11, 2015, the Government issued the Decree No. 115/2015/ND-CP detailing a number of articles of the Law on Social Insurance regarding compulsory social insurance. In particular, in her pregnancy, a female employee being surrogate mother currently paying compulsory social insurance premiums to the sickness and maternity fund is entitled to take leave for […]
The deposit for investment project is from 1% - 3%
In accordance with the Decree No. 118/2015/ND-CP dated November 12, 2015 of the Government guiding a number of Articles of the Law on Investment, takes effect on December 27, 2015, the investor must pay a deposit when receiving land, leasing land, or permitted to repurpose land by the State to execute the investment project… The deposit […]