Dear Mr/Mrs Attorney, we are seeking legal advice on implementation of foreign investor repurchase capital of local company. Thank you.
SB Law thank you for giving us the opportunity to provide our legal consulting services for you. With respect to your questions, we would like to advise as follows:
1. Preliminarily Comment
Pursuant to Article 92 Commercial Law 2005, Sales promotion can be conducted under following types:
- Giving samples of goods or providing samples of services to customers for trial use free of charge.
- Presenting goods as gifts or providing free-of-charge services to customers.
- Selling goods or providing services at prices lower than goods sale prices or service provision charge rates previously applied during the period of sale promotion already registered or announced. In case of goods or services subject to the State management over their prices, the sale promotion in this form shall comply with regulations of the Government.
- Selling goods or providing services together with coupons that allow customers to enjoy one or several benefits.
- Selling goods or providing services together with prize-contest entrance tickets to customers, for purpose of selecting prize winners according to the rules and prizes already announced.
- Selling goods or providing services together with opportunities for customers to participate in games of chance, the participation in which comes after the purchase of goods or services and the winning of prizes depends on the luck of participants according to the rules and prizes already announced.
- Organizing programs for frequent customers whereby gifts are presented to customers on the basis of the quantities or values of goods purchased or services used by such customers and expressed in forms of customers’ cards, coupons acknowledging the purchase of goods or services, or other forms.
- Organizing cultural, artistic or entertainment programs or other events for customers for the purpose of sale promotion.
- Other forms of sale promotion if approved by the State management agency in charge of commerce.
Accordingly, in comparision with promotion program of Client, we consider that form of Promotion (1) shall be classified in Selling goods or providing services together with coupons that allow customers to enjoy one or several benefits and (2) and (3) shall be classified in Presenting goods as gifts or providing free-of-charge services to customers.
For all promotion programs of Client, Client needs to make a Notice on Sale Promotion to the Department of Industry and Trade of each province (including: HCM City, Binh Duong, Daklak, Gia Lai, Vung Tau, Can Tho, Vinh Long, An Giang, Bac Lieu, Ca Mau, Bac Lieu, Long An, Tien Giang, Hau Giang) where promotion progam shall be held.
2. Scope of works
Preparation of the dossier
- Notifying to Client about application documents required in accordance with Vietnamese law;
- Checking and complete dossier on the basis of document is provided by the Client;
- Drafting required application documents for submission;
- Liaising with Client to discuss the draft application documents;
- Obtaining preliminary comments from the licensing authority on the draft application documents;
- Finalizing application documents for execution.
- Submitting the application dossier to the licensing authority on behalf of Client;
- Following with approval progress of the competent authority;
- Keeping Client updated on the developments and additional requirements, if any;
Preparing the application dossier:
- We anticipate that this phase shall be completed within 03 working days from full receipt of information and document provided by Client;
Submission of application dossier:
- We shall submit application dossier within 02 working days from full receipt of duly signed and sealed application dossier;
- Notice on Sales Promotion: Within 03 – 05 working days from the date of receipt of complete and valid application.
Highly Note: The Licensing procedure may be longer due to subjective reasons of the Licensing Authority for amending dossiers from each province. SB Law will use reasonable efforts and coordination to expedite the licensing process in case of necessity.
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