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8 Key Highlights of the Amended Land Law

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What Are Changes in Land Law? Land law serves as a fundamental pillar in the socio-economic structure of any nation, and Vietnam is no exception. As Vietnam continues to experience rapid industrialization and urbanization, the importance of a robust and adaptive Land Law becomes increasingly paramount. On the morning of January 18, at the closing session of the 5th extraordinary meeting of the 15th National Assembly, with 432 out of 477 delegates approving, the National Assembly passed the amended Land Law, which will come into effect from January 1, 2025. According to the Ministry of Natural Resources and Environment, the amended Land Law includes 16 chapters with 260 articles, amending and supplementing 180 out of 212 articles of the 2013 Land Law and adding 78 new articles. The amended Land Law has institutionalized the Party’s guidelines, resolving difficulties and problems identified during the summary of the implementation of the Land Law. The new contents include: Land Policies...

Plan to Simplify Regulations on Telecom, Gaming, Internet Service

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In the process of economic integration and development, in order to create favorable conditions for business and service sectors under the management of the Ministry of Information and Communications, Vietnam has approved the plan to reduce and simplify regulations a number of regulations under its control. Accordingly, Decision No. 1994/QD-TTg agreed to reduce and simplify regulations related to business lines: Provision of pay radio and television services; Provide G1, G2, G3, G4 video games online; Newspapers; Telecommunications service business; publisher’s activities; Business in printing services, except for packaging printing; Publishing services business; Postal services; Information Technology; Science and technology; Domain name registration and maintenance services; Internet; Network information security products and services in Vietnam. It is important for the company operating in the areas of concern to consult with telecom, internet business, media lawyers to follow up w...

How to Set-up Travel Services Business in Vietnam

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  Foreign investor could only set-up joint venture with Vietnam travel agency to  set-up travel services business in Vietnam  because transport of passenger belongs to investment areas with conditions applied to foreign investor in Vietnam. No one could deny that information technology has tremendously changed the way travel services business operates. The use of booking reservation system application on smartphone and internet are widespread that make travel has never been easier. Foreign investor would be interested to explore the travel services market. However, 100% foreign owned company is not allowed to set-up travel services business in Vietnam. As this investment area is conditional, it is advised that a  law firm in Vietnam  should be consulted to ensure compliance with local regulations. The application process and documents requirements are briefly as following: I. Required documents: Application for the International Travel Business License (form); C...

How to Close a Business in Vietnam?

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  All corporations, companies, partnerships, branch offices, representative offices and other business entities are legal entities in Vietnam which can only be dissolved through formal procedures. The following will be discussing about how to  close a business in Vietnam . What are the major challenges with closing a business in Vietnam? The main thing to remember throughout the process is that the dissolving company, a branch office or a representative office, one should pay close attention to the involvement of all key stakeholders, i.e. the employees, customers, creditors, business partners and relevant authorities. The following are key information to gather for thorough analysis Company size in terms of capital and number of employees? Enterprise’s business sector? Tax invoice usage declaration? Annual profit? Compliance with tax procedures? Administrative violations in the field of taxation? Any outstanding tax? Tax document filing records? Other tax matters? What does t...

Establish Business in Vietnam and Obtain Business Registration Certificate

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It is getting easier for the investor in  doing business in Vietnam . In order for the investor to do business in Vietnam, the investor needs to establish business in Vietnam.  Business registration certificate  is considered a legal document of an organization, which is a paper or electronic document that records information related to business registration that the Business Registration Authority grants to an enterprise. What to prepare for submission to establish business in Vietnam? According to the provisions of the Law on Enterprises, to establish business in Vietnam, the investors need to prepare the following: Enterprise name ; Address where the head office of the enterprise is located; Full name, contact address, nationality, number of legal papers of the individual, for the legal representative of limited liability companies and joint stock companies; for general partners of a partnership company; for business owners of private enterprises. Full name, contact ad...

Money Laundering Regulations in Vietnam

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Crime always be in existence in parallel with the development of the society. It is not possible to totally remove the crime from society but only to prevent such to happen. Together with the development of socio economy and technology, crime has become more complex to recognize. Especially crime of money laundering takes place in a much more sophisticated manner to make it difficult to control and detect. Money laundering not only affects all aspects of economic and political life but also threatens the national security. According to the provisions of Vietnam law, money laundering is an act of an organization or individual in order to legalize the origin of the property obtained from a crime. In which, property is understood as objects, money, valuable papers and property rights according to the provisions of the Civil Code, which can exist in material or immaterial form; movable or immovable property; tangible or intangible; legal documents or instruments proving ownership or in...

What Are Conditions for E-commerce Business in Vietnam?

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Offenders who have completely served their penalties shall be given conditions to do business, live honestly and integrate with the community, and when they meet all the conditions prescribed by law, their conviction may be expunged and their criminal records will be cleaned. A person whose criminal record is removed is considered as having not been convicted. There are three cases of conviction expungement, including: Automatic conviction expungement; Conviction expungement under a Court’s decision; Special cases of conviction expungement. Automatic conviction expungement applies to people convicted not for crimes of infringing upon national security and crimes of undermining peace, against humanity and war crimes when they have completed their main penalty, the probationary period of the suspended sentence, the person has served the additional penalty, other decisions of the judgment or has expired and does not commit any new crime during the periods specified below: (i) 01 year in c...

How Bank Guarantee Letter Could Help Secure a Transaction and Risks Involved?

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In the process of performing civil transactions, there is a need to bind the performance of obligations of the parties hence secured transaction is needed and guarantee is one of the commonly used methods to secure the performance of obligations in business and commercial activities. The party that provides guarantee is normally a commercial bank and bank guarantee is normally a loan service. In reality, there are potentially many risks involved in the guarantee transaction through issuing of bank guarantee letter which needs the attention of dispute lawyers in banking and finance to provide legal advice throughout the process. Bank guarantee or guarantee commitment is a document issued by the guarantor or counter-guarantee or the guarantee-confirming party in the form of a Letter of Guarantee or a Guarantee Contract. Thus, a letter of bank guarantee is understood as a written commitment of the bank to the guarantee recipient that the bank will perform financial obligations on beha...