English Speaking Law Firm in Ho Chi Minh City

ANT Lawyers, English speaking law firm in Ho Chi Minh City with English speaking lawyers is located in the business center that provides convenient access to our clients.

English Speaking Law Firm in Ho Chi Minh City

ANT Lawyers works with corporate and individual clients from across the sectors and offers a true spectrum of legal expertise, both contentious and non-contentious. The range of our experience enables us to advise on various matters from the precedent-setting to the purely procedural.

The common thread in everything we do is our ability to combine both commercial and legal perspectives. This means our clients can rest assured that, whatever the case or transaction, our lawyers have the experience to deliver legal advice and service that works in a commercial context.

Our English speaking lawyers in Ho Chi Minh city offer client with particular services that guide clients throughout investment, commercial transaction, M&A, civil transaction, property sales and purchase, IP registration, and dispute resolution procedures.

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

Call our office at (+84) 28 730 86 529 , send us email ant@antlawyers.vn or visit our English speaking law firm in Ho Chi Minh City at ANT Lawyers HCMC Branch, 7th Floor, Me Linh Point Tower, 2 Ngo Duc Ke Str., District 1, HCMC. 

Let ANT Lawyers help your business in Vietnam  

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Law Firm in Vietnam

ANT Lawyers is a law firm in Vietnam with offices in Hanoi, Danang and Ho Chi Minh City. We are an exclusive Vietnam law firm member of Prae Legal, a global law firm network spanning 5 continents and 150 countries through which we have built up relationship with lawyers from all parts of the world. This cooperation allow ANT Lawyers to handle cases involving matters of international nature involving foreigners.

Law Firm in Vietnam

ANT Lawyers works with corporate and individual clients from across the sectors and offers a true spectrum of legal expertise, both contentious and non-contentious. The range of our experience enables us to advise on various matters from the precedent-setting to the purely procedural.

The common thread in everything we do is our ability to combine both commercial and legal perspectives. This means our clients can rest assured that, whatever the case or transaction, our lawyers have the experience to deliver legal advice and service that works in a commercial context.

Our lawyers offer client with particular services that guide clients throughout investment, commercial transaction, M&A, civil transaction, property sales and purchase, IP registration, and dispute resolution procedures.

We help clients to overcome cultural barriers and achievie their strategic and financial results, anh in the meantime ensure best interest protection, risk minimization, and regulatory compliance.

Looking for a reliable local English speaking law firm in Vietnam for your business?

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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Regulations on Debt Trading Contracts in Vietnam

What Are Regulations on Debt Trading Contracts in Vietnam

Along with the development of socio-economic activities, right to collect debt has become an asset right, hence its transferability is also recognized. Vietnam law recognizes debt as a commodity that can be traded through a debt trading contract. However, in order for the debt trading contract to be legally valid and ensure the rights and obligations are enforced, the parties need to pay attention to the provisions on the debt trading contract.

 

Debt trading contract in Vietnam

Firstly, in terms of the right to enter into a debt trading contract, according to the provisions of the Civil Code on the sale and purchase of property rights, the property right is the right to claim debt in Vietnam. Accordingly, the right to recover debt becomes the subject of a contract that the parties can transfer as if it were a special type of property. In addition, the debt trading contract aims to transfer ownership of the right of debt recovery and at the same time transfer the debt seller’s obligations to the debt purchaser. This is a transaction that does not affect the interests of the debtor totally. Therefore, the transfer of the right to demand does not require the consent of the obligor, whereby the parties can enter into a debt trading contract without the consent of the debtor.

Secondly, in terms of the form of the debt trading contract, based on the provisions of law prescribing debt trading contract by credit institutions and foreign bank branches, debt trading contract is a written agreement on the transfer of the right to collect debt for a debt arising from a lending operation, payment on behalf of the guarantee, whereby the debt seller transfers ownership of the debt to the debt purchaser and receives payment from the debt purchaser. Therefore, the debt trading contract must be made as a written document.

Furthermore, the debt trading contract must be signed by the legal representative or the authorized representative of the debt purchase and sale parties. Therefore, according to this provision, the debt trading contract does not require the parties to be notarized or authenticated. If necessary, the parties can agree on the notarization or authentication of the debt trading contract. In addition, the parties can make an agreement that the contract can be made in a foreign language and the parties need to consent on which language of the contract will be used in case of a dispute arisen. In addition, in case the debt purchaser and debt seller are organizations with legal status, in addition to the legal representative to sign, the contract needs to be stamped. These are strict regulations on the established form to ensure the legality of the contract’s form.

Thirdly, when drafting a debt trading contract, it must contains the following principal contents: (i) Time for signing the debt trading contract; (ii) Names and addresses of the parties to the debt trading contract; (iii) Name and title of the representative of the parties to the debt trading contract; (iv) Name and address of the debtor and related parties (if any) to the purchased or sold debt; (v) Details of debt purchased and sold: Loan amount, loan period, purpose, book value of the debt up to the time of debt purchase and sale; (vi) Security measures for the debtor’s payment obligation for the purchased or sold debt (if any); (vii) Debt selling price, payment method, payment term; (viii) Time, method and procedures for transferring debt documents and records, including dossiers and documents on debt security (if any); The time the debt purchaser becomes the subrogator, the debt seller has obligations; (ix) Rights and obligations of debt sellers and debt buyers; (x) Liability of the parties for breach of contract; (xi) Settlement of arising disputes. These are the basic and mandatory contents of a debt trading contract. In addition, the parties can make agree on other contents in the debt trading contract that are not contrary to the provisions of the laws.

In addition, during the implementation of the debt trading contract, the law allows the parties to agree to amend, supplement or cancel the content of the debt trading contract. However, the decision to amend, supplement or cancel must be based on ensuring compliance with the provisions of law.

Therefore, the establishment of a debt trading contract in Vietnam is basically the same as other property rights transfer transactions. However, debt is a special object of property rights, therefore the parties need to strictly comply with the provisions of law on the content and form of the contract to ensure the legality of the contract as well as the rights and obligations of the parties. It is suggested to engage lawyers with specialization in debt recovery and dispute resolution to assist drafting or reviewing debt trading contract for its effective usage.

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 services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529

 

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How to Transfer Shares in a Joint Stock Company

According to Vietnam law, joint stock company is one form of typical company types in Vietnam. For a joint stock company to be set-up, there should be at least three shareholders. In the joint stock company, the charter capital is divided into equal parts called shares. Shareholders have the right to freely transfer their shares to others, but there will be some certain restrictions.

 

How to transfer shares in a joint stock company?

Within three years from the establishment of the company and the issuance date of the Certificate of Enterprise Registration, the ordinary shares of founding shareholders may be transferred to other founding shareholders and may only be transferred to a person that is not a founding shareholder if the transfer is accepted by the General Meeting of Shareholders. In this case, the transferor does not have the right to vote on this transfer. In addition, if the company’s charter has provisions restricting the transfer of shares, the transfer of shareholders must also comply with the provisions of the Charter and these regulations will only applicable if they are written in the certificates of the shares subject to restriction.

The transfer of shares is usually made by the parties by contract or transaction on the securities market. In case of transfer under a contract, the documents shall bear the signatures of the transferor and the transferee or their authorized representatives. In case shares are transferred on the securities market, the transfer procedures prescribed by securities laws shall apply.

Shareholders of a joint-stock company have the right to donate part or all of their shares in the company to other individuals or organizations; use shares to pay off debt. At that time, individuals and organizations that are given or received the donation or debt payment will become a shareholder of the company. However, they will only become shareholders of the company from the time their information is fully recorded in the register of shareholders.

In case of the death of a shareholder that is an individual, his/her heir at law or designated by a will shall become a shareholder of the company. If such shareholder dies without an heir or the heir refuses the inheritance or is disinherited, his/her shares shall be settled in accordance with civil laws.

The last point to pay attention is when there is a share transfer event, the company shall register the changes of shareholders in the shareholder register as requested by relevant shareholders within 24 hours after the request is received.

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 services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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Can Foreign Invested Enterprises Distribute Pharmaceutical Products in Vietnam?

Currently, with the complicated developments of the Covid-19 epidemic in the world in general and in Vietnam in particular, the research, production and import of Covid-19 vaccines are the matter that everyone is concerned about. On February 24th, 2021, the first batch of vaccine approved for import was transported to Vietnam by the Vietnam Vaccine Joint Stock Company.

 

Facing this situation, a number of foreign enterprises have expressed their opinions on the limitations imposed on foreign-invested enterprises in the field of distribution of pharmaceutical products in Vietnam. Vietnam has reserved no commitment to open the distribution of pharmaceutical products service market and has not committed to opening the distribution of pharmaceutical products service market under any trade agreement or international treaty up to the moment, because the pharmaceutical sector is sensitive, directly related to access to drugs and people’s health.

According to the provisions of the law, “distribution of pharmaceutical products” means the division, movement and storage of pharmaceutical products from the warehouse of the manufacturer/importer of such products or from a distributor to the end user thereof or to a distribution point or between distribution points by means of various transport methods. For distribution services, in the WTO Commitments, it is clear that pharmaceutical distribution services are excluded from the scope of commitments for all modes of supply. In addition, Appendix 03 of Circular 24/2016/TT- publicizing roadmaps for goods trade and goods trading directly related activities of foreign-invested enterprises in Vietnam, it is also recognized that pharmaceutical products are on the list of goods not entitled to distribution.

Regarding this issue, the Drug Administration of Vietnam expressed the following viewpoint: “The suspension of allowing foreign-invested enterprises in Vietnam to provide drug storage and transportation services is to prevent the distribution of disguised drugs in Vietnam, contributing to health security and towards the professionalization of the medicine distribution system in Vietnam.”

Point c, Clause 10, Article 91 of Decree 54/2017/ND-CP, effective from May 8, 2017, provides for cases ineligible to distribute drugs as follows:

“10. The entities that are entitled to import but not entitled to distribute drugs and medicinal ingredients in Vietnam must do activities related to distribution of drugs and medicinal ingredients in Vietnam except for drugs and medicinal ingredients they manufacture in Vietnam, including:

c) Providing drug/medicinal ingredient transport or storage services.”

According to this content, foreign-invested enterprises in Vietnam are not allowed to transport and preserve drugs, except for drugs and medicinal ingredients manufactured by that enterprise in Vietnam. It can be seen that the restriction on the right to distribute drugs to foreign-invested enterprises is aimed at ensuring health security, being proactive in drug supply and distribution, towards to professionalize the domestic drug distribution system as a foundation to support the development of the domestic pharmaceutical industry and contributing to better control of drug prices in the market.

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 services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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10 Questions to Ask Before Set-up Company in Vietnam

Foreigners are encouraged to make investment in Vietnam through direct investment by Setting up company in Vietnam.

However there are restrictions in some cases in regard to investment capital, investment area, special licenses required. The investor is suggested to consult with a law firm in Vietnam for advice and service offering.

 

Before setting up business in Vietnam, ask yourself the following questions:

1. Which business should I invest in Vietnam?

There are non-conditional investment areas and conditional investment areas.  Establishing company in the non-conditional investment areas are more simple than in conditional investment areas.  Investment in IT services, manufacturing, management consulting, business promotion are a few samples of non-conditional investment areas. Example of conditional investment areas are real estate, trading, travel agencies, freight forwarding…which are more complicated with investment conditions.  Investment conditions might also be changed over the time depending on the WTO commitments which Vietnam enters.

2. What should I name the business in Vietnam?

The company in Vietnam has to have Vietnamese name, and English name. The company could also have abbreviated name.  The name of the company in Vietnam indicates the structure of the company, the business lines, and the name that differentiate against other businesses.  For instance, the company could be named Alpha consulting limited liability company.

3. Where should I register the address of the business in Vietnam?

Not every address could be used to register a company.  The address has to be an address of a house with leasing agreement or office building which owner has license to operate as office building.

4. What is the legal structure of the company?

Depending on the number of investor contributing capital, company could be set-up as one member limited liability company or two or more member limited liability company or joint stocks company.

5. How much capital is required to set-up a company in Vietnam?

The investment amount depends on the business plan and is subject to the approval of the provincial Department of Planning and Investment evaluating application dossier. In some business areas like real estate, banking and finance, minimum capital is required. In general for non-conditional investment area, the law does not specify the minimum capital to establish a company in Vietnam however the State agencies that evaluate investment plan could reject the investment project which are not feasible. Bank statement in foreign banks could be used to prove sufficient fund of investment capital.

6. Whom will be legal representative and work permit in Vietnam?

The investor will need to appoint the legal representative in Vietnam to oversee the business performance and take legal responsibility in Vietnam. If the legal representative is an expatriate, whom is a capital contributing member or owner of a limited liability company or a member of the Board of Management of a shareholding company which is registered to operate in Vietnam, he or she will be exempted from work permit in Vietnam. Otherwise, he or she will need to have a work permit to work in Vietnam legally.  The work permit holder would then apply for temporary residence card to live in Vietnam as long as the work permit allows.

7. How long does it take to set-up a company in Vietnam?

It depends on what type, scale, and whether or not conditions are required. For a simple minimum capital without conditions to set-up, it would take 30 working days. For setting up company in conditional investment areas i.e.  trading company in Vietnam, time would be lengthen due to the involvement of a number of State agencies approving the investment project and it would take 60 working days. For setting up company in other investments in areas requiring conditions to meet, time might be taken depending on the type of conditions and the government agencies evaluating the conditions of investment.

8. Whom will be granting the investment license in Vietnam?

For most of the investment projects, the provincial state agencies with the approval of the Department of Planning and Investment (DPI) will be granting the Investment Certificate in Vietnam. However, depending on the type, scale, and whether or not conditions are required, other Vietnam State agencies might be involved. For the case of trading company, ministry of trade and commerce, ministry of finance, provincial people’s committee will be reviewing the investment application dossier as well.

9. What are the tax liability in Vietnam?

Major taxes in Vietnam are corporate income tax, import and export tax, value added tax, and personal income tax in Vietnam. In some special areas, there are other taxes. The corporate income tax is currently at 22% and will reduce to 20% beginning 2016. Export is mostly encouraged as such the export tax is 0 however there are special cases when export tax is larger than 0. Import tax varies according to tariff. Value added tax is mostly at 10% however in some cases, VAT could be 5% or 0%. Personal Income tax varies according to income level and is applicable from VND 9,000,000 above.

10. What are mandatory reports submissions requirement in Vietnam?

Companies are required to keep accounting books, prepare and submit tax reports on monthly, quarterly and annually. Foreign companies are also required to have financial audit taken before the financial year end. The financial year in Vietnam is from January to December and the deadline to submit financial report is March 30th for the previous year. Other reports are required to be submitted at other State agencies.

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. 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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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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Conditions for foreign experts to work in Vietnam

On December 30th, 2020, Decree 152/2020/ND-CP has been issued regulating on foreigners working in Vietnam and recruiting, managing Vietnamese employees working for foreign organizations and individuals in Vietnam. Decree 152 clearly defines the forms and conditions for foreign employees to be eligible to work in Vietnam, and provides conditions for exemption from work permits in Vietnam, recruitment of foreign employees, renew and re-issue work permits.

According to current regulations, foreign citizens come to work in Vietnam for the purposes of performing employment contracts; performing intra-company transfer program; performing contracts or agreements on business, trade, finance, banking, insurance, science and technology, culture, sports, education, vocational training and health; providing services under contracts; offering services; working for foreign non-governmental organizations or international organizations in Vietnam that have been granted with operating licenses in accordance with the Vietnam law; working as volunteers; taking charge of establishing the commercial presence; working as managers, executives, experts, technical workers; performing packages or projects in Vietnam; or accompanying members of foreign representative bodies in Vietnam who are authorized to work in Vietnam under an international treaty to which the Socialist Republic of Vietnam is a signatory as their relatives.

For the conditions for foreign employees to work in Vietnam, Decree 152 has some notable new points, which according to Clause 3, Article 3 of this Decree, an expert who wish to work in Vietnam requires a foreign worker who obtains at least a bachelor’s degree or equivalent and at least 03 years’ experience in his/her training field in corresponding with the job position/job assignment that he/she will be appointed in Vietnam or obtains at least 5 years’ experience and a practicing certificate in corresponding with the job position that he/she will be appointed in Vietnam. There are opinions that this regulation makes it difficult for many foreign experts to come to Vietnam to work because in fact there are many experienced people who do not have appropriate qualifications and certificates.

Foreign experts, managers, executives or foreign technicians working in Vietnam for up to 30 days and no more than 3 times a year may be exempted from work permits. Cases eligible for exemption from work permits (or a certificate of exemption from work permits) must be notified to the Ministry of Labor, War Invalids and Social Affairs or the Department of Labor, War Invalids and Social Affairs of the provinces and centrally-run cities regarding personal information of the foreign worker and the expected start /end date, at least three days prior to the first scheduled working date in Vietnam.

At least 30 days from the expected date of employment of the foreign employee, the employer (except contractors) is responsible for determining the demand to use foreign workers for each job position that the Vietnamese employee has not yet met requirements of the position and report to the Ministry of Labor, War Invalids and Social Affairs or the People’s Committee of the province where the foreign worker is expected to work. During the implementation process, if there is a change in the demand for foreign employees, the employer must also report at least 30 days in advance.

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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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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Vietnam attracts clean energy investment

On the morning of July 22nd, 2020, the High-Level Forum on National Energy Development 2020 took place at the same time many investment signing activities among leading energy enterprises in Vietnam, the region and in the world, open up a strong and sustainable period of clean energy development in Vietnam.

 

At the forum, the signed projects include: gas power plant project in Ca Na – Ninh Thuan province, LNG Chan May gas power plant project in Chan May Economic Zone – Thua Thien Hue province, project wind power off La Gan – Binh Thuan province.

The most outstanding of which is the wind farm project off the coast of La Gan in Binh Thuan province with a total investment of up to 10 billion USD. Accordingly, Copenhagen Infrastructure Partners (CIP), on behalf of New Market Fund I, with Asiapetro and Novasia Energy signed a Memorandum of Understanding (MOU) with the People’s Committee of Binh Thuan Province on the development of the offshore wind power project La Gan, Binh Thuan province. With a capital up to USD 10 billion, the pharmaceutical project is expected to create significant sources of income and employment for Binh Thuan and Vietnam, promoting the potential of developing wind energy in Vietnam.

For the LNG Chan May gas power plant project (in Thua Thien-Hue province) with a total investment of about USD 6 billion, cooperation between the US and Vietnam. When operating, every year, the plant will provide an average power output of 24 to 25kWh. Accompanying with the project are the US Government’s support programs for private investment projects of US citizens abroad, along with the world’s leading partners in finance, technology, operation and gas supply (source guaranteed from the United States) and corporate governance: US Development Finance Corporation, USAsia EDGE, World Bank, US EXIM Bank, GE Gas Power … help contribute to the growth of trade relations between Vietnam and America.

Besides foreign investors, domestic investors are also interested in developing clean energy such as gas power project in Ca Na and Phu My solar power development project in Binh Dinh with investment capital more than 6,000 billion.

With the development of clean energy projects, Vietnam expects many domestic and international investors to invest in the field of clean energy, set up company, obtain investment licenses, or acquire other company through merger and acquisition, bring in fresh capital in order to fully realize Vietnam’s capabilities in this field and bring great economic benefits to investors and contribute to environmental protection, sustainable clean energy development in the future.

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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What Procedures an Enterprise Complies on Publishing Business Information?

Provisions on announcing of business information are stipulated in the Law on Enterprise and other decrees which company has to comply as part of compliance procedures.

After being granted an enterprise registration certificate, under the Enterprise Law, an enterprise must publicly announce it on the National Business Registration Portal according to the order, procedures and pay fees as required. The application for publication of enterprise registration information is a compulsory procedure, made at the time an enterprise submits its enterprise registration dossier. Information about publication of enterprise registration information is posted on the National Business Registration Portal. The content to be published includes the contents on the enterprise registration certificate and the lines of business. In addition, for joint stock companies with foreign investors, a list of founding shareholders and foreign investors is required. In case of changes in enterprise registration contents, the corresponding changes must be publicly announced on the National Business Registration Portal.

Provisions on form, time and content of announcement are different from those in the Law on Enterprise, specifically, within a period of thirty days from the date of being granted an enterprise registration certificate, an enterprise must publish information in one of the forms posted on the business information network of the business registration agency or one of the written or electronic newspapers in three consecutive issues. The main content to be published includes: Company’s name; Address of the head office of the enterprise, branch or representative office; Lines of business; Charter capital of limited liability company and partnership company; number of shares and value of contributed capital and number of shares to be issued with joint stock company; initial investment capital for private enterprises; legal capital for enterprises conducting lines of business requiring legal capital; Full name, address, nationality, ID card number, passport or other legal personal identification number, establishment decision number or business registration code of the owner, member or shareholder foundation; Full name, permanent address, nationality, ID card number, passport number or other legal personal identification of the legal representative of the enterprise; Place of business registration.

For publication fees, according to the provisions of Circular no. 47/2019/TT-BTC stipulating the rates, collection, payment, management and use of information provision charges of enterprise information that takes effect from the date of On September 20, 2019, the enterprise registration fee and the enterprise registration content announcement fee are VND 100,000/time, instead of the VND 300,000/time as stipulated in Circular no. 215/2016/TT-BTC regulating the rates, collection, remittance, management and use of charges for provision of enterprise information and enterprise registration fees.

In addition, there are some enterprises that do not need to publish their business information on the National Business Registration Portal before going into operation, but make other forms of announcement. For example, for a law-practicing organization, within thirty days after being granted operation registration papers, law-practicing organizations must publish on daily newspapers of central or local registry of law practice or newspaper for three consecutive issues. For credit institutions, foreign bank branches, representative offices of foreign credit institutions and other foreign institutions engaged in banking activities, they must be published on the State Bank’s media, and in a daily newspaper written in 03 consecutive issues or an electronic newspaper of Vietnam at least thirty days prior to the scheduled date of operation of opening information as prescribed in Article 25 of the Law on Credit Institutions 2010.

In addition to disclosing corporate information, there is also a procedure for disclosure of information on the stock market that is applicable to public companies and bond issuers (except for government bond issuers and bonds), government-guaranteed bonds and local government bonds), securities companies, fund management companies, branches of foreign fund management companies in Vietnam, public funds. These companies and organizations must comply with the law on securities in the Securities Law announcing on the company’s website and information disclosure system of the State Securities Commission.

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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