Vietnam Is About to Have Laws for Venture Capital Funds

Vietnam is planning to adopt a new law, which forms the basis for the establishment of venture capital funds in the country and calling for more money to invest in startup activities, which is being strongly encouraged.

According to Deal Street Asia, Vietnam will target growth rate of 7% per year until 2020. The draft law on supporting small and medium enterprises, which is expected to be adopted in the 3rd parliamentary session, has a section dedicated to Startup Company called creative enterprise”.

With the adoption of proposals, Vietnam will officially legalize the provisions in the establishment and operation of venture capital funds and angel investment funds.

Vietnam Government is also considering promoting startup activities to boost the economy, which depends heavily on traditional areas. Besides, Vietnam is also attracting significant inflows of FDI capitals with 11.02 billion USD in the first 9 months of 2016, increasing by 12.4% over the same period last year.

According to economic experts, the new law for investors may include provisions to help tax procedures become more favorable, shortening the time of investment license issuance. If passed by the Vietnam National Assembly, the new law can alter the perspective of foreign investors in Vietnam as well as attracting more investment capital from abroad.

The new regulations will also help Vietnam to avoid loss of capital when many entrepreneurs choose foreign countries, such as Singapore, to place their headquarters to take advantage of attractive policies like tax cuts or simple establishment procedures.

Besides restrictions on capital policies, Vietnam is facing problems in the use of foreign talented people. This is considered a major barrier for Vietnam startup businesses to develop and grow regionally and internationally. However, the Government of Vietnam is having many changes, leading to the appearance of more and more investors, including foreign investors. Furthermore, the appearance of laws for venture capital funds will help startup environment in Vietnam becomes more ideal.

ANT Lawyers is a Vietnam law firm with English speaking lawyers whom understand the laws of Vietnam within the business and the local culture context.

For Vietnam legal matters or services, the clients could reach ANT Lawyers, the exclusive Vietnam law firm members via email at ant@antlawyers.vn or call the telephone at +848 35202779.

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Hire Lawyers to Collect Debt

The collection of bad debt and late payment after sales are difficult and sensitive jobs. Therefore, the debt collectors should be well informed about the legal nature of the debt profile and they must have skills on debt recovery.

Depending on the nature of each case and each specific dossier, the debt collectors can be able to make suitable plans to deal accordingly.

So there will be a lot of methods and different solutions in the work of debt recovery. However, the recovery of debt will apply the following two basic methods:

– Mediation and agreement methods are ways that lawyers and legal professionals will come directly to negotiate and persuade debtor to make their debt payment schedule.

– Method to resolve through court proceeding or in coordination with the functional agencies: This method will be applied in the case that debtors are unwilling to cooperate, trying to evade responsibility, or the payment plan is delayed.

Time limit for settling the debt collection:

Time limit for settling the debt collection is influenced by many different factors but the two most important factors are the legality of the documents and the payment capability of debtors.

There are debtors, after being explained the consequences and losses of non-payment, late payment by lawyers and legal experts, they were aware of and make plans to pay debts.

But there are debtors that the creditors require the support and intervention of the functional agencies, and then the debtors accept to pay. Therefore, the duration of the case will be prolonged.

ANT Lawyers is a Vietnam law firm with English speaking lawyers whom understand the laws of Vietnam within the business and the local culture context.

For Vietnam legal matters or services, the clients could reach ANT Lawyers, the exclusive Vietnam law firm members via email at ant@antlawyers.vn or call the telephone at +848 35202779.

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Decision 3993/QD-BCT on Investigation to Apply Anti-Dumping Measure

On October 5th 2016, the Ministry of Industry and Trade issued Decision 3993/QD-BCT on the investigation to apply anti-dumping measure.

Accordingly, an investigation will be conducted to apply anti-dumping measure against H-shaped steel products, with HS code: 7216.33.00, 7228.70.10 and 7228.70.90, imported into Vietnam from the People Republic of China (including Hong Kong). Investigation procedures are complying with the law on anti-dumping of goods imported into Vietnam.

Decision 3993 takes effect upon signing.

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ANT Lawyers is a Vietnam law firm with English speaking lawyers whom understand the laws of Vietnam within the business and the local culture context.

For Vietnam legal matters or services, the clients could reach ANT Lawyers, the exclusive Vietnam law firm members via email at ant@antlawyers.vn or call the telephone at +848 35202779.

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Circular 11/2016/TT-BKH on EPC Bidding Documents

Application of EPC bidding document form.

According to Circular 11/2016, EPC is applicable to complicated projects that have technical requirements, high technology and strictly comply with the synchronism, consistency from the design stage to the equipment supply stage, construction, training, technology transfer, warranty and long-term maintenance.

EPC is not applicable in the cases that the bidding package are separated into separate bidding packages in order to create conditions for domestic businesses to participate in the bidding and execution of bidding package.

The bidding document form includes 3 parts: bidding procedure, requirement on the biding package and contract conditions. In the process of formulation, appraisal and approval of EPC bidding document in the form of public bidding, limited international bidding, Circular 11/2016 regulates that it is required to apply EPC bidding document form.

When applying the EPC bidding document form, the investor and the procuring entity need to amend and supplement the content of the chapter of the bidding document form in order to fit the nature and size of each bidding package and the time to organize the bidding.

For EPC bidding package that apply the form of public bidding and limited domestic bidding, the appointment of contractors should be based on the size and nature of the bidding package to edit the accordingly bidding document form.

The mixed bidding package includes design and supply of goods, design and installing, supply of goods and installing, project planning, design, supply of goods and installing (turnkey), based on the size and nature of the bidding package to edit accordingly.

For mixed bidding package that apply the two phases method, the investor can edit accordingly.

Contract

Circular 11/2016 stipulates that the bidding document must include contract agreement form, article and clause as a basis for the contractors to bid, and for the parties to negotiate, complete, sign and implement the agreement.

The contract signed between the investor and the contractor must comply with the contract agreement form, the contractual terms in the bidding documents, adjustments, supplements proposed by the contractor and approved by the investor but not contrary to the law on procurement and related legislation.

In addition, the contractor’s bid price must include all the necessary costs to implement the bidding package, which includes all taxes, charges and fees (if any).

Circular 11/2016/TT-BKH entered into force on October 1st 2016.

ANT Lawyers is Vietnam exclusive member of Prae Legal, an international law firm network, providing full ranges of legal services in Vietnam

For Vietnam legal matters or services, the clients could reach ANT Lawyers, the exclusive Vietnam law firm members via email at ant@antlawyers.vn or call the telephone at +848 35202779.

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Circular 140/2016/TT-BTC on Working License Fee on Holiday to Australia and New Zealand Citizens

On September 19th 2016, the Ministry of Finance issued Circular 140/2016/TT-BTC prescribing the rate, regime of collection and payment of license fee to work on holiday for New Zealand and Australia citizens.

Accordingly, the license fee rate to work on holiday for New Zealand and Australia citizens is 600,000 VND/time/person, applicable for new issuance and 600,000 VND/time/person for reissue.

The license fee shall be collected in Vietnam dong; the collection of fee must be submitted 100% to the state budget.

This Circular replaces Circular 97/2012/TT-BTC on June 18th 2012 and takes effect from January 1st 2017.

ANT Lawyers is Vietnam exclusive member of Prae Legal, an international law firm network, providing full ranges of legal services in Vietnam

For Vietnam legal matters or services, the clients could reach ANT Lawyers, the exclusive Vietnam law firm members via email at ant@antlawyers.vn or call the telephone at +848 35202779.

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Cases Are Rejected When Get Married with Foreign Element

The law of Vietnam prescribed quite detail about the marriage with foreign elements.

The registration of marriage with foreign elements will be rejected in the following cases:

– One or both parties are not old enough to get married under the laws of Vietnam

– The foreign applicant is not old enough to get married under the laws of the country of which he/she is a citizen or permanent resident (for stateless persons)

– The marriage between men and women is not due to a voluntary decision

– There is deception, coercion in the marriage

– One or both parties had husband or wife

– One or both parties had lost their capacity for civil acts

– The parties have the same direct blood line or relative within three generations

– The parties are or have been the adoptive parents and adopted children, father in law and daughter in law, mother in law and son in law, stepfather and his wife’s stepchild, stepmother and her husband’s stepchild

– The parties of the same sex (men marrying men, women marrying women)

– The marriage registration will also be rejected if the results of the interview, and verification showed that the marriage through illegal brokerage; sham marriage that is not intended to build prosperous, equal, progressive, happy and sustainable family; marriage is inconsistent with the fine traditions of the nation; taking advantage of marriage to trafficking of women, sexual abuse against women or for other self-seeking purposes.

Please contact ANT Lawyers via email ant@antlawyers.vn or call our Hotline +84 8 3520 2779 for advices.

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