LEGAL UPDATE: Did you know that contracts in Vietnam that denominate payment in foreign currency are void under Vietnamese law?

March 7, 2016

This means that parties to such contracts will have to be returned to their original positions as if the transactions have not occurred.

The Foreign Exchange Ordinance of 2005 of Vietnam as amended in 2013 and the relevant guiding laws require all civil contracts in Vietnam that contain payment provisions to be denominated and paid in Vietnamese Dong (VND).

This is not new law but...

LEGAL UPDATE: Did you know that the Government has issued the Decree (No. 118) to guide the implementation of the Investment Law?

December 9, 2015

Decree 118 will become valid on 27 December 2015.

We highlight the salient points of this important legislation below:

1. New requirement for the making of a security deposit by investors to guarantee the obligation to carry out certain investment projects where land is allocated or leased by the State.

This is new and previously applied only to large infrastructure BOT type...

LEGAL UPDATE: Did you know that the Government has recently issued a Decree (No. 99) which sets out the guidelines to implement the Housing Law?

November 24, 2015

Decree 99 will become valid on 10 December.

The most interesting are details what conditions foreigners must meet to purchase homes in Vietnam and where they can purchase.

1. Conditions that foreigners need to satisfy to own residential houses in Vietnam

Decree 99 requires a foreigner to satisfy the following conditions to own houses in Vietnam:

(i) Having his/her valid...

LEGAL UPDATE: Did you know that the Government has issued a decree guiding investment offshore by companies established in Vietnam?

October 29, 2015

This decree applies to all companies, credit institutions established in Vietnam (including foreign invested) and Vietnamese individuals.

"Investment offshore" is defined as the remittance of capital overseas by the investor; or the payment in part or in whole of a business establishment by the investor; or the establishment of ownership or title by the investor to carry out business...

LEGAL UPDATE: Did you know that the Government has issued a decree guiding investment offshore by companies established in Vietnam?

October 29, 2015

This decree applies to all companies, credit institutions established in Vietnam (including foreign invested) and Vietnamese individuals.

"Investment offshore" is defined as the remittance of capital overseas by the investor; or the payment in part or in whole of a business establishment by the investor; or the establishment of ownership or title by the investor to carry out business...

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