Business Law
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MPI’s Proposal to Support Business During the Pandemic
- 15 August 2021
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- by Corporate Counsels Team
On August 7, 2021, the Ministry of Planning and Investment (MPI) gathered and developed report No. 5192/BC-BKHDT to address the growth situations of business in 2020 and the first half of 2021. Accordingly, the MPI has proposed the Prime Minister consider, assign relevant authorities to do research and implement short- and long-term solutions. The short-term solutions need to be implemented immediately for Covid-19 prevention and control urgency as well as business support. The long-term solutions aim...
Establish a Company in Vietnam – Charter Capital and Investment Capital
- 01 August 2021
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- by Corporate Counsels Team
The foreign investor who wishes to establish a direct presence in Vietnam, and does not desire to purchase an existing business, can set up a new company in Vietnam (VietCo), whether as a wholly owned company or as a joint venture with foreign or Vietnamese partners. There are two types of capital that the foreign investor will need to consider and decide upon in order to establish a VietCo: 1) the charter capital of the VietCo...
Personal Data Protection Regulation Currently in the Pipeline
- 20 July 2021
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- by Corporate Counsels Team
The ability to collect and access information domestically and across borders is essential for businesses of all sizes, industries, and geographic location. By the end of this year (2021), such data processing activities may be subject to requirements for personal data protection in Vietnam. In the process of being approved is the Draft Decree on Personal Data Protection (Draft Decree), which will likely have a significant impact on personal data protection practices in Vietnam. The provisions...
Cross-Border Lending for Privately-Owned Companies in Vietnam
- 18 July 2021
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- by Corporate Counsels Team
Under foreign exchange control regulations, companies in Vietnam are allowed to enter into cross-border loan agreements with offshore, non-resident lenders in accordance with ‘self-borrowing and self-repayment’ principles. In addition to equity and domestically-generated loans, the cross-border lending mechanism is a popular financing option that investors utilize to finance their investments in Vietnam. In general, the movement of money in and out of Vietnam is strictly regulated by law and controlled by the banking regulators. The purpose...
A Brief View of the Vietnam Bankruptcy Law
- 28 June 2021
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- by Stephen Le
Most people think that bankruptcy is bad and try to avoid it. However, bankruptcy is a powerful legal tool and if using it the right way, it can solve your problems, whether you are a creditor or a debtor. If you are a creditor, why should you file for bankruptcy? Creditors often file normal lawsuits to collect the debts instead of using bankruptcy proceedings because (i) bankruptcy is very complicated and (ii) bankruptcy will invite other...
