According to the law, when carrying out administrative procedures at a competent Vietnamese agency, Vietnamese citizens will have to present their identity card/citizen identity card, and foreigners will present it. passport. In the dossier submitted to the competent authority to carry out administrative procedures, it is always required to submit a copy of the foreigner’s passport. Foreign investors who want to carry out administrative procedures in Vietnam will have to make a copy or notarize a copy from the original passport.
However, when China grants citizens an electronic passport with a symbol starting with the letter E and in the passport there is a page with a cow’s tongue line, also known as a nine-dash line, which Vietnam does not recognize, so it will not be recognized by Vietnam. There are some problems when the Chinese carry out administrative procedures in Vietnam. Read More
The revised Law on Intellectual Property was approved by the 15th National Assembly at its third session on June 6, 2022, and officially took effect from January 1, 2023. Inco Minh Anh Law Firm would like to summarize for customers to note as follows:
Firstly: is a policy to ensure clear regulations on authors, copyright holders, performers, related rights holders in cases of assignment and transfer of Copyright (QTG), related rights related to copyright (QLQ). Accordingly, the regulations related to the identification of property rights holders (owners, authors, performers) are specified more clearly and specifically, helping the process of transferring ownership, Transfer of use rights in transfer contracts, transfer of copyrights and related copyrights is more convenient. The highlight of the draft Law is the provision allowing the transfer of some moral rights under agreement (naming agreement, work modification) in accordance with the characteristics of the field of copyright in order to solve problems. exist in practice in the past time such as the case where there is a need to change the name of a work, modify or upgrade a computer program, etc.
Second, policy incentives to create, exploit and disseminate inventions, industrial designs, layout designs, plant varieties created from scientific and technological tasks using the state budget. Read More
According to the investment law 2020, there are five forms of investment in Vietnam
1) Investment in the establishment of economic organizations.
2) Investment to contribute capital, buy shares, buy contributed capital.
3) Implementation of investment projects.
4) Investment in the form of BCC contract.
5) New investment forms and economic organizations according to the Government’s regulations.
According to Article 23 of the Investment Law 2020, if a (domestic) economic organization makes an investment in the forms (1), (2), and (4) and falls into one of the following cases, it must satisfy the following conditions: conditions and carry out investment procedures in accordance with regulations for foreign investors: Read More
SPECIAL INVESTMENT PRINCIPLES AND INDUSTRY
I. HIGH TECHNOLOGY, INFORMATION TECHNOLOGY, SUPPORT INDUSTRY
- Application of high technologies on the List of high technologies prioritized for development investment under the Prime Minister’s decision.
- Producing products on the List of high-tech products encouraged for development under the Prime Minister’s decision.
- Manufacturing products on the list of supporting industry products prioritized for development according to the Government’s regulations on supporting industry development.
- High-tech incubation, high-tech enterprise incubation; venture capital for high-tech development; application, research and development of high technology in accordance with the law on high technology; manufacturing biotechnology products; training high-tech human resources; provide high-tech services.
- Producing software products, digital information content products, key information technology products, and software services in accordance with the law on information technology; manufacture network information security products and provide network information security services to ensure the conditions as prescribed by law on network information security; manufacture products formed from scientific and technological results in accordance with the law on science and technology.
- Producing renewable energy, clean energy, energy from waste destruction.
- Producing composite materials, light building materials and rare materials.
- Producing products on the list of key mechanical products under the Prime Minister’s decision.
1. Planting, tending, nurturing, protecting and developing forests, developing production forests in bare lands and bare hills, planting large timber forests and converting small timber plantations into large timber plantations; develop non-timber forest products, restore natural forests.
2. Cultivation, processing and preservation of agricultural, forestry and aquatic products, processing non-timber forest products.
3. Producing, multiplying and cross-breeding plant varieties, livestock breeds, forestry plant varieties, aquatic plant varieties, developing hi-tech forestry plant varieties.
4. Production, extraction and refining of salt.
5. Offshore fishing combines the application of advanced fishing methods; fisheries logistics; construction of fishing shipyards and fishing ships.
6. Rescue service at sea. Read More
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Investment incentives are one of the policies to help Vietnam develop its economy, attracting businesses, especially foreign ones (Korea, Japan, USA, China, Singapore, …) to Vietnam. over the years. So what are the basic investment incentive policies, how are the procedures in Vietnam, inco Minh Anh Law firm will summarize for interested customers.
Pursuant to the provisions of Clause 1, Article 15 of the Investment Law 2020 , the form of investment incentives includes:
Corporate income tax incentives, including the application of a lower corporate income tax rate than the normal tax rate for a definite term or for the entire duration of the investment project; tax exemption, tax reduction and other incentives in accordance with the law on corporate income tax (for example, a 2-year exemption, a 50% reduction in the next 4 years when investing in a new project in an industrial park, export processing zones and economic zones in Vietnam);
Exemption from import tax on goods imported to create fixed assets; raw materials, supplies and components imported for production in accordance with the law on export tax and import tax (for example, for an EP project in an export processing zone in Vietnam);
Exemption or reduction of land use levy, land rent, and land use tax (for example, for projects in mountainous areas, poor areas, with difficult economic conditions, to help develop local infrastructure;
Depreciation is fast, increasing the deductible expense when calculating taxable income (for example, for projects with high and advanced technology content). Read More
Inco Minh Anh Law Firm would like to send some changes to the management of foreign borrowing and repayment of enterprises according to Circular No. 12/2022/TT-NHNN of the State bank of Vietnam effective from 15 November 2022 as follows:
Regarding the extension of the maximum term under which short-term foreign loans exceeding 1 year can be paid without having to register a loan with SBV from 10 days to 30 working days (Article 11). Documents to be sent to service providers when withdrawing capital and repaying debts (Article 45) (applicable to short-term loans of less than 1 year, import of goods with deferred payment (*)):
Plan for using loan capital and Documents on implementation of online reporting regime on foreign borrowing and debt repayment, Circular 12/2022/TT-NHNN adding more requirements on documents when paying for imported goods For deferred payment, enterprises must submit additional loan reports of late payments to service-providing banks, and regulations on imports of deferred goods must report loans (as stipulated in Circular No. 05). /2016/TT-NHNN added Clauses 3, 4, 5, 6, Article 4 of Circular 03/2016/TT-NHNN) unchanged. Accordingly, for shipments imported from abroad within 45 days from the date of customs clearance or 90 days from the date of B/L but have not yet been paid, enterprises need to report on the website of the State Bank to obtain Payment can be made via Bank. Read More
The Tax Services sectors (CPC 863) in the WTO Schedule of Commitments are better understood through their functions. Specifically: Tax consulting, tax planning, tax control, .. through regulations that are allowed by law but still must be based on the principles and conditions of establishment as a tax agent. Foreign investors need to comply with the conditions for tax service activities in Vietnam according to the conditions of the WTO and the provisions of Vietnamese law.
What occupations does the tax service cover?
According to the WTO Schedule of Commitments, tax services include the following activities:
Business tax planning and consulting services (CPC 86301)
A service that advises businesses on how they can handle their business in order to minimize the impact of corporate income tax on their profits by taking advantage of all the benefits provided by the permitted law.
Exclusion: Similar consulting services but including preparing or reviewing various incomes and reports for clients listed in subsection (business tax preparation and review services).
Business tax preparation and review services (CPC 86302)
Services include preparing, reviewing for businesses the earnings and reports necessary for compliance with income tax laws and regulations and protecting these results if required by tax authorities prove. This service may include tax planning and control. Read More
Employment service is one of the supporting industries that attracts a lot of attention from foreign investors. So how do Decree 23/2021/ND-CP and Decree 31/2021/ND-CP come into being with regulations on conditions for working employment service with foreign investors? Let us clarify in this article.
Firstly, what activities does employment services include?
According to the provisions of Article 36 of the Employment Law 2013, employment services include consulting and job placement activities; supply and recruit labor at the request of the employer; Collect and provide information on the labor market.
Thus, it can be understood that employment service is a service activity of an organization that has the function of providing and introducing jobs in order to create a product or service, whereby the service provider carries out recruitment and training activities according to the needs, conditions and standards of the client being the employer. The result of employment products and services is that employees find a suitable working position, and the employer finds a suitable person in charge of the job they need to recruit. Employment service organizations include employment service centers and employment service businesses. Foreign investors doing business in the field of employment services must establish an enterprise.
Secondly, conditions for working employment service:
Enterprises of foreign investors in Vietnam providing employment services must be granted employment service licenses. Article 14 of Decree 23/2021/ND-CP stipulates the conditions for being granted a license to provide employment services, including: Read More
On February 24, 2020, the Government issued Decree 22/2020/ND-CP, takes effect as of February 25, 2020
1. Cases of exempting license fees
Accordingly, from the date of entry into force of the decree, there will be three cases of free license (Point c, Clause 1, Article 1), namely:
First of all, exempting license fees in the first year of establishment or production (from January 1 to December 31) for: Newly established organizations (granted new tax identification numbers, new enterprise identification numbers) ; households, individuals and groups of individuals that are first engaged in production and business activities; exempt from license fees.
Secondly, small and medium-sized enterprises moving from business households business (under the provisions of Article 16 of the Law on Support for Small and Medium-sized Enterprises) are exempted from license fees for 03 years from the date of being granted the first business registration certificate. Read More
Foreign investors participating in trading activities through the Goods Exchange in Vietnam.Decree No. 100/2018 / ND-CP amending, supplementing and abolishing a number of regulations on investment conditions in the fields of state management of the Ministry of Construction.
Foreign investors are entitled to participate in goods purchase and sale transactions through the Goods Exchange in Vietnam.
Foreign investors are entitled to contribute capital to establish the Goods Exchange in Vietnam; To purchase shares or contributed capital portions of the Goods Exchange in Vietnam according to the following regulations:
Foreign investors are permitted to contribute capital to establish the Goods Exchange in Vietnam; To purchase shares, contributed capital of the Goods Exchange in Vietnam at the rate not exceeding 49% of charter capital.
Foreign investors are permitted to participate in goods purchase and sale through the Goods Exchange as customers or participate as members of the Goods Exchange (brokerage members, business members ) with unlimited charter capital.
Procedures for capital contribution, purchase of shares and contributed capital portions of foreign investors shall comply with the provisions of the Enterprise Law, the Investment Law and other relevant law provisions.”
The Decree has abrogated Article 22 of Decree 79/2009; Article 19 of Decree 64/2010; Article 27, Article 34 of Decree No. 24a / 2016; Article 16 of the Decree 11/2013.
Decree No. 86/2018/ND-CP regulating foreign cooperation and investment in education. This Decree takes effect on August 1st, 2018.
Joint education: Private pre-school educational institutions and private compulsory educational institutions in Vietnam, and legal educational institutions in foreign countries that are accredited by education quality assessment organizations or foreign competent agencies Read More
Raising the charter capital of Credit Guarantee Fund of small and medium enterprises to VND100 billion
This is a prominent feature of Decree 34/2018 / ND-CP promulgated by the Governmenton the establishment, organization and operation of the credit guarantee fund for small and medium enterprises. Decree 34/2018 / ND-CP is effective from March 8th2018 Read More