Asia Legal

1. State policy in promoting the settlement of bad debts According to the report of the Government and the State Bank of Vietnam submitted to the National Assembly at the 3rd Session, the 15th National Assembly, as of December 31, 2021, that is, after nearly 5 years of applying Resolution 42/2017/QH14, the total the number of bad debts that have been handled reached VND 380.2 trillion, equivalent to 47.9% of the bad debts at the time of issuing Resolution 42 on August 15, 2017. In which, 40% of the total bad debt, equivalent to VND 148 trillion has been resolved due to self-payment by clients and the remaining 60% has been resolved through the application of pilot solutions to handle bad debts specified in Decree No. 42, such as selling bad debts and security assets at market value, exercising the right to seize security assets, transferring security assets which are real estate projects... Thus, there are still about 52.1% of bad debts have not been completely resolved after nearly ...

According to Resolution No. 24/NQ-CP dated February 26, 2021 of the Government, the Ministry of Finance has studied and developed a Decree regulating on the management of exported and imported goods transacted through e-commerce (hereinafter referred to as “ Decree ”). This article includes some of the latest and notable regulations promulgated by the Ministry of Finance in this Decree. Places of customs formalities For exported goods, the customs declaration can be registered at: the Sub-department of Customs where the customs declarants headquarter is located or the place has a production facilities; or the Sub-department of Customs where exported goods are gathered; or the Sub-department of Customs at the border checkpoint of exportation. For imported goods, the customs declarations are registered at: the Sub-Department of Customs at the border checkpoint of importation or the Sub-department of Customs managing the gathering place, centralized inspection for postal and express goods...

Advertising is the employment of various means to present the public with profitable products, goods and services; non-profitable products and services; organizations and individuals trading and providing the presented products, goods and services, except for news, social policies, and personal information. In recent years, advertising services have been a field of interest to foreign investors, but barriers and inadequacies of Vietnamese law make it impossible for many investors to do so. Specifically, according to Vietnam’s WTO service commitments, Vietnam has opened the market for advertising services for foreign investors by establishing joint ventures or cooperating with Vietnamese partners allowed to do business in advertising services. Moreover, since January 1, 2009, there has been no limit on the percentage of foreign capital contribution in the joint venture. However, investment licensing agencies in localities and the Ministry of Culture, Sports and Tourism, the Ministry of ...

In Southeast Asia, Vietnam is considered an attractive destination for the investors from various countries. According to the statistics of the Foreign Investment Department (Ministry of Planning and Investment), upto August 20, 2020, there have been 32,539 valid projects with a total registered capital of nearly 381.2 billion USD. The accumulated realized capital of foreign direct investment projects was estimated at 223.1 billion USD, equal to 58.5% of total valid registered capital with Korea being ranked first, Japan second, followed by Singapore, Taiwan and Hong Kong.  “To illustrate the above, Asia Legal lists out 9 reasons why the foreign investors (Hereinafter referred to as “the Investors”) select Vietnam as their potential investment destination:” First,  Vietnam has a particularly favorable geographical position with the possession o...