How to Invest, Do Business and Reside in Vietnam in 2022?

With economic opening policies, especially after the Covid-19 pandemic, Vietnam is an attractive destination for foreign investors. Accordingly, the number of foreign investors in Vietnam is constantly increasing. In order to create favorable conditions for individual investors with direct capital investment or representatives of foreign organizations investing in Vietnam to live, work, Vietnam has policies, suitable for each type of investor in being granted temporary residence cards in Vietnam.

 

How to Invest, Do Business and Reside in Vietnam

Investors using visas, temporary residence cards under the investment category sponsored  by foreign investment companies and with the temporary residence card symbol DT, are divided into three types of temporary residence cards as follows: (i) DT1 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of VND 100 billion (USD 4.5 mil) or more or investing in industries, professions eligible for investment incentives, geographical areas with investment incentives decided by the Government; (ii) DT2 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of between VND 50 billion (USD 2.3 mil) and under VND 100 billion or investing in industries, trades to encourage development investment decided by the Government; (iii) DT3 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contribution from VND 03 billion (USD 136k) to less than VND 50 billion. Temporary residence cards with a specific term for investors and representatives of foreign organizations investing in Vietnam are as follows: Temporary residence cards with symbol DT1 have a term of not more than 10 years; Temporary residence card with symbol DT2 is valid for no more than 05 years; Temporary residence card with symbol DT3 is valid for no more than 03 years. In case foreign investors and representatives of foreign organizations investing in Vietnam with a contributed capital of less than VND 03 billion, they will not be granted a temporary residence card, instead they will apply for a signed visa DT4 which is valid for no more than 12 months.

The application file for applying for a temporary residence card to a foreign investor must be documents proving the status of the sponsoring agency, organization, individual; documents proving the relationship between the investor and the sponsoring agency, organization or individual; information of the sponsored investor; relevant document information to determine the type of temporary residence card issued to investors; and declarations in accordance with the law.

If foreign investors and representatives of foreign organizations investing in Vietnam wishing to stay in Vietnam, they need to apply for a temporary residence card according to the conditions, documents, procedures of Vietnamese law. It is important to consult with immigration lawyers at ANT Lawyers – Law firm in Vietnam for effective solutions.

 

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What Are Legal Framework for Fintech in Vietnam

The 4.0 industrial revolution along with the explosion of the Internet has created the basis for the forward leap in all fields of life. The financial sector is not an exception and is directly affected by science and technology.  In addition to traditional finance, a new type of finance has been formed with superior characteristics which are appropriate for the current situation and actual needs, which is Fintech – Financial Technology. Despite the advantages of Fintech, the process of operating it faces certain difficulties including the legal challenges.

 

Fintech Lawyers in Vietnam

Fintech may utilize technologies being big data, cloud computing, artificial intelligence, biometrics and blockchain… There is no comprehensive legal framework for such at the present in Vietnam. Hence, regulations on science, technology, information technology and intellectual property can be applied depending on the nature of the matters including Law on Intellectual Property, Law on Information Technology, Law on High Technology, Law on Science and Technology, Law on Cyberinformation Security and Cybersecurity Law. These regulations partly facilitate the research, development and application of technological innovation together with ensuring the protection of databases and related intellectual property.

In particular, digital payment is a big part of Fintech. This sector is governed by Law on Credit Institutions, and regulations on non-cash payments, intermediary payment services. The Prime Minister also issued Decision 316 since March 9, 2021, allowing the use of mobile money to pay for goods and services of small value. This is the legal basis for the establishment of Fintech companies providing digital payment services and for the use of this method by customers. Fintech application also extend to Peer to Peer lending, asset management, and crypto currencies which are not yet clearly regulated in Vietnam.

Because of the importance of making legal regulations governing Fintech, Official Dispatch No. 2433/VPCP-KTTH dated August 31, 2021 of the Government Office directed: “The State Bank of Vietnam chairs and coordinates with relevant agencies to continue studying and concretizing regulations on the pilot mechanism of P2P lending in the process of developing and finalizing the draft Decree on a controlled trial mechanism. Control (Regulatory Sandbox) financial technology activities in the banking sector, report to competent authorities for consideration and decision in accordance with the provisions of the Law on Promulgation of Legal Documents”. On September 6^th, 2021, the Government issued Resolution No. 100/NQ-CP approving the proposal to formulate a Decree on a mechanism for controlled testing of Fintech activities in the field of the banking sector. In April 2022, after the research process, the State Bank of Vietnam published the Draft Decree on the controlled trial mechanism for Fintech activities in the banking sector. This draft is still at the stage of seeking public comment and has not been approved. The formation of the draft marks a new step in Vietnam’s legal framework for Fintech, laying a solid foundation for the later birth of the Decree.

In case the Draft is approved, the Government will officially issue the Decree on Controlled Trial Mechanism for Fintech in the banking sector. This Decree will serve as a basis for credit institutions and financial technology companies to test Fintech technology in their operations to a controlled extent. They can assess the effectiveness and possible risks when using Fintech solutions. Based on the results of the experiment, the legislature can identify issues that need to be corrected by legislation to promulgate legal documents regulating Fintech in the banking sector. If so, banking will be a pioneering field, leading to the formation of Fintech regulations in other fields.

In the face of the strong and rapid development of internet and its application, it is natural to have a separate legal framework for Fintech in Vietnam in the future. Fintech lawyers in Vietnam whom are interested in Fintech could also take part in the process of making the contribution through the comments on draft law drawing from the practical cases advising the clients. It is obvious that, some of the biggest companies in the word are in the technology industry. Among them, Fintech is the fastest growing start-up. The sooner legal framework on Fintech can be issued, the better for Vietnam to snap up opportunities to attract investment and catch up with the world.

Our Fintech, banking lawyers at ANT Lawyers - a Law firm in Vietnam will always follow up with development of legal framework in Fintech in Vietnam to provide update to clients.

 

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English Speaking Law Firm in Hochiminh City

ANT Lawyers, English speaking law firm in Ho Chi Minh City with English speaking lawyers is located in the business center that provides convenient access to our clients.

 

English Speaking Law Firm in Ho Chi Minh City

ANT Lawyers works with corporate and individual clients from across the sectors and offers a true spectrum of legal expertise, both contentious and non-contentious. The range of our experience enables us to advise on various matters from the precedent-setting to the purely procedural.

The common thread in everything we do is our ability to combine both commercial and legal perspectives. This means our clients can rest assured that, whatever the case or transaction, our lawyers have the experience to deliver legal advice and service that works in a commercial context.

Our English speaking lawyers at Ho Chi Minh City office offer client with particular services that guide clients throughout investment, commercial transaction, M&A, civil transaction, property sales and purchase, IP registration, and dispute resolution procedures.

Please contact us to book your time in advanced to let us provide our best service.

Call our office at (+84) 28 730 86 529 , send us email ant@antlawyers.vn or visit our English speaking law firms in Ho Chi Minh City at ANT Lawyers HCMC Branch, 7th Floor, Me Linh Point Tower, 2 Ngo Duc Ke Str., District 1, HCMC. 

Let ANT Lawyers help your business in Vietnam

 

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What is the assignment of international trademark process?

Assignment of International Trademark Registration

In the progress of world integration, goods trading activities between countries and regions are becoming more and more developed, then the matters related to intellectual property is gradually being focused.

The individuals and organizations are aware of the benefit of registration the intellectual property subjects. In particular, they registered internationally for their trademark when widen their business abroad. After that, when trademark owner might wish to assign that granted certificate trademark to others for economic or other reasons.

 

Assignment of International Trademark Registration

What is the assignment of international trademark process?

In this case, international trademark was registered under Madrid agreement and Madrid Protocol, established under decision on acceptance for protection or international registration protected in Vietnam issued by National office of Intellectual property Vietnam (NOIP). Accordingly, the trademark application originated from Vietnam submitted to International office via NOIP. Thus, trademark owner whom wish to assign or register their trademark internationally pursuant to Madrid system would submit application via NOIP. However, for the application which appointed in the country which is the member of Madrid agreement, parties may request the international office to conduct the assignment procedure.

When conducting the assignment procedure via NOIP, applicant needs to prepare following documents:

·         Declaration for international trademark assignment;

·         Declaration of international office;

·         The copy of international trademark certificate in Vietnam;

·         The copy record of assignment to the local trademark;

Besides, other documents will be required based on specific cases.

ANT Lawyers - IP services in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for Trademark registration services in Vietnam via email ant@antlawyers.vn or call our office at +84 28 730 86 529.

 

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Recognize Father or Mother for a Child

How to Recognize Father or Mother for a Child in Vietnam

It is a legal requirement in Vietnam to register the recognition of father, mother of a child regardless the child’s parents are married or not. Such recognition shall be made on the newly issued birth certificate of the child.

 

Recognize Father for Child in Vietnam

The recognition of the father, mother protects the legal rights of all involved parties. For the family involving foreign elements i.e foreigners, expatriates living in Vietnam, the procedure for recognition of father, mothers of a child have to follow the laws of Vietnam, through various steps at Vietnam Authority including People’s Committee, Provincial Department of Justice and at Consular of foreign country where the mother or father of the child comes from.

The dossiers of application for recognition of fathers, mothers or children shall include the following papers:

-The application for recognition of father, mother of the child;

-The copies of the ID (for Vietnamese citizens staying in the country), or passports or substitute papers (for foreigners and Vietnamese citizens in foreign countries);

-The copies of the birth certificates of the persons to be recognized as child;

-Papers, documents or evidences (if any) to prove that there is a blood relationship between the father or mother and the child;

-The copy of the household registration book or collective resident certificate (for Vietnamese citizens permanently residing in the country);

-The permanent residence card (for foreigners permanently residing in Vietnam) of the persons to be recognized as father or mother.

Documents issued in foreign language shall need to be translated into Vietnamese, notarized or legalized to conform with legal document requirements of Vietnam authorities.

The time for processing dossiers at various authorities depend on the submitted documents and the time taken by the authorities to validate the case and could range between two weeks to two months.

The Vietnam authorities will need to study and examine dossiers of application for recognition of father, mother of the child. In cases where there is any doubts, complaints or denunciation about the recognition of father, mother of the child, or whether it is deemed that the personal identification of the involved parties or papers in the dossiers of application need to be clarified, the Provincial Department of Justice shall carry out the verification, including interviews with the involved parties or request for the additional proof.

Once the application is processed, verified and confirmed, the revised birth certificate of the child will be issued to reflect the changes which will show the name of the father or mother added.

ANT Lawyers - Marriage and family dispute law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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Anti-dumping Measures to H-shaped Steel Products from China

Extension of the Period for Final Review of the Application of Anti-dumping Measures to H-shaped Steel Products from China

On July 12, 2022, the Ministry of Industry and Trade issued Decision No. 1377/QD-BCT for extension of the period for final review of the application of anti-dumping measures to some H-shaped steel products originating from the People’s Republic of China (case ER01, AD03).

 

Extension of the period for final review of the application of anti-dumping measures to H-shaped steel products from China

According to the current Law on Foreign Trade Management, the time limit for the final review of the application of anti-dumping measures shall not exceed 9 months from the date of issuance of the review decision under Decision No. 2301/QD-BCT for final review of the application of anti-dumping measures to some H-shaped steel products originating from the People’s Republic of China (case ER01, AD03) issued on October 13, 2021.

The decision to extend the period for final review of the application of anti-dumping measures to some H-shaped steel products originating from the People’s Republic of China (case ER01.AD03) is based on the fact of the case; to have more time to consider, ensure the investigation is conducted comprehensively and objectively. Accordingly, the deadline for the final review of the case has been extended to September 5, 2022.

If Client needs any more information or request for legal advice or potential dispute regarding trade remedies measures including, anti-dumping, countervailing duty and safeguard measures or international trade dispute matters, our international trade lawyers, countervailing duty lawyers in Vietnam and antitrust lawyers in Vietnam at ANT Lawyers could be of help.

 

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How Non-voting Depositary Receipt Work in Vietnam?

How Non-voting Depositary Receipt Work?

Decree No. 60/2015/ND-CP (Decree 60) amending and supplementing a number of articles of Decree No. 58/2012/ND-CP issued by the Government on May 26th, 2015 has lifted foreign ownership limit of the public enterprises (with conditions) and permitted enterprises operating in all sectors and areas without restriction on foreign ownership to self-set out limits of foreign ownership.

 

 Finance Dispute Law Firm in Vietnam

Although the Government has been facilitating foreign investor investing in the Vietnam stock market as well as Vietnam enterprises whom raise capital, the foreign investors still faced a number of challenges. The Decree 60 has taken effect since September 1st, 2015, but most public companies did not lift their foreign ownership limit over 51%. One of the reasons is that, the enterprises with 51% foreign ownership shall meet the statutory conditions and therefore have to follow the investment procedures applicable to foreign investors in accordance with the Law on Investment, Law on Securities and other guiding legislations. Having said that, Vietnam enterprises with over 51% foreign ownership shall be treated as foreign investor. These requirements shall significantly impact on business plans and procedures that an enterprise must comply and restrict them from doing business in some sectors. Accordingly, the daily purchase and sale of shares by foreign investors around the threshold of 51% of the charter capital makes it difficult to determine the legal status of an enterprise.

In order to facilitate the attraction of foreign capital inflows, the Government has been reviewing acceptance of non-voting depositary receipt (NVDR). The promulgation of the Enterprise Law 2020 effective from January 1st, 2021, initially recognized NVDR. Ordinary shares used as underlying assets to issue NVDR are called as underlying ordinary shares. Non-voting depository receipts have interest and obligations proportional to the underlying ordinary shares, excepting for voting rights. NVDR is a negotiable financial instrument issued by a third party which is a subsidiary of the Stock Exchange (Issuing Organization). The Issuing Organization will then hand over to investors all financial benefits attached stocks such as dividends, rights offering. This is a solution from other country that helps foreign investors to invest in public enterprises, even they such enterprises reached limit boundary of foreign ownership. NVDR can be converted into ordinary shares in case the public company has not yet reached foreign ownership limit.

ANT Lawyers - a Law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or service request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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Can Foreigner Authorize Other Person to Perform Transfer of Properties in Vietnam?

In the complicated situation of the Covid-19 epidemic, the Government continued to implement policies to restrict entry to Vietnam, thus many transactions were canceled or delayed. That has caused many obstacles for foreign individuals and organizations wishing to perform transactions in Vietnam. We refer to the transfer of home ownership for foreign individuals who cannot enter Vietnam to participate in signing transfer contracts and other related transactions i.e. sell or buy an apartment or a house located in Vietnam.

 

Real estate dispute law firm in Vietnam

Pursuant to the law on housing, foreign organizations and individuals have the right to own house in Vietnam, before the time limit of the homeownership, the homeowner is entitled to gift or sell their house(s) to entities eligible for the homeownership in Vietnam; if not, their house(s) shall be under ownership of the State. Regarding the house ownership term, if a foreign organization or individual sells or gifted to a domestic organization, household, individual, or a Vietnamese citizen residing overseas, the buyer or recipient will acquire a long-term ownership of the house. If the house is sold to a foreign organization or individual eligible to own housing in Vietnam, the buyer or recipient may own the house for the remaining period. When this period expires, if the owner wishes to have this period extended, the State shall consider granting an extension. The seller or giver must pay tax and other amounts to state budget as prescribed by Vietnam’s law.

In accordance with the law on housing transactions, the seller or transferor of the commercial house sale and purchase contract must meet the following conditions:

He/she is the homeowner, or the person permitted and authorized by the homeowner to enter into housing as prescribed in this Law and law on civil; if the agreement of commercial housing is transferred, he must be the buyer for housing of the investor or the transferee of the agreement on housing sale;

If the entity is a person, he must have full civil capacity to enter into transactions in housing as prescribed in law on civil; if the entity is an organization, it must have legal personality.

Article 195 of the 2015 Civil Code stipulates: “A person who is not an owner of property has the right to dispose of property only under the authorization of the owner or according to the provisions of law.”

Clause 2 Article 55 of the Law on Notarization 2014 stipulates: “In case both the authorizing party and authorized party cannot appear together at the same notarial practice organization, the authorizing party shall request the notarial practice organization of the place of residence of the authorizing party to notarize the authorization contract; the authorized party shall request the notarial practice organization of the place of residence of the authorized party to further notarize the original of this authorization contract and complete procedures for notarization of the authorization contract.”

In order to perform the house purchase and sale transaction or in other words to buy an apartment or sell a house in Vietnam, the parties to the house transaction need to agree to make a sale contract or a document on the transfer of a commercial house sale and purchase contract. In case a foreign house owner cannot enter directly to sign a contract, he/she may authorize another individual or organization in Vietnam to perform instead. However, the authorization document needs to be notarized at the competent authority. In case a power of attorney is notarized at a competent agency in a foreign country, it is required to be notarized, legalized, and authenticated in accordance with regulations of the foreigner country (apostille) before that document can be used in Vietnam.

ANT Lawyers is a English speaking law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529.

 

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