On 26 March 2021, the Government issued Decree No. 31/2021/ND-CP (“Decree 31”) to provide guidance on the implementation of the 2020 Investment Law. Decree 31 replaces the previous Decree No. 118/2015/ND-CP (which contained guidelines on the Investment Law of 2014) and enters into force from the date of publication (i.e. March 26, 2021). 1) Promulgation, dissemination and organization of the implementation of investment legislative documents. Overall, the government has not defined responsible business conduct (RBC), nor has it established a national plan or program for RBC. The government has not yet established a national point of contact or stakeholder ombudsman to obtain information or raise concerns about RBC. The new Labour Code, adopted on 1. January 2021, recognizes the right of workers to form their own representative organizations, allows workers to unilaterally terminate employment contracts without giving reasons and extends legal protection to unwritten contract employees.
A detailed description of labour rights regulations in Vietnam can be found in the Human Rights Report of the Ministry of Foreign Affairs (www.state.gov/reports/2018-country-reports-on-human-rights-practices/vietnam/). (2) The Government shall establish the procedure for revocation of the certificate of registration of investments. 4. Closure of investment projects due to fraudulent transactions d. instruction, organization, monitoring, inspection and evaluation of the implementation of investment legislative documents; The Tax Administration Act of 2019, adopted on 1. July 2020, requires foreign companies using digital platforms without a permanent physical presence in Vietnam to register as taxpaying companies in Vietnam. The Ministry of Finance issued a draft circular in March 2021 with guidelines on the implementation of the law and is working on revising the law based on stakeholder feedback from April 2021. US companies expressed concern that the original draft circular contained unnecessarily complex and unclear rules for the collection of corporate tax (CIT) and value-added tax (VAT) and did not address areas that overlap with Vietnam`s international tax treaties already in place. Section 11. guarantees for entrepreneurial investment activities d/change of investment location in relation to the investment project requiring an investment location; One. The National Assembly and the People`s Councils shall exercise their rights to control investments in accordance with the law; One. the conditions for issuing the foreign investment registration certificate prescribed in Article 58 of this Law; dd/ The duration of the investment project is adjusted; Under the Insolvency Act 2014, bankruptcy is not criminalised unless it relates to another offence.
The law defines insolvency as a condition in which a company is more than three months behind in fulfilling its payment obligations. The law also includes provisions allowing creditors to initiate bankruptcy proceedings against a company and procedures allowing credit institutions to file for bankruptcy. According to the World Bank`s 2020 Ease of Doing Business report, Vietnam ranked 122nd out of 190 when it comes to bankruptcy resolution. The report notes that, on average, it takes another five years to complete bankruptcy proceedings in Vietnam. The Credit Information Centre of the State Bank of Vietnam provides credit information services to foreign investors concerned about the potential for bankruptcy with a Vietnamese partner. In February 2021, the 13th National Congress of the Communist Party adopted a ten-year economic strategy that envisages shifting foreign investment to high-tech industries and ensuring that such investment includes environmental protection provisions. On January 1, 2021, Vietnam`s Securities Law and the new Labour Code, originally adopted by the National Assembly in 2019, entered into force. The securities law formally declares the government`s intention to lift foreign ownership restrictions on investments in most industries, and the new labor law provides more contractual flexibility – including provisions that make it easier for an employer to fire an employee and allow workers to join independent unions – although such independent unions do not yet exist in the Viet Nam.
On June 17, 2020, Vietnam adopted a revised investment law and a new law on public-private partnerships, both of which aim to encourage foreign investment in major infrastructure projects, reduce the government`s burden in financing such projects, and improve ties between foreign investors and Vietnam`s private sector. a/ any investment project for which the investment certificate, investment registration certificate or investment guidelines decision was issued before the date of entry into force of this Law; d. a decision on amendments to the foreign investment project in accordance with Article 1 and Article 57 of Article 2 of this Law; (dd) A copy of the foreign investment registration certificate; (3) In accordance with the provisions of paragraphs 1 and 2 of this article, the Government shall establish and adapt the list of business units benefiting from investment incentives and the list of administrative units benefiting from investment incentives. On the basis of the matters referred to in Article 15 of paragraph 2 of this Law, the written approval of the investment guidelines (if any), the investment registration certificate (if any) and other relevant laws, investors must determine the investment incentives themselves and follow the procedures for enjoying the investment incentives with the tax authority, the tax authority, customs authority or any other competent authority of any type of In this context, it is important to stress the importance of the role of the social partners in the 5) Within 15 days of receipt of the documents referred to in Article 4 of this Article, the Ministry of Planning and Investment shall evaluate the project dossier and prepare an evaluation report in accordance with Article 33 of Article 5 of this Article and invites the Prime Minister to take decisions on investment policy. g/ In respect of a foreign investment project in the fields of activity referred to in Article 54 of this Law, the investor shall provide a written certificate attesting that it meets the requirements for the foreign investment, issued by a competent authority in accordance with the relevant legal provisions (if any). dd. The investor does not comply with the investment registration certificate and commits administrative offences again after penalties. a/ an application for approval of the investment guidelines; (b) The foreign investor who receives the investment project or part of the investment project must meet the conditions set forth in article 24 of this Law; dd/ powers, procedures and conditions for commercial investments prescribed by the Law on Credit Institutions, the Law on Insurance Companies and the Law on Petroleum; 6) The government will prepare the announcement and monitoring of business investment conditions.
dd/ If the State is not obliged for the project to allocate or lease land or to authorize the conversion of land, a copy of the document on land use rights or any other document indicating the right to use the site for the implementation of the investment project must be submitted. One.
