The Hanoitimes - The amended investment and enterprises laws will soon be submitted to Vietnam’s National Assembly and will be adopted in November this year. These statutes aim to reduce administrative bureaucracy and mobilise more foreign and local capital into production. For the first time, the laws present a pro-investor approach which will, hopefully, create a new wave of foreign investment into Vietnam. Dr Le Net, partner of LNT & Partners law firm highlights the most important changes in these two laws. Abolition of Investment Certificates for many foreign invested enterprisesThe amended and restated Law on Investment will only require Investment Certificates (IC) for conditional investment projects. Other projects (e.g., production projects) may proceed without an IC. That means foreign investors may establish a company in Vietnam by registering its enterprise and obtaining a Business Registration Certificate (BRC) in the same manner as Vietnamese investors. If … [Read more...] about Revised investment, enterprise laws to bolster influx of capital – Opportunities – Investment
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Law strengthens tender process
A medical scan is carried out at Phuoc My Hospital in Binh Duong Province. Medical equipment was among a host of areas addressed in the Revised Bidding Law, which has seen improvements in the monitering of bids for public projects. — VNA/VNS Photo Duong Ngoc HCM CITY (Biz Hub) — The Revised Bidding Law, which took effect in July, has ushered in great improvement in monitoring bids for public projects and tackling violations, a seminar organised by the Viet Nam International Arbitration Centre (VIAC) heard in HCM City yesterday. Dr Tran Trinh Tuong, former director of the Institute of Construction Economics, said the law, which superseded the 2005 Bidding Law, spells out in greater detail the process of selecting contractors. It requires more categories of projects to call for tenders than in the past — like public firms — he said. It stipulates that winning bids should be based only on a full-package contract, which refers to a fixed-price contract in which … [Read more...] about Law strengthens tender process
Business and Investment Laws Revised: Perfection of Investment Protection and Mechanisms in Accordance with Int’l Commitments
Business and Investment Laws Revised: Perfection of Investment Protection and Mechanisms in Accordance with Int’l Commitments Recently, in Hanoi, Vietnam Chamber of Commerce and Industry (VCCI) and other relevant agencies co-organised a workshop to collect business opinions on the drafting of investment law amendments. The workshop has drawn the involvement of representatives from businesses, professionals and associations. According to Quach Tuan Ngoc, Deputy Director of the Legal Department under the Ministry of Planning and Investment, the amendment of the investment law aims to institutionalize the constitutional principles of the business freedom of citizens in business lines that are not prohibited by law, and create new movements in administrative reform in investment activities associated with the innovation and improvement of the effectiveness and the efficiency of the state management of the investment activities in order to complete the decentralized investment … [Read more...] about Business and Investment Laws Revised: Perfection of Investment Protection and Mechanisms in Accordance with Int’l Commitments
Revised investment, enterprise laws to bolster influx of capital
The amended investment and enterprises laws will soon be submitted to Vietnam's National Assembly and will be adopted in November this year. These statutes aim to reduce administrative bureaucracy and mobilise more foreign and local capital into production. For the first time, the laws present a pro-investor approach which will, hopefully, create a new wave of foreign investment into Vietnam. Dr Le Net, partner of LNT & Partners law firm highlights the most important changes in these two laws. Abolition of Investment Certificates for many foreign invested enterprises The amended and restated Law on Investment will only require Investment Certificates (IC) for conditional investment projects. Other projects (e.g., production projects) may proceed without an IC. That means foreign investors may establish a company in Vietnam by registering its enterprise and obtaining a Business Registration Certificate (BRC) in the same manner as Vietnamese investors. If implemented properly, … [Read more...] about Revised investment, enterprise laws to bolster influx of capital
Decree No 96 clarifies Enterprise Law provisions
Decree No 96/2015/ND-CP ("Decree No 96"), issued by the Government on October 19, 2015, regulates provisions of the Enterprise Law, such as those concerning enterprise seals and cross-ownership in enterprises. 1. Seal Decree No 96 clarifies Article 44 of the Enterprise Law about provisions relating to seals: a. Decision of the authority If not regulated in the company regulations, the authority deciding the form, content and number of the seals in the enterprise shall be: – Owner of the private enterprise for private enterprises. – The associative council for partnered companies. – The associative council or company president for limited liability companies. – The administrative council for joint stock companies. b. Form and content of seal samples Article 12 of Decree No 96 specifies that the company regulations or decisions on seals must include the following: – Seal sample, such as form, size, content and ink colour; – Number of seals; – … [Read more...] about Decree No 96 clarifies Enterprise Law provisions