In April 2017, the People's Court of H. City decided to initiate the bankruptcy process of Hoang Minh Co., Ltd. due to the fact that Hoang Minh was in the bankruptcy status, failing to repay several debts overdue more than three (03) months. Among the debts Hoang Minh was obliged to pay, there was a loan of nearly VND 20 billion which Hoang Minh borrowed from XYZ Bank, secured by the land use right of Mr. Le Quang Tam under the mortgage agreement between Mr. Tam and the Bank.
On 17 October 2017, the Government issued Decree 116/2017/ND-CP on requirements for manufacturing, assembly, and import of automobiles and trade in automobile warranty and maintenance services (“Decree 116”). Accordingly, the enterprises manufacturing, assembling and importing automobiles and providing in automobile warranty and maintenance services shall meet the conditions and obtain the certificates as set forth in Decree 116.
In order to be allowed to play at the pilot casino business points for Vietnamese players, Vietnamese players need to prove that they have sufficient financial capacity to play.
After the 2014 Law on Enterprises came into effect, the regulations related to the establishment and operation of enterprises are increasingly more open, enabling enterprises to develop freely. Hundreds of thousands of enterprises have been established; however, the truly developed and successful enterprises are not many. Most enterprises were founded by two or more founders with good initial business ideas. However, in the process of putting such ideas into practice, internal conflicts have arisen partly because such founders have not obviously agreed on the rights and obligations of the founding members/shareholders prior to the establishment of the enterprises.
The Ministry of Finance has issued Circular No. 101/2017/TT-BTC (“Circular 101”), effective from 1 December 2017, guiding some provisions of Decree No. 06/2017/ND-CP on horse racing, dog racing and international football gambling business (“Decree 06”). Accordingly, the establishment procedure as well as the tasks and powers of the Race Supervision Council have been specified.
On 16 October 2017, the Government promulgated Decree No. 115/2017/ND-CP guiding implementation of paying enforcement guarantee amount by commercial legal entities in accordance with Penal Code No. 100/2015/QH13 amended, supplemented by Law No. 12/2017/QH14 and Criminal Procedure Code No. 101/2015/QH13 (“Decree 115”).
On 22 September 2017, the Ministry of Finance issued Circular No. 95/2017/TT-BTC (“Circular 95”) guiding Decree No. 71/2017/ND-CP (“Decree 71”) dated 6 June 2017 of the Government on corporate governance applicable to public companies.
On 6 October 2017, Circular No. 89/2017/TT-BTC (“Circular 89”) issued by the Ministry of Finance guiding Decree No. 35/2017/ND-CP on collection of land use levy, land rental and water surface rental in economic zones and hi-tech zones (“Decree 35”) took effect.
On 20 September 2017, Minister of Industry and Trade Tran Tuan Anh signed for promulgation Decision No. 3610a/QD-BCT issuing plans to reduce and simplify investment and business conditions in the field of State management by the Ministry of Industry and Trade for the 2017-2018 periods (“Decision 3610a/QD-BCT”)
On 14 September 2017, the Government promulgated Decree No. 106/2017/ND-CP amending and supplementing Decree No. 67/2013/ND-CP (“Decree 67”) on detailing some articles and execution measures in the Law on Tobacco Harm Prevention (“Decree 106”).
On 1 September 2017, the Government promulgated Decree No. 102/2017/ND-CP (“Decree 102”) replacing Decree No. 83/2010/ND-CP to regulate some matters and provisions to be more appropriate with the promulgated laws and codes relating to the registration of security transactions.
After over two years’ application, the new provisions of the Law on Investment and the related regulations have achieved remarkable positive results. However, besides such positive signals, some inadequacies in understanding and applying the law have caused many difficulties to foreign investors, one of which is how to identify a foreign-invested economic organization in order to apply for a Business License when conducting trading and its directly-related activities ("Commercial Activities").
To be specifict, as from 1 September 2017, some of the conditions applicable to liquor trading under Decree No. 94/2012/ND-CP
Under Circular 23/2017/TT-BLDTBXH of the Ministry of Labour, War Invalids and Social Affairs, as from 2 October 2017, the application dossier for approval for demand for employment of foreign workers; issuance and re-issuance of work permit, certificate of foreign workers eligible for work permit exemption in Vietnam will be conducted via online network through the portal service.
On 30 August 2017, the State Bank of Vietnam (“SBV”) promulgated Circular No. 10/2017/TT-NHNN guiding foreign currency transactions and foreign exchange management for casino business (“Circular 10”) with following notable points:
From 1 January 2018, the employees being foreign citizens working in Vietnam will be subject to the compulsory social insurance (“SI”).
On 12 Stemper 2017, the Ministry of Industry and Trade promulgated Circular No. 16/2017/TT-BCT on project development and model power purchase agreements for solar power projects (“Circular 16”).
On 6 February 2017, the Ministry of Finance issued Circular No. 10/2017/TT-BTC (“Circular 10”) amending and supplementing some articles of Circular No. 234/2012/TT-BTC guiding the management of trading Government bonds, Government guaranteed bonds and local Government bonds (“Government Bonds”). Circular 10 contains many new contents, of which the most prominent one is the permission to borrow Government Bonds for sale.
On 14 August 2017, the State Bank of Vietnam issued Circular No. 09/2017/TT-NHNN (“Circular 09”) amending Circular No. 19/2013/TT-NHNN (“Circular 19”) on trading and settling bad debts of credit organizations by Vietnam Asset Management Company (“VAMC”).
The new regulations on the seal in the 2014 Law on Enterprises giving the enterprise more liberty at creating the seal has helped the enterprise be more active in making its own seal with specific characteristics and differences compared to other enterprises.