The Cases of Transferring Money from Vietnam Abroad

In the context of international economic integration, more and more foreign investors are coming and investing in Vietnam. Besides, many Vietnamese individuals and organizations have also implemented many investment activities, living, traveling… abroad. Therefore, there are needs to transfer money from Vietnam abroad. According to the provisions of Vietnamese laws on foreign exchange management, domestic individuals and organizations are allowed to transfer money abroad in the following cases:

For individuals being Vietnamese citizens, they are entitled to buy, transfer or bring foreign currencies overseas according to the State Bank’s regulations for the following purposes: to study and receive medical treatment abroad; traveling; business trip; visiting abroad; to pay charges and fees to foreign countries; allowances for relatives members living abroad; transfer of inheritance money to overseas heirs; transfer money in case of permanent residence abroad; One-way money transfer for other legitimate needs.

For enterprises, they are allowed to transfer money abroad when performing the following cases: Carrying out payment and transferring money related to the import or export of goods and/or services; payment of payments and remittances related to commercial credits and short-term bank loans; make payments and transfers related to direct and indirect investment income; transfer money when being allowed to reduce direct investment capital; payment of debts and interest of foreign loans; make one-way money transfers; payment and other remittance according to regulations of the State Bank of Vietnam.

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Vietnam retains anti-dumping taxes on Chinese H-shaped steel

HCMC – The Ministry of Industry and Trade has issued two decisions on maintaining anti-dumping measures against some galvanized steel and H-shaped steel products from China and South Korea, Thanh Nien newspaper reported.

Antidumping duties on H-shaped steel imports from China remain unchanged. Another decision on retaining the anti-dumping tariffs on galvanized steel items imported from China and South Korea into Vietnam was also launched.

In the last 60 days of a year starting from the issuance of the decisions, the relevant sides may submit a request for a review.

Earlier, on August 21, 2017, the ministry decided to slap anti-dumping duties on Chinese H-shaped steel imports classified under Harmonization System Codes 7216.33.00, 7228.70.10 and 7228.70.90.

Four steel manufacturers and 10 commercial enterprises that participated in the antidumping investigation were subject to the antidumping tariffs of 20.48%-22.9%. Meanwhile, other steel manufacturers and exporters had to pay a duty of 29.17%.

Besides this, the Ministry of Industry and Trade, on March 3, 2016, decided to launch an anti-dumping investigation into galvanized steel imports from China, Hong Kong and South Korea.

During the probe that lasted one year, the ministry on September 1, 2016 levied temporary anti-dumping duties of 4%-38.34% on these imports.

On March 30, 2017, the ministry slapped official antidumping duties on galvanized steel imported into Vietnam. Chinese galvanized steel product imports were subject to duties of 3.17%-38.34%, while imports from South Korea received a lower rate of tariffs, at 7.02%-19%.

Source: TheSaigontimes

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Vietnam gets ready to lift foreign ownership caps

A new draft law is set to attract more foreign investment into multiple sectors by removing foreign ownership caps.

At a Wednesday forum in Hanoi, the Ministry of Finance presented a draft securities law that would remove the current 49 percent foreign ownership cap in many sectors, allowing majority or even 100 percent ownership of a company.

"The new law would remove the limit on companies operating in many of more than 200 of the conditional sectors," a Reuters report quoted Nguyen Quang Viet, an official in the State Securities Commission’s legal department, as saying.

In Vietnam, conditional sectors refer to industries subject to additional regulations that would override limits set out by the securities law.

"We expect the new law to encourage development of the market in a faster, stronger and more sustainable manner," Deputy Finance Minister Huynh Quang Hai said at the forum.

Former head of the Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment Le Dang Doanh said that the bill would "push" more foreign investment into Vietnam.

"Foreign investors have been reluctant to invest in Vietnamese businesses because they can only own a minority stake so far," he told VnExpress International.

Should the 49 percent restriction be removed, foreign companies will be able to gain further management rights, which will be a big incentive to enter Vietnam and expand their business, he added. "With the new law, they can hold decisive positions in Vietnamese companies."

Industry insiders also expect that the new regulation will allow foreign investors to expand their operations in Vietnam.

Citibank's Tsuyoshi Yamashita, who deals with Japanese businesses expanding into Vietnam, told the Nikkei Asian Review that real estate and infrastructure-related business, such as thermal power generation, will likely see a higher demand from foreign companies to do business together.

Roy Zuin Forney, an analyst in international business advisory at consultancy Dezan Shira & Associates, said that Asian investors will be interested in seeking merger and acquisition (M&A) deals with Vietnamese companies to reach into this market.

Vietnamese people’s rising income has allowed more of them to afford health care, which would be a potential market for the pharmaceutical sector, he said.

One source familiar with M&A deals in Vietnam told the Nikkei that Indian drugmaker Renova Global, which already has an office in Vietnam, is looking for opportunities to expand further in the country.

Informational technology and logistics are other industries that will also likely see more foreign investment flow in, industry insiders said.

However, Vietnam remains firm in keeping "sensitive and important" sectors out of the list.

Companies in security, defence, telecommunications and insurance, will continue to have 49 percent foreign ownership caps, Reuters quoted State Securities Commission official Viet as saying. The limit for banks will remain at 30 percent, he added.

Can Van Luc, a government economic advisor, said the government would consider raising limits on foreign ownership of banks on a case-by-case basis.

The draft law is expected to be submitted to the parliament for approval next year and take effect in January 2020.

Source: evnexpress

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Government courts Swiss enterprises to invest in Vietnam

HCMC – The Government has expressed its desire to attract further investment from Swiss enterprises, praising their great strengths in advanced technology as well as their experience with the fourth industrial revolution and the global supply chain, news website Vietnam Plus reported, citing Deputy Prime Minister Vuong Dinh Hue.

Deputy Prime Minister Hue on Monday, November 5, held a meeting with a Swiss enterprise delegation led by Andreas Gerber, head of Swiss SME business at Credit Suisse bank, in a visit to Vietnam to gain more insights into investment opportunities in the country.

The Government will create as many favorable business conditions as possible to ease the investment flow from foreign firms, stated Hue. He stressed that the country had considered foreign-invested enterprises an integral part of its economy and lauded the activities of the Swiss delegation in some localities across the country over the years.

Hue noted that there was significant room for foreign investment opportunities in Vietnam. In particular, Vietnam is in need of further overseas investment in areas in which Swiss firms excel.

Apart from that, the Government also prioritizes developing the finance-banking sector and encourages mergers and acquisitions in this sector to establish fintech and digital banking models in the years to come.

Moreover, foreign companies are encouraged to participate in the process of equitizing State-owned enterprises, become their strategic partners or get involved in local ventures and startup development.

Addressing the reception, Andreas Gerber remarked that the delegation had come to Vietnam for the fifth time to seek business opportunities. This time, it will visit the northern localities of Hanoi, Haiphong City and Ninh Binh Province.

The delegation aims to transfer advanced technologies from Switzerland to Vietnam in the coming period, according to its leader. During the visit, one of the enterprises decided to invest directly in the country.

This is reportedly the largest Swiss delegation seen to date, with enterprises boasting strong business performance and operating in various sectors, such as glass manufacturing, nanotechnology, medical technology combined with artificial intelligence, application software and communications.

As for Vietnam, the Government has prioritized foreign investment in nine sectors such as transportation and socioeconomic infrastructure under the public-private partnership format, manufacturing and supporting industries deploying advanced technology, hi-tech agriculture and logistics, said Hue.

Source: TheSaigonTimes

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How is patent prosecution distinct from patent litigation?

Patent prosecution and patent litigation are totally different from each other.

Patent prosecution refers to the process of interacting with the patent office to have claims allowed and the patent issued.

Litigation refers to “court-related proceedings, ” typically AFTER a patent is issued (say, suing someone for infringement, etc.)

Vietnam Patent

Patent prosecution happens when you (as an inventor), your patent attorney, and the examiner at a patent office are engaged in the process of getting a patent granted on your intellectual property.

Main steps that are part of the patent prosecution process include:

a) Preparation and filing of a patent application with or without the help of a patent attorney.

b) A patent office examiner responding to your filings and taking an office action which may include legal arguments and reasons for rejecting or accepting your claims and arguments.

c) You or your patent attorney responding to an office action using sound legal arguments and providing supporting facts in your favor.

d) Patent office granting you a patent if everything goes well, and, thereby, granting you rights as an inventor and giving your a monopoly on the use of your patent’s methods for a fixed number of years.

Patent litigation is a totally different beast. It happens only when you discover that somebody (generally a corporation) is infringing upon your patent’s rights and you take some concrete actions in order to stop infringement.

Inventors are granted a monopoly power by the patent office on their intellectual property in a known jurisdiction (e.g., US). Inventors are free to negotiate and charge any licensing fees from others who want to use their intellectual property.

If somebody is using your invention without having any licensing rights from you to use your invention, they are infringing upon your patent. Patent litigation is a highly technical process because you (as an inventor) have to create detailed claim charts (Claim Chart: Everything You Need to Know) to prove infringement. It is a lengthy legal process that is also highly expensive.

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ANT Lawyers Participating in Vietnam-Austria Business Forum in Vienna on October 15, 2018.

On the afternoon of October 14th, 2018, the Vietnam Prime Minister Nguyen Xuan Phuc and his wife led Vietnamese delegation to Vienna for official visit to Republic of Austria under the invitation of Austrian Chancellor Sebastian Kurz. On October 15th, 2018, the Prime Minister Nguyen Xuan Phuc had an official meeting with the Chancellor Sebastian Kurz and participated in the Vietnam – Austria Business Forum.

In Vienna, the representative of ANT Lawyers law firm, Mr. Tuan Nguyen participated the Vietnam – Austria Business Forum organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Austrian Federal Economic Chamber (WKO). This forum has been joined by the representatives from 60 Vietnamese businesses and over 100 Austrian companies. The lawyer of ANT Lawyers law firm met the representative of Austrian companies including Asteas Technologies GmbH & Co KG, AGES – Austrian Agency for Health and Food Safety, FRONIUS International GmbH, Europlast Kunststoffbehälterindustrie GmbH, Bitmedia e-solutions GmbH, D2 Consult International GmbH,… to discuss the Vietnam market entrance possibilities.

The meeting has occurred in the context that Vietnam Prime Minister and the Austrian Chancellor emphasized the importance of promoting the bilateral cooperate on economic, investment and trade; the opportunities post signing the Free Trade Agreement between Vietnam – EU (EVFTA) and Investment Protection Agreement (IPA) looking into the future.

The Vietnam economy has been achieving high growth for the last 30 years. Vietnam is a large market with a population of almost 100 million, 65% of the country’s workforce is young, and the increasing number of internet and smart phone users in Vietnam has also opened up a great opportunities for e-commerce development. Vietnamese Government has committed to vigorously reform and created optimal conditions for Austrian investors. The Prime Minister suggested Austrian companies invest in high-tech agriculture, processing and manufacturing industry, especially agricultural product processing, high-tech zones,…

Along with the advantages facilitated by Vietnamese Government, Austrian companies will seek for investment opportunities to set up company in Vietnam, joint invest, or cooperate to transfer technology. It is expected that both countries will further cooperate and receive benefits from competitive advantage of each other, contribute to economic development and promote the relationship between Vietnam and Austria.

Mr Tuan Nguyen, the representative of ANT Lawyers law firm is honored to participate in the Vietnam – Austria Business Forum, and together with its law firm partner in Austria, Leitner HirthRechtsanwälte GmbH, under the leadership of Markus Leitner, to promote the development of trade relation between Vietnam – Austria in particular and Vietnam – EU in general. With legal and business expertise and experience, we will continue to support the Austrian and other European companies to invest in Vietnam and that Vietnamese company to enter Austrian and European market.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang and Ho Chi Minh City. We provide convenient access to our clients. Please contact us to book your time in advanced to let us provide our best service.

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New highlights of Decree No. 148 providing guidance on 2012 Labor Code available in full

1. Person authorized to conclude an employment contract within a family household and organization without legal personality

As provided by the new regulation, the person authorized to act as the legal representative of a family household or an entity will be entitled to sign an employment contract on the employer side, instead of the householder or the head of that entity who usually signs the employment contract in most cases. 

2. Contractual terms and conditions

- With regard to the pay grade promotion or the pay raise, the Decree adds cases in which both contracting parties may negotiate about whether the employer’s statutes or the collective bargaining agreement are applied.

- With regard to the working and rest time, the Decree adds cases in which both contracting parties may negotiate about compliance with labor rules, statutes of the employer, the collective bargaining agreement and/or legislative regulations.

(It is not necessary to specify the working time in an employment contract). 

3. Regulations on employment contracts with elderly employees

If an employer has no demand or the elderly employee does not meet required health standards, both parties will negotiate for (instead of “carry out”) termination of the employment contract.

4. Employer’s obligations arising in case of any changes in the organizational structure, technologies or any change made for economic reasons 

The Decree sets out the new regulation under which the employer is bound to inform in writing the provincial-level regulatory authority in charge of labor affairs of the abovementioned changes (including guidance on details of the notification form). 

5. Regulation on the working period used as a basis for calculation of resignation or dismissal allowances

- The period of probation or internship is not assumed as an employee's total actual working time upon calculation of these allowances. 

- The period of paid leave from work for performing a citizen’s obligations as provided by regulations in force is the time length of an employee’s actual working for an employer.

- For the purpose of calculation of these allowances, the allowed period is the time length of payment of unemployment insurance contributions which is the period of an employee’s participation in the unemployment insurance (currently, there is none of regulations on this matter). 

- The Decree adds cases in which the employer is permitted to extend the time of processing of an employee’s claim for their interests upon termination of an employment contract to the maximum duration of 30 days, including the followings:

Merger, amalgamation, splitting and separation of an enterprise or cooperative, transfer of the property rights under Article 45 of the Labor Code.

6. Base pay rate serving as a basis for calculation of salary or wage paid an employee on leave

Base pay rate serving as a basis for calculation of salary or wage paid an employee on annual leaves, public or national holidays or paid personal business leaves is the pay agreed upon in an employment contract (instead of the pay specified in the employment contract in the preceding month) divided by the number of normal working days in a month as per the employer's regulations, and multiplied by the number of annual days-off, national, public holidays or paid personal business leaves. 

7. The Decree adds the regulation on the base pay rate serving as a basis for calculation of compensation in case of unilateral termination of employment contract in breach of laws

8. Registration of labor rules

Provincial-level regulatory authorities in charge of labor affairs are not bound to inform in writing (simply inform) the employer in case of any rules in violation of laws.

9. Procedures for imposition of labor disciplinary actions

- The employer only has to ensure that the notification of invitation to the meeting about disciplinary actions is received by participants before the meeting takes place (unlike existing regulations, the Decree does not require that the notification of invitation must be sent at least 5 working days before the meeting). 

- In the absence of any participant without good and sufficient reasons, the employer may hold that meeting at their discretion and does not have to obey the existing regulation under which at least 3 times of invitation to the meeting are required.

The Decree No. 148/2018/ND-CP is going to be in force on December 15, 2018.

Source: Thuvienphapluat

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