Hiển thị các bài đăng có nhãn Foreign invest lawyers in Vietnam. Hiển thị tất cả bài đăng
Hiển thị các bài đăng có nhãn Foreign invest lawyers in Vietnam. Hiển thị tất cả bài đăng

Chủ Nhật, 8 tháng 10, 2023

Plan to Simplify Regulations on Telecom, Gaming, Internet Service

  In the process of economic integration and development, in order to create favorable conditions for business and service sectors under the management of the Ministry of Information and Communications, Vietnam has approved the plan to reduce and simplify regulations a number of regulations under its control.

Accordingly, Decision No. 1994/QD-TTg agreed to reduce and simplify regulations related to business lines: Provision of pay radio and television services; Provide G1, G2, G3, G4 video games online; Newspapers; Telecommunications service business; publisher’s activities; Business in printing services, except for packaging printing; Publishing services business; Postal services; Information Technology; Science and technology; Domain name registration and maintenance services; Internet; Network information security products and services in Vietnam.  It is important for the company operating in the areas of concern to consult with telecom, internet business, media lawyers to follow up with specific changes in law in Vietnam.


These are industries with fast-growing trends and have a strong impact on other industries as well as on the overall economic development. Therefore, the facilitation and restriction of procedures will contribute to attracting foreign investment and creating development motivation for businesses, quickly catching up with the rapid changes of services, improving the quality of services and improving the quality of services information and communication products.

Accordingly, on procedures for granting certificates of eligibility to provide public electronic game services, for the application components “Plan for the location of the computer room of the public video game service point suitable according to the prescribed area” and “Pay the fee for the issuance of the Certificate of eligibility to operate the point of supply providing public video game services” were abolished. Especially, it is subject to change immediately after the time of licensing. Therefore, the information of the location of the machine room option at the time of consideration for licensing is of little significance. Besides, the Decision also mentions supplementing the form of implementing administrative procedures on electronic means (changing the form of paper copies into electronic ones) to be flexible and ensure consistency with the Enterprise Law 2020 in the implementation for businesses.

The decision also abolishes administrative procedures for granting licenses to provide G1, G2, G3, G4 video game services online. According to the plan, many procedures with G1 online game service will be abolished such as: licensing procedures; license re-issuance; license renewal or procedures for amending and supplementing the license to provide G1 video game services on the internet… This is a meaningful abolition decision for the practice of licensing video games. Because, it is challenging for state agencies to request enterprises to apply for permits and report every time they change their business plans, affecting the autonomy of enterprises as well as creating huge inadequacies in terms of business administrative procedures.

In addition, business conditions: “The publisher’s office has an appropriate area, meets the provisions of the law on standards and norms for using the office” has been simplified to ” having an office that meets the provisions of law on standards and norms for using the office”. This change is reasonable, because the criterion of suitable area has no basis for explanation. Moreover, the area of ​​the publisher’s headquarters is not related to the management of the State. With the new regulations, publishers can be autonomous in choosing the right area, ensuring space for business activities. At the same time, the Decision also combines two administrative procedures including re-issuance and renewal of licenses for printing and publishing publications into one administrative procedure, limiting cumbersome procedures, saving time and costs for businesses.

In addition, in the field of publication distribution service business, the Decision simplifies the process of granting certificates of registration for publishing and publishing electronic publications in the direction of only performing the verification process determining the project of publishing and distributing electronic publications. Therefore, if the project is eligible and accepted, the enterprise will be granted a certificate of operation registration immediately.

According to the simplified version of the Decision, the Postal Business Registration Certificate and the Postal Investment Certificate in Vietnam will be merged into the Business Registration Certificate.

Therefore, the introduction of Decision No. 1994/QD-TTg has reduced and simplified procedures; help the process of preparing documents quickly; save time for organizations and individuals when carrying out administrative procedures and minimize the cost of administrative compliance.

Source: https://antlawyers.vn/library/plan-to-simplify-regulations-on-telecom-gaming-internet-service.html

Thứ Sáu, 18 tháng 8, 2023

When Foreign Currency Usage not Forbidden in Vietnam?

  Foreign currency is a form of foreign exchange, the currency of another country or the common currency currently used in international and regional payments are collectively referred to as foreign currency. Cash foreign currency includes banknotes and coins. Banking and finance lawyers are always asked if an organization could use foreign currency on contract or for conducting certain business transactions, in Vietnam or abroad.

In order to ensure convenience in conducting transactions in Vietnam, ensure the rights of the State Bank and limit smuggling crimes, Foreign Exchange Ordinance provided: “within the territory of Vietnam, usage of foreign currency is not allowed in most cases for example foreign currency are not allowed in agreements, in making payments.  Further, foreign currency even is not allowed in listings, advertisements, quotation, pricing. These apply for both residents and non- residents except for cases permitted in accordance with regulation of the State bank of Vietnam.”


However, there are some special cases where the Government allows individuals and organizations to use foreign currency when conducting transactions in the Vietnamese territory. Vietnam State Bank issued instructions that stipulate that residents are allowed to contribute capital in foreign currency by transfer in order to perform foreign investment projects in Vietnam. Residents being entities with legal person status are allowed to conduct internal transfer of capital in foreign currency between their accounts with accounts of their dependent units that have no legal person status and vice versa.

Non-residents are allowed to transfer in foreign currency for other non-residents; are allowed to denote prices in contracts in foreign currency and payment of export goods and services in foreign currency by transfer for residents. For foreign investors in Vietnam, foreign investors may deposit or escrow deposit in foreign currency by transfer when participating in auctions in the following cases:

(i) Purchase of shares in equitized state-owned enterprises approved by the Prime Minister;

(ii) Purchase of shares or contributed capital by the State in state-owned enterprises or divestment state-owned enterprises approved by the Prime Minister;

(iii) Purchase of shares or contributed capital of a State-owned enterprise to invest in another enterprise for divestment approved by the Prime Minister.

In case of winning the auction, the foreign investor shall transfer investment capital in accordance with the provisions of law on foreign exchange management to pay for the value of buying shares or contributed capital. In case of unsuccessful auction, foreign investors are allowed to transfer overseas the deposit or deposit in foreign currency after deducting related expenses, if any.

Except for the cases prescribed by the State Bank, acts of using foreign currency while performing transactions in the territory of Vietnam will be sanctioned depending on the seriousness of the violation. Therefore, individuals and organizations should pay attention to avoid unfortunate risks that may occur.

Source: https://antlawyers.vn/library/when-foreign-currency-usage-not-forbidden-in-vietnam.html