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New regulations on onshore loans and offshore loans in Vietnam

July 26, 2023

The State Bank of Vietnam further tightens the rules but provides some favorable clarifications. Towards the end of June 2023, the State Bank of Vietnam (“SBV”) issued two important circulars governing the credit market in Vietnam: Circular 08/2023/TT-NHNN (“Circular 08”) on offshore borrowing conditions to replace Circular 12/2014/TT-NHNN on the same subject matter; and Circular 06/2023/TT-NHNN (“Circular 06”) amending and supplementing certain articles of Circular 39/2016/TT-NHNN on lending activities of credit institutions and foreign bank branches in Vietnam (“credit institutions”). Circular 08 will take effect on 15 August 2023 while Circular 06 will take effect on 1 September 2023. This article provides an overview of the major changes introduced by Circular 06 and Circular 08 and their implications. I. HIGHLIGHTS OF IMPORTANT CHANGES Onshore Loans It is no longer permissible to provide onshore loans to fund the deposit of monies or to fund equity investments other than listed stock investments. Financing capital contributions under capital contribution contracts, investment cooperation contracts, or business cooperation contracts for an investment project that does not meet the eligibility criteria for “being put into business” under relevant laws is prohibited but it is unclear how to determine if a project is eligible “for putting into business.” A legal regime for digital lending is introduced. Each individual may not maintain a total outstanding digital borrowing balance of more than VND100,000,000 with a credit institution. More stringent and detailed requirements on internal lending regulations are imposed on credit institutions. Costs which are funded by reimbursement loans must have incurred within 12 months prior to the credit institution’s decision to lend. Offshore Loans All categories of borrowers...

Data Protection and Cybersecurity Developments 2023

May 9, 2023

An Exploration of Data Protection and Cybersecurity Developments in the Digital Economy Era : How China, India, Vietnam and Thailand are keeping up with digital evolution In today’s digital age, data protection and cybersecurity are becoming increasingly important world over. The Asian legal landscape, being no exception, is ushering in an enormous amount of change – with privacy laws anticipated, by the end of this year, to have grown by 25% since 2021. With the rise of technology, sensitive data is being collected and stored at an unprecedented rate, making it vulnerable to cyber-attacks. This is especially true in countries like China, India, Vietnam and Thailand that are experiencing rapid growth in their digital economies. Here, we shine a spotlight on these countries and explore the latest changes and upcoming amendments to their data protection and cybersecurity laws and regulations. China With the ever-accelerating growth of technology, comprehensive data protection and cybersecurity laws in China have become crucial. In recent years, the Chinese government has implemented a number of changes to its laws in order to protect citizens’ personal information and ensure that companies are compliant with international standards, such as the European Union’s General Data Protection Regulation (GDPR). These changes include new regulations on data collection, storage, usage and cross-border data transfers; increased penalties for violations; and improved enforcement mechanisms. In 2021, China enacted its comprehensive data protection “rulebook”, the Personal Information Protection Law (PIPL) which, while neither as prescriptive nor as detailed as the GDPR, imposes strict requirements on companies that collect and use personal information, and gives individuals greater control over their own data. For example,...

Firms Of The Year Results 2022 Vietnam

April 19, 2023

In-House Community Firms of the Year 2022 – Top Law Firms in Vietnam Winners in ⭐bold Honourable mentions in italics Alternative Investment Funds (Including Private Equity) ⭐ YKVN ⭐ Baker McKenzie ⭐ VILAF Frasers Law Company Allen & Overy Banking And Finance ⭐ YKVN ⭐ VILAF ⭐ Frasers Law Company Baker McKenzie Allen & Overy Compliance And Regulatory ⭐ VILAF ⭐ Frasers Law Company ⭐ YKVN Baker McKenzie Tilleke & Gibbins Russin & Vecchi Antitrust/ Competition ⭐ LNT & Partners ⭐ Baker McKenzie GV Lawyers Capital Markets ⭐ VILAF ⭐ YKVN ⭐ Allen & Overy Frasers Law Company Corporate And M&A ⭐ LNT & Partners ⭐ VILAF ⭐ Baker McKenzie ⭐ YKVN Russin & Vecchi Bizconsult Law Firm Employment ⭐ Phuoc & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ Tilleke & Gibbins ⭐ Vision & Associates Vision & Associates Russin & Vecchi Frasers Law Company International Arbitration ⭐ LNT & Partners ⭐ YKVN ⭐ Dzungsrt & Associates Rajah & Tann LCT Lawyers VILAF Real Estate/ Construction ⭐ ZICO Law ⭐ VILAF ⭐ Baker McKenzie Allen & Overy Frazers Law Company Energy & Natural Resources ⭐ Lexcomm Vietnam ⭐ Freshfields Bruckhaus Deringer ⭐ Hogan Lovells ⭐ VILAF YKVN EPLegal Limited Litigation And Dispute Resolution ⭐ GV Lawyers ⭐ YKVN ⭐ VILAF Bizconsult Law Firm LNT & Partners Rajah & Tann LCT Lawyers Tillike & Gibbins Restructuring & Insolvency ⭐ Allen & Overy ⭐ Baker McKenzie GV Lawyers Intellectual Property ⭐ Pham & Associates ⭐ Bross & Partners ⭐ Vision & Associates Tilleke & Gibbins Baker McKenzie Projects And Project Financing ⭐ YKVN ⭐ Lexcomm ⭐ Russin & Vecchi Allen & Overy Frasers Law Company LNT & Partners Most Responsive International Law Firm – Vietnam ⭐ Baker McKenzie ⭐ Tilleke & Gibbins ⭐ Allen & Overy Intellectual Property ⭐ Pham &...

Renewed Attention on an Old Topic: Condotels and Resort Villas to have Pink Books

April 19, 2023

By Duyen Ha Vo, Tram Dang and Nhung Trinh, VILAF Vietnam’s slow real estate market has been given a ray of hope with the recent release of Decree 10/2023/ND-CP and the ongoing review of a proposed amendment to the Law on Real Estate Business. These new legal measures aim to create a more transparent legal framework for the development of condotels and resort villas, which complements the regulations provided by Decree 02/2022/ND-CP released last year. This article provides an overview of the legal framework for the development of condotels, resort villas, and other similar commercial properties after the new legislative instruments take effect. Here are the key points to note: Developers of condotels, resort villas, and officetels in a properly licensed non-residential project on commercial land are allowed to sell such properties as a real estate business. Buyers of condotels and resort villas can obtain Pink Books for such properties, but the eligibility of officetels for Pink Books is still uncertain. As the land for developing condotels and resort villas must be commercial land, the land use term under the Pink Book granted to a buyer is restricted to the commercial land use term awarded to the developer, which is up to 50 years (or 70 years in specially approved cases). The sale of condotels and officetels must adopt the statutory contract template provided in Decree 02/2022/ND-CP. The draft Amended Law on Real Estate Business and the new decrees do not explicitly refer to shophouses. The concepts Under the tourism laws, a “condotel” (căn hộ du lịch) and a “resort villa” (biệt thự du lịch) (collectively, “lodging properties”) are...

How Vietnam Compensation Rules Ruin The Rights Of Consumers In E-commerce Transactions

March 29, 2023

1. Background and context of e-commerce in Vietnam Online transactions are usually trivial, and dispute settlement, e.g., through mediation, arbitration, civil court, etc., costs time and money. This would prompt consumers to let it go, or spread warnings over the web as widely as possible, expecting this to serve as a deterrence to dishonest vendors. After all, who would give up a whole working day just to seek justice for, let’s say, a damage worth VND30,000 (USD1,2)? But supposing a thousand consumers, instead of just one, become victims, the dishonest vendor will in this case acquire an illicit gain of VND30,000,000 (~USD1,200) without moving a finger. Bearing in mind that the revenue generated by the Vietnamese retailer e-commerce was predicted to reach USD16.4 billion in 20221, and will grow exponentially in the following years, such illicit gain would increase tremendously if the customers persist in reacting passively. And this is where consumer protection laws are supposed to come forward. 2. A glance at claimable damages under Vietnamese consumer protection laws First of all, consumer protection laws come forward with damage compensation regimes. From the standpoint of Vietnamese legislatures, compensation for damages resulting from violation of consumers’ interests is based on both contractual and non-contractual obligations. The relationship between consumers and vendors is contractual and reciprocal at the very essence. Vendors accordingly must ensure that the goods are delivered in the quantities and quality as promised to the consumers under a sale of goods contract. Where the vendors fail to do so, they are deemed to have breached the contract and thus are obligated to compensate for damages as per...

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