Foreign investors allowed to purchase shares of logistics enterprises

This is a noticeable content of the Decree No. 163/2017/ND-CP on provision of logistics services. According to this Decree:

Foreign investors may purchase a certain ratio of shares and stakes in an enterprise upon provision of transport-related logistics services (previously, foreign investors have to establish a joint-venture).

In addition, a foreign investor in the country or territory that is a WTO member must comply with regulations on holdings and satisfy the following conditions:

- Regarding sea transport services (except for inland transport): Total number of foreign seafarers working on the ship shall not exceed 1/3 of ship’s crew. The captain or first mate must be a Vietnamese citizen.

- Regarding road transport services: all drivers of the enterprise must be Vietnamese citizens.

Notes: The provider that provides part or whole of logistic services on the Internet, cellular network or other open networks must comply with regulations on e-commerce.

The Decree No. 140/2007/ND-CP is null and void from the effective date of the Decree No. 163/2017/ND-CP (February 20, 2018).

Source: Thuvienphapluat .vn

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What Important Step-by-Step Guide to Establish Company in Vietnam?

When foreign investors invest in Vietnam, they could establish company in Vietnam. Foreign investors have the right to choose the appropriate forms of enterprise such as a limited liability company, joint stock company, etc. with specific steps are as follows:

Step 1: Register the investment project

Investors submit an investment project registration file to the Business Registration office of the province or city or the management board of an industrial zone, an export processing zone or a high-tech zone for the approval of an investment project during the period within 15 days (without time for clarification).

Step 2: Apply for Certificate of investment registration

After approval of the investment project, investors submit a valid record tothe Department of Planning and Investment within 10 days to apply for a business registration certificate.

Step 3: Apply for the certificate of business registration

After obtaining the business registration certificate, the investor shall submit the application for enterprise registration certificate to the enterprise registration office within 3 days.

Step 4: Publish the content of the business registration

After being granted the certificate of enterprise registration, the investor shall disclose information about the enterprise on the national enterprise registration portal within 30 days, including the following information:

i, Business lines;

ii, List of founding shareholders and shareholders being foreign investors for joint-stock companies.

Step 5: Registered business stamp

The enterprise has the right to decide on the form, quantity and contents of the stamp of the enterprise. The content of the stamp must show the following information:

– Company’s name;

– Business code.

After receiving the legal entity stamp and before using the business stamp, the enterprise must send a notice on the stamp of the enterprise to the business registration office for publication in the National Information Portal on the business registration.

Step 6: Notice of use of stamp:

After having stamp made, investors submit notices on use of stamp forms to the Investment registration agency.After receiving the record, the Investment registration agency issues a receipt for the enterprise, publishes the notice of the enterprise on the National Business Information Portal and issues a notice of the posting, stamp samples of enterprises, branches and representative offices for enterprises.

Step 7: Open bank account:

Investors need to open two types of bank accounts, namely the investment capital account to receive the investment amount and the transaction account for conducting daily transaction in Vietnam.

Step 8: The post licensing procedures:

For the conditional business lines:

Investors investing in conditional businesses lines as regulated in Appendix 4 of the Investment Law 2014 must apply certificate of business qualification, practicing certificates, professional liability insurance, legal capital requirements, etc. before conducting business in Vietnam.

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Regulations on items not subject to VAT amended

This is one of the highlights of the Decree No. 146/2017/ND-CP amending the Decree No. 100/2016/ND-CP and the Decree No. 12/2015/ND-CP on Value-Added Tax (VAT) and Corporate Income Tax (CIT).

- They are mineral resources which have yet to be processed or transformed into other products;

- They are goods which are made directly from main materials that are mineral resources, and which have the aggregation of value of such mineral resources plus the energy cost that accounts for at least 51% of their production cost, except to the extent that:     

+ Such exported products are finished products produced from other intermediate products which are made from mineral resources.

These mineral resources may be directly extracted and processed into, or purchased for further production of, or processed by hiring other toll manufacturers into, exported products, by business establishments.    

+ Such exported products are final products made from main materials which are other than mineral resources (these mineral resources have been processed into other products).

The Decree No. 146/2017/ND-CP is set to commence on February 1, 2018.

Source: Thuvienphapluat .vn

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New regulations on application procedures for registration of enterprise establishment

On December 27, 2017 the Government has already issued the Resolution No. 136/NQ-CP on streamlining of administrative procedures and application documentation concerning residence administration under the jurisdiction of the Ministry of Planning and Investment.

Accordingly, documentation requirements and contents of application and declaration forms necessary to apply for registration of establishment of enterprises will be subject to changes in the coming time, specifically including:

- In terms of documentation requirements:

Repealing the documentation requirement such as “Citizen Identification card, Identity card, passport or other legally-required documents" for application of registration of enterprises.

- In terms of application and declaration forms:

+ Replacing the regulation regarding “permanent address, nationality, numbers of Citizen Identification card, Identity card, passport or other evidences of legal person" by "personal identification numbers" in the contents of the Request and Certificate of Enterprise Registration.

+ Replacing information about citizen and Citizen Identification in sample documents, forms or declaration sheets, etc., required for registration of enterprises, by "family name, middle name and last name, and personal identification numbers”.

For more details, please read the Resolution No. 136/NQ-CP that will enter into force from the signature date.

Source: Thuvienphapluat.vn

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Vietnam Customs Law 2014

On 23rd June 2014, the Vietnam National Assembly has issued the new Vietnam Customs Law. This new law comprises of 8 Chapters, 104 Articles and shall come into effect on 1st January 2015.

Accordingly, the new 2014 Vietnam Customs Law is focusing on customs procedure reform, modernization of customs administration, codify international laws on international commitment in order to meet the requirements and facilitate integration beneficial for import and export activities; improve the effectiveness and efficiency of customs operations management.

Article 23 of the law regulates the custom documents towards reducing the numbers of papers of customs documents required in the relevant documents to be submitted when doing customs procedures i.e. commercial invoices, import-export document.  Custom documents can also be in writing or electronic invoices.

Besides, the new Vietnam Customs Law boosts the management practices from pre-check to post- check. Mechanism of post-clearance inspection for a period of 5 years is strictly specified in terms of objects, conditions and sanctions when a violation is detected. This provision not only facilitates but also tightly controls the flow of goods to ensure that it is in compliance with the customs declaration.

Clause 6 Article 88 of the 2014 Vietnam Customs Law regarding the jurisdiction of the customs authorities in the application of prevention of smuggling and illegally transporting goods across borders has been supplemented to detail the measures to control custom.

In addition, the provisions of Article 92 stipulates that Customs agency, customs officers shall be equipped with and using professional technical facilities, weapons, support tools, flags, signal flares, lights, screening, biochemical technology, mechanical equipment, electrical, electronic and other means as prescribed by law to perform the task of preventing and battling against smuggling, illegal transport of goods across the border. The equipment and the use of weapons and tools to support prescribed by law shall be governed in complied with regulations for management and use of weapons, explosives and support tools. These are important provisions to prevent and battling against smuggling, illegal transport of goods across the border.

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Japanese firms sound out business prospects in Vietnam

The Japan External Trade Organization (JETRO) has organized a networking event for Vietnamese and Japanese businesses in Hanoi City in order to facilitate their cooperation, the Vietnam News Agency reports.

The event was part of a JETRO project for nurturing new industries in Japan and ASEAN countries, including Vietnam, to promote cooperation in some fields such as information technology, digitalization, and Internet of Things.

More than 100 representatives of Vietnamese and Japanese enterprises took part in the event in Hanoi City last Friday.

Hironobu Kitagawa, chief representative of JETRO in Hanoi, said Vietnam is the fifth country after Thailand, Indonesia, the Philippines and Malaysia where the organization has held networking events as part of the project.

The event is aimed at creating an opportunity for companies of the two countries to cooperate with each other, he said.

Japanese startups develop various business ideas, and have the ability to assess market demand in Japan and other nations while Vietnamese counterparts have technical skills and creativity. Therefore, they will have good chances of becoming partners, he added.

Le Thai Phong, a lecturer specializing in business administration at the Foreign Trade University, said various organizations from ministries, State agencies, universities, and embassies offer their support for startups. However, a representative agency for the Vietnamese startup ecosystem has yet to exist.

Other participants also voiced their concerns over some disadvantages to the local startup ecosystem compared with its equivalents in other countries.

For example, they said, local startups spend at least US$50 and seven days registering to obtain business licenses. Meanwhile, those in other countries take around 30 minutes and pay no charge.

Besides, State and private companies in the same business environment receive different treatments for administrative procedures.

Phong stressed the Government has offered policy incentives for startups, but local authorities have still made life difficult for these companies.

Source: The Saigon Times

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