How Bank Guarantee Letter Could Help Secure a Transaction and Risks Involved?
In the process of performing civil transactions, there is a need to bind the performance of obligations of the parties hence secured transaction is needed and guarantee is one of the commonly used methods to secure the performance of obligations in business and commercial activities. The party that provides guarantee is normally a commercial bank and bank guarantee is normally a loan service. In reality, there are potentially many risks involved in the guarantee transaction through issuing of bank guarantee letter which needs the attention…
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How Vietnam Has Simplified Procedures to Register Business in Vietnam in 2023? | ANT Lawyers
By the end of 2019, there have been more than 30,000 FDI projects choosing Vietnam for investment, with a total registered capital of about 362 billion USD. Recently, business propensity of Vietnam is highly concentrated on the private sector, attracting foreign investors to the Vietnam market. As Vietnam has built diplomatic relationship with nearly 190 countries around the world and signed about 15 Free Trade Agreements with important trading partners, Vietnam’s participation in various free trade agreements has created a strong impetus fo…
Cosmetics Product Proclamation in Vietnam | ANT Lawyers
Under Vietnam law, a cosmetic product made in Vietnam or imported into Vietnam must go through procedure of proclamation before being sold on the market. Organizations or individuals distributing the cosmetic product on the market are only permitted when being granted the number of cosmetic product proclamation from the authority agencies. Such organizations or individuals are also responsible for safety, effectiveness, and quality of product. Organizations, individuals who are responsible for putting products on market are organizations, in…
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Guidance of Representative Office Setting-up in Vietnam | ANT Lawyers
The establishment of representative office of foreign traders in Vietnam have to follow the procedures as guided by the Commercial Law in Vietnam and the related decrees providing instructions of the law. Preparation of dossiers for establishment of representative offices includes: An application form for License for Establishment of the representative office using the form promulgated by the Ministry of Industry and Trade and signed by a competent representative of the foreign trader. Copies of the Certificate of Business Registration or eq…
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Differences Between Limited Liability Company and Joint Stock Company | ANT Lawyers
How to distinguish a Limited Liability Company and Joint Stock Company?” Vietnam Law allows the establishment company in Vietnam in various forms. It is an important step in investment process. Investors could choose different forms depending on the needs and capacity on the ability to raise capital and sharing the risk in business as well as the management and operating costs. Each form will have its own organizational structure, operating mechanism, rights and obligations specified under Law on Enterprise 2014. Currently, Limited Liabili…
Benefits of Representative Offices in Vietnam | ANT Lawyers
Following the trend of international economic integration, foreigners have been attracted by the benefits of doing business in Vietnam through setting up representative offices, setting up company , acquiring shares in Vietnam enterprise through M&A activity. At the initial stage, foreign entity would try to research market, undertake due diligence on its clients, buyers, clients, or other business partners therefore many will be interested in establishing a representative office in Vietnam . The foundation of representative office of…
Challenges in Preparing Documents for Representative Office Application | ANT Lawyers
The representative office (RO) is a popular foreign investment vehicle which investors utilize when wishing to enter the Vietnamese market without committing too much investment. The representative office could help the foreign entity to hire local employee to carry out market research, business promotion. A foreign company wishes to establish a representative office in Vietnam must submit an application dossier for a license to the Provincial Department of Industry and Trade (DIT). However, there are cases which the government agencies re…
How Divorce Procedures Involving Foreign Elements in Vietnam Are Regulated? | ANT Lawyers
The procedure for divorce in Vietnam involving foreign elements is one of the complicated procedures. Therefore, when implementing this procedures, the parties need to pay attention to the related legal provisions to avoid problems when conducting the divorce procedure in Vietnam or involve family lawyers for assistance in preparing documents and filing petition, especially if there are potential dispute in custody or common assets, properties division. Divorce involving foreign elements means termination of the husband and wife relation…
What is Agreed Matrimonial Property Regime of Spouses Under Vietnam Laws?
Husband and wife have the right to choose to apply the statutory or agreed property regime. Basic contents of an agreement on the matrimonial property regime (prenuptial agreement) includes: (i) Property determined as common property and separate property of the husband and wife;(ii) Rights and obligations of the husband and wife toward common property, separate property and related transactions; property to meet the family’s essential needs;(iii) Conditions, procedures and principles of property division upon termination of the property reg…
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Guidance on Unilateral Divorce Procedure | ANT Lawyers
Divorce is the termination of husband and wife relationship according to the court’s legally effective judgment or decision. Divorce procedures are prescribed in the Civil Procedure Code, Law on Marriage and Family , Law on Mediation at grassroots… There are two forms of divorce in Vietnam: divorce at the request of one party (unilateral divorce) and divorce by mutual consent. For divorce at the request of one party, the Court shall handle divorce at the request of spouse if it has grounds to believe that a spouse commits domestic violence or…
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Note on Setting up a Representative Office in Vietnam | ANT Lawyers
Setting up a representative office is considered one of the simplest forms of investment in Vietnam. The representative office will help the foreign trader to lease office, hire people, open bank account, and promote the business activities in Vietnam market. The chief representative if being foreigner will then could apply for work permit and temporary residence card to stay in Vietnam. There is no income tax as the representative office therefore the liability to maintain a representative office is less hassle. When the purpose of settin…
Note on Setting up a Representative Office in Vietnam | ANT Lawyers
Setting up a representative office is considered one of the simplest forms of investment in Vietnam. The representative office will help the foreign trader to lease office, hire people, open bank account, and promote the business activities in Vietnam market. The chief representative if being foreigner will then could apply for work permit and temporary residence card to stay in Vietnam. There is no income tax as the representative office therefore the liability to maintain a representative office is less hassle. When the purpose of settin…
How to Close a Business in Vietnam? | ANT Lawyers
All corporations, companies, partnerships, branch offices, representative offices and other business entities are legal entities in Vietnam which can only be dissolved through formal procedures. I. What are the major challenges with closing a business in Vietnam? The main thing to remember throughout the process is that the dissolving company, a branch office or a representative office, one should pay close attention to the involvement of all key stakeholders, i.e. the employees, customers, creditors, business partners and relevant authorities…
How to Terminate Representative Office in Vietnam | ANT Lawyers
Foreign Traders wishing to terminate the operation of representative office in Vietnam need to complete the procedure at Tax authorities, the Provincial Department of Industry and Trade and the procedure to return the seal at the police. Pursuant to the provisions of the Vietnam laws, the termination of operation of representative offices of foreign traders in Vietnam at the Provincial Department of Industry and Trade shall be conducted as follows: Preparation of dossiers for termination of operation of representative offices includes: - Not…
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Conditions for Establishing Representative Office in Vietnam | ANT Lawyers
Decree No. 07/2016 / ND-CP regulating the Commercial Law regarding representative offices and branches of foreign traders in Vietnam that have recently been issued by the Government. Accordingly, foreign traders can establish their representative offices and branches in Vietnam under Vietnam’s commitments in international treaties to which Vietnam is a member. A foreign trader cannot establish more than one representative office or branch with the same name within a province or city under central authority. Foreign traders are licensed to e…
Vietnam Can Issue Permanent Residence Card to Foreign Investors in Phu Quoc
The Ministry of Planning and Investment proposed a series of preferential mechanisms for Phu Quoc special economic zone . The Ministry of Planning and Investment has just submitted to the Government a draft Law on Special Administrative Units. In this draft, the Ministry proposes a series of mechanisms to attract investment capital and foreign experts to live and work in Phu Quoc special economic zone. Specifically, according to the draft law, Phu Quoc is prioritized investment to become a center for trade, high-end services and internatio…
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