New Decree implementing Investment Law 2014
After months of delay, the long-awaited Decree 118/2015 implementing the Investment Law 2014 was finally issued on 12 November 2015. Set out below are certain important points of Decree 118/2015:
WTO And TPP – A Comparison of Vietnam’s Commitments Regarding Investment In Financial Services
The table below tries to compare the existing commitments of Vietnam under WTO Agreement with the commitments under TPP for financial services. This post is contributed by Tran Thi Thu Thao, a VILAF associate. Pdf version of the table can be downloaded here.
Notes:
- No limitation means no limits on national treatments in terms of foreign ownership, form of investment or other restriction.
- Branch is generally not allowed unless otherwise indicated.
- Share acquisition is generally allowed with no foreign ownership limitation for committed sectors and sub-sectors unless otherwise indicated.
- Underlined words indicate new commitment under TPP.
NEW DECREE ON INVESTMENT AND MANAGEMENT OF STATE CAPITAL
Decree 91/2015 on investment and management of State capital will take effect from 1 December 2015 and replace Decree 71/2013 and Decree 09/2009 on the same issues. The following issues arise from Decree 91/2015:
Evidence of completion no longer required for registration of a capital transfer
Parties to (i) a transfer of capital in a limited liability company (LLC) or (ii) a transfer of shares by founding shareholder or foreign shareholder in a joint stock company (JSC) no longer need to submit “documents evidencing completion of the transfer” to the Business Registration Authority when applying for registration of the transfer. This is an important and positive change introduced by Decree 78/2015 on business registration which will take effect from 1 November 2015. In particular, Decree 78/2015 allows the parties to any of the above transfers to submit (i) the transfer contract or (ii) documents evidencing completion of the transfer.