What Are Lawful Structures for Fintech in Vietnam?

 What Are Lawful Structures for Fintech in Vietnam?

The foundation for the leap forward in all spheres of life has been established by the 4.0 industrial revolution and the explosion of the Internet. Science and technology have a direct impact on the financial sector, which is not exception.

Fintech – Financial Technology is a new type of finance that has emerged alongside traditional finance and has superior characteristics that are appropriate for the current circumstance and actual requirements. Despite the benefits of Fintech, its operation is fraught with difficulties, including legal issues.

Blockchain, big data, cloud computing, artificial intelligence, biometrics, and other technologies may be used by fintech. However, Vietnam currently lacks a comprehensive legal framework for these technologies. As a result, depending on the circumstances, laws pertaining to intellectual property, information technology, high technology, science and technology, cyberinformation security, and cybersecurity can all be enacted. In addition to ensuring the security of databases and the intellectual property that is associated with them, these regulations partially facilitate the research, development, and application of technological innovation.

Digital payment, in particular, is a big part of fintech. Non-cash payments, intermediary payment services, and the Law on Credit Institutions govern this sector. The Top state leader likewise gave Choice 316 since Walk 9, 2021, permitting the utilization of versatile cash to pay for labor and products of little worth. This is the legal basis for Fintech companies that offer digital payment services and for customers to use this method. Applications of fintech include asset management, peer-to-peer lending, and crypto currencies, all of which are not yet clearly regulated in Vietnam.

Due to the significance of establishing legal guidelines for Fintech, Official Dispatch No. 2433/VPCP-KTTH dated August 31, 2021 of the Public authority Office coordinated: “The State Bank of Vietnam chairs and coordinates with relevant agencies to continue studying and concretizing regulations on the pilot mechanism of P2P lending in the process of developing and finalizing the draft Decree on a controlled trial mechanism. Control (Regulatory Sandbox) financial technology activities in the banking sector, report to competent authorities for consideration and decision in accordance with the provisions of the Law on Promulgation of Legal Documents”.

Resolution No. was published by the government on September 6, 2021. 100/NQ-CP supporting the proposition to plan a Pronouncement on a system for controlled testing of Fintech exercises in the field of the financial area. After conducting research, the Draft Decree on the controlled trial mechanism for Fintech activities in the banking sector was published by the State Bank of Vietnam in April 2022. This draft is currently at the phase of looking for public remark and has not been endorsed. The development of the draft denotes another move toward Vietnam's lawful system for Fintech, establishing a strong starting point for the later birth of the Declaration.

The Decree on Controlled Trial Mechanism for Fintech in the banking sector will be officially issued by the government in the event that the Draft is approved. Credit institutions and financial technology companies will be able to test Fintech technology in a controlled manner as a result of this Decree. They can survey the adequacy and potential dangers while utilizing Fintech arrangements. The experiment's findings can be used to identify problems that need to be addressed in order for the legislature to pass legislation to regulate Fintech in the banking sector. If this is the case, banking will be a ground-breaking industry that will inspire Fintech regulations in other areas.

Despite the solid and quick improvement of web and its application, having a different lawful system for Fintech in Vietnam in the future is normal. Fintech lawyers in Vietnam who are interested in Fintech could also contribute by commenting on draft laws and providing clients with advice based on real-world examples. It goes without saying that the technology sector is home to some of the most successful businesses in the world. Fintech is the startup with the fastest growth rate among them. The sooner legitimate system of Fintech can be given, the better for Vietnam to gobble up amazing chances to draw in venture and find the world.

Our Fintech, banking legal counselors at Insect Legal Advisors - a law office in Vietnam will continuously circle back to the improvement of the legitimate system in Fintech in Vietnam to give updates to clients.

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How Dispute Lawyers in Hanoi Could Help?

How Dispute Lawyers in Hanoi Could Help?

ANT Lawyers – A law firm in Vietnam, could assist clients on dispute resolution matters throughout Vietnam.

We have dispute lawyers in Hanoi who are qualified and have experience helping clients resolve disputes in Vietnam.

We have represented clients in disputes involving a variety of industries, including disputes involving international trade, commercial transactions, partnership or shareholder agreements, property sales and purchases, real estate, intellectual property, banking and finance, and maritime matters.

We are able to provide our clients with appropriate and adaptable solutions to their problems thanks to our knowledge, experience, and comprehension of Vietnamese culture. Our dispute lawyers in Hanoi also help clients through the various stages of litigation at Vietnam's national or provincial courts, arbitration centers, and courts of appeal.

Our dispute attorneys in Hanoi are well-trained and certified internationally in the US and EU, and they have adapted their skills to Vietnamese cultures to assist clients in resolving conflicts without a formal proceeding in order to save money, time, and maintain the relationship between the disputed parties. If it is at all possible, we recommend alternative dispute resolution, such as mediation.

Our dispute resolution practice at ANT Lawyers helps our clients with the following:

Negotiation: reviewing relevant contracts and documents, advising possible courses of action and negotiating with relevant parties before initiating the legal proceeding.

Litigation and legal representation: representing clients before Vietnamese courts and other Vietnamese authorities.

Arbitration: advising on choice of arbitration, drafting arbitration clause, and representing clients for recognition and enforcement of foreign arbitral awards.

Alternative proceedings: certain alternatives may be available for dispute resolution in Vietnam.

ANT Lawyers have litigation and dispute lawyers in Hanoi, that help clients dealing with dispute resolution and alternative dispute resolution in Vietnam.

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Reliable Vietnam Law Firm

Vietnam's ANT Lawyers is a law firm with locations in Ho Chi Minh City and Hanoi. We are a law firm in Vietnam that is a member of Prae Legal, a global network of law firms that spans 150 countries and five continents. Through this network, we have established relationships with lawyers from all over the world. Because of this collaboration, ANT Lawyers are able to handle international cases involving foreigners.

 

As a reputable English-speaking law firm in Vietnam, ANT Lawyers focuses on offering potential solutions that best satisfy the requirements of business and legal clients. We assist customers in achieving their objectives while safeguarding their interests, reducing risks, and adhering to the law.

The law firm provides a comprehensive range of contentious and non-contentious legal expertise to corporate and individual clients from all sectors. We are able to provide advice on a wide range of topics, from precedent-setting to strictly procedural, thanks to our experienced staff and highly professional personnel.

Our ability to combine commercial and legal perspectives is a recurring theme throughout everything we do as a law firm. As a result, our clients can rest assured that, regardless of the case or transaction, our lawyers at the law firm in Vietnam have the expertise to provide commercially relevant legal advice and service.

Tell us how we can be of service and one of our team members will contact you.

Email: ant@antlawyers.vn  - Tel: +84 28 730 86 529

 

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How to Set-up Travel Services Business in Vietnam?

How to Set-up Travel Services Business in Vietnam?

Foreign investor could only set-up joint venture with Vietnam travel agency to set-up travel services business in Vietnam because transport of passenger belongs to investment areas with conditions applied to foreign investor in Vietnam.

 

10 Questions to Ask Before Setting up Company in Vietnam?

No one could deny that information technology has tremendously changed the way travel services business operates. The use of booking reservation system application on smartphone and internet are widespread that make travel has never been easier.  Foreign investor would be interested to explore the travel services market. However, 100% foreign owned company is not allowed to set-up travel services business in Vietnam. As this investment area is conditional, it is advised that a law firm in Vietnam should be consulted to ensure compliance with local regulations.

The application process and documents requirements are briefly as following:

1. Required documents:

-Application for the International Travel Business License (form);

-Certificate of business registration (copy – certified)

-Business plan for the international travel agency;

-Tour schedule

-Proof of at least 4 years of experience in international travel business operations

-Certified copies of the tourist guides’ cards whereby at least 3 international tourist guides are required

-Confirmation of bank deposit (as per regulations);

-Proof of office premises or legally registered place of business

2. Business License Application Procedure

-Submission of the required documents to the correct authority (Department of Culture, Sports and Tourism of the province/city where the business is headquartered).

-The Department of Tourism of the province/city completes the records of appraisal and submits a written request with the agency’s records to the Ministry of Culture, Sports and Tourism in Vietnam within ten working days from the date of receipt of a valid application. When cases are not eligible for the proposed permit to the state agencies, the provincial tourism department shall cite the specific reasons for refusal. 

-The state management agency of tourism (VNAT – Ministry of Culture, Sports and Tourism) is responsible for reviewing and licensing the international travel business within ten working days from the date of both receipt of the file and written request of the state agency of tourism in the province. In case of refusal, the ministry shall state the specific reasons to the state and provincial tourism authorities

3. Number of records

-Submission to the Department of Culture, Sports and Tourism: 01

-Tourism Authority Filed in: 01

ANT Lawyers, a law firm in Vietnam could offer service to establish company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

Source: ANT Lawyers.vn

 

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The Ministry of Industry and Trade to Review the New Exporter in case Anti-dumping AD07

The Ministry of Industry and Trade to Review the New Exporter in case Anti-dumping AD07

July 15, 2022, the Ministry of Industry and Trade issued Decision No. 1403/QD -BCT on the results of the first review of applying anti-dumping measures on several plastic products and plastic products made from polymers which is the production of propylene originating from Malaysia, Thailand, and the People’s Republic of China (case code: Anti-dumping AD07).

 

On August 19, 2022, the Trade Remedies Authority of Vietnam received a dossier requesting for reviewing of the anti-dumping taxes applied to new export enterprises from SRF Industries (Thailand) Limited (SRF Thailand) Company in the AD07 case.

Based on the request, the Department of Trade and Industry conducted an assessment and sent out written requests to supplement and clarify some information and content on the basis for reviewing the new exporter enterprises.

On October 17, 2022, the Trade Remedies Authority of Vietnam issued an Official dispatch No 820/PVTM-P1 confirming the complete and valid dossier.

Under the provisions of Clause 3, Article 82 of the Law on Foreign Trade Management, dated November 14, 2022, the Ministry of Industry and Trade issued Decision No. 2400/QD-BCT on conducting a review of new exporters in applying anti-dumping measures on certain plastic products and plastic products made from propylene which is the production of polymers originating from Malaysia, Thailand and the People’s Republic of China (NR01.AD07).

If Client needs any more information or request for legal advice or potential dispute regarding trade remedies measures including, anti-dumping, countervailing duty and safeguard measures or international trade dispute matters, our competition, anti-dumping, and countervailing duty lawyers of International trade and tax practice at ANT Lawyers, a law firm in Vietnam always follow up anti-dumping cases and its development to update clients on regular basis.

 

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Vietnam attends APEC Ministers Responsible for Trade Conference

Vietnam attends APEC Ministers Responsible for Trade Conference

The 27th APEC Ministers Responsible for Trade (MRT) took place online on June 5, 2021 with the participation of 21 APEC member economies and observers including the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation Council (PECC) and the Pacific Islands Forum (PIF). Measures to open market will be discussed to facilitate trade and investment, including the smooth policy from Vietnam to support to establish company in Vietnam.

 

In 2020, due to the impact of the Covid-19 pandemic, the global economy shrank 3.3%. However, because of strong efforts in the introduction of vaccine production and vaccination, financial support programs in some countries, as well as more effective disease containment measures in many countries, this year’s global economy is forecasted to achieve marked improvements compared to 2020. According to a report by the International Monetary Fund (IMF) published in April 2021, the global economy is forecast to reach 6% in 2021 and 4.4% in 2022.

At this meeting, APEC Ministers focused on discussing trade policies to respond to the COVID-19 pandemic. Measures taken include ensuring open markets, promoting the smooth flow of trade in essential goods and services, and facilitating safe and effective vaccine supply chains.

Another important content of the 27th MRT Conference is to support the multilateral trading system, including the progress of implementing reforms of the World Trade Organization (WTO) and updating the progress of negotiations in many fields, such as fisheries subsidies, special and differential treatment, industrial subsidies, market access, agriculture, etc. The APEC Ministers expressed their hope that reform and progress in WTO negotiations will bring positive results, contributing to strengthening the role of the multilateral trading system as well as global and regional economic integration.

At the Conference, the Vietnamese representative also affirmed that Vietnam would actively participate in negotiations and discussions to resolve current issues in the WTO to contribute to the success of the 12th WTO Ministerial Conference. In addition, Vietnam also supports initiatives to promote the movement of goods and services in the region, both to help prevent the epidemic and to develop the economy.

Through the meeting, the participants hoped that in the coming time, in parallel with fighting the epidemic, the parties would also take measures to promote trade and investment to achieve the goal of economic development in the world. Vietnam commits to support the global trade and policy to smooth investment into Vietnam through setting up company in Vietnam.

ANT Lawyers, a law firm in Vietnam could offer service to set up company in Vietnam. We assist clients needing legal service in obtaining investment certificate, business registration certificate, or other  licensing procedures.

 

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How to Obtain Business Registration Certificate in Vietnam

How to Obtain Business Registration Certificate in Vietnam?

Every organization and individual wishing to set up a foreign owned company in Vietnam shall need to meet some specifics conditions as promulgated under the Law on Investment and Law on Enterprise. In specific areas being considered as conditional investment, the investor shall also need to consult with the law governing the area of investment. Once the investment registration certificate is completed, the investor has the obligation to apply for enterprise registration.

 

 Business Registration Certificate in Vietnam

The procedure to register for a certificate of enterprise registration of a joint stock company or limited liability with two or more members are herein mentioned:

Dossiers:

i) Application form for enterprise registration

ii) The company’s charter.

iii) A list of founding shareholders and shareholders being foreign investors/ a list of capital contribution members.

iv) Valid copies of:

Copies of the ID card or other ID papers of founding shareholders and foreign investors/members being individuals; list of authorized representatives of foreign shareholders being organizations.

Decision on establishment, certificate of business registration, or an equivalent document of the organization and the letter of authorization; the ID card or other ID papers of the authorized representatives of founding shareholders and foreign investors being organizations.

If shareholders are foreign organizations, the copy of the certificate of business registration or an equivalent document must be notarized, legalized and authenticated.

The Certificate of Investment registration of the foreign investors as prescribed by the Law on Investment.

State Authority: Business registration office of the province where the enterprise’s headquarters is situated.

Period: within 03 working days from the full receipt of the dossiers

Result: Business registration office shall issue the certificate of enterprise registration or if the application is not satisfactory, business registration office shall inform the applicant of necessary revisions and supplementation to company.

In general, Vietnam government encourages foreign direct investment. If the investor faces challenges at state authority, whom do not issue notification or request of supplementation to the application for enterprise registration, the investor cold lodge a complaint as prescribed by regulations of law on complaints and denunciation to the state authority to protect its right in doing business and investment in Vietnam. A law firm in Vietnam with expertise in both business registration and dispute resolution could assist the investor in the process.

The enterprise is entitled to do business from the issuance date of the certificate of enterprise registration. For conditional business lines, enterprises are entitled to engage in conditional business lines if they satisfy all conditions and are capable to maintain fulfillment of such conditions throughout their operation.

With highly professional staff and great experience in investment in Vietnam, ANT Lawyers would like to support you to register business registration certificate in Vietnam

 Source ANTLawyers: https://antlawyers.vn/update/how-to-obtain-business-registration-certificate-in-vietnam.html

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