How to Close a Business in Vietnam?

  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. The following will be discussing about how to close a business in Vietnam.

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.

The following are key information to gather for thorough analysis

• Company size in terms of capital and number of employees?
• Enterprise’s business sector?
• Tax invoice usage declaration?
• Annual profit?
• Compliance with tax procedures?
• Administrative violations in the field of taxation?
• Any outstanding tax?
• Tax document filing records?
• Other tax matters?

What does the dissolution process involve?

Once an analysis has been through, the next procedures mostly deal with reporting and submitting the relevant documents to the various regulators and tax authorities at each step of the process, terminating contracts, liquidating assets and settling liabilities, and general administrative work such as returning the corporate seal, registration certificates, and having the company’s name removed from the system of the license authorities.

How to prepare document to close a business in Vietnam?

1. Documents submitted to the licensing authority in Vietnam:

• Liquidation notice of enterprise;
• Minutes of the meeting of Management Board / Board of Directors decided on the dissolution of enterprises;
• The company’s decision on liquidation;
• Report on enterprise asset liquidation;
• The list of creditors and the paid debt;
• Documents evidencing that enterprise has fulfilled all of its tax;
• Confirmation on social insurance for employees after the dissolution decision;
• The seal and certificate of seal sample registration.

2. Documents submitted to the tax authority in Vietnam:

• Liquidation notice of enterprise;
• Minutes of the meeting of Management Board / Board of Directors decided on the dissolution of enterprises;
• The company’s decision on dissolution;
• Audit reports and tax settlements;
• The financial statements for the year to date the decision on dissolution;
• The company’s tax liabilities audited by tax authority;
• Verification of tax obligations of the enterprise.

Closing a business in Vietnam might be a lengthy process and more complicated than setting up a company in Vietnam.  Sometimes, it is important to make a decision to exit and start a new venture to continue doing business in Vietnam.

As a law firm in Vietnam, we do assist clients to close the business, exit the investment and deal with pending issues with licensing authorities including department of planning and investment, department of labour, tax bureau and others.

Source: https://antlawyers.vn/library/how-to-close-a-business-in-vietnam.html

Establish Business in Vietnam and Obtain Business Registration Certificate

  It is getting easier for the investor in doing business in Vietnam. In order for the investor to do business in Vietnam, the investor needs to establish business in Vietnam. Business registration certificate is considered a legal document of an organization, which is a paper or electronic document that records information related to business registration that the Business Registration Authority grants to an enterprise.

What to prepare for submission to establish business in Vietnam?

According to the provisions of the Law on Enterprises, to establish business in Vietnam, the investors need to prepare the following:

• Enterprise name ;
• Address where the head office of the enterprise is located;
• Full name, contact address, nationality, number of legal papers of the individual, for the legal representative of limited liability companies and joint stock companies; for general partners of a partnership company; for business owners of private enterprises.
• Full name, contact address, nationality, number of legal papers of the individual, for members being an individual; name, enterprise identification number and head office address of the member being an organization, for limited liability companies;
• Charter capital for companies, investment capital for private enterprises.

In which, the name of the enterprise must be a Vietnamese name consisting of two elements: type of business and proper name.

Currently, Vietnam recognizes four types of enterprises when the investors chose to establish business in Vietnam:

• Limited liability companies
• Joint stock companies
• Partnerships
• Private enterprises

The enterprise’s proper name can be written with the letters of the Vietnamese alphabet, the letters F, J, Z, W, numbers and symbols. The enterprise code element recorded on the Certificate of Business Registration is a series of numbers created by the National Information System on Business Registration, issued to an enterprise upon its establishment, and recorded on the Certificate of Business Registration. Each business has only one unique code and that code will not be reused for other businesses.

Business registration procedures to establish business in Vietnam

The business registration can be carried out directly at the Vietnam Business Registration Office or through the postal service or through the electronic information network. If choosing the form of enterprise registration via electronic information network, the enterprise founder shall submit an application at the National Enterprise Registration Portal. Business registration documents will be presented in electronic form and have the same legal value as paper business registration documents.

The business registration agency is responsible for reviewing the validity of the enterprise registration dossier and granting the Business registration certificate within 03 working days from the date of receipt of the application. In case the application is not sufficient or not prepared according to the regulations, the business registration agency must notify in writing the contents that need to be amended and supplemented to the enterprise founder.

If the business registration authority refuses to register the enterprise, it must notify in writing the enterprise founder and clearly state the reasons. The company could prepare its own submissions or hire a Vietnam business lawyers to assist with the submissions to establish business in Vietnam.

Source: https://antlawyers.vn/library/establish-business-in-vietnam-and-obtain-business-registration-certificate.html

The Crucial Role of Compliance Lawyers in Vietnam in Business Operations

  In the ever-evolving global business landscape, ensuring compliance with laws and regulations is of paramount importance for companies seeking success and sustainability. Vietnam, with its rapidly developing economy, is no exception to this rule. As businesses in Vietnam expand and face increasingly complex legal challenges, the role of compliance lawyers in Vietnam has become more crucial than ever. In this article, we will delve into the significance of compliance lawyers in Vietnam and how they contribute to the smooth operation and growth of businesses in the region.

Compliance Lawyers in Vietnam: Navigating a Complex Legal Landscape

Vietnam boasts a thriving economy and a business-friendly environment that attracts both domestic and foreign investors. However, this burgeoning market also presents numerous legal intricacies and regulatory hurdles that businesses must navigate. Compliance lawyers in Vietnam play a pivotal role in assisting companies in understanding and adhering to these regulations.

Vietnamese Regulatory Framework: The Vietnamese legal system is a combination of civil law and socialist legal traditions. This unique blend results in a complex regulatory environment that requires in-depth legal expertise to decipher. Compliance lawyers are well-versed in Vietnam’s legal framework and can guide businesses through its intricacies.

Foreign Investment Regulations: Vietnam has attracted significant foreign direct investment (FDI) in recent years. Compliance lawyers help foreign investors understand the legal requirements for establishing and operating businesses in Vietnam, including company registration, licensing, and compliance with investment incentives.

Labour Laws and Employment Regulations: Compliance with labour laws and employment regulations is critical for businesses in Vietnam. Compliance lawyers ensure that companies adhere to these laws in areas such as labor contracts, wages, working hours, and occupational safety.

Intellectual Property Protection: Intellectual property rights are essential for businesses operating in Vietnam. Compliance lawyers assist in trademark registration in Vietnam, patent protection in Vietnam, and enforcement of intellectual property rights, safeguarding a company’s innovations and branding.

The Role of Compliance Lawyers in Business Expansion

Compliance lawyers in Vietnam are integral to the growth and expansion of businesses in the country. Their expertise goes beyond ensuring legal compliance; they also provide strategic guidance to help companies navigate complex legal terrain.

Market Entry Strategies: When companies decide to enter the Vietnamese market, compliance lawyers offer valuable insights into market entry strategies. They assess the regulatory requirements for different industries, helping businesses choose the most suitable entry approach.

Contractual Agreements: Drafting and reviewing contracts in Vietnam is a core responsibility of compliance lawyers. They ensure that contracts are legally sound, protect their clients’ interests, and comply with Vietnamese laws. This includes agreements with suppliers, distributors, and business partners.

Mergers and Acquisitions: In a dynamic market like Vietnam, mergers and acquisitions (M&A) are common strategies for growth. Compliance lawyers in Vietnam facilitate M&A transactions by conducting legal due diligence in Vietnam, assessing legal risks, and ensuring regulatory compliance throughout the process.

Mitigating Legal Risks in Vietnam

One of the primary functions of compliance lawyers in Vietnam is to identify and mitigate legal risks for their clients. Given the evolving nature of regulations and the potential for legal disputes, proactive risk management is essential for businesses.

Compliance Audits: Compliance lawyers in Vietnam conduct thorough audits to assess a company’s adherence to relevant laws and regulations. These audits help identify areas of non-compliance and provide recommendations for corrective action.

Regulatory Changes: Vietnam’s legal landscape is subject to change. Compliance lawyers continuously monitor regulatory updates in Vietnam and advise their clients on necessary adjustments to maintain compliance.

Dispute Resolution: In the event of legal disputes or regulatory violations, compliance lawyers work closely with dispute lawyers in Vietnam to represent their clients and work towards resolving issues through negotiation, mediation, arbitration or litigation while minimizing reputational and financial risks.

Building Ethical Corporate Cultures

Compliance lawyers not only ensure legal adherence but also promote ethical business practices. They help companies establish a culture of integrity and compliance, which is crucial for long-term success and reputation management.

Code of Conduct: Compliance lawyers assist in developing and implementing a code of conduct that aligns with legal requirements and ethical standards. This code serves as a guideline for employees and management.

Employee Training: To foster a culture of compliance, compliance lawyers organize training programs to educate employees about relevant laws, regulations, and ethical principles. This empowers employees to make informed decisions in their daily activities.

Whistleblower Protection: Compliance lawyers help companies establish whistleblower protection programs to encourage employees to report any potential violations or unethical behavior without fear of retaliation.

The Increasing Demand for Compliance Lawyers in Vietnam

As businesses in Vietnam expand and the regulatory environment becomes more intricate, the demand for compliance lawyers has been steadily increasing. This trend is driven by several factors:

Foreign Investment Inflows: Vietnam continues to attract foreign investors seeking opportunities and set up companies in Vietnam in various sectors, including manufacturing, technology, and services. Compliance lawyers are essential for foreign companies looking to navigate local regulations and establish a strong presence.

Export-Oriented Growth: Vietnam’s export-oriented economy relies on compliance with international trade regulations. Compliance lawyers facilitate international trade by ensuring that businesses meet the requirements of trading partners and comply with export-import regulations.

Complex Regulatory Changes: Vietnam’s legal framework undergoes frequent modifications to align with international standards and changing economic dynamics. Compliance lawyers help companies stay updated and adjust their strategies accordingly.

Compliance lawyers in Vietnam are instrumental in supporting businesses’ growth and sustainability. Their multifaceted role encompasses legal expertise, risk management, and ethical guidance. As the Vietnamese market continues to evolve, the partnership between businesses and compliance lawyers will remain indispensable in navigating the intricate legal landscape and building ethical corporate cultures. Companies that prioritize compliance and ethical conduct not only mitigate legal risks but also enhance their reputation and competitiveness in Vietnam’s dynamic business environment.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/compliance-lawyers-in-vietnam.html

Money Laundering Regulations in Vietnam

  Crime always be in existence in parallel with the development of the society. There is a need to enhance money laundering regulations in Vietnam to meet global standards.

It is not possible to totally remove the crime from society but only to prevent such to happen.  Together with the development of socio economy and technology, crime has become more complex to recognize.  Especially crime of money laundering takes place in a much more sophisticated manner to  make it difficult to control and detect. Money laundering not only affects all aspects of economic and political life but also threatens the national security.

What is money laundering regulations in Vietnam?

According to the provisions of Vietnam law, money laundering is an act of an organization or individual in order to legalize the origin of the property obtained from a crime. In which, property is understood as objects, money, valuable papers and property rights according to the provisions of the Civil Code, which can exist in material or immaterial form; movable or immovable property; tangible or intangible; legal documents or instruments proving ownership or interest in the property.

Acts being considered crime under money laundering regulations in Vietnam

Not all acts involved are considered money laundering under criminal code.  Only the following acts will be considered money laundering:

• Participating directly or indirectly in financial, banking or other transactions in order to conceal the illegal origin of money or property due to their crimes, which they have or know or have grounds to know is due to other people. other crimes that have;
• Using money and property that they commit crimes that they have or know or have grounds to know are other people’s criminal acts and have them to conduct business or other activities;
• Concealing information about the origin, true nature, location, movement or ownership of money or property committed by oneself that has or knows or has grounds to know that it is committed by others. guilty of obtaining or obstructing the verification of such information;
• Committing one of the above three acts with respect to money or property known to be obtained from the transfer, transfer or conversion of money or property obtained by other persons committing the offense.
• Assisting organizations and individuals involved in crimes to avoid legal responsibility by legalizing the origin of property obtained from crime;
• Possession of property if it is known at the time of receipt of the property that such property was obtained from a crime, in order to legalize the origin of the property.

How to prove the crime under money laundering regulations in Vietnam?

The investigation agencies, and prosecutors have to obtain significant evidence through a legal ways to prove the crime committed by money launder.   According to some experts, it is important to prove, prosecute and charge the original crime which “dirty” money was made leading to money being laundered. 

In practice, this is a challenging task because it takes a great effort to synchronize and cooperate between different jurisdictions of countries involved.

Penalties to offender under money laundering regulations in Vietnam

Individuals who commit money laundering offenses may be sentenced from 01 to 15 years of imprisonment, depending on the seriousness of the violation. Additional penalties are a fine of between VND 20,000,000 and 100,000,000, a ban from holding certain posts, practicing certain professions or doing certain jobs for 1 to 5 years, or confiscation of part or all of property.

The person who prepares to commit this crime can be sentenced to between 6 months and 3 years in prison.  In case companies or commercial legal entities commit money laundering, they may be fined from VND 1,000,000,000 to VND 20,000,000 or have their operations suspended for a term of 1 to 3 years or be permanently suspended. Prevention of money laundering is difficult involved a number of government authorities i.e. Anti-money laundering department, State bank of Vietnam…

Money laundering poses a grave threat to the economic stability, political integrity, and national security of Vietnam. It is imperative that the nation remains vigilant and proactive in addressing this issue. By continually enhancing its money laundering regulations in Vietnam to align with international standards and fostering international cooperation, Vietnam can strengthen its position in the global fight against money laundering, ensuring a more secure and prosperous future for its citizens.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/money-laundering-regulations-in-vietnam.html

What Are Conditions for E-commerce Business in Vietnam?

  E-commerce business in Vietnam is conditional business area

Currently, in the context of increasingly developing technology, online transactions are also taking place more often, quickly and conveniently, and the connection between buyers and sellers has become no longer a distance.  But how to set up e-commerce business in Vietnam?  E-commerce lawyer in Vietnam will share some ideas below on conditions to set up e-commerce business in Vietnam and other matters.

The number of enterprises doing their business in the field of e-commerce has increased significantly in recent years.  Many foreign investors are also eyeing Vietnam for investment.  The question is to how to set up e-commerce business in Vietnam taking advantage of the growing market and in the meantime recruiting technology talents from Vietnam for their e-commerce business which has the potential to tap on global market.  

In Vietnam, e-commerce activity means conducting part or the whole of the process of commercial activity by electronic means connected to the Internet, mobile telecommunications network or other open networks.

The forms of organization of e-commerce activities includes:

• Sales conducted thorough e-commerce website: It is an e-commerce website developed by traders, organizations or individuals by themselves to serve their commercial promotion, sales or service provision.
• E-commerce service provision website:  It is an e-commerce website developed by traders or organizations to provide an environment for other traders, organizations or individuals to conduct their commercial activities. The e-commerce service provision website includes: E-commerce trading floor; Online auction website; Online promotion website and other types of website as regulated by the Vietnam Ministry of Industry and Trade.

How to set up e-commerce business in Vietnam?

The Law on Investment in Vietnam stipulates that e-commerce business is one of the conditional business lines. Therefore, if an enterprise wishes to set up e-commerce company in Vietnam, register and conduct business activities in this field, it must meet the following conditions:

Traders, organizations and individuals wishing to set up sales e-commerce websites must be traders, organizations or individuals who have been granted personal tax identification numbers; Having websites with valid domain names and complying with regulations on management of information on the Internet and having notified the Ministry of Industry and Trade of the set-up of sales e-commerce websites.

In order to conduct business activities based on websites providing e-commerce services, traders and organizations need to be registered for business at a competent agency in accordance with law and have websites with valid domain names and complying with regulations on management of information on the Internet.

In addition, traders and organizations also need to have a service provision project which clearly states the following contents: (i) Model of organization of operations, including service provision, promotion and marketing both online and offline; (ii) Structure, utilities and main information sections on the service website; (iii) Rights and responsibilities of the trader or organization providing e-commerce services and service users.

Enterprises that wishes to do e-commerce business need to register to set up a website to provide e-commerce services and be certified by the Ministry of Industry and Trade to register in accordance with the law.

Further, the enterprises also have to apply for investment registration certificate and business registration certificate in Vietnam at the Department of Planning and Investment. 

Source: https://antlawyers.vn/library/what-are-conditions-for-e-commerce-business-in-vietnam.html

Protecting Your Business: How White Collar Crime Lawyers in Vietnam Assist Foreign Investors

  In the dynamic landscape of international business, foreign investors in Vietnam face an array of legal challenges, including the intricate realm of white-collar crime. Whether it’s fraud, corruption, tax evasion, or regulatory violations, the implications of business crimes can be severe. For foreign investors seeking to safeguard their interests and navigate these complexities, white collar crime lawyers in Vietnam offer invaluable expertise and support. In this article, we’ll explore the role of these legal professionals in aiding foreign investors and businesses facing criminal investigations or prosecutions.

Understanding Business Crime in Vietnam

Business crime encompasses a broad spectrum of unlawful activities that can adversely affect both local and foreign enterprises. These offenses may involve insider trading, bribery, tax evasion, counterfeit practices, money laundering, violations of financial regulations, and more. The intricate web of Vietnamese laws and regulations can be particularly challenging for foreign investors to navigate, making legal counsel essential.

The Role of White Collar Crime Lawyers in Vietnam

White collar crime lawyers in Vietnam are legal experts specializing in criminal matters related to businesses, production, commerce, banking, finance, insurance, securities, and other areas of law. Their primary responsibilities include assisting clients in resolving legal issues linked to business crimes and protecting their rights in business-related lawsuits related to such crimes.

These lawyers provide invaluable assistance to foreign investors in several crucial ways:

Legal Expertise: Foreign investors often lack an in-depth understanding of Vietnam’s legal framework. White collar crime lawyers possess extensive knowledge of local laws, regulations, and legal processes. They can explain these intricacies to their clients, ensuring well-informed decisions.

Risk Mitigation: Lawyers assess potential risks associated with a client’s business operations in Vietnam. They conduct comprehensive due diligence to identify areas of vulnerability and recommend strategies to mitigate these risks.

Compliance: Ensuring compliance with Vietnamese laws and regulations is paramount for foreign investors. White collar crime lawyers assist clients in understanding and adhering to complex local compliance requirements.

Contractual Matters: Lawyers play a pivotal role in drafting, reviewing, and negotiating contractual agreements. They ensure that agreements are legally sound and protect their clients’ interests.

Corporate Governance: Proper corporate governance is essential for preventing legal issues. White collar crime lawyers help clients establish effective governance structures that promote transparency and accountability.

Dispute Resolution: In the event of disputes, these lawyers represent clients in negotiations, mediation, arbitration, or litigation. Their expertise in local dispute resolution processes is crucial in achieving favorable outcomes.

Investigations: Lawyers can conduct internal investigations to uncover potential misconduct within a client’s organization, particularly in cases of fraud or corruption.

Case Studies: How White Collar Crime Lawyers in Vietnam Make a Difference?

To illustrate the significance of white collar crime lawyers in Vietnam, let’s examine a few hypothetical scenarios:

Bribery Investigation: A foreign corporation operating in Vietnam faces allegations of bribery. White collar crime lawyers conduct an internal investigation, ensuring compliance with local anti-corruption laws and cooperating with relevant authorities to mitigate potential consequences.

Tax Evasion Accusations: A multinational company is accused of tax evasion. Lawyers navigate the intricate tax laws, negotiate with tax authorities, and strategize to minimize penalties and legal repercussions.

Counterfeit Product Dispute: A foreign manufacturer discovers counterfeit versions of its products in the Vietnamese market. White collar crime lawyers initiate legal action to protect the client’s intellectual property rights, halt the sale of counterfeit goods, and seek damages.

Regulatory Violations: A financial institution faces allegations of violating financial regulations. Lawyers conduct an internal audit, ensure compliance, and represent the client in regulatory proceedings, mitigating potential fines and sanctions.

How to select the right white collar crime lawyer in Vietnam?

Selecting the right white collar crime lawyer in Vietnam is essential for foreign investors. Consider the following key factors:

Expertise: Seek lawyers with a proven track record in handling white collar crime cases and an in-depth understanding of Vietnam’s legal landscape.

Local Presence: Lawyers with local offices and experience in Vietnam are better equipped to provide effective representation.

Reputation: Research the lawyer’s reputation, client testimonials, and success stories to gauge their reliability and effectiveness.

Communication: Effective communication is vital. Choose a lawyer who can communicate fluently in English or your preferred language to ensure clear and efficient collaboration.

Transparency: Ensure that the lawyer is transparent about fees and costs associated with their services.

White collar crime lawyers in Vietnam serve as indispensable legal partners for foreign investors and businesses facing the complexities of the Vietnamese legal system. With their extensive knowledge of local laws and regulations, these legal professionals play a pivotal role in safeguarding foreign investors’ interests and mitigating legal risks. In a rapidly evolving business landscape, the expertise of white collar crime lawyers is essential for ensuring that foreign businesses thrive in Vietnam while remaining compliant with the law.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/white-collar-crime-lawyers-in-vietnam.html

Navigating Smart Agriculture Investment in Vietnam: How Agriculture Lawyers in Vietnam Can Guide You

  Vietnam, with its dynamic economy and rapidly evolving agricultural landscape, is emerging as an attractive destination for smart agriculture investments. The country’s government has recognized the importance of modernizing the agriculture sector and is actively promoting smart agriculture practices.

However, like any investment, entering the Vietnamese smart agriculture sector requires careful consideration of regulatory matters and potential challenges. This article explores the opportunities and challenges of investing in smart agriculture in Vietnam and highlights the pivotal role of agriculture lawyers in Vietnam in assisting foreign investors.

The Smart Agriculture Landscape in Vietnam

Vietnam’s agriculture sector has seen significant transformation in recent years, transitioning from traditional practices to embracing smart agriculture technologies. Smart agriculture encompasses the use of cutting-edge technologies such as IoT devices, data analytics, and automation to enhance productivity, optimize resource use, and improve the quality of agricultural products.

Several factors contribute to Vietnam’s suitability for smart agriculture investments:

1.Agricultural Potential: Vietnam boasts diverse climatic conditions and fertile land, making it suitable for a wide range of crops and livestock. This diversity allows investors to explore various opportunities in the agricultural sector, from high-value crops to sustainable livestock farming.

2. Government Initiatives: The Vietnamese government has been actively promoting smart agriculture through policies and incentives. Initiatives include tax incentives, funding for research and development, and support for technology adoption in agriculture.

3. Growing Market Demand: As Vietnam’s middle class expands, there is an increasing demand for high-quality agricultural products. Smart agriculture practices can help meet this demand by ensuring consistent quality and efficient supply chain management.

4. Technology Adoption: Vietnam has shown a willingness to adopt new technologies. The country has a growing tech-savvy population and a thriving startup ecosystem, making it conducive to smart agriculture innovations.

Regulatory Considerations for Smart Agriculture Investment

While the opportunities in Vietnam’s smart agriculture sector are promising, investors must navigate several regulatory matters:

1.Land Use Rights: Foreign investors in agriculture typically lease land from the government or domestic landholders. It’s crucial to understand land tenure regulations, lease terms, and land use rights to ensure secure and compliant land access.

2. Investment Licensing: Foreign investors must obtain an investment license from Vietnamese authorities. The licensing process can be complex and varies depending on the scale and nature of the investment.

3. Environmental Compliance: Smart agriculture technologies should adhere to environmental regulations. Sustainable practices are increasingly important in Vietnam, and compliance with environmental standards is essential.

4. Intellectual Property Protection: Investors should protect their intellectual property, including innovative technologies and data analytics tools. Understanding intellectual property laws in Vietnam is essential for safeguarding investments.

5. Supply Chain Regulations: For investors involved in the entire supply chain, including processing and distribution, adherence to food safety and quality regulations is crucial.

6. Labor Laws: Understanding labor laws and practices in Vietnam is essential for ensuring a skilled and compliant workforce.

How Agriculture Lawyers in Vietnam Can Assist Foreign Investors

Agriculture lawyers in Vietnam play a pivotal role in helping foreign investors navigate the complex regulatory landscape and maximize the benefits of smart agriculture investments. Here’s how they can assist:

1.Legal Expertise: Agriculture lawyers in Vietnam possess in-depth knowledge of local laws and regulations related to land use, foreign investment, and environmental compliance. They can provide expert guidance on legal matters and ensure full compliance with Vietnamese law.

2. Due Diligence: Conducting thorough due diligence is essential before making any investment. Lawyers can assist in assessing the legal risks, verifying land titles, and evaluating the regulatory requirements specific to smart agriculture ventures.

3. Negotiating Agreements: Lawyers can assist in negotiating agreements, such as land leases, partnerships, and technology transfer agreements, to protect the interests of foreign investors. They ensure that contracts are legally sound and enforceable.

4. Intellectual Property Protection: Protecting intellectual property is critical in smart agriculture. Lawyers can help foreign investors register patents and trademarks and provide legal recourse in case of infringement.

5. Dispute Resolution: In the event of disputes or legal issues, agriculture lawyers can represent foreign investors in negotiations or court proceedings. Their expertise can help resolve conflicts efficiently and in the investor’s favor.

6. Compliance and Permitting: Lawyers assist in securing the necessary permits and licenses, guiding investors through the often intricate regulatory processes. This ensures that foreign investors operate within the bounds of the law.

7. Tax and Financial Matters: Lawyers provide insights into tax structures and financial planning, helping investors optimize their financial strategies in compliance with Vietnamese tax laws.

8. Environmental and Sustainability Compliance: With a growing emphasis on sustainable practices, agriculture lawyers can advise investors on aligning their operations with environmental regulations, fostering sustainability, and gaining public trust.

Investing in smart agriculture in Vietnam offers significant opportunities, given the country’s agricultural potential and government support. However, navigating the regulatory landscape can be challenging. Agriculture lawyers in Vietnam serve as invaluable partners for foreign investors, offering legal expertise, ensuring compliance, and safeguarding investments.

Foreign investors looking to capitalize on the smart agriculture boom in Vietnam should engage with experienced agriculture lawyers who understand the local nuances and can provide tailored legal solutions. With their guidance, investors can confidently enter the Vietnamese smart agriculture sector, contributing to its growth and reaping the benefits of this promising industry.

Agriculture is the world’s most labor-intensive economic sector, and is a major source of food and income for many people living in poverty.

So investing in agriculture is not only one of the most effective strategies to improve food security and promote sustainability, but it is also essential for the economic development of many countries.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/agriculture-lawyers-in-vietnam.html

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 of dispute lawyers in banking and finance to provide legal advice throughout the process.

Bank guarantee or guarantee commitment is a document issued by the guarantor or counter-guarantee or the guarantee-confirming party in the form of a Letter of Guarantee or a Guarantee Contract. Thus, a letter of bank guarantee is understood as a written commitment of the bank to the guarantee recipient that the bank will perform financial obligations on behalf of the guaranteed party when the guaranteed party fails to perform or not fulfilling the obligations committed to the guarantee recipient. In case the parties choose the form of counter-guarantee or guarantee confirmation, the letter of guarantee shall include the written commitment of the counter-guarantee issuing party to the guarantee, or of the guarantee-confirmation issuing party to the obligee.

When a guarantee obligation arises, the obligee must send a written request for the performance of the guarantee obligation, enclosed with the documents agreed upon in the guarantee commitment, to the guarantee-executing bank. The request for performance of guarantee obligations is considered valid when the bank receives it within the working time of the bank and within the valid guarantee commitment period. In case the request for performance of the guarantee obligation is sent in the form of a registered letter via the public postal network, the date the guarantor receives the request is the date of signing and receiving the registered letter.

Within 5 working days from the date the guarantor bank receives a valid written request for performance of the guarantee obligation, the guarantor shall be responsible for properly and fully performing the promised guarantee obligation for the with the guarantor. In case the guarantor bank refuses to perform the guarantee obligation, within 5 working days after receiving the request to perform the guarantee obligation, the bank must reply in writing clearly stating the reason for the refusal. In case of payment in foreign currency, credit institutions, foreign bank branches shall debit that foreign-currency sum to the mandatory lending account.

Credit institutions, or foreign bank branches, shall agree on the guarantee-issuing fee amount paid to customers. In case of a counter guarantee or guarantee confirmation, the guarantee-issuing fee amount shall be agreed upon by parties on the basis of the guarantee-issuing fee amount approved by the obligor. If the guarantee currency is foreign one, parties shall agree on collecting the guarantee-issuing fee by accepting that foreign currency or converting that foreign currency into Vietnam at the sell rate defined on the fee collection or fee collection notification date.

Disputes could arise from many situations, for example, there is a case of issuing a false letter of guarantee because an individual in the bank violates the law, or the bank officer signs a letter of guarantee without proper authorization from the legal representative of the bank, or letter of guarantee is in violation of form according to the regulation of state bank. In addition, if a conditional letter of bank guarantee is applicable, a dispute may arise from an understanding of whether or not the conditions for the guarantee have been met. In many cases, there might need to be a lawsuit to determine the conditions fulfilment of the guarantee and such might be lengthy and costly. Therefore, the parties involved in the guarantee transaction might need to consult a lawyer with expertise in banking disputes to check the legitimacy and validity of the letter of bank guarantee and the possibility to be guaranteed when the conditions are met.

ANT Lawyers – As a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to banking and finance to update clients on regular basis.

Source: https://antlawyers.vn/library/how-bank-guarantee-letter-could-help-secure-a-transaction-and-risks-involved.html