ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

Thứ Sáu, 23 tháng 3, 2018

Property prices in Vietnam are among the best value in Southeast Asia.

Vietnam emerging as attractive destination for foreign property investors
Vietnam has emerged as a favored destination among foreign firms looking to invest in property, with prices standing at among the best value in Southeast Asia.

Last year, Japanese investors Nishi Nippon Railroad and Hankyu Realty hooked up with a local property firm to develop a residential project with total investment of $350 million in Ho Chi Minh City. Half of the funding came from the two Japanese firms, while the rest was put up by their local partner.

Japan’s Mitsubishi Corp. has also diversified its portfolio in Vietnam by buying into a property development project in Hanoi, which has total investment of $1.9 billion.

The company signed a partnership deal with Vietnam’s Bitexco Group after acquiring a 45 percent stake in the first phase of the former’s The Manor Central Park project in Hoang Mai District. Bitexco holds the remaining 55 percent.

This foreign interest has been attributed to high property prices in their home markets, which makes them less attractive to investors, while prices in Vietnam are still low but rising rapidly.

Luxury flat prices in cities like Hanoi have been trending upwards since 2015 but have yet to catch up with other vibrant economic hubs in Southeast Asia, South China Morning Post quoted Kingston Lai, founder and chief executive of the Asia Banker’s Club, as saying.

Luxury flat prices in Hanoi were up 50 percent in the 10 year period to 2016, while mid-market flats were up 80 percent during the same period, Lai quoted figures from real estate firm CBRE as saying.

“Today, quality residences in Hanoi’s city center, on average, are sold at only around HK$1,500 ($191.32) per square foot (100 square feet = 9.3 square meters), half of Bangkok’s level,” Lai said.

“Prices of high-quality housing will catch up with neighboring cities amid the gradual completion of infrastructure such as railways and airport expansion, and as more foreign corporations bring investments to the market,” Lai added.

There are many other factors driving foreign investment in Vietnam’s real estate market including its fast-growing economy, rapid urbanization and expanding middle-class, which is growing at the fastest pace in Southeast Asia, according to HSBC.

The bank projects Vietnam's middle class will jump from 12 million people in 2012 to 33 million by 2020.

A loosening of restrictions in the country's regulatory environment has also helped boost sales.

Last year, Vietnam eased restrictions on foreign property ownership to improve market liquidity.

The amended law went into effect in July of last year and allowed foreign investment funds, foreigners with valid visas, international firms with operations in Vietnam and overseas Vietnamese to buy residential properties.

The Vietnam Real Estate Association (VNREA) has forecast a promising outlook for the local real estate market as demand from foreign buyers drives market growth.

The number of foreigners living in the country has reached 320,000, according to the property association.

Investors with business interests in Vietnam are the most likely to buy local properties because they are attracted by potential returns of between seven and eight percent here, according to the VNREA.

Bright prospects

Neil MacGregor, managing director of property firm Savills Vietnam, said Savills expects to see a considerable amount of inbound investment into real estate in 2018, with strong interest from Japan, Korea, Singapore and increasingly China.

He said that existing free trade agreements and the ongoing discussions regarding the Regional Comprehensive Economic Partnership (RCEP), involving China, are all important drivers for continued investment.

“We have seen that trade with countries such as Japan and Korea typically comes together with FDI, importantly fueling investment into infrastructure and real estate,” he added.

Vietnam’s actual foreign direct investment reached an estimated $17 billion in 2017, the highest annual amount ever recorded by the country, according to the Foreign Investment Agency.

South Korea was the country’s biggest investor out of more than 100 countries and territories, with registered capital worth $57.5 billion, followed by Japan and Singapore.

Sharing MacGregor's opinion, Lai said: “Apple, Samsung and Microsoft have set up major plants near Hanoi, with Samsung contributing 22.7 per cent to the country’s exports in 2016. Their employees are target renters for overseas investors.”

However, it remains challenging for foreign investors to identify quality real estate investments with clear ownership, and transactions involving operating assets will remain scarce, said Neil.

Foreign investors pledged to invest $312.1 million in Vietnam’s real estate sector in the first two months of this year, according to the Foreign Investment Agency.

The sum represented 9.3 percent of pledged foreign direct investment in the country in January and February
Source: The Saigon Times

Thứ Tư, 21 tháng 3, 2018

Infringement of Intellectual Property Rights Under Vietnam’s Criminal Code

For the purpose of ensuring legitimate interest of manufacturers as well as consumers, reduction and elimination unfair commercial competition, the Vietnam government has been increasingly focusing on protection of intellectual property (IP) rights. This is expected to contribute to technical enhancement in domestic production industry, foreign investment attraction, reduction of IP infringements in Vietnam.

Intellectual property rights always plays an important role in international trade agreements which Vietnam has been a contracting party, especially ASEAN and WTO. The WTO requires its members to impose penalties or fines, or both, to prevent acts of intellectual property infringement for commercial purposes, in accordance with the penalty applicable to the crime of corresponding severity.

In order to consolidate and protect the social order; punish crimes; raise people’s awareness of compliance with the law; prevent and fight crimes, Vietnam has legalized sanctions for infringements of intellectual property rights under administrative, civil and criminal measures.

The Criminal Code 1999 (amended and supplemented in 2009) regulated provisions on “Infringement of industrial property rights” (Article 171). The criminal sanctions for infringement of intellectual property right are regulated in Article 225 and Article 226 of the Criminal Code 2015.

Regarding the subject of infringement of intellectual property rights, the offenders shall be (i) person who is at the sufficient age to bear criminal responsibilities; or (ii) corporate legal entity as defined in the Civil Code.

The effective protection of intellectual property rights will be an important factor that protect the interests of consumers, manufacturers, eliminating “distortion” of competition and commerce. In common playgrounds, Vietnam as well as other member countries must strictly comply with the regulations on IP issues to integrate into global economy.

Thứ Hai, 19 tháng 3, 2018

HCMC urged to reduce informal expenses for enterprises

HCMC – The HCMC government should reduce informal costs by making administrative procedures transparent and improving public services to support enterprises doing business in the city, proposed To Thi Bich Chau, a member of the HCMC People’s Council.

At a council meeting last week, Chau suggested State management agencies in the city should review the costs enterprises must pay for administrative procedures, including both formal and informal expenditures, so that the city government can work out solutions to cut fees.

Pham Quoc Bao, another council member, said the improvement of online public services is an effective solution to cut informal fees. Therefore, the municipal authorities should promote such services this year to help enterprises and local residents.

The HCMC People’s Council members also discussed solutions to reform administrative procedures in the city this year onwards.

Last year, the city saw its economic growth accelerate against the previous year’s growth, but the city still needs greater effort to overcome shortcomings to reach growth targets in the years to come including the removal of informal costs.

The municipal government should ensure the transparency of the business environment to gradually cut informal expenses, reduce officialdom, embezzlement, wastefulness, and improve mechanisms for sectors where corruption and harassment are rampant.

In addition, enterprises should get ready to response to fraud in the implementation of administrative procedures.

Thứ Sáu, 16 tháng 3, 2018

Japanese firms interested in tourism and IT in Danang

DANANG – A delegation of Japanese businesses has visited the central city of Danang to sound out investment opportunities in the tourism and information technology (IT) sectors.

The delegation of the Japan-Mekong Business Cooperation Committee (JMBCC) comprising businesses active in tourism, aviation, IT and banking held talks with leaders of Danang City on March 14 to promote trade and investment ties.

At the meeting, JBMCC chairman Yoichi Kobayashi said Japanese firms highly valued the potential of tourism and IT cooperation with Danang. But they worry about the shortage of high-skilled workers in the city, especially those who speak Japanese.

Danang chairman Huynh Duc Tho said the city is seeking cooperation with its partners to address the worker shortage.

Tho said the city has achieved growth of about 20% in recent years, putting pressure on tourism infrastructure. He proposed Japanese businesses invest in leisure, exhibition and environmental protection projects.

The Danang leader suggested Japanese firms active in electronics, software, nanotechnology and environmental technology invest in the Danang Hi-Tech Park which offers numerous incentives to investors.

As of late 2017, US$629 million of US$3.04 billion in total foreign direct investment approvals in Danang had come from Japanese firms. The city welcomed 2.3 million foreign tourists last year, with 140,000 visitors from Japan.

Source: The Saigon Times

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Thứ Năm, 15 tháng 3, 2018

Birth Registration with Foreign Element

From January 1st 2016, the Law on Civil Status of 2014 went into effect, replacing other documents on the registration and management of civil status. Accordingly, the law has clearly defined the authority for registration and management of civil status of the Commune People’s Committee and the District People’s Committee. Commune People’s Committee in charge of the registration and management of civic status that do not have foreign element. The remaining case that have foreign element will be under the jurisdiction of registration and management of the District People’s Committee.

For the case of children born in the territory of Vietnam, whose father is foreigner and mother is Vietnamese, but the parent does not have legal marriage (in other words: illegitimate children), the competent for birth registration belongs to the District People’s Committee where the father or mother reside.
How to get a birth certificate in Vietnam

In terms of the birth registration procedure, the Law on Civil Status provides only the procedure in case that the parents of the birth registration children have legal marriage.

The remaining case that parents of the birth registration children do not have legal then according to the provisions of the Law on Civil Status, if the father wants his name to be included in the birth certificate of the children, he have to register through adoption procedure. Accordingly, the father requesting for children adoption have to submit the declaration, documents to prove paternity, copy of passport or valid documents that can replace passport to prove his identity to the District People’s Committee where the father of the children reside.

Within 15 days of receiving valid dossier, the civil status authority will carry out the verification, listed the recognition of father and children at the headquarters of the District People’s Committee within 07 consecutive days. At the same time, the Commune People’s Committee where the child resides will list within 07 consecutive days at the headquarters of the Commune People’s Committee.

After the listing has been expired, the Justice Department proposed Chairman of the District People’s Committee to decide on the recognition of the father and son. Once registering for the recognition of the father and children, Chairman of the District People’s Committee provide excerpts for the parties.

The registration procedure for recognition of father and children must be done simultaneously or be conducted prior to birth registration of the children.

How to get a birth certificate in Vietnam? Please contact our lawyers in Vietnam for advice via email or call our office at (+84) 24 32 23 27 71

Thứ Hai, 12 tháng 3, 2018

Vietnam to benefit from sweeping trade deal

Vietnam and 10 other countries including Japan and Canada signed a landmark Asia-Pacific trade pact without the United States last week in what the World Bank said would greatly benefit the Vietnamese economy.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will bring huge economic benefits to Vietnam, according to a World Bank (WB) report released last Friday after 11 Pacific Rim countries signed the agreement in Santiago, Chile.

The report on economic and distribution impacts of the CPTPP showed that the pact will further boost Vietnam’s investment and export-driven growth model. Even under conservative assumptions, the CPTPP would increase Vietnam’s gross domestic product (GDP) by 1.1% by 2030. Assuming a modest boost to productivity, the estimated increase of GDP would amount to 3.5%, said Ousmane Dione, the WB country director for Vietnam.

All workers are expected to benefit from the agreement, especially higher-skilled ones in the top 60% of the income distribution. Moreover, the increase in foreign investments will lead to a further expansion of the service sector and boost productivity growth, said the report.

It is also expected to create opportunities for domestic private firms to integrate into global value chains, promoting the development of small and medium enterprises.

Sebastian Eckardt, the WB chief economist in Vietnam, said the new trade agreement would bring direct benefits to Vietnam from trade liberalization and improved market access. Most importantly, it would help stimulate and accelerate domestic reforms in many areas such as competition, services, customs, e-commerce, environment, government procurement, intellectual property, investment, labor standards and legal issues.

He added that delivering commitments under the CPTPP will promote transparency and support the creation of modern institutions in Vietnam.

The CPTPP was earlier known as Trans-Pacific Partnership (TPP) from which President Donald Trump withdrew the United States shortly after he was sworn in early last year.

Chilean Minister of Foreign Affairs Heraldo Munoz called the deal a powerful signal against protectionism and trade wars. It is aimed at cutting tariffs among the member countries and removing non-tariff barriers.

The new deal consists of mechanisms to deal with disputes between governments and enterprises which allow firms to file lawsuits against governments if law amendments affect their profits.

The CPTPP comprises Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The Asian member countries are seen reaping more benefits from the deal.

The Peterson Institute for International Economics estimated the CPTPP would increase Malaysia’s, Singapore’s, Brunei’s and Vietnam’s GDP by 2% by 2030 while the rate will be some 1% for New Zealand, Japan, Canada, Mexico, Chile and Australia.

Australian Prime Minister Malcolm Turnbull said 20 provisions initiated by the U.S. had been suspended in the freshly signed deal. Therefore, it would be hard for the U.S. to re-enter the agreement.

The trade pact is set to take effect in early 2019 after it is ratified by at least six member countries.

Vietnamese Minister of Industry and Trade Tran Tuan Anh said on the ministry’s website that Vietnam commits to open up its market, lift tariff barriers, facilitate trade, and streamline State management of market development.

Through the agreement, he noted, the competitiveness of the Vietnamese economy and businesses will be boosted. 

The pact would facilitate capital flow into Vietnam thanks to reforms in all sectors. Sectors like garment/textile, footwear, food processing, beverage, confectionery, tobacco, wine and beer will benefit most from the deal.

However, the country will have to fulfill its integration commitments, and implement reforms towards sustainable development and higher added value, Anh said.

Before the signing of the CPTPP, some other economies such as Thailand, Indonesia, the Philippines, South Korea, Taiwan and the UK. had expressed interest in joining the trade bloc. Despite the U.S. withdrawal, the CPTPP now accounts for 14% of global GDP and one-sixth of global trade, and involves 500 million consumers, even larger than the European Union’s population.

The agreement retains the high standards, economic significance and integrity of the TPP while ensuring the commercial and other interests of all the signatories. Up to 95-98% of taxes will be exempted as soon as the CPTPP takes effect, instead of five to seven years as stipulated in bilateral trade agreements.

Vo Tri Thanh, former deputy director of the Central Institute for Economic Management (CIEM), said the CPTPP would force Vietnam to make drastic legal reforms to create a more competitive business environment and prop up its competitiveness.

The 11 members reached a broad agreement lVietnam to benefit from sweeping trade dealast November and ag

Source: The Saigon Times

CPTPP Reflects Vietnam’s Commercial Global Integration

On March 9th, 2018, Minister of Industry and Trade, Vietnam Tran Tuan Anh and 10 Ministers of the Member countries signed the Comprehensive and Progressive Agreement for Trans-Pacific partnership (CPTPP) in the capital Santiago, Chile.

The historic process:

CPTPP, a new generation free-trade agreement, is established to replace TPP after the exception of U.S – the world’s largest economy. To the contrary of this situation, CPTPP still holds the high standards. This agreement will be available in 60 days after being signed by 6 of 11 member countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Speaking after the signing ceremony, The Minister of Foreign Affairs, Chile Heraldo Munoz said: “CPTPP is an unique signal to protest the protectionism and advocating a diversified world, multilateral trade”. It is expected that CPTPP is a crucial document to set up a sample for the commercial transactions in the future.

CPTPP founded in the context of President Donal Trump’s threats to increase taxes on steel and aluminum, which impacts many countries and could create a commercial global war.

CPTPP reduces the tariff between 11 member countries which accounted for 13% of the global economy with GDP hit 10,000 billion USD, if it involved U.S, the rate was 40%.

President Chile Michelle Bachelet addressed: “We are here today can be proud of ending this process and send a meaningful message to the community that opening the market, economic integration and international cooperation are the best tool for creating opportunity and prosperity for the economy”.

U.S moved away from CPTPP and tireless efforts are rewarded:

At this time, CPTPP is the world’s largest commercial agreement. The Washington’s retreat from TPP did not give an end this agreement, with a number of efforts from members, especially Japan, has helped revive the high standard agreements in order to create new standards for global trade.

With the APEC 2017 host country role, Vietnam and Japan made efforts to put everything back in orbit. Following this, the content of CPTPP eliminated some requirements requested by U.S from the round of TPP negotiation, including the rules strengthen intellectual property protection to pharmaceutical products. Many countries and activists believe that this regulation will increase the price of drugs. A final draft of the CPTPP was announced in February 21st in New Zealand.

CPTPP retains the contents of the TPP but for some member countries postponed their obligations. It is expected that CPTPP is comprehensive, balances the interests and has the benefits of the countries too after difficult but constructive negotiations.

ANT Lawyers strives to follow CPTPP and other inter countries agreement to exploit best benefits for the clients.

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