Investment-Specific Measures

• Viet Nam issued Decree 57/2012/ND-CP which (i) specifies the financial system for institutions and branches of foreign banks established, organized, and operated under the Law on Credit Institutions; and (ii) introduces new principles of financial management institution in credit institutions, i.e. financial autonomy for branches of foreign banks, self-responsibility for business operations, and financial disclosure as prescribed by law.

• Viet Nam liberalised education and vocational training and issued Decree 73/2012/ND-CP which specifies provisions on foreign cooperation and investmentsin the said field, including joint training, establishment of educational institutions with foreign capital, and establishment of representative offices of foreign education in the country. 

• Viet Nam relaxed the implementation of the Economic Needs Test (ENT) for the establishment of retail outlets of foreign enterprises.  The first retail outlet ENT shall be based on population density in the area.  Likewise, no ENT shall be required for 2^nd retail outlets with area of less than 500 square meters and are located in provinces and cities under central planning for trade in goods. 

• The Law on Natural Resources Tax came into force. The tax applies to new investment projects as of 1 July 2010 and affects companies exploiting precious stones and coal, and companies using forest products, marine products or natural water. The new Law increases royalty rates for some categories of natural resources.

Investment-Related Measures

• On 16 February 2011, the Government issued Decree 14/2011/ND-CP setting conditions for registration and operation of customs clearance agents.

• In late 2010, Vietnam’s National Assembly passed a law amending the 2006 Law on Securities (the Amended Law). The Amended Law revisits a number of issues on securities, securities business and the securities market, and becomes effective on 1 July 2011.

• A new Vietnamese law on credit institutions came into force on 1 January 2011. It provides measures for organizing and operating credit institutions, covering corporate governance, share structure, and other issues.