Viet Nam - A Guide for Business and Investment - asean-korea centre

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APPENDIX Imediately 100% (for example accountancy).In many cases, the permittedforeign ownership is phasedin to reach 100% after a few years(for example express delivery courierservices after five years).As is normal in this sector, the effectof the commitments dependsalso on complex relationships withdomestic regulations – for examplein the first two years, 100%-foreign-ownedarchitectural firms canonly serve foreign companies. Thecommitments and some of the regulationsare in the “schedule” (lists)of commitments; other informationon the regulations is in the workingparty report.THE WORKING PARTY REPORT:Report of the Working Party onthe Accession of VietnamThe working party report outlinesthe economic context, and the institutionaland legal framework. Itincludes Vietnam’s commitments toundertake reforms or to preservereforms that have been introducedin order to secure membership.Among the commitments are:Foreign exchange: Vietnam willabide by IMF and WTO rulesState enterprises: commercialbusiness (i.e. except for supplyingthe government) will be conductedon commercial terms without interferencefrom the government.A number of products are listed assubject to state trading enterprisesbecause of consumption restrictions,for cultural and moral reasons,or because they are “naturalmonopolies”: tobacco products,petroleum, cultural products suchas newspapers, journals and audiovisualmaterials, and aircraft.Privatization and equitization ofstate enterprises: this will be handledtransparently, with Vietnamsupplying annual reports while theprogram lastsPricing and price controls: Vietnamwill comply with WTO agreementsand notify the WTO of actions ittakes to control prices.Policy-making and enforcingframework: a number of administrativeand legal structures havebeen introduced or strengthenedso that WTO provisions are applied,including the possibility of investigationand judicial view to dealwith complaints about this.Trading rights (the right to importand export): this was a subject oftough negotiations partly becauseof different registration proceduresfor foreign and domestic traders. Anew law has now harmonized theprocedure for both. Among themany additional details are a commitmentthat all foreign firms andindividuals will be able to engage inimporting and exporting as importers/exporters“of record” so longas they register, and importers willbe able to choose their domesticdistributors.Exercise duties: the different dutiescharged on alcoholic drinks attractedparticular attention in thenegotiations. Vietnam has agreedto simplify the structure within 3years by applying a single rate forall forms of beer and a single ratefor all spirits containing 20% alcoholor more. This has allayed concernsfrom some countries thatthe previous structure might discriminateagainst imported beersthat have different packaging, oragainst imported spirits with higheralcohol content.Quantitative and other restrictions:quotas, bans and otherrestrictions will be abolished, includingimport bans on cigarettes,cigars and used vehicles, or onlyapplied according to WTO rules.WTO agreements dealing withrules: Vietnam will comply withthe Customs Valuation, Rules ofOrigin, Pre-shipment inspection,Anti-dumping, Safeguards, Subsidies,and Trade-Related InvestmentMeasures agreements, withsome provisions phased in over aperiod.Export restrictions: Vietnammaintains export controls on someproducts such as rice, and somewood products and minerals (toprevent illegal exploitation). It ispledging to apply controls on theseproducts in a way that conforms toWTO agreements.Standards: Vietnam will apply theTechnical Barriers to Trade, andSanitary and Phytosanitary Measuresagreements without a transitionperiod.Government procurement: Vietnamwill consider signing the GovernmentProcurement Agreementafter it has become a WTO member.Intellectual property: almost 33pages of the report describe in detailthe administrative and legal setup in the country. Vietnam will complywith the Trade-Related Aspectsof Intellectual Property Rights(TRIPS) Agreement immediately,without any transition period.(Source: Saigon Times)58 Viet Nam - A Guide for Business and Investment
APPENDIX IIList of major legal document relating to the business activities offoreign investors in Viet NamNo.Legal document NoIssued byAuthoritiesContent of legal documentForeign Investment1Law No. 59/2005/QH11 dated29/11/2005National Assembly2Law No. 60/2005/QH11 dated29/11/2005National AssemblyLaw on Investment providing investmentprocedure, investment incentives,right and obligations of theinvestors.Law on Enterprises providing type ofenterprise, establishment procedures,organisation and operation of enterprisesDecree 88/2006/ND-CP3 Government Decree on business registrationdated 29/8/20064Decree 108/2006/ND-CPdated 22/9/2006Government5Decree 101/2006/ND-CPdated 21/9/2006GovernmentDecree providing guidelines for implementationof a number of articles ofLaw on investmentProviding regulations on re-registrationor conversion by enterprises withforeign invested capital, and registrationfor change [of investmentlicences] for investment certificatesby enterprises with foreign investedcapital in accordance with the Law onEnterprises and the Law onInvestment6Decision 1088/2006/QD-BKHdated 19/10/2006Ministry of Planningand InvestmentCircular 03/2006/TT-BTC7 Ministry of Financedated 19/10/2006Decision on promulgating sampleform of documents for carrying outinvestment procedures in VietnamProviding guidelines for implementationDecree 88APPENDIX IIForeign Exchange Control8Ordinance No. 28/2005/PL-UBTVQH 11dated 13/12/2005The StandingCommittee ofNational AssemblyOrdinance on foreign exchange controlDecree 160/2006/ND-CP9 Governmentdated 28/12/2006Providing guidance for implementingOrdinance on foreign exchange control10Decree 134/2005/ND-CP on1/11/2005GovernmentRegulation on Foreign Borrowing andRepayment of EnterprisesViet Nam - A Guide for Business and Investment 59
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PART V. INVESTMENT COSTS IN VIET NA
Page 8 and 9: PART I. VIET NAM: COUNTRY AND PEOPL
Page 16 and 17: Production of Electronic parts of H
Page 18 and 19: PART II. THE ECONOMYThe industrial
Page 20 and 21: PART II. THE ECONOMYExport, Import
Page 22 and 23: PART II. THE ECONOMY4. Official Dev
Page 24 and 25: PART II. THE ECONOMYFDI Distributio
Page 26 and 27: The center of Hanoi CapitalPART III
Page 28 and 29: PART III. BUSINESS AND FOREIGN INVE
Page 46 and 47: Ground Breaking Ceremony of Saigon
Page 48 and 49: PART IV. INVESTMENT PROCEDURE3. Lic
Page 50 and 51: PART IV. INVESTMENT PROCEDUREFDI pr
Page 52 and 53: Song Than Industrial Zone in Binh D
Page 54 and 55: PART V. INVESTMENT COSTS IN VIETNAM
Page 56 and 57: PART V. INVESTMENT COSTS IN VIETNAM
Page 60 and 61: Labour11 Labour Code dated 23/6/199
Page 62 and 63: Real Estate Business34Law No. 63/20
Page 64 and 65: APPENDIX IIIV. Construction and dev
Page 66 and 67: APPENDIX IIIstruction of private an
Page 68 and 69: 14 Yen Bai Luc Yen, Mu Cang Chai an
Page 70 and 71: 52 Bac Lieu All districts Bac Lieu
Page 72 and 73: APPENDIX VIUseful contacts and addr
Page 74 and 75: APPENDIX VIHoa Binh DPINo. 3 Tran H
Page 76 and 77: Dak Lak DPINo. 17 Le Duan str, Buon
Page 78 and 79: Bac Giang IZs MBNo 48 Ngo Gia Tu st
Page 80 and 81: Vietnam - Singapore IZs MBNo. 8 Huy
Page 82 and 83: Germany, 29 Tran Phu St., HanoiTel:
Page 84 and 85: KPMG in VietnamHanoiHo Chi Minh Cit
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