CanCham - Canadian Chamber of Commerce in Vietnam

Legal

PwC Legal Vietnam NewsBrief: New Land Law Issued: Amendments will impact foreign investors

Please click here to PwC Legal Vietnam NewsBrief on the New Land Law Issued: Amendments will impact foreign investors on 25 July 2014.

 

DFDL Cambodia Alert – Sub-Decree No. 476 on Financial Trusts

Dear Valued Clients, 

On 26 August 2013, the Royal Government of Cambodia ("RGC") issued Sub-Decree № 476 on Financial Trusts (“Sub-Decree 476”). Sub-Decree 476 is not a general law of trusts and applies only to trusts in relation to which the trustor is a development partner that has entered into an agreement with the RGC to entrust funds for the purposes of developing the banking and microfinance sectors.

Sub-Decree 476 aims to set out rules and procedures to establish, register, manage and control such trusts.

The Ministry of Economy and Finance ("MEF") is the competent regulator in charge of supervising financial trusts. Sub-Decree 476 requires that all financial trusts must be the subject of a written trust instrument and registered with the MEF to be valid and effective. Moreover, all existing financial trusts are required to be registered with the MEF within six months from 26 August 2013.

The Sub-Decree contains comprehensive regulations and rules to govern the rights, duties and responsibilities of the trustor, trustee and the beneficiary. For instance, a trustee is required to execute its duties with care and diligence, to separate its own property from the trust fund it manages and controls, to insure its professional liability etc.

If you have any questions or require further clarification about how this development will impact your business, please do not hesitate to contact us.


Kind Regards,
Patrick Smith
Deputy Head of the Banking and Finance Practice Group

 

PwC Legal Vietnam NewsBrief - New Decree on foreigners working in Vietnam

As part of the ongoing issuance of decrees implementing the Labour Code, on 5 September, the Government issued Decree 102/2013/ND-CP (Decree 102) to provide guidelines on foreigners working in Vietnam.

Decree 102 will be effective on 01 November and replaces Decree 34/2008/ND-CP dated 25 March 2008 (Decree 34) and Decree 46/2011/ND-CP dated 17 June 2011.

Please click here for some notable points in Decree 102.

 

PwC Vietnam NewsBrief: Re-registration of Foreign Invested Enterprises

Please click here for PwC NewsBrief on the re-registration rules affecting foreign invested enterprises (FIE) will take effect from 1 August 2013.
 
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