VILAF organized a Blood Donation Drive on June 9 and 24, 2023 for its offices in Hanoi and Ho Chi Minh City in solidarity with the World Law Group | impact initiative to promote social responsibility within its network of 61 member firms across 90 countries.
New regulations on onshore loans and offshore loans: the State Bank of Vietnam further tightens the rules but provides some favorable clarifications
Posted on Jul 24, 2023 in Legal Update by VILAF
Written by Partner Duyen Ha Vo, Senior Associate Hanh Hien Nguyen and Senior Associate Quynh Anh Le Towards the end of June 2023, the State Bank of Vietnam (“SBV”) issued two important circulars governing the credit market in Vietnam: Circular 08/2023/TT-NHNN (“Circular 08”) on offshore borrowing conditions to replace Circular 12/2014/TT-NHNN on the same subject matter; and Circular 06/2023/TT-NHNN (“Circular 06”) amending and supplementing certain articles of Circular 39/2016/TT-NHNN on lending activities of credit institutions […]
On 01 July 2023, the Government issued Decree No. 46/2023/ND-CP detailing the implementation of a number of articles of the Law on Insurance Business (“Decree 46”). Decree 46 takes effect from the signing date of (except for some provisions that took effect from 01 January 2023) and replaces Decree 76/2016/ND-CP dated 01 July 2016 of the Government, as well as other amending and supplementing Decrees. Here are some notable new points of Decree 46. 1. […]
VILAF Legal Bulletin: July 2023
Posted on Jul 17, 2023 in Newsletters by VILAF
FINANCIALS Government Decree 19/2023/ND-CP on Anti-Money Laundering The Government issued Decree 19/2023/ND-CP on 28 April 2023 providing detailed guidance on the implementation of certain articles of the Law on Anti-Money Laundering 2022. The Decree governs customer KYC requirements, beneficial owner requirements and requirements on information exchanges. Prime Minister Decision 11/2023/QD-TTg on Anti-Money Laundering The Prime Minister issued Decision 11/2023/QD-TTg on 27 April 2023 stipulating the thresholds of high value transactions subject to reporting requirement under […]
New decrees on anti-money laundering, multi-level marketing business, and other business legal updates
Posted on Jun 8, 2023 in Legal Update by VILAF
Regulations implementing the Law on Anti-Money Laundering The Government issued Decree 19/2023/ND-CP (“Decree 19”) dated 28 April 2023 detailing a number of articles of the Law on Anti-Money Laundering 2022. Decree 19 takes effect from the date of signing (i.e. 28 April 2023), except for certain provisions which will be effective on 1 December 2023. Decree 19 replaces Decree 116/2013/ND-CP dated 04 October 2013, as amended. Below are some notably points of Decree 19. Customer […]