Our long-standing GBA board member Dr. Oliver Massmann, Partner at Duane Morris Vietnam LCC, is sharing the most relevant legal updates with you.
Dr. Oliver Massmann is an International Attorney at Law and a Financial Accountant and Auditor, with over 20 years of experience working as a commercial lawyer in Vietnam. He is volunteering as a legal advisor for the GBA from the beginning of the association. Our regards and thank you!
- Revised Law on intellectual property discussed at National Assembly
- MOIT to authenticate e-contracts from June
- Legislators discuss environmental protection as part of Petroleum Law revisions
- Vietnam to ban insurance companies from real estate investment
- Gasoline environment tax seen falling to VND1,000 per litre
- Revised Law on intellectual property discussed at National Assembly
Some highlines are as below:
- The National Assembly (NA) on May 31 confirmed the necessity of completing legal provisions on the dissemination and use of the National Flag, the National Emblem and the National Anthem to meet the requirements and ensure the sanctity of the national symbols. Deputies on May 31 scrutinized reports on revising and supplementing the Law on Intellectual Property (IP).
- In the context of Vietnam’s deep international integration, regular foreign affairs and international cooperation activities, the use of the National Flag, the National Emblem, and the National Anthem at political, economic, cultural, social and sports activities in the country, abroad and cyberspace have become more popular, meaning continuous improvement of the legal regulations on these items are very necessary to ensure the sanctity of the symbols in social life and people’s enjoyment, according to the NA Standing Committee (NASC).
- The NASC proposed the NA amend the Law in the direction of adjusting Clause 1, Article 89a to define the principles and scopes of security control over inventions, and assign the Government to detail this content.
- The delegates focused on reviewing a number of issues as a result of scientific and technological research that used the State budget; the narrowing of subjects of sanctioning administrative violations in the field of intellectual property; conditions for industrial property representation service practice; restricting the rights of the plant variety protection certificate holders; and legal responsibility for copyrights and related rights for enterprises providing intermediary services.
- MOIT to authenticate e-contracts from June
Here are some remarks:
- The Ministry of Industry and Trade (MoIT) has created the necessary legal framework for the authentication of electronic contracts in Vietnam and is ready to grant operating licenses to authenticators from June.
- Apart from the legal framework, the MoIT has also developed a national system for electronic contracts, tasked with providing authenticated contract data to third parties and bringing together licensed authenticators and service providers.
- According to the MoIT, e-commerce has been growing steadily in recent years in Vietnam with an annual growth of 16-17 percent.
- On March 15, the National Committee on Digital Transformation issued Decision No.17, aiming to raise the proportion of firms using e-contracts to half of the business sector in 2022.
- Legislators discuss environmental protection as part of Petroleum Law revisions
Some points stated as below:
- National Assembly (NA) deputies proposed specific regulations to improve environmental protection in oil and gas activities while discussing the revised Petroleum Law on June 15.
- At the session, the deputies discussed a wide range of issues related to the bill, including its name, its coverage, measures to increase oil and gas reserves, and the diversification of new power sources.
- The draft revision to the Petroleum Law, comprising 11 chapters with 64 articles, aims to enhance the State management’s effectiveness and efficiency in the field.
- Concluding the discussion, NA Deputy Chairman Nguyen Duc Hai said that 23 legislators gave ideas on the bill, the majority of whom agreed on the necessity of the law in fully institutionalizing the Party and State’s policies on developing the oil and gas sector, ensuring energy security, removing current problems in the field, synchronizing the legal system and strengthening effectiveness and enforcement of State management over oil and gas.
- Vietnam to ban insurance companies from real estate investment
Some remarkable points here:
- Insurance companies will not be allowed to invest in real estate starting Jan. 1, according to the latest changes in the insurance law that legislators have voted on.
- These companies will not be allowed to use Vietnamese citizens’ insurance money to cover the losses or cash shortage of their foreign business, it adds.
- The modified law also scraps a fund that was meant to protect insurance customers as the fund has never been used in its 12 years of existence.
- The balance of the fund stands at VND1 trillion ($43 million) and will be used to protect insurance customers in the circumstance that their insurer go bankrupt.
- SSI Research forecast revenues from insurance premiums could rise by 18 percent to VND256 trillion this year, driven by the recovery in demand and growing online insurance and collaboration with insurtech firms.
- Gasoline environment tax seen falling to VND1,000 per litre
Some remarks here:
- The Ministry of Finance has proposed cutting the environmental protection tax on gasoline by half to VND1,000 per litre and other fuels by 30-70 percent as the rising fuel prices are weighing on Vietnam’s economy.
- The ministry has drafted a resolution for the National Assembly Standing Committee regarding further fuel environmental protection tax reductions aimed at helping the public and the business community cushion the impact of rising domestic fuel prices.
- If the National Assembly Standing Committee adopts this resolution in July, these proposed tax rates would be applicable from August 1 until the end of this year.
- In the newly drafted resolution of the National Assembly Standing Committee, the Ministry of Finance proposed reverting to the previous tax rates as regulated in Resolution 579 adopted by the committee in 2018.