The Circular 08/2023/TT-NHNN is scheduled to take effect on August 15, 2023 and brings about several notable changes from previous legal documents. In this article, we will highlight some new and notable aspects of the Circular 08/2023/TT-NHNN that enterprises should take note of.
ENT, short for Economic Need Test, is an economic needs inspection activity in accordance with Vietnamese law, applicable to foreign-invested economic organizations ("foreign-invested enterprises") establish a second or more retail outlets in Vietnam.
The State Bank of Vietnam has proposed to increase the total shareholding of foreign investors in the banks subject to compulsory transfer to more than 30% but not exceed 49%, of the charter capital of banks receiving the compulsory transfer (excluding commercial banks in which the State holds more than 50% of the charter capital).
The provision of cross-border advertising services in Vietnam is the use of websites to provide advertising services to users in Vietnam from service-providing equipment systems located outside of Vietnamese territory, and to generate revenues in Vietnam by foreign organizations and individuals.
These problems arose from many aspects of investment operations, ranging from investment security, preferential treatment and investment support, forms of investment, to procedures to be carried out by investors according to legal regulations
Applicable to projects not subject to investment policy approval and projects located outside industrial zones, export processing zones, high-tech zones, and economic zones.
Investors need to research carefully before investing in hi-tech parks in order to make efficient use of the preferential treatment that Vietnam has dedicated to these areas.
The selection of accounts for the payment is an issue that both parties should pay especial attention in capital transfer transactions undertaken by foreign investors in Vietnam.