What Are New in Real Estate Trading Business From 2021?

 The Law on Investment 2020 takes effect from January 1, 2021 with many new highlights, including the amendment of conditions for real estate business in the Law on Real Estate Trading 2014.

Specifically, amending regulations on real estate business conditions in the Law on Real Estate Trading 2014 as follows: “Any organizations and individuals trading in real estate must set up enterprises or cooperatives (hereinafter referred to as an enterprise), except for the case specified in Clause 2 of this Article. ”

Clause 1, Article 10 of the 2014 Law on Real Estate Business stipulates that “Any organizations or individuals wish to conduct real estate trading shall set up enterprises or cooperatives (hereinafter referred to as enterprises) and have legal capital not smaller than VND 20 billion, excluding cases prescribed in Clause 2 of this Article.”

In addition, the Law on Investment 2020 also amends regulations on the competence to permit the transfer of all or a portion of real estate projects. For real estate projects approved by investors or granted an investment registration certificate in accordance with the Law on Investment, the competence and procedures for the transfer of all or a portion of the project comply with regulations of the Law on Investment. For real estate projects not falling into the above cases, the competence to permit the transfer of all or a portion of real estate projects is as follows: Provincial People’s Committee decides to allow the transfer of all or a portion of the real estate projects for projects decided by the provincial People’s Committee to invest; The Prime Minister shall decide to permit the transfer of all or a portion of real estate project to projects for which the investment is decided by the Prime Minister.

In case organizations, households or individuals sell, transfer, lease, or lease purchase real estate on a small scale, rarely, it is not required for real estate enterprise to be set up, but they must declare and pay taxes according to the provisions of law.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have law firm in Hanoi, law firm in Ho Chi Minh City and law firm in Da Nang.

Nguồn: https://antlawyers.vn/library/what-are-new-in-real-estate-trading-business-from-2021.html

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How to Obtain Construction Practicing Licenses in Vietnam?

 On June 19, the Department of Industry (Vietnam Ministry of Industry and Trade) collaborated with the International Financial Corporation (IFC) of the World Bank Group, with funding from the Australian Department of Foreign Affairs and Trade (DFAT) and the Swiss Federal Economic Office (SECO) organized the “Opening Ceremony of the Database System of Vietnam’s processing, manufacturing and supporting industries” and put the Supporting Industry Portal into operation.

This system is intended to support the provision of adequate information about enterprises for organizations and individuals wishing to search, connect and trade; It provides foreign-invested enterprises (FDI enterprises) with an overview of production capacity, supply capability, product quality and technology of Vietnamese manufacturing enterprises, as the same time, enhancing connectivity between Vietnamese enterprises and FDI enterprises and investors.

Supporting industries are industries that produce raw materials, accessories, spare parts, and semi-finished products to supply the manufacturing, processing and assembling industry of finished products being production materials manufacturing or consumer products.

Vietnam’s supporting industry is growing and playing an important role in participating in the global supply chain and value chain. Large foreign companies and corporations have established many company manufacturing, processing and assembling factories in Vietnam. In 2019, the whole country has 3,478 new projects, with a total capital of nearly 31.8 billion USD; in which, processing and manufacturing industry accounted for the highest proportion with a total capital of 21.6 billion USD, accounting for 67.8% of total registered investment capital. This demonstrates the expectation of FDI enterprises to reduce transportation costs and risks, so it will create great opportunities for domestic parts suppliers to develop production.

According to data on the Enterprise Information Database system, Vietnam now has 500 enterprises in the field of mechanical engineering, 347 enterprises in the field of automobiles, 750 enterprises in the field of electricity, 1,145 enterprises in the textile sector and 910 enterprises in the footwear sector.

The database system of manufacturing, processing and supporting industries is an important milestone in addressing the need to establish a domestic B2B connection network with foreign countries, helping enterprises and investors finding information quickly, accurately, meeting the needs of investment connection, enhancing cooperation opportunities between Vietnamese enterprises and FDI enterprises and multinational corporations.

In the future, the government will continue to support resources and finance to improve the qualifications of the database system management staff, expand the data information of many industries and continue to develop new features that allow enterprises to create their own booths to introduce products, proceed to establish an e-commerce platform for the processing, manufacturing and supporting industries, help enterprises proactively approach and promote cooperation, contribute to the development of Vietnam’s industry in the future.

Nguồn: https://antlawyers.vn/library/digitalizing-vietnam-supporting-industry-database.html

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How to Obtain Construction Practicing Licenses in Vietnam?

 On June 19, the Department of Industry (Vietnam Ministry of Industry and Trade) collaborated with the International Financial Corporation (IFC) of the World Bank Group, with funding from the Australian Department of Foreign Affairs and Trade (DFAT) and the Swiss Federal Economic Office (SECO) organized the “Opening Ceremony of the Database System of Vietnam’s processing, manufacturing and supporting industries” and put the Supporting Industry Portal into operation.

This system is intended to support the provision of adequate information about enterprises for organizations and individuals wishing to search, connect and trade; It provides foreign-invested enterprises (FDI enterprises) with an overview of production capacity, supply capability, product quality and technology of Vietnamese manufacturing enterprises, as the same time, enhancing connectivity between Vietnamese enterprises and FDI enterprises and investors.

Supporting industries are industries that produce raw materials, accessories, spare parts, and semi-finished products to supply the manufacturing, processing and assembling industry of finished products being production materials manufacturing or consumer products.

Vietnam’s supporting industry is growing and playing an important role in participating in the global supply chain and value chain. Large foreign companies and corporations have established many company manufacturing, processing and assembling factories in Vietnam. In 2019, the whole country has 3,478 new projects, with a total capital of nearly 31.8 billion USD; in which, processing and manufacturing industry accounted for the highest proportion with a total capital of 21.6 billion USD, accounting for 67.8% of total registered investment capital. This demonstrates the expectation of FDI enterprises to reduce transportation costs and risks, so it will create great opportunities for domestic parts suppliers to develop production.

According to data on the Enterprise Information Database system, Vietnam now has 500 enterprises in the field of mechanical engineering, 347 enterprises in the field of automobiles, 750 enterprises in the field of electricity, 1,145 enterprises in the textile sector and 910 enterprises in the footwear sector.

The database system of manufacturing, processing and supporting industries is an important milestone in addressing the need to establish a domestic B2B connection network with foreign countries, helping enterprises and investors finding information quickly, accurately, meeting the needs of investment connection, enhancing cooperation opportunities between Vietnamese enterprises and FDI enterprises and multinational corporations.

In the future, the government will continue to support resources and finance to improve the qualifications of the database system management staff, expand the data information of many industries and continue to develop new features that allow enterprises to create their own booths to introduce products, proceed to establish an e-commerce platform for the processing, manufacturing and supporting industries, help enterprises proactively approach and promote cooperation, contribute to the development of Vietnam’s industry in the future.

Nguồn: https://antlawyers.vn/library/digitalizing-vietnam-supporting-industry-database.html

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