In furtherance of Prime Minister Directive 11, SBV on March 13 issued Circular 01 providing a number of measures to support enterprises affected by the COVID-19 pandemic, including debt rescheduling, remission and reduction of loan interests and fees, and maintaining debt groups for borrowers.

The State Bank of Vietnam on March 13 issued Circular 01 providing a number of measures to support enterprises affected by the COVID-19 pandemic__Photo: VNA

Under the new circular, eligible for rescheduling are outstanding debts, including principals and interests that arise from lending and financial leasing activities or become due for principal and interest repayment during the period from January 23 of this year to the day three months following the Prime Minister’s announcement of control of the COVID-19 pandemic. Customers eligible for rescheduling include those unable to pay debts or interests when they become due because of their revenue and income loss during the pandemic.

Credit institutions and foreign bank branches are requested to guide criteria of customers whose revenues and incomes are reduced because of the pandemic, said the new regulation.

Credit institutions and foreign banks branches will decide on remission and reduction of loan interests and fees under their internal regulations on outstanding loans arising from credit extension activities with the obligation to repay loan principals or interests becoming due between January 23 and the day three months following the date the Prime Minister announces the total control of the pandemic.

Credit institutions and foreign bank branches may keep unchanged debt groups classified under SBV’s regulations at the latest time before January 23 of this year with regard to debit balances eligible for rescheduling of repayment deadlines  or th interest and fee remission or reduction as mentioned above.

They are also requested to carry out debt classifications, set aside risk provisions corresponding to the rescheduled debt repayment deadlines in accordance with regulations on debt classification, and set aside and use provisions to offset risks in operations of credit institutions and foreign bank branches in order to prevent putting existing debts into groups of debts with higher risk levels.

In order to effectively implement such measures, SBV requests credit institutions and foreign bank branches to issue specific internal regulations on debt rescheduling, loan interest and fee remission and reduction, and maintenance of debt groups in accordance with this Circular for consistent and uniform implementation within the whole system, thereby ensuring the strict and safe surveillance, preclusion and prevention of abuse of debt rescheduling, loan interest and fee remission and reduction and maintenance of debt groups for self-seeking purposes, and rejection of rumors misleading as to credit quality.

Meanwhile, SBV will be responsible for inspection, supervision and handling of issues arising in the course of implementation of this Circular by credit institutions and foreign bank branches.- (VLLF)

Bài viết State Bank devises measures to support enterprises during the pandemic đã xuất hiện đầu tiên vào ngày LUẬT SƯ BẤT ĐỘNG SẢN.

Does my friend have to contribute additional capital to the company or should I transfer part of the company’s charter capital to him? Which is the better way? What percentage of charter capital must foreigners and Vietnamese citizens hold in order to keep a limited liability company with two members still a Vietnamese company?

What procedures should I carry out to transform the company?

As you wish to transform a single-member limited liability company into a limited liability company with two or more members, with the new member being a foreign investor, you may either transfer part of your contributed capital in the company to the foreign investor, then, as the company owner, make your own decision to transform it into a limited liability company with two or more members, or receive new capital contribution from the new investor, whilst retaining your capital contribution, for the company to become a two-member limited liability company.

The way your company is to be transformed into a two-member limited liability one depends on practical needs of the company as well as its charter’s provisions on the transfer of its equity capital contribution, i.e. whether the transfer is limited or not. If the transfer of the company’s equity capital contribution is limited, you should let the foreign investor contribute an additional capital amount so that you can transform the company without having to meet the conditions provided in the company’s charter.

The question of what percentage of your company’s capital which foreign investors have to hold depends on whether the business line of the company is a conditional one subject to a law-prescribed foreign holding cap. As you do not specifically mention the business lines of your company, we cannot provide you an exact advice on the company transformation. Therefore, you should base yourself on specific conditions of your company to seek the right answer.

Moreover, as per the Commercial Law, foreign traders are traders established and making their business registrations in accordance with foreign regulations or recognized by foreign laws. Foreign investor’s capital contribution to your company will not change its legal status as a Vietnamese company (trader) since it was lawfully established and has been operating in accordance with the Vietnamese law on enterprises.

A dossier for transformation of your company into a two-member limited liability one which you have to prepare must comprise:

(i) A written request for company transformation;

(ii) Charter of the new company as specified in Article 22 of the Law on Enterprises;

(iii) A list of company members, made according to the form promulgated by the Ministry of Planning and Investment and enclosed with a valid copy of one of personal identification papers of individual members of the company;

(iv) A transfer contract or written certification of the donation of part of the company ownership in case the company owner transfers or donates part of his/her ownership to one or more than one individual;

(v) The company owner’s decision on additional mobilization of capital contribution from one or more than one individual in case the company additionally mobilizes capital contribution;

(vi) The original enterprise registration certificate or business registration certificate and tax registration certificate;
(vii) Other documents, if you have registered a conditional business line:

A written certification of legal capital by a competent agency or organization (for enterprises engaged in sectors or business lines requiring legal capital in accordance with law).

A valid copy of practice certificate(s) of one or more than one individual (for companies engaged in sectors or business lines requiring practice certificate in accordance with law).

The dossier for company transformation must be submitted to the business registration office of the provincial-level Planning and Investment Department. Within five working days from the date of receipt of the transformation dossier, the competent business registration office or state agency in charge of investment management will re-grant an enterprise registration certificate or investment certificate.

You may choose seal specimen and number for the new company. In the course of company transformation, you are not required to carry out the procedures for changing the seals if the company’s name and address are not changed.

In case of seal change, the company is, after having its legal entity status seal engraved, required to carry out the procedures for registering and publicizing the seal specimen(s) on the national enterprise registration portal.

After successfully changing the company’s business registration, you have to publicize information about the change on the national enterprise registration portal within 30 days from the date of change.

However, information about the former business location, branches or representative offices of the single-member limited liability company that is transformed into a limited liability company with two members will not be displayed on the enterprise registration certificate.

At present, such information is not presented on legal documents issued to transformed companies and may only be found on their business registration and tax registration certificates. The certification of such information has not yet been provided by law.

If you wish to set up a branch, representative office or new business location of the company, you may be granted a separate certificate for it to replace the previously granted enterprise registration certificate with the same information about existing business locations.

(source: Vietnamlawmagazine)

Bài viết Capital contribution by foreigners to Vietnamese companies đã xuất hiện đầu tiên vào ngày LUẬT SƯ BẤT ĐỘNG SẢN.

Vu Ngoc Hieu arrives at a court in Ho Chi Minh City on October 17, 2019. Photo: Ngoc Phuong / Tuoi Tre

Vu Ngoc Hieu, 30, had been in a relationship with D.Y.N., 28, from 2010 to July 2017, when the couple split due to unresolved conflicts, according to court records.

On May 31, 2018, N. told Hieu at a get-together with mutual friends that she had been seeing someone else and that she intended to get married to her new boyfriend.

The group of friends stayed at Hieu’s place in Go Vap District, Ho Chi Minh City for a sleepover party that same night.

At 12:30 am the next morning, Hieu strangled N. to death while she and the other friends were sound asleep, the man’s indictment explained.

Worried that the other friends would find out about the murder, Hieu used a knife to cut N.’s body into smaller parts and put them in a refrigerator at his home.

He also took N.’s valuable belongings, including her jewelry, cash, and smartphone.

Three days later, on June 4, 2018, Hieu removed the body parts from the refrigerator, put them into a suitcase and cardboard box, and brought them to a friend’s house in Tay Ninh Province, some 85 kilometers from Ho Chi Minh City.

The friend became suspicious after noticing a strong smell coming from the luggage and reported to the local police.

Hieu was later arrested after police discovered the chopped-up body parts inside the luggage.

At the Ho Chi Minh City court on Thursday, Hieu blamed his actions on hallucinations caused by narcotics use.

“Until now, I still don’t understand why I did such a thing,” he told judges, adding that he was willing to accept the death penalty for his crimes.

The court handed Hieu the death sentence for murder and another eight years behind bars for appropriation of property.

The convict also agreed to pay VND400 million (US$17,200) in compensation to the victim’s family.

Source: Tuoitrenews

Bài viết Court hands death sentence to Vietnamese man who murdered girlfriend, dismembered body đã xuất hiện đầu tiên vào ngày LUẬT SƯ BẤT ĐỘNG SẢN.

The Government chief reiterated the above consistent policy of the Party and State of Viet Nam amid recent complicated developments in the East Sea, including activities seriously infringing upon Viet Nam’s waters.

At the same time, Viet Nam has been keen on ensuring a peaceful and stable environment for national development course, PM Phuc emphasized.

He affirmed that Viet Nam will continue a string of consistent and resolute measures in line with international law, including the 1982 United Nations Convention on the Law of the Sea to protect national independence, sovereignty and territorial integrity.

The righteous policy, position and efforts of our Party and State have been widely supported by Vietnamese people and the international community, Phuc stated.

International community’s responses

The international community has raised concerns over recent developments in the East Sea. The following are some of them.

In their Joint Communiqué issued on occasion of the 52^nd ASEAN Foreign Ministerial Meeting in Thailand last July, ASEAN Foreign Ministers reaffirmed the importance of maintaining and promoting peace, security, stability, safety and freedom of navigation in and overflight above the East Sea and recognized the benefits of having the East Sea as a sea of peace, stability and prosperity.

The Foreign Ministers underscored the importance of the full and effective implementation of the 2002 Declaration on the Conduct of Parties in the East Sea (DOC) in its entirety.

They emphasized the importance of non-militarization and self-restraint in the conduct of all activities by claimants and all other states, including those mentioned in the DOC that could further complicate the situation and escalate tensions in the East Sea.

The Foreign Ministers emphasized the need to maintain and promote an environment conducive to the COC negotiations, and thus welcomed practical measures that could reduce tensions and the risk of accidents, misunderstandings and miscalculation.

France, Germany and the Untied Kingdom issued their Joint Statement on August 29, 2019, expressing their concerns on the situation in the East Sea.

They are concerned about the situation in the East Sea which could lead to insecurity and instability in the region.

The three countries called for steps and measures that reduce tensions and contribute to maintaining and promoting peace, security, stability and safety in the region, including as regards the rights of coastal states in their waters and the freedom and rights of navigation in and overflights above the East Sea, according to the Joint Statement.

“As State parties of the United Nations Convention on the Law of the Sea (UNCLOS), France, Germany, and the United Kingdom underline their interest in the universal application of the Convention which sets out the comprehensive legal framework within which all activities in the oceans and seas including in the East Sea must be carried out and which provides the basis for national, regional and global co-operation in the maritime domain. They recall in this regard the Arbitration Award rendered under UNCLOS on 12 July 2016.”

Furthermore, France, Germany, and the United Kingdom welcomed the on-going negotiations in view of achieving a rules-based, co-operative and effective Code of Conduct consistent with UNCLOS in the East Sea and encouraged progress towards its early conclusion.

US Department of State Spokesperson

In Bangkok, the Secretary (Mike Pompeo) participated in the ASEAN-U.S. Ministerial, the ASEAN Regional Forum Ministerial, the East Asia Summit Ministerial, and the Lower Mekong Initiative, which has just celebrated the tenth anniversary, said Morgan Ortagus, Spokesperson of the US Department of State on August 8, 2018.

The Secretary held very positive bilateral meetings with a variety of his counterparts, including leaders from Thailand, the Philippines, and India, she said.

He also participated in a trilateral meeting with foreign ministers of Japan and the Republic of Korea as well as a trilateral meeting with Australia and Japan, after which those three nations released a statement expressing serious concerns about negative developments in the East Sea, according to Ortagus.

Viet Nam and Australia issued Joint Statement on the occasion of the official visit to Viet Nam by Australian Prime Minister Scott Morrison from August 22-24.

In the statement, the Prime Minister Nguyen Xuan Phuc and his Australian counterpart Scott Morrison expressed “serious concerns” about developments in the East Sea, including land reclamation and militarization.

They also expressed concern about disruptive activities in relation to long-standing oil and gas projects in the East Sea while emphasizing the importance of freedom of navigation and overflight, compliance with international law and maintaining a rules-based order.

The two PMs called on all parties to exercise self-restraint and avoid actions that may further complicate the situation.

They also reaffirmed the need for states to resolve disputes peacefully, without the threat or use of force in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

The Prime Ministers underscored the importance of UNCLOS dispute settlement mechanisms and called upon the parties to respect and implement the decisions rendered by these mechanisms.

They reiterated the importance of the full and effective implementation of the Declaration on the Conduct of Parties in the East Sea (DOC).

The pair also called for any Code of Conduct to be fully consistent with international law, in particular UNCLOS, without prejudice to the interests of third parties or the rights of states under international law, and support existing inclusive regional architecture.

Viet Nam and Malaysia issued Joint Statement on the occasion of the official visit to Viet Nam by Malaysia Prime Minister Mahathir Mohamad from August 26-28.

Under the statement, both sides underlined the importance of maintaining peace, stability, security and the rule of law in the region, which includes the safety, security and freedom of navigation and over-flight in the East Sea and expressed serious concerns over recent developments in the East Sea.

The two sides agreed that disputes shall be resolved through peaceful means, including full respect for legal and diplomatic processes, without resorting to the threat or use of force, in accordance with the principles of international law, including the 1982 UNCLOS.

Both Prime Ministers emphasized the importance of self-restraint, non-militarization and observance of international legal obligations in good faith, respect for sovereignty, sovereign rights and jurisdiction of the coastal states, and rule of law in accordance with the 1982 UNCLOS and avoidance of activities that may escalate tensions.

The two sides underlined their support for the full and effective implementation of the 2002 Declaration of the Conduct of Parties in the East Sea (DOC) in its entirety and agreed to enhance efforts towards the early conclusion of the Code of Conduct in the East Sea (COC) that is effective, substantive, and consistent with international law, including the 1982 UNCLOS/.

Source: VGP NEWS

Bài viết For territorial integrity, Viet Nam never makes concessions, PM affirms đã xuất hiện đầu tiên vào ngày LUẬT SƯ BẤT ĐỘNG SẢN.