The  rapidly growing middle class in Southeast Asia is bringing with it increased household wealth, increased consumption, and increased investment. With that increase, the commercial banking sector has seen a boom in the more economically developed countries of Southeast Asia—especially in Thailand. A select few foreign banks have been very successful in Cambodia, Laos, Myanmar, and Vietnam (CLMV) for many years, but as many banks seek to replicate their Thai success in these new markets, the field looks likely to become much more crowded in coming years.

The arbitrator plays a key role in protecting due process in arbitral proceedings and in granting an enforceable arbitral award. Unlike in a traditional court, parties who agree to solve their dispute through arbitration can separately or solely appoint an arbitrator or arbitrators—subject to the arbitration agreement and the rules of each arbitration institution—in the event that both parties cannot agree to appoint a sole arbitrator or presiding arbitrator.

On November 2, 2019, Cambodia enacted the Law on Electronic Commerce (“E-commerce Law”). This development makes Cambodia the last member of the Association of Southeast Asian Nations (ASEAN)—one of the world’s fastest-growing internet markets—to adopt a domestic e-commerce law. The E-commerce Law addresses electronic communications, signatures, records, and evidence, and serves to clarify the legal environment for e-commerce in Cambodia.

The intellectual property framework in Laos continues to evolve with the recent Decision on Trademarks and Trade Names No. 2822/MOST, dated December 7, 2019, which was published in January and took effect on February 11, 2020. The decision brings more clarity to the mark registration process, and it had been particularly anticipated since the May 2018 publication of the Amended Law on Intellectual Property No. 38/NA dated November 15, 2017 (the “IP Law”).

In November 2019, the National Assembly of Vietnam issued a new version of the Labor Code, which serves as the principal legislation on employment and labor relationships in Vietnam, covering domestic and foreign employers and employees. The changes found in the new law are more incremental than sweeping, and generally serve to close loopholes and clarify vague provisions in the existing Labor Code of 2012.While the new Labor Code will not take effect until January 1, 2021, employers operating in Vietnam should note the key changes now to facilitate timely implementation.

On January 17, 2020, Thailand’s current Trade Competition Commission (TCC) again showed their proactive approach to enforcement by issuing guidelines for competition litigation under the Trade  Competition Act B.E. 2560 (2017). This act prohibits anticompetitive actions, abuse of dominant market power, cartels, collusion, restrictive agreements or arrangements, and unfair trade practices. The new rules give clear guidance to both the TCC and the public, and will help competition litigation proceed more quickly in order to protect free and fair trade in Thai markets. 

Non-communicable diseases (NCDs) mainly consist of cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes, and are the most frequent causes of death worldwide. A 2018 World Health Organization (WHO) fact sheet on NCDs notes that 41 million people die annually from NCDs (71% of global deaths), including 15 million people who die before the age of 70.

If your company has been doing business in Thailand, you might already be aware of the additional corporate tax reporting requirement for the accounting period for the 2019 fiscal year (FY2019), starting from January 1, 2019. Under the new requirements, companies with income of at least THB 200 million that transacted with related parties are now required to file a transfer pricing disclosure form with the Revenue Department (RD) upon filing the annual corporate income tax return, called a PND.50. This new two-page form is the Transfer Pricing Disclosure Form.