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February 4, 2022

GTDT Foreign Investment Review 2022 – Vietnam Chapter

Phuong Thi Minh Tran, an associate in Tilleke & Gibbins’ office Ho Chi Minh City, contributed the Vietnam chapter of Foreign Investment Review 2022, a recently published global guide to the legal and regulatory environment for foreign investment in 29 jurisdictions worldwide. Published and distributed by Getting the Deal Through (GTDT), the guide discusses law and policy on oversight of foreign investment, regulatory frameworks, procedural requirements, and other important stipulations for foreign investors.

The Vietnam chapter covers the following topics:

  • Law and Policy: Government policies and practices, main laws and their scope of application (including details on investment promotional measures), definitions, rules for state-owned enterprises and sovereign wealth funds, relevant authorities and oversight, and national interest provisions.
  • Procedure: Jurisdictional thresholds, national interest clearance, securing approval, the review process for competition clearance and associated penalties, involvement of authorities, facilitation of clearance, and post-closing regulatory powers.
  • Substantive assessment: Substantive tests for clearance, authorities’ consultation with other countries and other relevant parties, transactional prohibitions and objections, mitigating arrangements and challenges to a decision, and protection of confidential information.
  • Recent cases, updates, and trends: Relevant recent case law, key recent and ongoing developments.

A PDF of the Vietnam chapter can be accessed through the button below.

Tilleke & Gibbins also contributed the Cambodia, Laos, and Myanmar chapters to Foreign Investment Review 2022. To browse all 29 jurisdictions covered by the guide, please visit the Getting the Deal Through website.

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April 19, 2021
Thailand has made significant changes to its statutory interest rate framework for the first time in almost a century. Since 1925, the statutory interest rate codified in Thailand’s Civil and Commercial Code (the CCC) has remained at 7.5% per year. But with Covid-19 having an unprecedented impact on the Thai economy, the Thai Government, via emergency decree, has reduced the statutory rate. While the decree is largely aimed at providing relief to hard-hit SMEs and individual debtors, the amendments have broader implications for doing business in Thailand. Main Changes The new interest rate revisions are contained within the Emergency Decree Amending the Civil and Commercial Code B.E. 2564 (2021) (the Emergency Decree), which was published in the Government Gazette on April 10, 2021 and came into effect on April 11, 2021. The Emergency Decree amends Sections 7 and 224 of the CCC, which stated the previous statutory interest rate of 7.5% per year. The Emergency Decree makes three major changes. The first involves a reduction of the statutory interest rate from 7.5% per year to 3% per year in Section 7. The new 3% annual rate is subject to review every three years by the Ministry of Finance. The interest rate is subject to further change later by a royal decree. The second change concerns money debts under Section 224 of the CCC. The previous version of Section 224 stated, among other things, that a money debt based on a default bears interest of 7.5% per year. Under the Emergency Decree, the new actual statutory default interest rate is the statutory interest rate stated in Section 7 with an additional rate of 2% per year. The result is a 5% annual statutory default interest rate. Since the statutory default interest rate is based in part on the Section 7