Tilleke & Gibbins has provided an updated Thailand chapter for Fashion Law 2024 from Global Legal Post. The guide covers 20 key jurisdictions in the global fashion industry, offering insights into local legal frameworks surrounding issues such as brand enforcement and protection, e-commerce and marketing, and sustainability considerations. The Thailand chapter of Fashion Law 2024 provides detailed information on the following topics: Main intellectual property rights for fashion products Contractual arrangements in manufacturing, distribution, and advertising Regulations and enforcement of online marketing Unfair competition rules and judicial interpretation Specific regulations on sustainability and ESG in fashion Special import and export rules for fashion products The full Thailand chapter is available for free through the button below and on the Global Legal Post website. Tilleke & Gibbins also contributed the Vietnam chapter to the guide.

Laos has returned its value-added tax rate to 10% from the 7% rate that had been observed for the last two years. The new rate was specified in Ordinance No. 003/PDT, dated March 19, 2024, and announced on the website of the Ministry of Trade and Commerce. Prior to this, the last announcement of an adjustment in the VAT rate came in the last week of December 2021, when the Ministry of Justice published the Law Amending Certain Provisions of the Laws on Tax No. 01/NA, dated August 7, 2021, in the Government Gazette. This law, which entered into force in January 2022, amended the VAT rate from 10% to 7%. Under Lao law, the ordinance is effective from its date of signing by the president of Laos (i.e., March 19, 2024). However, the tax authorities have indicated that the new rate will not be enforced immediately but will be implemented in the near future, such as when it is published in the Lao Official Gazette. This change of the VAT rate to 10% does not come as a surprise. Some international experts and organizations had been recommending that Laos adopt a 10% VAT rate given its current economic challenges, arguing that Laos should prioritize collecting tax and replenishing the state budget. This was, for instance, recommended by the World Bank in the November 2023 Lao PDR Economic Monitor. Tilleke & Gibbins will continue to monitor the situation to determine when the 10% VAT rate will be enforced. For more details on the rate changes, or on any aspect of tax law in Laos, please contact Tilleke & Gibbins at [email protected].

Indonesia’s Ministry of Industry (MOI) has issued a new regulation requiring importers of textiles, textile products, bags, and footwear to furnish applicable trademark certificates when applying for an import permit. This means that a letter of appointment to import from the trademark owner or authorized representative is no longer sufficient to obtain an import permit for these goods. The requirement is detailed in MOI Regulation No. 5 of 2024 concerning Procedures for Issuing Technical Considerations for Imports of Textiles, Textile Products, Bags and Footwear, which took effect on March 10, 2024. Affected Products The new regulation applies to the following products: Textiles: Fiber, thread, fabric Textile products: Carpets, other textile floor coverings, clothing, ready-made clothing accessories, other finished textile goods Bags: Suitcases, wallets, school bags, sports bags, handbags, other bags Footwear: Shoes, sandals, moccasins Import Permits In principle, businesses can import textiles, textile products, bags, and footwear as raw materials, auxiliary materials, or consumer goods (for trading) after obtaining the appropriate import permit from the Ministry of Trade (MOT). There are three categories of import permits: General import permits for consumption (API-U), which are required for parties that conduct import activities for the purpose of trading; Import permits for producers (API-P); and Import permits for suppliers of raw or auxiliary materials (PPBB). Applicants for an import permit must submit an application for general importer verification (VIU), the results of which will inform the MOI’s technical consideration process. If the MOI issues a recommendation or approval based on their technical consideration, applicants will be able to proceed with the submission of their import permit to the MOT. The process of applying for and obtaining an API-U import permit has several steps, as shown in the diagram below. New Trademark Certificate Requirement Under the MOI’s March 2024 regulation, when applying for an API-U general import permit for textiles, textile products, bags, and footwear, the applicant is now required

Lawyers from Tilleke & Gibbins’ labor and employment team have contributed a new Vietnam chapter to Thomson Reuters Practical Law’s Employment and Employee Benefits Global Guide. The guide provides a high-level comparative overview of employment laws and regulations across various jurisdictions around the world. Tilleke & Gibbins also contributed the Myanmar chapter of the guide. The Vietnam chapter covers a wide range of typical employment matters, such as limitations on working hours, paid leave requirements, minimum wage, and health and safety obligations. In addition, the guide provides insight on a number of topics of special interest to foreign investors doing business in Vietnam, including the following: Mandatory contents of a labor contract; Visas and permits required for expatriate employees; Employers’ obligations for protecting employees’ privacy and personal data; Procedural requirements for the dismissal of an employee; Employer and parent company liability. To view the latest version of Employment and Employee Benefits, please visit the Practical Law website and enroll in the free Practical Law trial to gain full access.

Vietnam’s new Telecom Law 2023 was promulgated on November 24, 2023, and will take effect on July 1, 2024, for most telecom services. For three newly introduced telecom services—OTT telecom services, internet data center services, and cloud computing services—implementation and compliance will be delayed until January 1, 2025. These new services will be explored briefly below. The Ministry of Information Communication (MIC) is currently in the process of developing a number of decrees and circulars that will detail the implementation of the Telecom Law 2023, including one main decree that guides the new law in general. This decree is scheduled for prompt promulgation to coincide with the law’s effective date of July 1, 2024. The draft version of this decree, dated February 22, 2024 (“Draft Decree”), was shared for consultation with international organizations, associations, and enterprises by the Vietnam Telecom Agency (VNTA) in early March 2024 to gather feedback. The Draft Decree is expected to undergo further revisions before being sent to relevant state agencies for input and submission to the Ministry of Justice for assessment by the end of March 2024. The MIC anticipates submitting the subsequent version to the government by April 15, 2024.   New Telecom Services: OTT Telecom Services, IDC Services, and Cloud Computing Services In comparison to the Telecom Law 2009, the Telecom Law 2023 has three new telecom services: Basic telecommunications services on the internet (OTT telecom services) are defined as services whose primary functions including the sending, transmission, and receipt of information between two persons or a group of people using telecommunications services on the internet (Article 3.8 of the Telecom Law 2023). By incorporating the term “primary functions” into the definition, the Telecom Law 2023 aims to exclude services such as ride-hailing platforms where the primary function is transportation, not telecom services for sending and receiving messages

Vietnam’s fintech industry is booming, and the rapid emergence of tech startups and non-bank institutions offering innovative financial services has been outpacing existing regulations. This regulatory gap not only creates uncertainty for both innovators and consumers, but also poses a number of imminent risks in areas such as consumer protection, data privacy, cybersecurity, and anti-money laundering, among others. The State Bank of Vietnam (SBV) is stepping up to tackle these challenges by accelerating the promulgation of a long-awaited Fintech Sandbox Decree with the issuance of an updated draft (“Draft Fintech Sandbox Decree”) on March 4, 2024. The Draft Fintech Sandbox Decree establishes a controlled environment where fintech companies and financial institutions can test solutions that do not fall squarely within the parameters of existing regulations. The pilot activities will be limited in scope, scale, and duration, with a number of precautionary measures in place. The SBV will supervise this “sandbox” closely, effectively mitigating risks and gathering valuable data to inform future regulations. Who Can Participate in the Sandbox? Traditional financial institutions (credit institutions): Banks and other institutions licensed to provide financial services can participate in the sandbox to test new offerings or refine existing ones. Independent fintech companies: Startups and established companies specializing in fintech solutions can leverage the sandbox to pilot innovative ideas before seeking wider market adoption. Other relevant organizations involved in the pilot: Depending on the specific solution being tested, other entities may also be involved in the sandbox. Geographical scope: Limited to Vietnamese territory; cross-border testing is not allowed. Focusing on Three Solution Categories Earlier versions of the Draft Fintech Sandbox Decree included categories like blockchain technology and other innovative business models, but these were removed in the latest version. To allow the SBV to assess the associated risks and work on the solutions more effectively, this version focuses only on the following

Thailand’s Office of Insurance Commission (OIC) has issued a notification announcing new and updated criteria for the approval of capital reductions for both life and non-life insurance companies. The notification was published in the Government Gazette on March 6, 2024. These updates aim to reduce the time required and relax and streamline the procedures for seeking OIC approval for capital reductions. Under the notification, general approval will be granted by the OIC upon submission of an application to the registrar if the capital reduction is to be implemented by way of: Removing registered shares that cannot be sold or that have not yet been issued for sale; or Reducing the share value or the number of shares to mitigate the accumulated loss. The reduction must not affect the share ratio of the shareholders in the financial statement and must comply with relevant laws, regulations, and accounting standards. After granting written approval, the registrar will notify the OIC to arrange for registration by the company. For more details on the OIC’s notification regarding capital reductions for life and non-life insurance companies, or for any issue concerning insurance regulations in Thailand, please contact Athistha (Nop) Chitranukroh at [email protected], Witchupong Chittchang at [email protected], Ajaree Trachukul at [email protected], Thammapas Chanpanich at [email protected], or Sireethorn Wijan at [email protected].

タイ財務省(Ministry of Finance)は、バーチャルバンク事業(Virtual Bank Business)を行うためのライセンスの申請および発行に関する基準、方法、条件に関する通知を発行し、2024年3月4日に官報に掲載した。この通知により、テクノロジー、デジタルサービス、多様なデータ利用分野の（将来、指定される資格も含む）資格を有する専門家が、新しいデジタルチャネルを通じて金融サービスを提供するためのバーチャルバンクのライセンスを申請する機会が開かれることになる。主な目標は、従来のバンクシステムでは十分な金融サービスを受けられない可能性のある者の金融ニーズに応えることである。 認可のタイムライン 申請期間:　6月(2024年3月20日～2024年9月19日)。 合格者の発表:　2025年半ば(申請期間終了後約9ヵ月～1年) 合格者は、発表後1年以内にバーチャルバンク事業を開始する準備が整っていることを以下の方法で証明する必要がある。 払込済み登記資本金50億タイバーツを有し、事業開始後に払込済み登記資本金を100億タイバーツ以上に増やす計画があること 金融事業グループの設立または適正化 人材、ITシステムおよび関連するリスク管理ツールの調達 発行予定ライセンス数 タイ中央銀行 (BOT: Bank of Thailand) の裁量により、特定の制限は規定されていない。 主な応募資格 応募資格は以下の点を有していることである。 ビジネスモデルおよび計画に従ってバーチャルバンキング業務をサポートする経験およびリソース テクノロジーを活用し、デジタルチャネルを通じてサービスを提供するビジネスを実施するための専門知識および経験 データの取得、アクセス、管理、および活用する能力を実証した経験（これには、ユーザーの活動を容易にし、他のプロバイダーとの取引を行うためにデータを使用できるようにするためのシステムまたはデータ接続の開発が含まれる） 基準 バーチャルバンクライセンスの申請者の資格を評価する際に、BOTは以下の基準を考慮する。 申請者が主要な応募資格を有していること 申請者がBOTの想定するグリーンライン(すなわち、金融サービスが、顧客のニーズ、優れた顧客満足度、公正な競争を満たしていること)に従い、かつ、レッドライン(持続不可能な事業運営、不適切な競争、利害関係者の利益相反)を回避して業務を遂行できること 申請者が、柔軟性、持続性、安全性、信頼性の高い技術を使用してバーチャルバンク業務を運営する可能性および能力；知識、スキル、適切なガバナンス；リスク管理能力、金融業務能力、リスク軽減の強力な文化の維持能力；株主からの地位および金融支援；を有していること バーチャルバンクまたはその他の金融テクノロジーに関するタイの規制の詳細については、Athista (Nop) Chitranukroh ([email protected]) 、Pornpan Wichawut ([email protected]) 、またはRada Lamsam ([email protected]) までお問い合わせください。   備考：本和文は英文記事を翻訳したものです。原文については、以下のリンクをご参照ください。 Thailand Unveils Virtual Bank Licensing Framework