When Arbitration Could Settle a Dispute in Vietnam?

Under the Law on Commercial Arbitration effective Jan 1st, 2011, and other guidance, in principle, arbitration could only be used in disputes among parties which arise from commercial activities, disputes among parties at least one of whom conducts commercial activities, and other disputes among parties which are stipulated by law to be settled by arbitration in Vietnam. Lawyer should be consulted for arbitration from drafting arbitration agreement to resolving the arisen dispute.

Arbitral tribunals are entitled to resolve the disputes mentioned above if the concerned parties have a valid arbitration agreement agreed, before or after the dispute arise.

When the court is requested to resolve one of the disputes of the above types which a valid arbitration agreement exists, the court shall examine documents enclosed with the petition to determine and if the court finds that the dispute is under an arbitration agreement and such arbitration agreement is valid the court shall issue a decision to terminate the adjudication, return the petition and documents.

The dispute shall be handled by the court though it is under an arbitration agreement, unless otherwise agreed by the parties concerned or prescribed by law: the court issues a decision to annul the arbitral award or the decision made by the arbitral tribunal; or there is a decision to suspend the arbitral tribunal or arbitration center from resolving disputes; or the arbitration agreement is not viable.

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M&A market in HCMC hits US$2.5 billion in Jan-May

Capital contribution and share purchases by foreign investors via mergers and acquisitions (M&As) in HCMC amounted to some US$2.5 billion during the year up to late May, 3.6 times higher than the value of foreign direct investments, according to the HCMC Department of Planning and Investment.

Foreign investors conducted 1,130 M&A deals with local companies in the January-May period, said Le Thi Huynh Mai, deputy director of the department.

This period also saw 354 fresh FDI projects, whose registered capital was roughly US$403 million, and 98 operational FDI projects adjusting up their investment capital by nearly US$278.4 million.

HCMC was the most attractive destination for foreign investors pouring funds via capital contribution and share acquisition transactions.

Earlier, according to the Foreign Investment Department under the Ministry of Planning and Investment, foreign investors carried out 2,340 transactions to contribute capital and acquire stakes in local firms with a combined value of US$2.75 billion during the year up to May 20, up a hefty 53.5% from a year earlier.

They included 1,117 transactions to raise the chartered capital of companies worth US$1.58 billion, and 1,224 deals worth US$1.17 billion to buy domestic stakes without increasing the chartered capital.

HCMC took the lead in terms of M&A deals last year. Data from the Foreign Investment Department showed foreign investors injected US$6.19 billion into capital contribution and share acquisition, of which the city accounted for a staggering 60% of the amount.

This trend is expected to see a steep rise in the coming time. Su Ngoc Anh, director of the HCMC Department of Planning and Investment, noted at a previous meeting that his agency would pay more attention to this kind of investment, especially those transactions in the local retail sector.

As the city is a major, dynamic market and has many effective operating companies, more foreign investors have felt encouraged to have a presence there, according to analysts.

The municipal government has also created favorable conditions for foreign investors to contribute capital and acquire stakes through quick procedures, thereby spurring such investments.

Notably, the Government’s Decree 60/2015 allows foreign investors to increase their ownership in many listed and public companies from 49% to 100%, except for those active in conditional business sectors.

In addition, they have seen more opportunities emerging, especially with the Government’s determined efforts to equitize State-owned enterprises to divest State stakes from noncore business operations.

Source: The Saigon Times

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What Are Permits for Importing Cyber Information Security Products? and How to Apply For Trading License in Civil Cryptographic Products and Services?

According to Article 48, Law on Cyber Information Security, the import licenses and permits required for Cyber information security products are regulated as following:

To import cyber information security products on the Government-prescribed list of cyber information security products subject to import permit, an enterprise shall obtain a permit for import of cyber information security products from a competent state agency.

Before importing cyber information security products, organizations and enterprises must have them certified and announced as conformable with regulations.

An organization or enterprise shall be granted a permit for import of cyber information security products when fully meeting the following conditions:

a/ Possessing a license for trading in cyber information security products;

b/ Having cyber information security products certified and announced as conformable with regulations;

c/ Ensuring that users and use purposes of cyber information security products do not harm national defense and security or social order and safety.

The Ministry of Information and Communications shall prescribe in detail the order, procedures and dossier for grant of a permit for import of cyber information security products.

How to Apply For Trading License in Civil Cryptographic Products and Services?

According to Article 32, Law on Cyber Information Security, the application of licenses for trading in civil cryptographic products and services need to follow the following:

1. An enterprise applying for a license for trading in civil cryptographic products and services shall submit a dossier of application for a license at the Government Cipher Committee.

2. A dossier of application for a license for trading in civil cryptographic products and services shall be made in two sets, each comprising:

a/ An application for a license for trading in civil cryptographic products and services;

b/ A copy of the enterprise registration certificate, investment registration certificate or another paper of equivalent validity;

c/ Copies of information confidentiality and security diplomas or certificates of managerial, administration and technical staff members;

d/ A technical plan, consisting of papers on technical characteristics and specifications of products; standards or technical regulations of products; standards and quality of services; technical measures and solutions; and product warranty and maintenance plan;

dd/ A cyber information confidentiality and security plan in the course of management and provision of civil cryptographic products and services;

e/ A business plan, indicating the scope of provision and recipients of products and services, scale and quantity of products and services, customer service networks, and technical assurance.

3. Within 30 days after receiving a complete dossier, the Government Cipher Committee shall appraise it and grant a license for trading in civil cryptographic products and services; if refusing to grant a license, it shall issue a written notice clearly stating the reason.

4. A license for trading in civil cryptographic products and services shall be valid for 10 years.

Our cyber security lawyers always follow development of laws in Vietnam to provide the client with update. Please contact ANT Lawyers for service inquiries. Call us at (+84) 24 32 23 27 71 or send us email ant@antlawyers.vn

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What Are Prohibited Acts Under the Law on Cyber Information Security?

The Law on Cyber Information Security has been promulgated in 2015. According to Article 7, Law on Cyber Information Security, prohibited acts are:

1. Blocking the transmission of information in cyberspace, or illegally intervening, accessing, harming, deleting, altering, copying or falsifying information in cyberspace.

2. Illegally affecting or obstructing the normal operation of information systems or the users’ accessibility to information systems.

3. Illegally attacking, or nullifying cyber information security protection measures of, information systems; attacking, seizing the right to control, or sabotaging, information systems.

4. Spreading spams or malware or establishing fake and deceitful information systems.

5. Illegally collecting, utilizing, spreading or trading in personal information of others; abusing weaknesses of information systems to collect or exploit personal information.

6. Hacking cryptographic secrets and lawfully enciphered information of agencies, organizations or individuals; disclosing information on civil cryptographic products or information on clients that lawfully use civil cryptographic products; using or trading in civil cryptographic products of unclear origin.

Cyber security lawyers in Vietnam always follow development of laws in Vietnam to provide the client with update. Please contact ANT Lawyers for service inquiries.

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