Vietnam removes Hong Kong from steel dumping list

Vietnam has lifted anti-dumping duties on galvanized steel imports from Hong Kong, according to the Ministry of Industry and Trade, Lao Dong newspaper reports.

The ministry issued two decisions on anti-dumping measures, namely Decision 3584/QD-BCT dated September 1, 2016 on temporary anti-dumping duties and Decision 1105/QD-BCT dated March 30, 2017 on anti-dumping duties on galvanized steel imports from China (including Hong Kong) and South Korea.

After a review, the ministry issued Decision 2754/QD-BCT on July 20, 2017 amending Decision 3584 and Decision 1105. Vietnam now removes anti-dumping duties on galvanized steel imported from Hong Kong in line with the Decision 2754.

Source: The Saigon Times

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Value of M&A deals forecast to reach US$5 billion this year

HANOI - Mergers and acquisitions (M&A) transactions in Vietnam are forecast to reach about US$5 billion this year, down from US$5.8 billion in 2016 and US$5.2 billion in 2015, said Le Trong Minh, editor-in-chief of Dau Tu newspaper.

At a press conference held in Hanoi on July 20 to announce the upcoming Vietnam M&A Forum 2017, Minh said M&A transactions are facing numerous difficulties. Enterprises and the Government should find ways to increase both the quality and the number of deals.

According to an assessment of forum organizers, in 2016 and the first haft of 2017, the equitization of State-owned enterprises was not as good as expected.

In 2016, only 52 State enterprises went public, representing only 25% of the 2015 figure, and the number was 20 in the first six months of this year, or 76% of the same period last year.

According to a report by the Government, 96.3% of State enterprises have been equitized but only 8% of the State holdings have been offered to the public.

In 2016, retail was among the key sectors of M&A deals, accounting for 38.46% of total value. A notable deal took place in early May 2016, when Central Group from Thailand acquired the Big C supermarket chain from Casino Group at US$1.05 billion.

Earlier, another Thai group, TCC Holdings, spent US$800 million taking over Cash & Carry businesses in Vietnam from German retail group METRO.

In 2014-2018, M&A transactions in Vietnam may hit US$20 billion, Minh added.

M&A has helped diversify capital mobilization channels in Vietnam and boost economic restructuring and equitization of State-owned enterprises. In addition, corporate governance and the competitiveness of many local enterprises have improved thanks to M&A deals.

Vietnam M&A Forum 2017 will be held by Dau Tu newspaper on August 10 at GEM Center in HCMC. The forum will feature a specialized conference on M&A activities, a ceremony to honor the best M&A deals of 2016-2017 and a training workshop on M&A strategy.

See more: How To Conduct Legal Due Diligence for M&A in Vietnam?

Source The Saigon Times

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HCMC aims to have 100MW of renewable energy by 2020

HCMC expects to generate 100MW of electricity from renewable resources by 2020 as many investors have expressed their keen interest in this field in the city, according to the HCMC Department of Industry and Trade.

At a meeting with HCMC Party Secretary Nguyen Thien Nhan at Go Cat waste-to-energy plant on July 19, an official of the department said that the city holds high potential to produce energy from sunlight, waste and wind. The World Bank, after conducting a survey of one million households in the city, has concluded that about 50% of roofs of houses can be fitted with solar panels.

Many enterprises also want to invest in solar power projects in HCMC after new policies on the the price of solar power were issued.

A financial investor in HCMC told the Daily that it will inject US$40 million into Hydraulic-Machine Co Ltd to develop the 20-MW Go Cat waste-to-energy plant in Binh Tan District.

The plant is expected to bring about great economic benefits as the investor can recoup investment within five years from both industrial waste treatment fees and electricity generation.

The amount of garbage discharged in the city increases 5% a year and many landfills have been full and closed.

In addition, the city can also develop a wind power plant in Can Gio District.

According to data of the Department of Industry and Trade, capacity of renewable energy in the city remains modest with 2.4MW from Go Cat plant, 1.5MW of solar power from buildings, households and enterprises and 2MW from a trial waste-to-energy plant in the Da Phuoc Waste Treatment Complex.

Source The Saigon Time

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Why Client Should Retain Real Estate Lawyers in Vietnam?

Due to changes in law attracting foreigners to come to live, and invest in Vietnam, foreigners have growing interest in investment and acquiring real estate.  However, as real estate is valuable assets, the law on real estate ownership and real estate transactions are complicated, especially for foreigners.

Under the land ownership regime in Vietnam, land belongs to the entire people with the State acting as the owner’s representative and uniformly managing land.  Hence, in Vietnam, the land users will have the land use right without the private ownership of the land.  Land law 2013 does not allow foreigner to have land use rights in Vietnam. It only allows foreign invested enterprises to be permitted to use land through the form of land allocation or lease.

Although foreigner do not have land use rights in Vietnam, they are allowed to own houses in Vietnam under the Law on Housing. In addition, the Law on Real Estate Business has certain limitations for foreign investors to conduct real estate business in Vietnam and must meet the legal requirements.

Foreign investors investing in Vietnam wish to use the land to conduct business activities, or intend to conduct real estate business in Vietnam, or simply a foreigner wishing to purchase and own real estate in Vietnam should be aware of the legal provisions on conditions of implementation, orders and procedures to of the transactions to minimize risks.  The assistance of the lawyers on real estate in Vietnam shall be worthwhile.

Real estate lawyers in Vietnam would have in-depth knowledge of the Land Law, Law on Housing, Law on Real Estate Business and related regulations. In addition, they would have practical experience in implementing legal procedures, handling disputes, and supporting real estate transactions in Vietnam. The real estate lawyers could explain the restrictions on land use rights of foreign organizations and individuals in Vietnam and the conditions for conducting business in real estate in Vietnam.  The lawyers at request could assist the foreigners with the process and procedures to work with state agencies to obtain land use rights for enterprise and home ownership rights for individual more effectively.

When conducting transactions related to real estate such as buying, selling, transferring, renting, leasing, real estate lawyers could also provide assistance in in legal due diligence of the real estate to minimize legal risk to clients. It is important to evaluate the legal status of the property, the owner of property, whether property is in dispute, or subject to additional requirements of government before being sold by the developer and the people eligible for entering into the transaction. In addition, the lawyers in Vietnam can advise clients to draft or review the agreements, sales contract as well as the process to legalize the process to comply with the law in Vietnam.

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