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In an effort to provide for a uniform tax system applicable to both Vietnamese and foreign-invested enterprises, thereby, to abolish the differences between the two types of businesses in Vietnam, at its XI Session from 3 May to 17 June 2003, the National Assembly passed Law No. 09/2003/QH11 On Corporate Income Tax (the "2003 Law") which took effect from 1 January 2004
To provide guidelines for the implementation of Decision No. 146/2003/QD-TTg Regarding The Ratios Held By Foreign Parties In The Vietnamese Securities Market of the Prime Minister dated 17 July 2003, on 12 December 2003 ("Decision 146"), the Ministry of Finance released Circular No. 121/2003/TT-BTC ("Circular 121").
By Dao Nguyen
The much-awaited new Land Law was passed by the National Assembly on 6 November 2003. It is a single comprehensive piece of legislation that attempts to deal with current land issues of concern to all land users. However, foreign investors may be disappointed to find that the right to mortgage land use rights to offshore lenders is not provided for and they must still lease land from the State. Foreign individuals are still not permitted to purchase homes in Vietnam; and overseas Vietnamese allo
On 22 September 2003, the Ministry of Labour, Invalid and Social Affairs ("MOLISA") issued Circular 21/2003/TT-BLDTBXH guiding The Implementation Of Decree 44/2003/ND-CP dated 9 May 2003 of the Government on Labour Contracts ("Circular 21").