All posts by Oliver Massmann

Vietnam Investment Review interviewing lawyer in Vietnam Dr. Oliver Massmann on trends in Mergers and Acquisitions in Vietnam

1. How do you judge the M&A trends in Vietnam at the current time?

The M&A market in Vietnam since the beginning of this year is very active. Foreign investors tend to invest in public listed companies or companies with good brand in the market. Sectors that attract the most interest of foreign investors are finance, real estate, retail, consumer goods, etc.
The reason is that the investors are very optimistic about the development of Vietnam’s market. In addition, the Government has also made several successful attempts to improve the investment environment, including the consideration for the amendment of the Law on Securities, which is believed to bring better financial sources to the country.

2. What should foreign investors benefit from the trends and what should they be aware of?

The Government’s privatization of many state-owned enterprises this year together with the fact that many enterprises with large capitalization and of great interest to foreign investors in these sectors are now preparing for the public listing give foreign investors more investment choices. However, they should conduct a full due diligence on the target to make sure that their investment is secured and in compliance with Vietnam laws.

3. What are still the shortcomings of the M&A deals in Vietnam?

Transparency is a barrier to foreign investors. The local target companies do not adopt international accounting standards or the equivalent, or are not willing to disclose sensitive information to their potential partners. In certain cases, for example, in real estate development projects, under table expenses are of great concern to foreign investors, especially those from the US, EU, UK, Japan and Korea.

4. Many people keep worry of the loss for not only local brands but also the local culture with more foreign domination after the M&A. What are your opinions about the matter?

It should not be of great concern. Foreign investors when buying in local companies/ brands usually bring technology, high-quality management standards and capital, which local companies lack. This helps the local companies/ brands better compete in the market, especially in case of Vietnam’s deep integration into the world and regional economy. Moreover, culture is something that foreign investors have to adapt to be able to survive in Vietnam. The case of Grab and Uber is an example.

5. What is the forecast of the trend in the future? And how they will drive the market?

Leading enterprises with good financial capacity and high growth in the sectors will attract both foreign and domestic investment. It is noted that in 2018, there will be a number of state-owned enterprises privatized under the Prime Minister’s decision. These enterprises include Habeco, Vinamilk, etc. which is believed to be successfully privatized following the recent success of Sabeco, another state-owned enterprise in the beverage sector under the Ministry of Industry and Trade’s management.
In terms of capital sources, we can expect a cash flow coming from major Asian economies such as Japan, Korea, Singapore, Hong Kong and especially mainland China which increases their strong presence in the market.
We strongly believe that the equitisation of SOEs of a larger scale and with a strong determination from the top would play a key role in driving the market.

If you have any question on the above, please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com or any other lawyer in our office listing. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

VIETNAM – RENEWABLE ENERGIES – Identifying the Amazing Development – what you must know:

In recent years, Vietnam has enjoyed one of the world’s most rapid economic growth rates with an average of more than 6% p.a. Such growth has transformed the country from one of the poorest in the world into a middle-income country. Vietnam has long recognised the important role of renewable energy (including solar power) in achieving energy security, sustainable development and stable growth rate.

The revised Power Development Plan for 2011-2020, vision to 2030 (revised PDP VII), adopted in 2016, is evidence of a growing appreciation of the role alternative sources of energy, targets a 7% share of electricity generated from renewable energy by 2020 and 10% plus by 2030. The revised PDP VII forecasts the electricity demand using an annual average growth rate at 10% from 2011 to 2030. The demand will increase from 86 TWh in 2010 to 265-278 TWh in 2020 and 572-632 TWh in 2030. The estimated installed capacity would be 60 GW in 2020 and 129.5 GW in 2030.

Vietnam has a wide range of primary energy sources such as crude oil, coal, natural gas and hydro power for economic development. However, Vietnam has experienced formidable risks for its economy to be based on fossil fuels. For example, in April 2015, thousands of residents blocked a national highway for more than 30 hours in a protest against pollution by the Vinh Tan 2 coal power plants. It seems most of the hydro resource potential for hydro power plants will be fully exploited soon. Those are just two examples of incidents that could significantly impact on the national power security power of Vietnam. Accordingly, Vietnam must reduce its reliance on less “environmentally friendly” primary fossil fuel, and promoting renewable energy promptly.

Since early 2017, there has been a surge of solar and wind projects approved by the Government after the promulgation of new feed-in-tariffs (“FITs”) for on-grid solar projects and other reforming policies to attract foreign and local investment on this green industry. We highlight below some developments for your reference:

Solar power projects – Amazing development!

Vietnam’s potential capacity for solar power is considered to be similar to Spain or China, but solar power projects capacity, prior to 2017, is extremely low (less than 10 MW). However, hundreds of solar power projects have been approved by the end of 2017. So far, the Ministry of Industry and Trade (“MOIT”) informed that the combined capacity of all approved solar power projects, which will operate prior to 30 June 2019, is over 3 GW.

First time, FIT for on-grid solar power projects

Decision No. 11/2017/QD-TTg dated 11 April 2017 of the Prime Minister on the mechanism for encouragement of the development of solar power projects in Vietnam (“Decision 11”) set for the first time the FIT of US cent 9.35 pWh for on-grid solar power projects.

Solar power purchase agreement (“PPA”) template has been firstly introduced together with Circular 16/2017/TT-BCT of the Ministry of Industry and Trade. It shows that the Government has given its full support for the development of solar power projects in Vietnam.

Direct PPA Pilot for Private Sectors

Generally, solar Direct PPA is an agreement made between the solar power generator and a corporate customer in which solar power is physically delivered and sold to the corporate customer for its operations. Since early 2017, MOIT has assigned ERAV to cooperate work with USAID and consultants to research international experience and feasible models for solar Direct PPA in Vietnam. ERAV expected that its consultants could prepare the final report on solar Direct PPA models within July 2018. MOIT planned the pilot could be implemented as early as the first quarter of 2019. The pilot could realise at least 300-500 MW private solar power plants under the Direct PPA model.

Wind

With more than 3,000km coastline and plenty of islands, Vietnam has a significant potential for wind energy with an average wind speed of more than 6m/s, surpassing that of all other Southeast Asian countries. From technical perspective, Vietnam’s potential for wind power development is estimated to be 27 GW.

However, Vietnam’s wind market is still in its infancy. Up to now, there have only been five wind farms in operation with total capacity of 197 MW, up 38 MW from 2016. Other 50 projects are under different phases of development. The Vietnamese government sets a target for wind development at 800MW by 2020, 2,000 MW by 2025 and 6,000 MW by 2030.

The current wind FIT is 1,614 dong/kwh (excluding VAT, equivalent to 7.8 UScents/kwh). The MOIT has proposed the Government to increase wind FIT for inland wind power plants to 8.77 UScent/ kWh for onshore projects and to 9.97 UScent/kWh for near shore wind projects. Vietnam also expects foreign investments on development of its poor grid infrastructure, creating reliable wind speed studies and wind speed towers to measure, and improving technology and skilled workforce.

Biomass

As the agriculture in Vietnam is widespread, the capacity for sustainable power production from biomass amounts to 150 million tons per annum, 700-780 MW for electricity generation alone can be reached.

The Government’s target is to increase the biomass power to 500 MW (0.6 pct. of electricity production) by 2020 and 2,000 MW (1.1 pct.) by 2030. Until now, there have been six sugar factories out of 40 selling electricity to the national grid with a total installed capacity of 76.5 MW. Thus, there is still much potential in the market and the investors should take advantage of locations close to agricultural vicinities and focus on high season (i.e., shortly after seasonal harvests) to have the most output.

For on-grid biomass power projects, EVN is to buy all of the plant’s biomass energy output at the current price of 1,220 VND/kWh (excluding VAT, about 5.8 UScent).

Market access in WTO, CPTPP and EVFTA

Currently, there is no foreign ownership restriction in energy sector in local laws or Vietnam’s international commitments. The foreign investor may choose among permitted investment forms: 100% foreign invested company, joint venture or public private partnership in the form of BOT contract. For your information, Vietnam ties in first place with Singapore in terms of market access liberalisation.

The recent conclusion of the EU- Vietnam FTA (EVFTA) negotiation and the signing of the CPTPP further opens the market to foreign investors. The investors now can bring their technology and know-how, especially those from countries with high level of development in renewable sectors such as Germany, to Vietnam with less market access barriers and being more secured. In particular, the CPTPP and the EVFTA make it possible that foreign investors could sue Vietnam’s Government for its investment related decisions according to the dispute settlement by arbitration rules. The final arbitral award is binding and enforceable without any question from the local courts regarding its validity. This is an advantage for investors considering the fact that the percentage of annulled foreign arbitral awards in Vietnam remains relatively high for different reasons.

Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com or any lawyers listed in our office listing if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Vietnam – Solar Power Breaking News – Possible Extension of deadline for Feed in Tariff (9.35 USD cent per KW) – what you must know:

The current solar Feed-in-Tariff for on-grid projects in Vietnam is 2,086 Vietnamese dong/kWh (equivalent to 9.35 UScents/kWh) (VAT excluded). According to Decision 11/2017/QD-TTg, this solar FIT applies for projects which come into operation before 30 June 2019 and within 20 years from the commercially operational date (“COD”) (i.e., the date when the solar plant is ready to sell electricity to the buyer – EVN).

However, from our informal high level contact within the MOIT recently, it is very likely that the solar FIT of US9.35 cents/kWh will continue to apply beyond the original COD (i.e. 30 June 2019). The deadline shall be likely extended for another half a year or another year for solar projects across Vietnam, except for projects in Ninh Thuan. This policy is not yet formally adopted but very likely will be publicized at the end of this year.

For solar projects in Ninh Thuan, the COD deadline extension will be longer (i.e. for another one and a half year from 30 June 2019). This is due to the fact that, in Ninh Thuan province, nuclear energy development has been stopped and the Government would like to develop solar energy there to support the province’s economic development.The special policy for solar projects in Ninh Thuan will be coming very soon, according to our MOIT contact. He informed us that the Deputy Prime Minister has already approved this special policy for Ninh Thuan and all await formal procedures.

We will closely monitor to update on any further changes.

Please contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have questions on the topic or any other lawyer in our office listing. Dr. Oliver Massmann is the General Director of Duane Morris LLC.

VIETNAM – THOMSON REUTERS INTERVIEWING DR. OLIVER MASSMANN ON INITIAL PUBLIC OFFERINGS (IPO)

1. Why has there been so much IPO activity in Vietnam of late? What has been driving it?

The investors are very optimistic about the development of Vietnam’s market. Vietnam’s GDP in Q1/2018 is 7.4%, the highest rate in the past 10 years. In addition, there is growing middle class with great purchasing power. The World Bank predicts that the middle class will account for 26% of Vietnam’s population by 2026, double than the current statistics. The Government has also made several attempts to improve the investment environment.

2. How is this resulting in the legal work that the law firm is seeing out of Vietnam? What kinds of clients are you advising, and what kinds of advice are they requesting?

When the investors are new to the market, they will need legal advice to secure their investment and comply with Vietnam laws. We see this a great chance to improve our business and show our expertise in the sector. Most of our clients are from the US and Europe, who would like to take advantage of the upcoming free trade agreements such as the EU- Vietnam FTA and the CPTPP and expand their business to other neighboring countries. We mainly advise clients on due diligence of the partner, how to structure the investment and the best cooperation form.

3. What are some of the key trends you have seen among Vietnamese IPOs? How are these different from other markets in Asia/Southeast Asia?

In my view, the Government of Vietnam is more than ever expected to get money to cover its huge investment and regular payment expenses. This would serve as a key engine for a new waive of equitisiation of large State owned enterprises, especially after the successful placement of Sabeco’s shares.
In a short term, the cash flow may come to portfolio of SCIC’s list including major manufacturing companies but, in a long run, we may expect a come-back of banks, retails and real estate’s shares.
In terms of capital sources, we can expect a cash flow coming from major Asian economies such as Japan, Korea, Singapore, Hong Kong and especially mainland China which increases their strong presence in the market.
When it comes to how the IPO market of Vietnam may differ from the rest of Asia/Southeast Asia, we strongly believe that the equitisation of SOEs of a larger scale and with a strong determination from the top would play a key role in driving the market.

4. What industries are seeing the most activity – and can expect to see the most activity going forward? Why?

Financial (with major focus on real estate) sector, banking, consumption services and power sectors have been and will see further significant growth. The reason is in Q2/2018, many enterprises with large capitalization and of great interest to foreign investors in these sectors are now preparing for the public listing.

5. What are your predictions for the Vietnam IPO market in the immediate future?

The Vietnam IPO market will continue the growth. Leading enterprises with good financial capacity and high growth in the sectors will attract both foreign and domestic investment. It is noted that in 2018, there will be a number of state-owned enterprises privatized under the Prime Minister’s decision. These enterprises include Habeco, Vinamilk, etc. which is believed to be successfully privatized following the recent success of Sabeco, another state-owned enterprise in the beverage sector under the Ministry of Industry and Trade’s management.

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Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com or any lawyer in our office listing if you have any questions or want to know more details on the above. Dr. Oliver Massmann is the General of Duane Morris Vietnam LLC.

Vietnam – Secteur de l’immobilier – Problèmes actuels et solutions pour l’investissement et les perspectives sur les principaux accords commerciaux CPTPP et EUVNFTA

A. INTRODUCTION
Le cadre juridique pour le secteur de l’immobilier au Vietnam est défini par la loi sur le commerce immobilier de 2014 (LREB), la loi sur les logements résidentiels de 2014 (LRH) (tous deux en vigueur depuis le 1er juillet 2015). La LREB est régi par le décret n ° 76/2015 / ND-CP, la LRH est respectivement guidé par le décret n ° 99/2015 / ND-CP. En outre, le décret n ° 01/2017 / ND-CP, attendu depuis longtemps, a été rendu public le 6 janvier 2017 et modifie trois décrets régissant la loi foncière de 2013.
Les dispositions des règlements mentionnés ont attiré plus d’investissement dans le marché immobilier au Vietnam. Ils ont réduit les obstacles à l’investissement et élargi l’accès aux propriétés au Vietnam.
B. ENJEUX
Cependant, tous les problèmes ne sont pas encore résolus.
1. Retard dans la délivrance du certificat d’utilisation des terres (LURC) pour les investisseurs étrangers
La délivrance du certificat de droit d’utilisation des terres aux étrangers est une exigence essentielle pour le développement de projets sur des terres achetées. L’article 75 du décret n ° 95/2015 prévoit l’obligation pour le Département de la construction de délivrer la “Liste des projets interdits de propriété étrangère”. Cependant, la liste n’est pas encore publiée. Par conséquent, le ministère des Ressources naturelles et de l’Environnement s’abstient de délivrer des permis de conduire étrangers aux étrangers.
En conclusion, la Liste des projets interdits de propriété étrangère devrait être publiée dès que possible afin que les étrangers qui achètent des terres au Vietnam puissent obtenir le LURC et soient en mesure de développer leurs projets.
2. Que sont les « entreprises à capitaux étrangers » ?
La LREB, la loi foncière et la loi sur l’investissement de 2014 (LOI) régissent les « entreprises à capitaux étrangers ». Il reste des incertitudes sur ce terme.
La LREB ne fournit aucune définition des entreprises à capitaux étrangers. En outre, la loi foncière prévoit que les entreprises conjointes, les entreprises à capital 100% étranger et les entreprises vietnamiennes dont les étrangers achètent des actions, les fusionnent et les acquièrent sont considérées comme des entreprises à capitaux étrangers sans aucune indication quant au pourcentage de propriété. En vertu de la loi sur l’investissement, une organisation économique dont les investisseurs étrangers sont membres ou actionnaire doit être une entreprise à capitaux étrangers si la part de l’étranger dans l’organisation économique est égale à 51% ou plus. D’autre part, les organisations ayant des membres ou des actionnaires étrangers détenant moins de 51% ne sont pas classées comme des entreprises nationales en vertu de la Loi sur l’investissement.
Cependant, cette question est cruciale en raison du traitement différent des entreprises à capitaux étrangers et des entreprises nationales. Par exemple, les entreprises nationales peuvent transférer des droits d’utilisation des terres sous forme de division, alors que cela est interdit aux entreprises à capitaux étrangers.
En outre, le document n ° 386 / BXD-QLN (28 février 2017) publié par le Ministère de la construction indique que la LREB n’a pas besoin de fournir des dispositions relatives aux entreprises à capitaux étrangers comme l’a déjà fait la lettre d’intention. Cependant, le Document 386 n’indique pas que la LREB peut adopter la même définition d’entreprise à capitaux étrangers, le terme reste ambigu en vertu de la LREB.
3. Restrictions sur les sources de capital
En raison de la limitation des sources de capital pour le logement résidentiel par la LRH, les promoteurs étrangers ne peuvent plus obtenir de prêts auprès d’établissements de crédit offshore et d’institutions non-crédit. Cette mesure réduit la capacité et l’opportunité de lever des capitaux efficacement et la compétitivité pour les développeurs étrangers. Même si, il n’est pas nécessaire de limiter les possibilités de mobiliser des capitaux auprès de sources légitimes.
4. Changement des droits d’utilisation des terres en cas d’acquisition d’actions / d’apport en capital
L’article 2.27 du décret 01/2017 prévoit l’obligation pour les entreprises de céder des droits d’utilisation du sol ou d’enregistrer des changements dans le terrain et les biens attachés au terrain lorsqu’il y a un changement d’utilisateur foncier en cas d’acquisition d’actions ou de contribution droits d’utilisation inclus. En cas d’acquisition de terres, la terre reste toujours avec la même entreprise. De plus, le processus d’attribution peut imposer des obligations financières. Cette question peut entraîner des difficultés pour les investisseurs lorsqu’ils acquièrent des actions ou apportent du capital dans des entreprises.
5. Approbations d’investissement
L’approbation principale pour les développements résidentiels est une décision d’investissement de principe (IID) ou l’approbation de principe de l’investissement (IAA). En outre, un investisseur souhaitant établir une société au Vietnam a besoin d’un certificat d’enregistrement d’investissement (IRC).
a. Circonstances nécessitant un IID :
L’article 32 de la loi sur l’investissement régit l’exigence de l’IID qui ne s’applique qu’aux projets dans lesquels les promoteurs reçoivent des droits fonciers de l’État directement par attribution ou location de terres sans enchères, appels d’offres ou transferts. En outre, la loi foncière stipule que la seule façon dont les promoteurs peuvent recevoir des terres de l’État est d’attribuer ou de louer des terres. En conséquence, il est incertain de quelle manière le promoteur peut recevoir des terres par transfert.
b. Approbation de l’investissement pour la contribution en capital au titre des droits d’utilisation des sols:
Dans le cadre d’une coentreprise entre un investisseur national et un investisseur étranger pour développer des projets de logements résidentiels, l’investisseur national apportera du capital sous forme de droits d’utilisation des terres. Dans ce cas, l’IID n’est requis que dans les cas d’attribution ou de location de terrains par l’Etat sans appel d’offres ou transfert. Il n’est pas certain que l’IIA sera requis en cas d’appel d’offres ou de transfert.
En vertu de la loi sur la construction de 2014, le promoteur doit obtenir le permis de construction avant de pouvoir commencer le projet. Il n’est pas clair si l’IIA est nécessaire pour obtenir le permis de construire. Cette exigence pourrait entraîner un manque de capacité à mener le projet dans les cas où l’obtention de l’IIA a échoué.
D’un autre côté, si l’IID est requis, le développeur aura plus d’assurance en raison de la possibilité d’obtenir l’IID avant que le droit d’utilisation des terres soit apporté.
c. Contourner les approbations d’investissement
Comme mentionné ci-dessus, la Loi sur l’investissement fournit l’exigence de l’IRC en dehors de l’IID et de l’IIA. Pour les projets nécessitant l’IID, l’IRC sera automatiquement délivré après 5 jours ouvrables à compter de la délivrance de l’IID. Le contenu de l’IID est similaire à l’IRC et aucun document supplémentaire n’est nécessaire pour l’émission de l’IRC. Par conséquent, l’IRC n’est pas nécessaire lorsque le IID est émis.
Pour les projets nécessitant l’IIA, le développeur doit d’abord obtenir l’IRC, puis mettre en place l’entreprise avant d’obtenir l’IIA. Comme mentionné ci-dessus, le développeur est incapable de développer le projet dans les cas d’échec de l’obtention de l’IIA. En outre, l’IIA et l’IRC traitent avec les autorités et leurs approbations et l’IIA est délivré sur la base de l’approbation de planification au 1/500, de sorte que la nécessité de l’IRC n’est pas requise.
6. Contribution du capital sous forme de droit d’utilisation des terres
La loi foncière et la loi sur les entreprises de 2014 prévoient la possibilité de verser des droits d’utilisation des terres par des individus d’une terre à titre de capital à une entreprise pendant une certaine période.
En vertu de l’article 80 du décret no 43/2014 / ND-CP (15 mai 2014) relatif à l’orientation de la loi foncière, la contribution en capital sous forme de droits d’utilisation des terres prend fin en cas de décès du contributeur individuel. En conséquence, si le contributeur de capital est en train de disparaître, l’accord de contribution en capital sera résilié, ce qui affectera le LURC de l’entreprise et de ses droits d’utilisation des terres. D’autre part, la loi sur les entreprises de 2014 stipule que si une personne apporte des terres en tant que capital, l’entreprise aura le droit sur la terre.
Par conséquent, l’article 80 du décret no 43/2014 / ND-CP a causé de la confusion et de l’incertitude chez les promoteurs au cas où ils envisageraient de recevoir des droits d’utilisation des terres de particuliers.
7. Conduite d’affaires immobilières sur des terrains apportés en capital
En vertu de la Loi foncière, les entreprises à participation nationale et étrangère ont le droit de recevoir une contribution en capital sous forme de droits d’utilisation des terres. Cependant, il n’y a aucune disposition dans la LREB concernant les contributions en tant que capital pour les organisations et les individus. Par conséquent, les organisations n’ont pas le droit de recevoir une contribution en capital au titre des droits d’utilisation des terres pour développer des projets immobiliers. Cela provoque des inégalités et une concurrence déloyale dans le secteur immobilier.
C. PERSPECTIVES SUR LES PRINCIPAUX ACCORDS COMMERCIAUX CPTPP (TPP 11) ET EUVNFTA
En janvier 2017, le président américain Donald Trump a décidé de retirer les Etats-Unis de l’accord TPP. En novembre 2017, les membres restants du TPP se sont rencontrés lors des réunions de l’APEC et ont conclu à la promotion de l’actuel CPTPP (TPP 11) sans les États-Unis. L’accord doit être signé par tous les États membres au premier trimestre de 2018. Ensuite, il doit être ratifié dans chaque État membre avant d’entrer en vigueur.
Les effets du TPP 11 promettent de grands avantages pour le secteur immobilier au Vietnam. Le TPP 11 vise à éliminer les lignes tarifaires et les droits de douane entre les États membres sur certains biens et produits à 100%. Cela rendra le marché vietnamien plus attractif et pourrait inciter les entreprises étrangères à s’installer au Vietnam pour construire des entrepôts, des bureaux, installer des usines ou même investir dans le secteur immobilier car le marché devient plus dynamique avec le TPP.
Un autre accord commercial important est l’accord EUVNFTA entre l’Union européenne et le Vietnam. L’EUVNFTA offre une excellente opportunité d’accéder à de nouveaux marchés pour l’UE et le Vietnam. Cela aidera à apporter plus de capitaux au Vietnam. En outre, l’EUVNFTA stimulera les secteurs les plus économiques au Vietnam. Les établissements dans d’autres secteurs économiques au Vietnam auront un impact sur le secteur immobilier en raison de son association avec ces secteurs tels que la santé, la technologie ou l’éducation.
En outre, le Règlement des différends entre investisseurs et États (ISDS) garantira les normes les plus strictes de sécurité juridique, d’applicabilité et de protection pour les investisseurs. Nous alertons les investisseurs pour qu’ils utilisent ces standards! Nous pouvons vous conseiller sur la meilleure façon de le faire! Il va être appliqué dans le cadre du TPP 11 et de l’EUVNFTA. En vertu de cette disposition, pour les litiges liés aux investissements, les investisseurs ont le droit d’introduire des demandes d’indemnisation auprès du pays hôte au moyen d’un arbitrage international. La procédure d’arbitrage doit être rendue publique par souci de transparence dans les cas de conflit. En ce qui concerne le TPP, la portée de l’ISDS a été réduite en supprimant les références aux « accords d’investissement » et aux « autorisations d’investissement » suite à la discussion sur l’avenir du TPP lors des réunions de l’APEC les 10 et 11 novembre 2017.
D’autres titres sont assortis de l’Accord sur les marchés publics (GPA) qui fera partie du TPP 11 et de l’EUVNFTA.
Le GPA dans les deux accords, traite principalement de l’exigence de traiter les soumissionnaires ou les soumissionnaires nationaux avec du capital d’investissement et les soumissionnaires vietnamiens également quand un gouvernement achète des biens ou des demandes de service valant au-delà du seuil spécifié. Le Vietnam s’engage à publier en temps opportun les informations sur l’offre, à laisser suffisamment de temps aux soumissionnaires pour préparer et soumettre leurs offres, maintenir la confidentialité des offres. Le GPA dans les deux accords exige également que ses Parties évaluent les offres sur la base de principes objectifs et équitables, évaluent et attribuent les offres uniquement sur la base des critères énoncés dans les avis et les documents d’appel d’offres, créent un régime efficace pour les plaintes et règlement des différends.
Cet instrument assurera une concurrence loyale et des projets de développement de qualité et efficaces.
D. CONCLUSION
Les problèmes mentionnés affectent la compétitivité dans le secteur immobilier. Les restrictions données, les obligations supplémentaires pour les investisseurs étrangers, l’absence de directives claires sur les règlements d’application constituent des obstacles pour les investisseurs qui cherchent à investir dans ce secteur au Vietnam. Compte tenu des engagements du gouvernement à assurer la croissance et les problèmes mentionnés ci-dessus, il est nécessaire de créer des lignes directrices claires pour éliminer la confusion pour les investisseurs et les acheteurs immobiliers. En outre, les principaux accords commerciaux à venir auront un impact important sur le développement du secteur immobilier au Vietnam. D’un autre côté, le gouvernement vietnamien doit encore améliorer l’environnement juridique pour assurer la mise en œuvre des accords.

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Si vous avez des questions sur ce qui précède, n’hésitez pas à contacter Dr. Oliver Massmann à l’adresse suivante : omassmann@duanemorris.com. Dr. Oliver Massmann est le directeur général de Duane Morris Vietnam LLC.
Merci beaucoup!

Anwalt in Vietnam Dr. Oliver Massmann – ERNEUERBARE ENERGIEN – DIREKTE STROMABNAHMEVERTRÄGE („DPPA”) – DER PLAN DER ELEKTRIZITÄTSREGULIERUNGSBEHÖRDE FÜR DPPAs

Am 12. Juni 2018 erörterte und veröffentlichte die Elektrizitätsregulierungsbehörde von Vietnam [engl. Electricity Regulatory Authority of Vietnam („ERAV‘)] auf einem Seminar über erneuerbare Energien, weitere Informationen über Regelungen für die Umsetzung einer Pilotvereinbarung zu direkten Stromabnahmeverträgen [engl ‚Direct Power Purchase Agreement‘ (“DPPA”)] und über den Sektor der erneuerbaren Energien. Die direkten Stromabnahmeverträge werden es Energieerzeugungsunternehmen ermöglichen, ihren Strom direkt an private Abnehmer zu verkaufen. Wir möchten die folgenden Schlüsselthemen skizzieren:

Direkte PPA
Seit Anfang 2017 hat das MOIT die ERAV beauftragt mit USAID und Beratern zusammenzuarbeiten, um internationale Erfahrungen und umsetzbare Modelle für DPPA in Vietnam zu recherchieren. Die ERAV teilte mit, dass dies ein zeitaufwendiger Prozess sei, da die ERAV und ihre Berater umfangreiche Informationen zu grundlegenden Fragen, Gestaltung, Details und Kriterien für DPPAs, insbesondere für ähnliche Fälle wie Vietnam recherchieren und sammeln mussten. Darüber hinaus ist es für die ERAV eine Herausforderung mit anderen Abteilungen des MOITs an dem Pilot-DPPA zusammenzuarbeiten und diese zu beraten. Gegenwärtig haben die Berater der ERAV einen ersten vorläufigen Bericht über internationale Erfahrungen in Bezug auf grundlegende Gestaltung, Mechanismen und die Ausführung von DPPA vorgelegt. Es ist bekannt, dass die ERAV und ihre Berater Fragebögen an verschiedene Industriezweige und Sektoren, Unternehmen und Interessenvertreter geschickt haben, um ihre Meinung zu Verbrauchermarkt, Nachfrage, Teilnehmern und anderen Themen zu erhalten. Die ERAV erwartet, dass ihre Berater den endgültigen Bericht über die DPPA Modelle im Juli 2018 ausarbeiten können. Wenn ein solcher Bericht vorliegt, wird die ERAV gegen Ende Juli 2018 ein Seminar zur Vorstellung desselben organisieren, um sich die Meinungen der Interessenvertreter einzuholen. Gegenwärtig gibt es noch keine endgültigen Entscheidungen im Hinblick auf Kapazität, den Lizensierungsprozess, Teilnehmern, Standort, Netzdurchleitungsgebühr und Vertragsbedingungen für das Pilot-DPPA. Die ERAV prüft jedoch einige Modelle, wie die Folgenden:
• Physisches DPPA: (a) Onshore-DPPA, bei dem die Solarkraftwerke um die Verbraucher herum gebaut werden, und/ oder (ii) Offshore-DPPA, bei dem die Solarkraftanlagen irgendwo gebaut werden,
• Finanzielles DPPA: dies würde mit einem wettbewerbsfähigen Markt für den Verkauf von Strom gebildet werden. Die ERAV teilte auch mit, dass das Pilot- DPPA vorzugsweise für 110 KV (nicht 220 KV oder 22-25 KV) ausgelegt sein sollte, da dieses System in Vietnam am beliebtesten, effizient und machbar ist. Es wird erwartet, dass das erste Gesetz, das DPPAs ermöglichen wird, im 4. Quartal dieses Jahres 2018 in Kraft treten wird.

Solar- und Windprojekte
In Bezug auf den FIT für Solar- und Windenergie bleiben diese Preise unter den geltenden FIT-Vorschriften unverändert (z. B. Decision 11). Die ERAV erklärte, dass die Technologie- und Infrastrukturkosten für Solar- / Windenergie in Zukunft niedriger sein werden, sodass dann die Einspeisetarife entsprechend angepasst und gesenkt werden müssten. Die ERAV teilte darüber hinaus mit, dass das MOIT nun ein System zur Bestimmung von Einspeisetarifen durch Ausschreibung / Versteigerung in Erwägung zieht, um eine jährliche Änderung des FIT zu vermeiden. Zu diesem Punkt gibt es jedoch keinen Gesetzentwurf. Es steht zur Diskussion, die Nettomessung gemäß der Entscheidung 11 für Dach-Solarprojekte zu beseitigen, da sie in der Praxis sehr schwer umzusetzen ist. Sie könnte durch eine praktikablere Lösung ersetzt werden. Es ist sehr wahrscheinlich, dass keine Ergänzung zum Solar- / Windmasterplan gemacht werden kann, bis der Energiemasterplan 8 fertiggestellt ist. Gegenwärtig haben genehmigte Projekte für Windkraft- / Solarkraftwerke ihre kombinierte Kapazität deutlich über den Schätzungen des Strommasterplans VII (z. B. 3000 MW für genehmigte Solarstromprojekte gegenüber nur 850 MW im Strommasterplan VII). Die erneuerbaren Energien in Vietnam, insb. im Solarsektor, entwickeln sich schnell. Schauen Sie zu, wie es passiert, oder seien Sie ein Teil davon!
***
Bitte zögern Sie nicht, Herrn Tran Minh Thanh oder Herrn Dr. Oliver Massmann unter omassmann@duanemorris.com zu kontaktieren, wenn Sie Fragen haben oder mehr über das obenstehende erfahren wollen. Oliver Massmann ist der Generaldirektor von Duane Morris Vietnam LLC.

VIETNAM – RENEWABLE ENERGY – DIRECT POWER PURCHASE AGREEMENTS (“DPPA”) – ELECTRICITY REGULATORY AUTHORITY’s (“ERAV”) PLAN FOR DPPAs

On 12 June 2018, at a seminar on renewable energy, ERAV discussed and disclosed further information on regulations for implementation of a pilot for Direct Power Purchase Agreement (“DPPA”) and renewable energy sector. Direct Power Purchase Agreements will allow power generation companies to sell their electricity directly to private off takers. We outline some key topics as below:

Direct PPA
Since early 2017, MOIT has assigned ERAV to cooperate with USAID and consultants to research international experience and feasible models for DPPA in Vietnam. ERAV informed that it is a time consuming process since ERAV and its consultants must have researched and collected massive information on fundamental issues, design, details and criteria for DPPAs, especially for similar cases such as Vietnam. It is also challenging for ERAV to cooperate and consult other departments of MOIT on the DPPA pilot.
Currently, ERAV’s consultants have submitted a first preliminary report on international experience regarding basic design, mechanism and operation of DPPA. It is known that ERAV and its consultants also sent questionnaire papers to several industry and sectors, companies and stakeholders aimed at seeking their opinion on consumer market, demand, participants, and other issues. ERAV expected that its consultants could prepare the final report on DPPA models within July 2018.
By the end of July 2018, if such report is available, ERAV will arrange a seminar for introduction of the same and seeking opinion from all stakeholders. At this stage, there is no final decisions on capacity, licensing process, participants, location, wheeling fee, contractual terms for the piloted DPPA. However, ERAV is considering some models as below:
• Physical DPPA: (a) onsite DPPA where the solar power plants to be constructed around the consumers, and / or (ii) offshore DPPA where solar power plants to be constructed anywhere
• Financial DPPA: this would be formed with competitive market for selling powers.
ERAV also shared that the DPPA pilot would be preferably designed for 110 KV (not 220 KV or 22-25 KV) since this system is the most popular, efficient and feasible in Vietnam. It is expected that the first law that will allow DPPAs will be in effect 4th quarter of this year 2018.

Solar and wind projects
With regards to FIT for solar and wind, such prices remain unchanged under the current FIT regulations (e.g., Decision 11). ERAV stated that the technology and infrastructure costs for solar / wind energy would be lower in the future, then the FITs must be adjusted and decreased accordingly. ERAV also informed that the MOIT is now considering a scheme for determination of FITs through tender / auction in order to avoid the change of FIT annually. However, there is no draft law on this point.
The net-metering under Decision 11 for rooftop solar project is under consideration to be removed since it is very difficult to implement it in practice. It might be replaced by a more workable solution.
It is very likely that no addition to solar / wind master plan can be made until power master plan 8 is finalized. Currently, approved wind / solar powers projects have their combined capacity significantly higher than estimates in power master plan VII (f.e. 3000 MW for approved solar power projects vs. only 850 MW in power master plan VII). The Renewable energy in Vietnam, esp. the Solar sector is developing fast. Watch it happen or be part of it!

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Please do not hesitate to contact Mr Tran Minh Thanh or Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Rechtsanwalt in Vietnam Dr. Oliver Massmann – Public Private Partnerships – Verbesserung der Funktionalitaet – Anwendung des Comprehensive and Progressive Trans-Pacific Partnership und des EU – Vietnam Freihandelsabkommens fuer eine bessere Funtkionalitaet des neuen PPP Dekrets

Als im Jahr 2015 das Dekret Nr. 15/2015/ND-CP ueber oeffentlich-private Partnerschaften (engl. public-private partnerships “PPP”) (“Dekret 15”) eingefuehrt wurde, wurde dieses in juristischen Kreisen als gut erarbeiteter Entwurf hoch gelobt. Man sah darin die Moeglichkeit, die PPP-Gesetze in Vietnam bankfaehigen Projekten naeher zu bringen.
Im Umsetzungsprozess gab es jedoch widerspruechliche rechtliche Probleme, die Investoren davon abhielten, PPP als Investitionsmethode zu wählen, was bis dato zu einer bescheidenen Anzahl von PPP-Projekten gefuehrt hat. Das Dekret 15 hat gegenueber frueheren PPP-Vorschriften Fortschritte gemacht, indem es eindeutig zugelassen hat, dass Projektvertraege, namentlich solche, die Buergschaftsvertraege zwischen auslaendischen Parteien und staatlichen Stellen beinhalten, dem auslaendischen Recht unterliegen. Das Problem tritt jedoch nur auf, wenn es sich um Immobilienangelegenheiten handelt, bei denen nach dem Landesgesetz noch nicht endgueltig entschieden ist, welches Recht anwendbar ist.
Darueber hinaus stehen PPP-Gesetze nur auf der Ebene eines Dekrets, waehrend der Regelungsrahmen fuer PPP-Projekte hauptsaechlich das Unternehmensgesetz, das Gesetz ueber oeffentliche Investitionen, das Bietergesetz usw. umfasst, von denen die meisten oeffentliche Investitionen statt privater oder die Investitionszusammenarbeit zwischen der Regierung und privaten Investoren regeln. Die Anleger sind auch ueber die Stabilitaet der PPP-Vorschriften besorgt, da sie hauptsaechlich Dekrete sind. Waehrend es Jahre dauern kann, ein PPP-Projekt abzuschliessen, koennen sich die Vorschriften auf Dekret-Ebene aendern und Verwirrung bei den Anlegern bei der Umsetzung der Gesetze hervorrufen. Die staatlichen Stellen sehen sich auch mit gewissen Schwierigkeiten bei der Verwaltung dieser PPP-Projekte konfrontiert. Nach einer wahren Geschichte, die von einem Beamten der VCCI geteilt wurde, unterschrieb die Regierung zunaechst einen PPP-Vertrag mit einem Investor, aenderte dann aber, aufgrund von Aenderungen in der Politik, ihre Bestimmungen zum Vertragswert. In der Folge stieg der Grundstueckspreis um das 14-Fache des zuvor vereinbarten Preises, was fuer den Investor zu erheblichen Verlusten fuehrte.
Nach Angaben des Ministeriums fuer Planung und Investitionen wird erwartet, dass im Zeitraum 2016-2020 598 PPP-Projekte mit einem Investitionsvolumen von 250.000 Mrd. VND registriert werden. Angesichts der Defizite von Dekret 15 waere es schwierig geworden, diese Zahlen zu erreichen, ohne dass es durch ein anderes Dekret ersetzt wuerde. In diesem Zusammenhang wurde das Dekret Nr. 63/2018 / ND-CP (“Dekret 63”) am 4. Mai 2018 erlassen. Es tritt am 19. Juni 2018 in Kraft, um Engpaesse bei der Umsetzung von PPP zu beseitigen.
Dekret 63 – Was ist neu?
Verantwortlichkeit fuer die Kapitaleinlage
Der Investor ist verantwortlich für die Einbringung und Mobilisierung von Kapital für die Projektumsetzung, insbesondere bestimmt sich das Verhaeltnis des Anlegerkapitals zum Eigenkapital wie folgt:
– bei Projekten mit einem Gesamtinvestitionsbetrag von bis zu 1.500 Mrd. VND muss das vom Investor gehaltene Eigenkapital mindestens 20% des gesamten Investitionskapitals betragen;
– bei Projekten mit einem Gesamtinvestitionskapital von mehr als 1.500 Mrd. VND:
o für den Investitionsanteil von bis zu 1.500 Mrd. VND: muss das vom Investor gehaltene Eigenkapital mindestens 20% des gesamten Investitionskapitals betragen;
o für den Investitionsanteil, der 1.500 Mrd. VND übersteigt: muss das vom Investor gehaltene Eigenkapital mindestens 10% des gesamten Investitionskapitals betragen
Von Regierungsseiten ist keine Kapitaleinlage erforderlich.
Projektgenehmigungsbehoerde
Dekret 63 verdeutlicht die Zustaendigkeiten der folgenden Behoerden fuer die Genehmigung von PPP-Projekten:
– die Nationalversammlung entscheidet ueber die Investitionspolitik wichtiger nationaler Projekte;
– der Premierminister entscheidet ueber die Investitionspolitik der folgenden Projekte:
o Projekte des Typs A mit einem Staatsbudget von 30% oder mehr oder weniger als 30%, aber mehr als 300 Milliarden VND des gesamten Investitionskapitals des Projekts;
o Projekte des Typs A mit BT-Vertraegen (Build-Transfer);
– die Minister der entsprechenden Ministerien beschließen die Investitionspolitik ihrer eigenen Projekte, die nicht in die Genehmigungszustaendigkeit der Nationalversammlung oder des Premierministers fallen;
– die provinziellen Volksraete beschliessen die Investitionspolitik der folgenden Projekte:
o Projekte des Typs A, die nicht in die Genehmigungszustaendigkeit des Premierministers fallen;
o Projekte des Typs B mit einem oeffentlichen Investitionsbudget; und
o Projekte des Typs B mit BT-Vertraege;
– das Volkskomitee der Provinz entscheidet über die Investitionspolitik von Projekten in ihren Provinzen, die nicht der Genehmigungszustaendigkeit der Nationalversammlung, des Premierministers oder des provinziellen Volksrates unterfallen.
Zahlungsmethoden in BT-Projekten

Die Praxis zeigt, dass Investoren bei der Umsetzung von BT-Projekten sehr an einem gut gelegenen Land interessiert sind. Wenn solche Bodenfonds jedoch allmaehlich erschoepft sind, scheinen BT-Projekte keine Investoren mehr zu gewinnen. Das Dekret 63 hat neben dem Austausch von Land für Infrastruktur eine weitere Methode hinzugefuegt, so dass die Investoren mehr Moeglichkeiten haben, Zahlungen zu erhalten. Insbesondere kann der Anleger auch eine Zahlung in Form der Uebertragung des Rechts zur Fuehrung von Geschaeften, zur Verwertung von Arbeiten / Dienstleistungen usw. erhalten.
Wie kann man das CPTPP und das EU-Vietnam Freihandelsabkommen (EVFTA) bei PPP-Projekten nutzen, um deren Funktionalitaet in Vietnam zu verbessern?
Betroffene Regierungseinrichtungen und -stellen
Gemaess dem Dekret 63, werden Ausschreibungen für die Auswahl von PPP-Investoren dem Gesetz ueber das oeffentliche Auftragswesen unterfallen. Obwohl das vietnamesische Vergaberecht noch Defizite aufweist, wird Vietnam an seine Verpflichtungen im Kapitel “Oeffentliches Beschaffungswesen” des CPTPP und der EVFTA gebunden sein, einschliesslich der Verfahren zur Durchfuehrung einer Ausschreibung und in besonderen Faellen, dem Erfordernis, dass die Regierung eine oeffentliche Ausschreibung durchfuehren muss. Die Investoren haben nun die Moeglichkeit, sich an der Vergabe durch vietnamesische Regierungsstellen zu beteiligen und die Regierung herauszufordern, wenn sie den Investoren nicht die Moeglichkeit gewaehrt, dies unter qualifizierten Umstaenden zu tun.

Das CPTPP und das EVFTA stellen eine Liste der Regierungsstellen und -einrichtungen auf, die die Beschaffung von bestimmten Waren und Dienstleistungen zu einem bestimmten Betrag oeffentlich ausschreiben muessen. Waehrend das CPTPP nur eine Erweiterung der Liste innerhalb von 5 Jahren nach dem Inkrafttreten des Abkommens erlaubt, erlaubt das EVFTA einen laengeren Zeitraum (d.h. 15 Jahre).
Betroffene Beschaffungen
Oeffentliche Beschaffungen von Guetern oder Dienstleistungen oder einer Kombination aus beidem, die die folgenden Kriterien erfuellen, fallen in den Geltungsbereich der EVFTA- und CPTPP-Vorschriften ueber das oeffentliche Beschaffungswesen:

Kriterien

Wie man Ausschreibungsentscheidungen der Regierung anficht?
Das CPTPP und das EVFTA ermoeglichen auslaendischen Investoren, die vietnamesische Regierung gemaess der Schiedsregeln ueber die Streitbeilegung fuer ihre Ausschreibungsentscheidungen zu verklagen. Die verletzende Partei muss alle notwendigen Maßnahmen ergreifen, um dem Schiedsspruch unverzueglich nachzukommen. Im Falle einer Nichteinhaltung, erlauben das CPTPP und das EVFTA, wie auch die WTO, auf Antrag der beschwerdefuehrenden Partei vorlaeufige Abhilfemaßnahmen (Entschädigungen).
Die Durchsetzung von Schiedsspruechen
Der endgueltige Schiedsspruch ist bindend und durchsetzbar, ohne dass die oertlichen Gerichte seine Richtigkeit in Frage stellen koennen. Dies ist fuer Investoren im Hinblick auf den Umstand, dass der Prozentsatz annulierter auslaendischer Schiedssprueche in Vietnam aus verschiedenen Gruenden relativ hoch bleibt, ein Vorteil.
Schlussfolgerung
Es ist unerlaesslich, dass auslaendische Investorendie Anforderungen des CPTPP und des EVFTA fuer sich nutzen, um die Funktionalitaet ihrer PPP-Projekte zu verbessern. Im Rahmen dieser Vereinbarungen muessen bestimmte vietnamesische Regierungsstellen und -agenturen bei der Beschaffung von Waren/ Dienstleistungen, die bestimmte Schwellenwerte ueberschreiten, oeffentliche Ausschreibungen durchfuehren. Sollten diese Stellen unrechtmaeßige Vergabeentscheidungen treffen, koennten auslaendische Investoren ein Schiedsverfahren in Anspruch nehmen, dessen Schiedsspruch in Vietnam vollstaendig durchsetzbar ist.
***
Bitte zoegern Sie nicht, Herrn Dr. Oliver Massmann unter omassmann@duanemorris.com zu kontaktieren, wenn Sie Fragen haben oder mehr ueber das obenstehende erfahren wollen. Oliver Massmann ist der Generaldirektor von Duane Morris Vietnam LLC.
VIELEN DANK !

LAWYER IN VIETNAM DR. OLIVER MASSMANN – E-COMMERCE – THE WORLD BANK IS ASKING DUANE MORRIS VIETNAM ON THE LOGISTICS FOR E-COMMERCE – HERE ARE OUR ANSWERS:

ONLINE PAYMENTS
1. Which types of online payment solutions are available in your country?
Digital wallets[1], Internet Payment service providers[2] (IPSPs, also called as aggregated account or the third‐party biller), and Payment service providers[3] (PSPs).

2. What services do most Payment service providers (PSPs) offer in your country?
Opening merchant accounts[4], or providing access to aggregated accounts, at the acquiring bank, Transact multiple payment methods, and Security services, such as risk management.

3. What categories of PSPs are available to provide digital payment services in your country?
Retail PSP[5], Micropayment PSP[6], Government PSP[7] and Non‐issuing PSP[8].

4. What are the main laws and regulations that establish how PSPs are regulated and supervised in your country?
Law on State Bank of Vietnam 2010, Law on Credit Institutions 2010, Decree No. 101/2012/ND‐CP on non‐cash payment as amended, Circular No. 39/2014/TT‐NHNN guiding intermediary payment services as amended, Circular No. 46/2014/TT‐NHNN guiding non‐cash payment services.

5. How many business days does it take for PSPs to obtain a license to provide digital payment services?
60 days by law.

6. What is the main authority in charge of issuing licenses and supervising PSPs in your country?
The State Bank of Vietnam

7. According to the law, how long (in years) is the PSP license valid in your country?
10 years (Article 16.3 of Decree No. 101/2012/ND‐CP)

8. Which of the following documents are required for the PSP license application?
Registration documents (including certificate of incorporation and the Articles of Association); The business model, specifically outlining the type of digital payment services and payment instruments envisaged; Evidence that the PSP applicant holds the minimum initial capital required; A certified copy of the bank guarantee on the initial capital; A description of the measures implemented to ensure adequate levels of operational reliability, including disaster recovery and business continuity mechanisms; A description of how the PSP Applicant will settle payment transactions accompanied by a certified copy of the agreement with a settlement bank or a designated payment system; A copy of the system rulebook, detailing the operational rules of the envisaged payment scheme; A risk management system; A report of a feasibility and risk assessment study; An internal control system; and An outsourcing agreement if any.

9. According to the law, do PSPs have to meet the requirement of minimum initial capital at the time of authorization?
Yes. USD2.2 million (Article 15.2(c) of Decree No. 101/2012/ND‐CP).

10. According to the law, do PSPs have to establish at least one separate account with commercial banks to safeguard User Funds[9]? What are required for PSPs when managing the separate account(s)?
They must ensure all received funds are placed in a ring‐fenced account at commercial bank exclusively dedicated for this purpose as approved by the Central Bank; Ensure that the account balance is not at any time be less than the outstanding balance owed to Users; Not use the Funds to engage in any lending activity, including (but not limited to) the provision of credit and overdraft facilities; Not invest User Funds in any type of financial asset; and Not transfer User Funds to another account used for other business activities.

11. According to the law, do PSPs have to hold and account User Funds separately from any other funds they hold for other business purposes?
Yes. (Article 8.2 of Circular No. 39/2014/TT‐NHNN).

12. According to the law, do PSPs have to ensure that User Funds are covered by an insurance policy or a guarantee from a credit institution?
No.

13. According to the law, do PSPs have to seek for approval from the related authority before they intend to outsource any operational functions?
They cannot outsource the licensed activities (Article 6.2 of Circular No. 39/2014/TT‐NHNN).

14. According to the law, do PSPs, their agents and users have to comply with Anti‐Money Laundering and Combating of Financing of Terrorism (AML/FT) law, standards and measures?
Yes. (Article 7 of Circular No. 39/2014/TT‐NHNN).

15. According to the law, which of the following documents that PSPs/agents require when performing customer due diligence processes?
For any natural person users: An original copy of a valid ID card/passport
For any legal person users: Investment/ Enterprise registration certificate; and Copy of passports of authorized signatories.

16. According to the law, are PSPs allowed to charge users for registration?
Yes. (Articles 10‐13 of Circular No.39/2014/TT‐NHNN).

17. According to the law, do PSPs have a monthly load limit for Electronics Inc.[10] through an issued payment instrument in your country?
No.

18. According to the law, do PSPs have a single payment transaction limit for Electronics Inc. through an issued payment instrument in your country?
No.

19. What information is required for PSPs to disclose to Electronics Inc. upon the execution of a payment transaction?
A unique reference number enabling the payer/payee to identify the payment transaction; The payment transaction amount; The identity of the payer/payee; and The date on which the payment order was placed.

20. What are the main laws and regulations that govern the payment and settlement system in the country?
Decree No. 101/2012/ND‐CP, Circular No. 39/2014/TT‐NHNN, Circular No. 46/2014/TT‐NHNN.

21. Does the PSP require additional information from Electronics Inc. for cross border payment transactions?
Yes. The information include Additional identity confirmation and Detailed transaction purpose.

22. Does Electronics Inc. have to pay additional service fees to the PSP for cross border e‐commerce transactions?
Yes. The fees include Currency conversion fee and International transaction fee.

23. Based on the pricing model above, how much transaction fee does Electronics Inc. have to pay on a $20 transaction to the PSP in your country?
Domestic e‐commerce: Below $0.05 USD dollar
Cross border e‐commerce: $0.05 ‐ $0.10 USD dollar

24. What are the main laws and regulations about online payment authentication standards in your country?
Law on Internet information security 2015, Law on Information Technology 2006, Law on E-transactions 2005, Circular No. 35/2015/TT‐NHNN, Circular No. 47/2014/TT‐NHNN.

25. According to the law, do PSPs have to provide two‐factor authentication using standards like 3D Secure?
Yes.

26. According to the law, do PSPs and users (like Electronics Inc.) have to comply with the Payment Card Industry Data Security Standard (PCI DSS)?
Yes. (Section 2, Point 3.1.3, Decision No. 488/QD‐NHNN).

27. According to the law, do PSPs and users (like Electronics Inc.) have to install Transport Layer Security (TLS) or Secure Sockets Layer (SSL) on webpage or internet browser?
Yes. (Article 15 of Circular No. 47/2014/TT‐NHNN).

28. According to the law, how long (in years) does PSPs have to store and retain all user and transaction data from that of the original transaction?
20 years (Article 9.1(a) of Regulation attached to Decision No. 376/2003/QD‐NHNN).

29. According to the law, how long (in years) does a PSP have to store all details data of users’ personal information after the user relationship is terminated?
20 years from the original transaction, not depending on the relationship termination

30. According to the law, PSPs should keep user identification data and transaction records confidential and can only be made available to?
The corresponding User, the State Bank of Vietnam, or By a court order in the country.

31. What are the main laws that regulate chargebacks regarding online payments in your country?
The Civil Code of Vietnam, Circular No. 39/2014/TT‐NHNN.

32. The legal framework on chargebacks apply to:
Fraudulent transactions, Credit and service not processed; and An error in the amount.

33. According to the law, do banks hold initial amount to cover prospected chargebacks?
No.

34. Is there a legal time limit for Electronics Inc. to notify the PSP of any unauthorized/incorrectly executed payment transaction?
No.

35. After a successful dispute, how many business days it usually takes for customers to get a full chargeback of the original form of payment or an Electronics Inc. gift card?
3-10 days.

36. Do PSPs set a maximum predetermined threshold of monthly chargeback rate for Electronics Inc.?
No.

DIGITAL MARKETS
1. Are merchants selling goods through Electronics Inc. legally mandated to comply with a legal framework on online consumer protection? (i.e. is there an online consumer protection law in your country?)
Yes. Law No. 59/2010/QH12 on Consumer Protection.’

2. Are merchants selling goods through Electronics Inc. (i.e. engaged in distance or off‐premises selling) legally mandated to comply with online information disclosure rules?
Yes.

3. What information are merchants on Electronics Inc. legally mandated to disclose to consumers prior their online purchase?
Full business address of the merchant (i.e. geographical address); Identity of the merchant (i.e. trading name, phone number, fax number, email address, etc.); Product information (availability, price, description, etc.); Delivery information (time, price, etc.); Information about payment processes; Information about the existence of a right of withdrawal (or cancellation); Information about complaint handling; Information about the party bearing the cost of returning the goods in case of cancellation; Information on out‐of‐court complaint and redress mechanism; Information on product guarantee, rights and obligations of the merchants and customers in each transaction.

4. Are online information disclosure rules specified above applicable to mobile devices?
Yes.

5. Considering a domestic merchant selling a computer charger on Electronics Inc.’s platform, he is legally mandated to comply with the following general rules related to the right of withdrawal (or cancellation) for online purchases:
Information duty: Electronics Inc. must inform the customer of his right of withdrawal
Absence of reason: Electronics Inc.’s customer can withdraw from contract with no reason
Withdrawal period: Electronics Inc.’s customer can withdraw from contract after receiving the product

6. What is the period (in number of days) during which the customer of Electronics Inc. can withdraw (cancel) its purchase without any penalties and without giving any reason (also called cooling‐off period), if applicable?
It depends on policy of each merchant.

7. In case of a dispute between a domestic customer and a domestic merchant on Electronics Inc. for a low value sale (less than 30USD), what types of procedures are legally available for the domestic consumer acting individually?
Use of the general judicial system for addressing online disputes; Use of alternative dispute resolution (ADR) mechanism such as consultations, conciliation, or mediation; and Other provision for a dispute resolution mechanism (e.g. administrative procedures before a specific authority).

8. Are merchants on Electronics Inc. legally mandated to comply with redress rules for online purchase of goods?
Yes.

9. What types of remedy are legally enforced for online purchase of goods?
Monetary remedy: monetary payment
Non‐monetary remedy: repair, replacement

10. Is Electronics Inc, an e‐commerce platform, considered as an internet intermediary in your jurisdiction?
No.

11. Bearing in mind that it processes data such as name, surname, data of birth, email address, mail address, credit card information, preferences of its customers, does Electronics Inc., an e‐commerce platform, have to comply with a legal or regulatory framework on data privacy?
Yes. Decree No. 52/2013/ND‐CP.

12. Bearing in mind that Electronics Inc. is managing the data it collects, does it have to process differently non‐sensitive and sensitive personal data?
Yes.

13. What categories of personal data are considered sensitive in Electronics Inc.’s jurisdiction?
Political opinions, Sex life, Sexual orientation.

14. Under which conditions can Electronics Inc. lawfully process computerized personal data of its adult customers (also called data subject)?
The customer has given consent to the processing of his personal data for one or more specific purposes;
Processing is necessary for the performance of a contract to which the customer is party;
Processing is necessary for compliance with a legal obligation to which Electronics Inc. is subject.

15. Regarding consent, what are the legal grounds on which Electronics Inc. can lawfully get its customer’s consent (the customer is an adult) when collecting (non‐sensitive, if applicable) personal data:
Consent must be freely given
Consent must be specific
Consent must be informed
Consent must be non‐ambiguous
Consent must be distinguishable from (or tied to) other matters
Consent must be obtained by a specific method.

16. Regarding data access, if a customer (an adult) requests Electronics Inc. information on the processing of his personal data and is ready to bear the cost of it, to what degree is Electronics Inc. obliged to provide it?
The customer can access all his personal data with no condition

17. Regarding data deletion (or erasure), if a customer (an adult) requests the deletion of his personal data to Electronics Inc., to what degree is the latter obliged to comply?
All personal data must be deleted (or erased) under certain conditions; and Electronics Inc. can apply suitable measures to protect the data or inform the customer that the request cannot be processed due to a technical reason or any other reasons.

18. Is Electronics Inc. required to establish a procedure for the deletion of personal data if requested by a customer (an adult)?
Yes.

19. To what degree is Electronics Inc. allowed to transfer personal data of local customers (also local citizens) to non‐domestic third parties?
Totally free with certain countries but subject to certain conditions.

20. What are the general conditions under which Electronics Inc. can engage in cross‐border data trade with a nondomestic third party? (general conditions exclude specific conditions such as model contract clauses, binding corporate rules or other contractual arrangements.)
Adequacy approach: The country in which a non‐domestic third party is based has an “adequate level of protection”, “an equivalent protection”, “a sufficient level of protection”, or any provision entailing an adequacy approach.

21. What circumstances constitute an “adequate level of protection” when trading personal data with a third‐party country?
the nature of the personal data, the country of final destination of that information, the law in force in the country in question, the international obligations of that country, any relevant codes of conduct or other rules which are enforceable in that country; any security measures taken in respect of the data in that country.

22. Bearing in mind that Electronics Inc. is considered as a data controller, does Electronics Inc. have to comply with any of the following security requirements for automated (computerized) personal data?

Adoption of an internal policy for establishing procedures for preventing and detecting violations; Performance of internal controls; Assessment of the harm that might be caused by a data breach; Awareness program among employees.

23. Bearing in mind that Electronics Inc. processes personal data for marketing purposes, is it monitored by a supervisory authority?
No.

24. Does Electronics Inc. have to comply with the following administrative procedures with the supervisory authority to lawfully process personal data for marketing purposes?
There is no administrative procedures to process personal data for marketing purposes.

25. Given that Language Inc.[11] and free‐lance instructors[12], based abroad, sign a local contract (Language Inc. is based in your country), what are the types of e‐signature granting the same legal status as handwritten contracts?
E‐signature (click wrap, digitized signature, etc.)
Digital signature (need for a public key)

26. Does Language Inc. need to comply with any requirements on the use of a specific technology (e.g. PKI) for a digital signature to have legal validity?
Yes. PKI.

27. On the contrary, is any form of digital signature including the following requirements equally acceptable?
The digital signature helps verify the identity of the signatory (origin).

28. Does the use of a specific technology (e.g. PKI) grant additional legal benefits in terms of the legal recognition of the digital signature (e.g. validity in terms of burden of proof)?
No.

29. Does Language Inc.’s signature need to be certified by a Certification Authority (CA) in order to be recognized as having full legal validity?
Yes.

30. Do certification authorities (CAs) need a license to operate?
Yes. The conditions include: (1) Being enterprises established under the laws of Vietnam; (2) Having sufficient financial capacity to establish a system of technical equipment, organization, and maintenance of activities in accordance with the scale of service provision; (3) Depositing at a commercial bank operating in Vietnam or having a guarantee of a commercial bank operating in Vietnam of not less than 5 (five) billion VND, or insurance buying commitments to solve risks and the compensation that may occur during the course of service provision and make payment for expenses receiving and maintaining database of enterprises in the event of withdrawal of licenses; (4) Having team of technical staffs, managers, administration staffs, security managers and customer service personnel meeting professional requirements and scale of services deployment of having no criminal records; (5) The legal representative having knowledge of law on digital signatures and certification service of digital signatures; (6) Suitable formulation of technical equipment system; (7) Having feasible technical plans and business plans, consistent with the technical regulations and mandatory standards to apply; (8) Having plans to control the entrance and exit of head offices, the right to access the system, right to enter, exit the place where the equipment is located for providing for certification service of digital signatures; (9) Having contingency plans to maintain the continuous, safe operation, and overcome when the problem occurs; (10) The entire system of equipment used to service providers is located in Vietnam; (11) Construction of offices, places where the machinery and equipment is located in accordance with the requirements of the law on prevention and combat of fire and explosion; having ability of fighting against floods, earthquakes, electromagnetic interference, illegal intrusion of man; and (12) Having public certification regulations in the form issued by the Ministry of Post and Telecommunications, and contents in accordance with relevant laws.

31. How many CAs are available in your jurisdiction?
6-10 CAs.

32. Please list the most popular Certification Authorities available in your city:
1: VNPT‐CA 2: CA2‐CA 3: Viettel ‐CA

33. What is the average time and cost for Language Inc. to obtain a digital signature from a certification authority (if applicable)?
5‐10 days; USD50‐210 per 15-month package

34. Does your country have a national VAT/GST scheme applying to imported services bought on the internet?
Yes.

35. If applicable, is there a registration process for VAT/GST purposes for foreign‐based companies (like tutors) selling through Language Inc.?
Yes. There is no threshold under which foreign‐based companies do not need to register.

BROADBAND REGULATORY FRAMEWORK

1. Does your country have a national broadband plan or policy to develop a high-speed access network?
Vietnam has a national broadband plan in 2016 under Decision No. 149/QD-TTg of the Prime Minister dated 21 January 2016 approving the program on the development of broadband telecommunications infrastructure through 2020

2. What is the main body responsible for planning implementing the national broadband plan
Ministry of Information and Communications is the main body to plan and implement the national broadband.

3. Does the plan include blended finance or PPP investment schemes for broadband expansion?
We are not aware of the plan includes blend finance or PPP investment schemes or applicable financial instruments.

4. Does the plan include government investment in infrastructure to make broadband more broadly available?
The Government focus to investment in the following area:
First Mile: international gateways or the segment of a telecommunications network where the internet enters a country such as through cable landing stations or satellite links
Middle Mile: national backbone networks, or the segment of a telecommunications network linking a network operator’s core network to the local network plant

5. Does the plan include investments in cross border links and networks?
The plan under WTO’s Commitment include investments in cross border links. There are agreements in effect or in preparation with other countries to foster cooperation or joint investment for cross border.

6. Does the plan or policy include new internet exchange points (IXPs)?
We do not see any updates related to internet exchange points in the policy

7. Does the plan have a universal service fund (USF)
Yes. Vietnam has a universal service fund at http://www.vnpt.vn and there is implicit funding arrangement for USF

8. Are there fiscal incentives to accelerate internet deployment?
Now there are not fiscal investment to accelerate internet deployment.

9. Does Vietnam have a unified licensing regime?
Yes. WTO’s Commitment, Law on Investment 2014

10. Does Vietnam have a policy for releasing more licensed spectrum?
Yes. Circular 46/2016/TT-BTTTT on list of license-exempt radio serves and accompanying technical and operational conditions.

11. Does Vietnam assign spectrum on the basis of competitive auctions?
Yes. The spectrum auction winner are primarily evaluated on speed of build out, technology and quality of spectrum.


12. Does Vietnam have policies and regulations that allow the following practices for spectrum allocation?

Yes. Vietnam has spectrum shortage evaluations and spectrum caps.

13. What is the duration of the spectrum license?
15 years

14. Is there equal access to shared and/or government owner infrastructure such as road, railways, water and power lines?
No.

15. According to the law, does Vietnam require its cable operators to provide open access for internet services?
No.

16. Does your country have unbundling and line sharing rules?
No.

17. What restriction, if any, are placed on the level of foreign ownership of foreign telecom operators?
We see the minimum level of local ownership mandated.

18. Are there regulations regarding portability or preventing customer lock-in
No.

19. Does your country’s national broadband plan or policy set performance targets?
Vietnam has the national broadband plan with minimum download speed 22.77 mbps and minimum upload speed 22.28 mbps.

20. Does Vietnam’s national broadband plan or policy allow different access technologies?
Yes

21. Are there backward compatibility requirements with legacy infrastructure?
Yes

22. Does Vietnam’s national broadband plan or policy set date localizations requirements
Yes

23. Are there spectrum harmonization efforts in the national broadband strategies?
No.

24. Does Vietnam’s national broadband plan set coverage targets?
Yes. The plan includes population with broadband with 40% of the population, schools with broadband with 99% of schools and e-government with 100% national information portal, government portal.

25. Are peak usage charges allowed
No.

26. Are there fiscal incentives to increase access to broadband?
Yes. Incentives in rural broadband subsidies

27. Does Vietnam’s broadband plan or program include the rollout of free, public access points?
Enterprise Registration Certificate
ID Card or Passport of the legal representative
Contract Service with the broadband provide

28. What documents are needed in order to secure a business broadband connection?
Enterprise Registration Certificate
ID Card or Passport of the legal representative
Contract Service with the broadband provide

29. Please list what Broadband Access Providers are available to connection in Vietnam?
VNPT, Viettel, FPT

***
Please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com if you have any questions or want to know more details on the above. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.
THANK YOU!

官民連携 ~ 機能強化 ~ 新PPP法をより良く機能するための包括的且つ累進的な太平洋パートナーシップ及びEUとベトナムとの自由貿易協定の活用

2015年に導入された官民連携(以下、「PPP」)に関する政令15/2015/ND-CP(以下、「政令15号」)は、ベトナムのPPP法が財務的に実現可能性の高いプロジェクトに近づくと法律評論家から高く評価されてきました。
しかし、実行プロセスにおいて、投資家がPPPを投資方法として選択することを阻む法的問題があり、これまでにない控えめなPPPプロジェクトになっています。例えば、政令15号は、プロジェクト契約(すなわち外国当事者及び政府機関保証契約を含む契約)の準拠法を外国法にすることを認めており、その他の旧PPP規則と比べると改善しています。しかし不動産関連については、土地法は解決されていません。
さらに、PPP法は政令レベルでしかない為、PPPプロジェクトに関する規制枠組みは、主に企業法、公共投資法及び入札法などが含まれており、そのほとんどは政府と民間投資家の間の投資連携または民間投資の代わりに公共投資を規制しています。PPP規制が主に政令レベルの為、投資家はまたPPP規制の安定性を懸念しています。PPPプロジェクトが完了するまでに数年を要する間に、政令レベルの規制は改正され、法の履行の際に投資家が混乱する可能性があります。国の機関もまた、これらのPPPプロジェクトを管理する上で、いくつかの困難に直面しています。ベトナム商工会議所(VCCI)の役員から共有された実際の話によると、政府は投資家とPPP契約を締結した後に、政策の変更の為、契約価値の決定を修正しました。その結果、土地価格は事前に合意した金額の14倍に上昇し、投資家に大きな損失をもたらしました。
計画投資省によると、2016年~2020年の間に、総投資額250兆ベトナムドンの598件登録済みPPPプロジェクトが予定されています。政令15号の欠点を考えると、別の政令に変わることなくこれらの数字を達成する事は難しいでしょう。そのような状況で、政令63/2018/ND-CP(以下、「政令63号」)は2018年5月4日に発行され、PPP実施における障害を取り除く為に2018年6月19日から施行されます。
政令63号 何が新しくなったのか?
資本金負担責務
投資家は、プロジェクト実施の為に資本の寄与及び動員の責任があり、具体的には、事業会社の資本金における投資家の出資比率は、以下のように決定されています。
• 総投資額1兆5千億ベトナムドンまでのプロジェクトの場合、投資家が維持しなければならない自己資本金は、総投資額の最低20%

• 総投資額1兆5千億ベトナムドンを超えるプロジェクトの場合

o 1兆5千億ベトナムドンまでの投資の場合
投資家が維持しなければならない自己資本金は、総投資額の最低20%

o 1兆5千億を超える投資の場合
投資家が維持しなければならない自己資本金は、総投資額の最低10%

政府側からの出資要件はありません。
プロジェクト承認当局
政令63号は、以下の当局がPPPプロジェクトを承認することを明確にしています。
• 国会は、重要な国家プロジェクトの投資政策を決定します。

• 首相は、以下のプロジェクトの投資政策を決定します。

o プロジェクトの総投資資本金額が国家資本から30%またはそれ以上、あるいは30%以下で、3,000億ベトナムドン以上を使用するA型プロジェクト

o BT契約を使用するA型プロジェクト

• 関連省庁大臣は、国会及び首相の承認権限に該当しない自らのプロジェクトの投資政策を決定します。

• 地方人民評議会は、以下のプロジェクトの投資政策を決定します。

o 首相の承認権限に該当しないA型プロジェクト

o 公的投資予算を用いたB型プロジェクト

o BT契約を使用するB型プロジェクト

• 地方人民委員会は、国会、首相及び地方人民評議会の承認権限に該当しない自らのプロジェクトの投資政策を決定します。
BTプロジェクトにおける支払い方法
BTプロジェクトを実施する際、投資家は好立地の土地に非常に関心を寄せています。しかし、そのような土地資金が次第に枯渇すると、BTプロジェクトは投資家にとって魅力的ではなくなるでしょう。政令63号は、インフラの為の土地交換に加えてその他の方法を追加しており、投資家は支払いを受けるためより多くの選択肢を有することができるでしょう。特に、投資家は経営権の譲渡、事業・サービスの利用などという形で支払いを受ける可能性もあります。
ベトナムにおけるPPPプロジェクトの機能強化のため、PPPプロジェクトで環太平洋パートナーシップに関する包括的及び先進的な協定(以下、「CPTTP」)及び EUとベトナムとの自由協定(以下、「EVFTA」)の活用方法
対象となる政府事業体及び機関
政令63号によると、 PPP投資家の選定のための入札は、公共調達法に従います。ベトナムの公共調達法は、まだいくつか欠点がありますが、ベトナムはCPTTP及びEVFTAの政府調達の章で、入札を行う手続き、政府が特定の状況において公開入札を行うことを約束しています。投資家は現在ベトナムの政府機関による調達に参加する機会を持ち、もし権限を与えられた状況下で投資家にその機会を与えない場合、政府に対して申し立てをすることができます。
CPTTP及びEVFTAの両方は、特定の金額での特定のモノ・サービスの調達が公開入札対象となる政府事業体と機関のリストを作成しています。CPTPPは、リストの拡大を協定発効から5年以内のみとする一方で、EVFTAはより長い期間認めています(すなわち、15年)。
対象となる調達
次の基準を満たすモノ・サービスまたは任意の組み合わせの政府調達は、EVFTA及びCPTPP政府調達規則の範囲内に入ります。
基準 EVFTA CPTPP
中央政府による調達が合意の対象であるかどうかを決定する金銭的価値 協定発効から15年後
13万特別引出権(以下、「SDRs」)
(米貨換算額1,910万米ドル)

初期暫定基準値 150万SDRs 協定発効から25年後
13万SDRs
(1,910万米ドル)

初期暫定基準値 200万SDRs
中央政府による建築サービスの調達 初期基準値 6,520万SDRs
15年後 850万SDRs 初期基準値 4,000万SDRs
15年後 500万SDRs
対象となる機関 22の中央政府機関(公安省を追加)

42のその他の機関
国有企業2社(ベトナム電力総公社、ベトナム鉄道公社)及び、大学2校(ベトナム国家大学ハノイ校、ベトナム国家大学ホーチミン校)を追加

対象となる準中央政府
2都市(ハノイ及びホーチミン)を追加
リストの拡大は協定発効から15年以内 21の中央政府機関

38のその他の機関

対象となる準中央政府はなし
リストの拡大は協定発効から5年以内
中小企業の為の優遇措置 ほぼ対象外 価値が26万SDRsまたはそれ以下と推定されたモノ・サービスの調達にのみ適用

500人以上の常勤従業員を抱える中小企業には適用されない
オフセットの適用 契約の価値に基づく 対象となる調達の総額に基づく
政府の入札決定にどう訴える?
CPTPP及びEVFTAは、仲裁規則による紛争解決に応じて入札決定に対し、外国投資家がベトナム政府を訴えることを可能にします。違反者は、速やかに仲裁決定に従うために必要な全ての措置をとらなければなりません。不履行の場合、WTOのようにCPTTP及びEVFTAは、一時的な救済(補償)を認めています。
仲裁判断の施行
最終的な仲裁判断は、その有効性に関して地方裁判所に疑問の余地なく拘束力があり強制執行が可能です。これはベトナムにおいて撤回された外国仲裁判断の割合が様々な理由により比較的高いままであるという事実を考慮すると、投資家にとってメリットがあります。
結論
外国投資家がベトナムにおけるPPPプロジェクトの機能性を高める為に、CPTPPとEVFTAの要件を活用することは極めて重要です。これらの協定の基で、上記の基準値を超えるモノ・サービスの調達をする際に、特定のベトナム政府機関は公開入札を行わなければなりません。これらの機関が不適切な入札決定を下す場合、外国投資家は仲裁鉄続きに頼ることができ、ベトナムにおいて仲裁判断を完全に執行することができます。
***
詳細につきましては、オリバー マスマンomassmann@duanemorris.comまでご連絡ください。オリバーはドウェイン・モリス・ベトナム法律事務所の事務所長を務めています。