Author: Dr. Oliver Massmann

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Posted on by Dr. Oliver Massmann

VIETNAM – GUIDE to Anti-Money Laundering

Member of Financial Action Task Force (FATF)?

No, Vietnam is currently not a member of FATF.

On FATF Blacklist?

No.

Member of Egmont?

No.

  • ML background in region
    • Overview of country risks

Vietnam’s deeper integration into regional and world’s economy for the past few years has been a great opportunity for international money laundering crimes. However, money laundering activities only become clearly visible recently though bank accounts opening, securities trading, gambling, illegal transfer of foreign currencies out of the country, use of credit cards, etc. Combating money laundering becomes one of the top concerns not only for the State Bank of Vietnam but also other relevant authorities in Vietnam. According to a report of the State Bank of Vietnam, in 2012, suspicious transactions have a total value of VND51,000 billion, while in 2013 is VND79,000 billion and in 2014, the value goes up to VND119,000 billion. This shows an increasing and alarming number of transactions suspicious of money laundering. We note that the Law on Anti-money Laundering took effect on 01 January 2013. However, it seems that the anti-money laundering legal framework is still not sufficient, guiding implementation remains unclear, awareness of credit institutions of money laundering is low, ability to detect money laundering activities is weak, information technology in anti-money laundering activities is not sufficient, and especially punishment regime for violating acts of the AML is only formalistic. The Government, especially the State Bank of Vietnam is strongly recommended to tighten their regulations in this sector.

  • Key Directives / Legislative framework
  1. Law on Prevention of and Anti Money Laundering No. 07/2012/QH13, issued by the National Assembly on 18 June 2012 (“AML”);
  2. Decree No. 116/2013/ND-CP on detailing the implementation of certain provisions of the AML (“Decree 116”);
  3. Circular No. 35/2013/TT-NHNN on guiding the implementation of certain regulations on anti- money laundering, issued by the State Bank of Vietnam on 31 December 2013 and amended by Circular No. 31/2014/TT-NHNN; and
  4. Penal Code No. 15/1999/QH10 issued by the National Assembly on 21 December 1999, as amended by Law No. 37/2009/QH12.
  • Who are the regulators / monitoring authorities
    • Who are affected / reporting entities?

According to the AML, the following state authorities are responsible for reporting, preventing, and fighting against money laundering activities:

  • SBV is mainly responsible to the Government for state administering the implementation of AML regulations;
  • Ministry of Public Security is responsible for collecting, receiving and investigating information of money laundering related crimes;
  • Ministry of Finance is responsible for implementing AML measures in insurance business, securities sector, prize-winning games and casinos;
  • Ministry of Construction is responsible for implementing AML measures in real estate business sector;
  • Ministry of Justice is responsible for implementing AML measures applicable to lawyers, legal practice organizations, notaries and notary public offices;
  • The People’s Procuracy and the People’s Court coordinate with other agencies in the investigation, prosecution, and resolution of money laundering crimes;
  • People’s Committees at all levels are responsible for conducting legal training on anti-money laundering in the province, co-ordinating with state authorities to implement policies, strategies, and plans to prevent and fight money laundering; and
  • The Anti-Money Laundering Steering Committee is responsible for assisting the Prime Minister in preparing strategy, plans, policies and programs in the process of preventing and fighting against money laundering.
  • Legal requirements for KYC
    • Customer Due diligence

According to the AML, in which cases application of measures to identify clients are required depend on the types of entities and which business activities they are conducting. In particular:

–          For financial institutions:

ü  The clients open accounts or set up transactions with the financial institutions for the first time;

ü  The clients who make infrequent transactions of high value or carry out the transaction of electronic money transfer but lack the information about the name, address, account number of the originator;

ü  There are doubts about transaction or the parties concerned in transactions are related to the money laundering;

ü  There are doubts about the accuracy or completeness of the clients identification information previously collected.

–          For relevant non-financial institutions or individuals:

ü  Doing business in prize-winning games, casinos: clients implementing high value transactions (i.e.¸ over VND60 million per day);

ü  Doing real estate management services, brokerage; real estate transaction floor: when providing these services to the buyer, purchaser and asset owner;

ü  Trading in precious metals and stones: when clients performing the sale and purchase transaction of precious metals and stones with value of over VND300 million per day;

ü  Providing notary and accounting services, the lawyer’s legal service and lawyer practice organizations: when preparing the conditions for conducting the transactions to transfer the land use right, house ownership, management of money and securities or other assets of the clients; managing the clients’ accounts at banks, securities companies; administrating and managing the operation of the clients’ companies, and participating in the activities of purchase and sale of business organizations on behalf of clients;

ü  Providing investment trust services: due diligence for the entrusting party;

ü  Providing services of establishment, management and executive of enterprise; supplying registration office, address or place of business; supplying services of company representative : clients requesting such services;

ü  Providing services of director and secretary provision of the enterprise to a third party: third party and director / secretary to such director;

ü  Providing services of representative supply for shareholders: shareholders and representatives of such shareholder.

The abovementioned services providers/ entities must update the client identification information on a regular basis during the period of having relations with the clients.

In addition, clients must also be classified into different groups, product and services used, their place of residence or headquarter based on different risk exposure levels.

  • Reporting requirements / Obligations
    • Record keeping

Records of clients’ transactions must be kept for at least 5 years from the date of the transaction. Records of customer identification, accounting documents and reports of high value transactions, suspicious transactions and transactions of electronic money transfer exceeding VND500 million or equivalent amount in foreign currency (for domestic transfer) or USD1,000 (for inbound or outbound transfer), must be kept for at least 5 years from the closing date of the transaction or the date of account closure or the reporting date.

    • Tipping off

The reporting entity/ individual is not allowed to inform a person involved in a suspicious transaction that it has reported or will report the transaction to the State Bank of Vietnam.

    • Whistleblowing

The AML only sets out regulations on reporting to the State Bank of Vietnam instead of whistle blowing.

  • Offences
    • Enforcements

If the parties related to the transactions are included in the blacklist or there are grounds to believe that the transaction required to be performed is related to the criminal activities, the reporting entity/ individual must apply measures to delay the transaction within maximum 3 working days and must immediately report in writing and notify via phone to the competent State agencies and the SBV for cooperation. If the reporting entity/ individual does not receive any feedback from the competent State agencies after 3 working days, it can proceed the transaction.

In addition, the reporting entity/ individual must block the accounts or seal or temporarily seize assets of the individuals/ organizations upon having decision of competent state agencies under the law and make report on the implementation to the State Bank of Vietnam.

    • Penalties

Persons violating the AML are subject to administrative sanctions of up to VND250 million, discipline or criminal penalty depending on the nature and seriousness of such violations. The criminal sanctions varies from one year to maximum 15 year imprisonment, together with partly or wholly confiscation of assets, monetary fine of up to 3 times of the violated amount, abandonment of holding certain positions or titles from one to five years.

  • Internal procedures & training

Pursuant to Article 20 of the AML, reporting entities/ individuals must establish internal procedures on prevention and combating money laundering with the following contents:

ü  Client acceptance policy;

ü  Processes and procedures to identify clients, verify and update client information;

ü  Transactions which must be reported;

ü  The process of review, detection, handling and reporting of suspicious transactions; the way to communicate with the clients who make suspicious transaction;

ü  Information keeping and security;

ü  Applying temporary measures and principles of handling the cases of transaction delay;

ü  Reporting and information supply regime to the State Bank of Vietnam and the competent state agencies;

ü  Professional training on the prevention of and combating money laundering;

ü  Internally controlling and auditing the compliance with the policies, regulations, processes and procedures related to the prevention of and combating money laundering, responsibilities of each individual and division in the implementation of internal rules in the prevention of and combating money laundering.

  • Sanctions
    • International conventions

International cooperation in the field of prevention of and combating money laundering includes: (i) exchange of information on prevention of and combating money laundering; (ii) determining and blocking assets of the violating persons; (iii) performing judicial assistance and cooperation in extraditing money laundering offences; and (iv) other aspects. The process, procedures and cooperation methods are in accordance with international agreements to which Vietnam is a party.

  • CTF – Countering terrorist finance

The Ministry of Public Security is tasked with the preparation of a list of organizations and individuals related to terrorism and terrorist finance (“Blacklist”). The reporting entity/ individual must promptly report to the competent anti-terrorism authorities, and at the same time send reports to the State Bank of Vietnam upon detecting organizations and individuals to conduct transactions included in the blacklist or when there is evidence that other organizations and individuals commit acts related to the money laundering crime for terrorism financing.

At the same time, the reporting entity/ individual must apply measures to delay the transaction and block the accounts or seal or temporarily seize assets of the individuals/ organizations.

  • Anti bribery and corruption laws

Corruption is widespread throughout Vietnam. For information, Vietnam ranks 111 out of 168 according to 2015 Corruption Perception Index, a barely budge compared with its rank in 2014 (119th) and in 2013 (116th). Sectors most affected by corruption are Police; Public administration; Health sector, Judiciary; and Land management. Vietnamese government has acknowledged the negative impact of corruption on both Vietnam’s future prosperity and the Party’s own legitimacy, thus has adopted one of the most comprehensive and ambitious anti-corruption laws in Asia. The anti-corruption legal framework has significantly improved after the adoption of the Anti-corruption Law by the National Assembly in 2005 and the National Strategy on Anti-corruption to 2020.

However, in the last ten years of implementation, considering the increasing level of complexity of corruption cases, the current legal framework has been proved to be inadequate to combat corruption in Vietnam. This prompted the Vietnamese Government to refine the current regime to make the policies fully effective and operational in practice.

Draft Law provides a new chapter on Assets and Income Transparency and Control.  Deputies to the National Assembly and People’s Councils, officials holding positions as from deputy head of division in People’s Committee of districts, Secretary, Deputy Secretary, Chairman, Deputy Chairman of People’s Committee, people who work in public companies, credit institutions, etc. must enumerate their assets and incomes. In case their actual assets and incomes are bigger than ones enumerated, the competent authorities shall request tax authority to collect taxes applied on the discrepancy between actual assets and incomes and the ones enumerated; initiate a law suit before courts.

A new section of “Anti-corruption at social organizations” is added.  Chairman, General Secretary, Chief Accountant of a social organization must enumerate their assets and incomes.

Draft Law also provides a new chapter on “Forming a healthy and anti-corruption business culture.” Specifically, enterprises are liable to issue and implement a code of ethics internally in order to form a healthy and anti-corruption business culture.  In its charter and operation policy, the enterprise is responsible to provide its internal control mechanism to prevent conflict of interests, bribery, abuse of powers and other corruption acts. Chairman of Board of Directors, members of Board of Directors, General Director, Directors, Head of Inspection Committee, Chief Accountant of a public company, credit institution, investment fund must enumerate their assets and incomes.  Enterprises are liable to issue their policy on control of their management staff’s assets and incomes control.

There is no definition of “bribery” under Vietnam laws. However, in essence, it could be defined as an act of offering, promising, making or receiving money or anything of value (minimum threshold:  VND 2 million (approx. US$ 100) to induce or influence an act/ omission or decision. The current laws only target people with positions and power (i.e., state officials). Please note the receipt of minimum VND2 billion is subject to death penalty.

  • Forthcoming issues/legislation

o   Money transmitters

Money transfer transactions with nature mentioned under Customer Due Diligence and Record Keeping sections are subjects of the AML. The laws regarding these issue remain in force and there is no information that these rules will be revised in the short term.

If you have any question on the above, please do not hesitate to contact Mr. Oliver Massmann under omassmann@duanemorris.com, Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Thank you very much!

 

 

 

 

 

 

Posted on by Dr. Oliver Massmann

VIETNAM INSURANCE GUIDE

Market overview

Global

  • Member of International Association of Insurance Supervisors (IAIS) ?

Yes, Vietnam became member of IAIS in 2007.

  • Global regulators, bodies and legislation applicable to country

A project “ComFrame” set up by the Internationally Active Insurance Groups (IAIG related to IAIS), is planned to establish regulatory framework with mandatory standards. For now, it remains at the test phase but would become effective by 2019. Vietnam, as a member of the IAIS will have to comply with its regulations.

As a member of the WTO and WHO, Vietnam must also comply with regulations of these organizations with respect to insurance. In its bilateral / multilateral agreements such as Korea – Vietnam FTA, EU- Vietnam FTA, Hong Kong –  ASEAN FTA, ASEAN- China FTA, ASEAN – Australia – New Zealand FTA, commitments on insurance are also binding on Vietnam

In addition, Vietnam is a member of the OECD, which issues guidelines and good practices of non-binding nature for member countries.

European (if applicable) Not applicable for Vietnam

  • Supervised by EIOPA?
  • Does Solvency II apply?
  • Key regulators and rulebooks

Domestic

  • Key regulators

The Ministry of Finance is in charge of the state regulation on insurance business. In addition, on 12 February 2009, the Ministry of Finance (MOF) issued Decision No. 288/QD-TTg to establish the Insurance Supervisory Authority (ISA) under the MOF. The ISA will assist the Minister of the MOF to regulate insurance business nationwide; directly govern and supervise insurance business activities and services related to insurance business in accordance with law.

In June 2009,  Insurance Research and Training Centre (IRTC) under the ISA was established according to Decision No.  1379/QD-BTC . The IRTC is tasked with organizing scientific study and training on insurance and insurance market.

  • Laws and relevant court decisions/judgements

The following laws and regulations mainly govern insurance business in Vietnam:

  1. Law on Insurance Business issued by the National Assembly on 09 December 2000, as amended by Law No. 61/2010/QH12 dated 24 November 2010 (Law on Insurance Business);
  2. Decree No. 73/2016/ND-CP on guiding the implementation of the Law on Insurance Business issued by the Government on 01 July 2016 (Decree 73);
  3. Decree No. 98/2013/ND-CP on administrative sanctions on insurance business and lottery business issued by the Government on 28 August 2013 (Decree 98);
  4. Circular No. 195/2014/TT-BTC on guiding the assessment and classification of insurance companies issued by the Ministry of Finance on 17 December 2014 (Circular 195);
  5. Circular No. 101/2013/TT-BTC on guiding the management and use of fund for policy-holders, issued by the Ministry of Finance on 30 July 2013 (Circular 101);
  6. Decision No. 1826/QD-TTg of the Prime Minister on approving the Plan on “Restructuring the securities market and insurance companies” on 28 December 2012 (Decision 1826).
  • Key rules and requirements may include
  • Senior management responsibilities
  1. Promulgation of legal instruments and implementing guidelines on insurance business; formulation of strategies, policies, master planning and specific plans for the development of the Vietnamese insurance market;
  2. Issuance and withdrawal of licenses for establishment and operation insurers and insurance brokers, and of licenses for establishment of representative offices of foreign insurers and foreign insurance brokers in Vietnam;
  3. Promulgation, ratification and guiding the implementation of insurance regulations, provisions, scales of premiums and commissions;
  4. Supervision of insurance business activities via professional activities, financial status, enterprise management, risk management and compliance with the law on insurers and brokers; application of necessary measures to ensure that insurers satisfy the financial requirements and fulfil their undertakings to purchasers of insurance;
  5. Organization of provision of information on the status of the insurance market and market forecasts;
  6. International cooperation in the area of insurance;
  7. Consent for overseas operations of insurers and insurance brokers;
  8. Administration of the operations of representative offices of foreign insurers and foreign insurance brokers in Vietnam;
  9. Organization of the formation and training of a workforce of insurance management personnel and insurance professional experts; and
  10. Inspection and checks of insurance business activities; resolution of complaints and denunciations, and dealing with breaches of the laws on insurance business.
  • Whistle-blowing rules

There is no such rules specifically for the insurance sector.

  • Foreign ownership limit in an existing shareholding company

ü  The maximum shareholding by an individual shareholder is limited to 10% of the charter capital of the target company;

ü  The maximum shareholding by an institutional shareholder is limited to 20% of the charter capital of the target company; and

ü  The maximum shareholding owned by a shareholder and related persons/affiliates in aggregate is limited to 20% of the charter capital of the target company.

Capital reserve requirements

Reserve funds

Insurers and insurance brokers must establish a compulsory fund to supplement their charter capital and ensure their solvency. Appropriations for the compulsory reserve fund shall be made annually at 5% of after-tax profits. The maximum amount of compulsory reserve fund is equivalent to 10% of the charter capital of the insurance enterprise or issued capital of the foreign branch.

In addition to this compulsory reserve fund, insurers and insurer brokers may establish other reserve funds from their after-tax profits of the fiscal year as determined in their charter. It is noted that after-tax profits must not be first shared among shareholders but only after 5% of such profits is contributed to the compulsory reserve fund.

Insurance reserves

Insurance reserve means an amount of money which an insurer must set aside to pay for its insurance liabilities determined in advance and arising from the insurance contracts which it has entered into.

Insurance reserve must be established for each type of insurance product or insurance contract with respect to that part of liability retained by the insurer or foreign branch. Specific amount contributed for insurance reserve is not yet provided by the MOF given the recent effectiveness of Decree 73.

Security deposit

Insurers must pay a security deposit into a commercial bank operating in Vietnam in an amount of  2% of the legal capital as specified for each type of insurance company (for example, a health insurance company must pay a security deposit of  VND6 billion or USD270,000) within 60 days from the issuance date of the operating license in Vietnam. An insurance enterprise or foreign branch may only use its security deposit to meet undertakings to purchasers of insurance when its solvency is inadequate and upon written approval of the MOF. The whole amount of their security deposit can only be withdrawn upon termination of their operation.

Product specific legislation

Relevant advisory documentation or other requirements, including tax.

  • Life

Legal capital

ü  For life insurance business (excluding unit linked insurance and retirement insurance) and health care insurance business: VND600 billion

ü  Life insurance business and unit linked insurance business or retirement insurance business: VND800 billion

ü  Life insurance business, unit linked insurance business and retirement insurance business: VND1,000 billion.

Qualifications of the appointed actuary

ü    Not be prohibited from managing an enterprise according to Vietnam laws;

ü    In the three consecutive years prior to the time of appointment:

o   Not have been subject to an administrative penalty for a breach in the insurance business sector with the form of penalty being compulsory dismissal from his or her position as a manager or executive, approved by the MOF, or with the form of penalty being suspension from a position to which such person was appointed by an insurance enterprise, insurance broker or foreign branch;

o   Not have been disciplined in the form of dismissal for a breach of internal rules on underwriting, assessment, compensation and indemnity, internal control, management of finance and investment or management of a re-insurance program in an insurance enterprise or foreign branch; or for a breach of the rules on professional insurance broking operations, on internal control or professional ethics of an insurance broker;

o   At the time of being appointed as a manager or executive of an insurance enterprise or foreign branch, not be directly related to any case prosecuted by a competent agency.

ü Have undergone training as an appointed actuary, and have at least 10 years’ work experience as an appointed actuary in the life insurance and be a fellow of one of the Associations of Actuaries which are widely recognized internationally such as the Institute of Actuaries of England; the Society of Actuaries of the USA; the Institute of Actuaries of Australia; the Canadian Institute of Actuaries; or be a member of another Association of Actuaries which is an official member of the International Associations of Actuaries; or have at least 5 years’ work experience as an appointed actuary in the life insurance or health insurance sector from the time of becoming a fellow of one of the above associations.

ü Not have committed any breach of the professional ethics of actuaries.

ü Be an employee of the life insurer.

ü Be resident in Vietnam during the term of office.

Permitted scope of business

Life insurers are not allowed to do non-life business.

Life insurance products must be approved by the MOF in advance.

Insurance reserve

Insurance reserve for life insurance companies includes: actuarial reserve, unearned premium reserve, compensation reserve, profit distribution reserve, committed interest rate reserve and balance reserve.

Investment of idle capital from insurance reserves

Investments of idle capital from insurance reserves of insurance enterprises or foreign branches may be made directly by the insurance enterprise or foreign branch or by entrusting another entity to make the investment, but shall only be invested in Vietnam in the following sectors:

ü Purchase of Government bonds, Treasury bills, Treasury bonds, public bonds for construction of the Homeland, local authority bonds and Government guaranteed bonds without any restriction;

ü Deposits with credit institutions without any restriction;

ü Purchase of shares, bonds of enterprises and fund certificates but not to exceed 50% of idle capital from insurance reserves;

ü Real estate business in accordance with the Law on Real Estate Business but not to exceed 20% of idle capital from insurance reserves;

ü Capital contribution to other enterprises but not to exceed 20% of idle capital from insurance reserves.

  • General insurance

Under Vietnam laws, general insurance is called non-life insurance, which means the types of insurance products being property insurance, civil liability insurance and other products which are not life insurance.

Legal capital

– For non-life insurance business (excluding aviation insurance business and satellite insurance business) and health insurance: VND300 billion

– For non-life insurance business (including aviation insurance business or satellite insurance business) and health insurance: VND350 billion

– For non-life insurance business, including aviation insurance business and satellite insurance business and health insurance: VND400 billion

Qualifications of an appointed actuary regarding reserves and solvency of non-life insurer

ü    Not be prohibited from managing an enterprise according to Vietnam laws;

ü    In the three consecutive years prior to the time of appointment:

o   Not have been subject to an administrative penalty for a breach in the insurance business sector with the form of penalty being compulsory dismissal from his or her position as a manager or executive, approved by the MOF, or with the form of penalty being suspension from a position to which such person was appointed by an insurance enterprise, insurance broker or foreign branch;

o   Not have been disciplined in the form of dismissal for a breach of internal rules on underwriting, assessment, compensation and indemnity, internal control, management of finance and investment or management of a re-insurance program in an insurance enterprise or foreign branch; or for a breach of the rules on professional insurance broking operations, on internal control or professional ethics of an insurance broker;

o   At the time of being appointed as a manager or executive of insurance enterprise or foreign branch, not be directly related to any case prosecuted by a competent agency.

ü Be an associate of an Association of Actuaries which is an official member of the International Associations of Actuaries; or

ü Have at least five years’ work experience in the non-life insurance sector and have evidence of passing two exams of one of the following Associations: the Institute of Actuaries of England; the Society of Actuaries of the USA; the Institute of Actuaries of Australia, and the Canadian Institute of Actuaries, or evidence of passing exams of a training course or program on actuaries recognized by the above Associations as equivalent to two exams of the above Associations; and

ü Not have committed any breach of the professional ethics of actuaries.

Permitted scope of business

Non-life insurance companies are allowed to do health insurance business.

Insurance reserve

Insurance reserve for non-life insurance companies includes unearned premium reserve, claim reserve, and large loss fluctuation reserve.

Investment of idle capital from insurance reserves

ü  Purchase of Government bonds, Treasury bills, Treasury bonds, public bonds for construction of the Homeland, local authority bonds and Government guaranteed bonds without any restriction;

ü  Deposits with credit institutions without any restriction;

ü  Purchase of shares, bonds of enterprises, fund certificates and capital contribution in other enterprises but not to exceed thirty five (35) per cent of idle capital from insurance reserves; and

ü  Real estate business in accordance with the Law on Real Estate Business but not to exceed ten (10) per cent of idle capital from insurance reserves.

  • Reinsurance

Legal capital

–          For non-life reinsurance business or both non-life reinsurance business and health reinsurance business: VND400 billion;

–          For life reinsurance business or both life reinsurance business and health reinsurance business: VND700 billion;

–          For business in all three types of life reinsurance, non-life reinsurance and health reinsurance, VND1,100 billion.

Qualifications of an appointed actuary regarding reserves and solvency of reinsurer

Same as in non-life insurance.

Permitted scope of business

ü  An insurance enterprise or may transfer part but is not permitted to assign all of the liability for which insurance has already been accepted in an insurance contract to one or a number of domestic and foreign insurance enterprises, and other foreign branches;

ü  The maximum level of the liability retained on each risk or on each separate loss shall not exceed 10% of equity.

ü  If an insurance enterprise cedes reinsurance as appointed by an insured person, the maximum rate for re-insurance by appointment shall be 90% of the liability insured;

ü  An insurance enterprise may accept reinsurance of the liability for which another insurance enterprise has already accepted insurance.

Insurance reserve

–          For non-life reinsurance: unearned premium reserve, claim reserve, and large loss fluctuation reserve;

–          For life reinsurance: actuarial reserve, unearned premium reserve, compensation reserve, profit distribution reserve, committed interest rate reserve and balance reserve;

–          For health reinsurance: actuarial reserve, unearned premium reserve, compensation reserve, and balance reserve.

Investment of idle capital from insurance reserves

–          For non-life reinsurance: same as non-life insurance

For life reinsurance and health reinsurance: same as life insurance and health insurance

  • Commercial insurance

Please refer to the Section on General insurance above.

Investment management and markets

Overview of relevant regulation affecting insurers’ investment portfolios, including Asset Liability Management (ALM).

An insurance enterprise can make investment from its equity, idle capital from insurance reserves and other lawful sources.

In addition to rules of domestic investment of idle capital from insurance reserves as mentioned above for each type of insurance business, the following principles apply:

ü  It is not permitted to borrow loans for purposes of direct investment or entrusted investment in securities, real estate, or capital contribution to other enterprises;

ü  It is not permitted to reinvest in any form [being lending to or reinvesting with] capital contributing shareholders (members) or related persons [affiliated persons] as defined in the Law on Enterprises, except for deposits with shareholders (or members) which are credit institutions;

ü  It is not permitted to invest more than 30% of its investment capital sources in companies within one Group or within one group of companies with a mutual ownership relationship (this provision shall not apply to deposits at credit institutions and offshore investment capital sources in the form of establishment of enterprises or branches overseas);

ü  In the case of investment entrustment, the organization accepting entrustment must be issued by the competent agency with a licence to carry out the activities of acceptance of investment entrustment in compliance with the contents of acceptance of investment entrustment.

An insurance enterprise may also make offshore investment but only to set up offshore insurance company or an offshore insurance branch. Such offshore investment must be approved by the MOF.

Enforcement and investigation

  • Rules of regulatory investigation

Insurance business activities must be checked without overlapping and no more than once in respect of one item in any one year with respect to enterprises (except for the case of an extraordinary or unscheduled check).

  • Complaints procedure

There is no specific rule on complaints handling procedure in insurance enterprises. Instead, such rules are as indicated in the insurance contracts and must follow relevant regulations of the Civil Code and economic agreements.

Complaints on administrative decisions will be handled according to laws on complaints and denunciations, which are applied for all sectors.

  • Redress, including Ombudsman service

Depending on the nature and seriousness of violations, the violators may be subject to administrative sanctions (warnings, monetary fines, suspension of operation, remedies) or criminal penalty. In case of causing damages, they must compensate according to Vietnam laws.

  • Insurance mediation compensation schemes

As indicated in the insurance contract. The insured person has maximum one year to claim for indemnity from the date of occurrence of the insured event. Upon occurrence of such insured event, the insurer must pay the indemnity with the time-limit stated in the insurance contract. If there is no statement in the contract, the time-limit is 15 days from the date of receipt of a complete and proper application requesting payment of indemnity.

Personal accident and health care insurance

–          Personal accident insurance: the insurer must pay insurance proceeds to the beneficiary up to the sum insured, based on the actual injury of the person insured and as agreed in the contract.

–          Health care insurance: the insurer must pay insurance proceeds to the beneficiary up to the sum insured, based on the costs of medical examination, treatment and convalescence of the insured person arising as a result of an illness or accident and as agreed in the contract.

Property insurance

–          Property insurance below value: the insurer is only responsible to indemnify in accordance with the ratio of the sum insured to the market value of the insured property at the date of entering the contract.

Double insurance contracts

Upon occurrence of the insured event, each insurer is only responsible to indemnify in accordance with the ratio of the agreed sum insured to the total sum insured under all insurance contracts which the purchaser of the insurance has entered into. The total sum of indemnity payable by all the insurers will not exceed the value of the actual property damage.

Insolvency and policy-holder protection

  • Relevant resolution regime?

There is no separate insolvency regime for insurers. Instead, the Law on Bankruptcy which deals with bankruptcy and insolvency in all sectors will apply.

The general procedure to handle bankruptcy cases is as follows:

ü  Filing the petition to the court to commence bankruptcy procedures (by creditors, employees, grass-root trade union, legal representative of the company, shareholders, Chairman of the Board of Management, etc.)

ü  The court will handle the bankruptcy case according to its competence within 6 working days from the receipt of the petition. Decisions to open bankruptcy procedure must be sent to all relevant parties and published on local newspapers and the People’s Supreme Court web portal.

ü  Calling for the meeting of creditors

ü  Depending on the Resolution of the Creditors’ meeting, the company’s operation can be recovered or the court is requested to announce the bankruptcy.

ü  Management and liquidation of assets are conducted by a liquidator or company that is appointed by the court and specializes in the management and liquidation of assets.

Data protection

There is no separate rule governing data protection in the insurance sector in Vietnam. Instead, Vietnam’s data protection laws are scattered in many legislations, which include the Civil Code, the Penal Code, the Law on Cyber Information Security, the Law on Information Technology, the Law on Telecommunications, the Law on Consumer Protection, the Law on E-Transactions and relevant Decrees guiding implementation of the mentioned laws. These laws include provisions to prevent, detect, stop and address spam, computer viruses and cyber-attacks, and protect information exchanged in cyberspace.

There is no consistent definition of “personal information” in Vietnam laws. General speaking, personal information could be any information that could be used to identify a specific person, including information on payment transactions.

Organisations processing personal information must take appropriate management and technical measures to protect personal information that they have collected and stored and ensure that the personal information is not lost, stolen, disclosed, modified or destroyed without consent.

Depending on the nature of violations of data protection policies, administrative fines (warning, monetary fine) and possible remedial measures or criminal penalties might apply.

Corporate governance

Managers and executives of insurance enterprises, foreign branches and insurance brokers are:

ü  Chairman of the board of management (chairman of the members’ council or company chairman); members of the board of management (members of the members’ council);

ü  Head of the inspection committee; head of the internal audit committee; inspectors (if the enterprise does not establish an inspection committee);

ü  General Director (Director); Deputy General Director (Deputy Director);

ü  Head of the internal control or audit division; chief accountant; branch directors; heads of representative offices; heads of professional sections; appointed actuaries (in the case of a life insurer or health insurer); appointed actuaries regarding reserves and solvency (in the case of a non-life insurer or foreign branch).

Allocation of these people must follow the below principles:

ü  A member of the board of management or members’ council of an insurance enterprise or insurance broker is not permitted to concurrently be a member of the board of management or members’ council of an enterprise operating in the same sector (non-life insurance, life insurance, reinsurance or insurance brokerage);

ü  The general director (director) or deputy general director (deputy director) of an insurance enterprise, foreign branch or insurance broker is not permitted to concurrently work for another insurance enterprise, foreign branch or insurance broker operating in the same sector in Vietnam; and the general director (director) of an insurance enterprise, foreign branch or insurance broker is not permitted to be a member of the board of management or members’ council of another insurance enterprise or insurance broker operating in the same sector in Vietnam;

ü  The general director (director), deputy general director (deputy director), a branch director or a head of a representative office of an insurance enterprise or insurance broker is only permitted to concurrently be the head of no more than one branch or representative office or professional section of the insurance enterprise or insurance broker. The director or deputy director of a foreign branch is only permitted to concurrently be the head of no more than one professional section of such branch;

ü  An appointed actuary of a life insurer or health insurer, an appointed actuary regarding reserves and solvency of a non-life insurer, of a reinsurer or of a foreign branch has the duty of organizing implementation of work to ensure the financial safety of the insurance enterprise or foreign branch. An appointed actuary or an appointed actuary regarding reserves and solvency has independent rights regarding his or her professional specialty and is not permitted to concurrently be the general director (director) or chief accountant.

Financial crime prevention

  • Member of FATF? On FATF blacklist?

Not a members of FATF and not blacklisted either.

***

If you have any question on the above, please do not hesitate to contact Mr. Oliver Massmann under omassmann@duanemorris.com, Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Thank you very much!

 

 

 

Posted on by Dr. Oliver Massmann

Rechtsanwalt in Vietnam Oliver Massmann BANKING LÖSUNGEN FÜR LIQUIDITÄTSENGPÄSSE UND FAULE KREDITE

Die vietnamesische Staatsbank (SBV) steht kurz davor, das Bankensystem zu reformieren und dafür zu sorgen, dass es besser verwaltet und transparenter wird.

Damit Vietnams Finanzmarkt international attraktiver wird, muss die SBV, wie im Folgenden beschrieben, Zirkulare umsetzen und internationale Finanzstandards einführen.

Steuerung des Devisenmarkts
Die Verordnung betreffend Devisengeschäfte wurde mittels Artikel 1.4, Verordnungsnummer 06/2013/PL- UBTVQH13 überarbeitet und angepasst. Diese regelt, dass Unternehmen mit ausländischen Direktinvestitionen und ausländischen Investoren ein Direktkapitalkonto bei einem zulässigen Kreditinstitut einrichten müssen und alle Transaktionen, die Eigenkapitalfinanzierung und Kapitalerträge betreffen, über dieses Konto abwickeln müssen.
Die SBV hat Zirkular 19 herausgegeben, um deutlich zu machen, was mit der oben genannten Verordnung erreicht werden soll. In diesem Zirkular 19 ist insbesondere festgelegt, dass Unternehmen, die auch ausländisches Kapital halten und durch ausländische Investorenprojekte unterstützt werden, mit dem nationalen Recht, wie z.B. dem Investitionsgesetz, Unternehmensrecht, Einkommenssteuerrecht und Körperschaftssteuerrecht, in Einklang gebracht werden müssen.
Es ist der SBV zu empfehlen, dass sie Richtlinien zu der Frage erlässt, wie Überweisungen mit fremder Währung vorzunehmen sind. Es ist nämlich nicht erlaubt, mehr als 5.000 USD ins Ausland zu schaffen und außerdem ist der Geldtransfer in fremde Währungen verboten.

Mögliche weitere SBV Angebote
Das geplante Rundschreiben, das die Entscheidung 1627 ersetzen wird, ist nicht genau genug, was Umschuldungskredite anbelangt.
Kreditinstitute und Ableger ausländischer Banken bieten eine Vielzahl von Umschuldungsmöglichkeiten an, mit denen Kredite umgewandelt werden können, ohne dass dabei ihre Art oder ihr Charakter geändert werden würde oder faule Kredite verschleiert werden würden.
Nimmt man etwa einen mittel- oder langfristigen Kredit auf, um damit einen kurzfristigen abzulösen oder verwendet man einen Kredit in fremder Währung, um einen Kredit abzulösen, der in vietnamesischen Dong gewährt worden ist, ändert man den Kredit nicht wesentlich und verschleiert auch keine faulen Kredite. Würde man solche Vorgänge erlauben, würde dies dem Kreditnehmer helfen, finanziell und damit auch wirtschaftlich handlungsfähig zu bleiben, sich so leichter finanziell zu rehabilitieren und letztendlich den Kredit zurückzahlen zu können.

Lizenzvergabe
Der Regierung wird empfohlen, dass sie es Banken erlaubt, sowohl auf dem vietnamesischen Markt, als auch im Ausland tätig zu sein, damit sie ihren Kunden notwendige Informationen und Dienstleistungen anbieten können, was erst durch eine grenzüberschreitende Tätigkeit möglich wird. Das würde wiederum ihre Zahlungsfähigkeit absichern. Noch viel wichtiger wäre es, die Beschränkungen für den allgemeinen Devisenhandel ganz aufzuheben.
Außerdem ist es dringend notwendig, das Lizenzverfahren für Banken zu modernisieren. Die eingereichten Anträge für die Neuvergabe einer Bankenlizenz werden aktuell nicht bearbeitet, sondern lediglich zurückgestellt. Dadurch können enorme rechtliche Risiken für die Banken entstehen. Obwohl Artikel 89.1 des Kreditinstitutionsgesetzes bei ausländischen Banken eine schriftliche Genehmigung voraussetzt, stehen die Genehmigungsverfahren bei der Lizenzbehörde noch aus, Genehmigungen werden derzeit nicht erteilt. Das liegt vor allem daran, dass es dort keine Bestimmungen dazu gibt, unter welchen Voraussetzungen man die Organisationsstrukturen ausländischer Bankableger genehmigt.
Der SBV wird empfohlen, diesen Prozess voranzutreiben und es ausländischen Bankfilialen zu erlauben, ihre Organisationsstruktur selbst zu bestimmen, und die Pflicht, eine Genehmigung zu haben, für die Übergangszeit abzuschaffen.

Fall Sie Rückfragen zu dem Thema haben, steht Ihnen Oliver Massmann sehr gerne zur Verfügung. Bitte zögern Sie nicht, ihn über omassmann@duanemorris.com zu kontaktieren.
Herr Massmann ist Partner bei Duane Morris Vietnam LCC.

Posted on by Dr. Oliver Massmann

Vietnam – Power and Energy– Outlook on the European Union Vietnam Free Trade Agreement (EVFTA)

Vietnam has expressed its commitment to turn to clean and green energy while prioritizing domestic energy in respect with social, economic and energy security goals. The increasing demand of energy is pressuring Vietnam into developing local resources which requires attracting private investment.

Up to now, Vietnam is not self-sufficient to provide the energy corresponding to local demand.  Therefore, in order to reach energy efficiency, Vietnam must put in place a double action: developing the local sector thanks to private investment, and set up management tools to reduce electricity waste by users.

A report issued by the “Made in Vietnam Energy Plan” commission, concludes that Vietnam can continue using indigenous energy resources (gas, coal, hydro, oil, wind, solar) until a future green energy is developed.  As the fire-coaled sector is expected to be revived, renewal of coal power plants would slow down the air quality deterioration caused by older mega-power coal plants. Yet, other measures could be initiated by the Government.

Encouraging natural gas energy

Vietnam is endowed with natural gas whose use should be preferred to coal use. Indeed, natural gas is a more flexible, cheaper and cleaner fuel than coal. Pursuant to many international agreements encouraging green energy development, Vietnam will be more likely to find financing for renewable energy sector than for coal-fired one.

Investment in exploitation of natural gas should be greatly encouraged as it follows international treaties and is a good economic and environmental opportunity. The Government should then prepare policy and regulatory framework to further enhance foreign and local investment, technology and experience sharing, and to develop successful markets.

Furthermore, development of offshore gas-to-power appears to be another beneficial and economical alternative to imported coal. Not only the cost of natural gas exploitation is less expensive than the cost of clean coal import or production considering taxes and royalties related to gas pricing, but it would also attract more investors. In addition, it would release the State from heavy expenses since the International Monetary Fund estimated that health and environmental costs, with the current energy development plan relying on coal, would reach US$15 billion annually by 2030.

Developing Power Purchase Agreements (PPAs)

The German Agency for International Co-operation issued recommendations regarding wind and solar power purchase agreements (PPAs) for renewable energy. They include specific evaluation of costs and tariffs for PPAs to be more bankable. Ensuring their implementation is greatly encouraged to favor a lasting and sustainable development.

Companies which made public commitment to use renewable energy and any other large power consumer should be entitled to sign Direct Power Purchase Agreements (DPPAs) with power suppliers. We find for instance in the cases of Nike, Coca-Cola, Apple, Google etc., Vietnamese legislation does not allow DPPA. By changing this policy, there will be more foreign investment in the value supply chain of green energy.

Controlling electricity use and reducing energy waste

Through a more efficient use of electricity and reduction of energy waste, Vietnam would be considered a competitive and viable alternative for foreign direct investment. Granting tax incentives for individual households and businesses that reduce their energy use, encouraging solar or wind or any other renewable energy, would depressurize the distribution system and educate users.

Development of waste to energy system in local communities would allow a dual benefit: improve health and hygiene as well as increase power supply and facilitate its distribution. The carbon emissions would be automatically diminished.

Establishment of a Power Price Roadmap using market based pricing with variable pricing considering residential, commercial or industrial use, should prevail. A belief that energy price will remain subsidized by the Government supplants any efforts to promote energy efficiency investment and innovation.  Then, knowledge of energy cost may induce consumers and investors to get more efficient equipment and processes.

Recommendations for Government’s regulations

In order to help the Vietnamese Government reach environmental goals, credit enhancement of the state-owned enterprise Electricity of Vietnam (EVN) should be developed. Guaranteeing that EVN will pay for renewable power supplies by increasing international donors will help ensure the projects’ feasibility and encourage investment.

A more sustainable plan can be implemented if enacted with proper policy and regulatory framework. The main recommendation to secure a greener future environment is to lower the part of coal power plants in the power development plan to 2030.

A flexible plan could be established to adjust the future demand and to stop the risk of a higher or lower demand than estimated. This plan should attract more foreign and local sources of investment and reduce reliability on foreign governments. However, establishing mandatory energy efficiencies and construction requirements for housing, office or retail development would also educate and have a positive impact on the renewable energy sector.

Outlook on the EVFTA

The EVFTA signed on December 2nd 2015 is expected to enter into force by January 2018. Relations between Vietnam and the EU will be greatly intensified, especially since Vietnam is the 2nd to sign such an agreement with the EU after Singapore, which does not compete in the same fields. Many investors will flow from the EU to Vietnam and bring new technologies and techniques.

A chapter in the EVFTA is dedicated to sustainable development and we can expect that the EU, a firm defender of green and clean energy, will influence Vietnam to review its power development plan in a foreseeable future.

Most important issues

–       The coal-fired sector is to be revived according to the power development plan whereas cleaner and more economical alternatives are open to Vietnam.

–       The International Monetary Fund has estimated that US$15 billion would be dedicated annually to health and hygiene costs. Air purification or stopping air quality deterioration is an issue to be solved urgently and threatened by the revival of coal energy.

–       Allowing DPPAs would boost investment and innovation in green energy sector and depressurize the distribution system.

–       Educating suppliers, users and investors through Power Price Roadmap, waste-to-energy system and tax incentives is the most effective way to ensure high observance of the Government’s measures regarding environment.

***

If you have any question on the above, please do not hesitate to contact Mr. Oliver Massmann under omassmann@duanemorris.com, Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Thank you very much!

 

 

Posted on by Dr. Oliver Massmann

RECHTSANWALT IN VIETNAM OLIVER MASSMANN PRIVATISIERUNG VIETNAMS BEMERKENSWERTER FORTSCHRITT IN DER PRIVATISIERUNG ÖFFNUNG VON STAATSUNTERNEHMEN FÜR AUSLÄNDISCHE INVESTOREN AUßER IN 11 BEREICHEN

 

Die von der Regierung erlassene Entscheidung Nr. 58/2016 / QD-TTg sieht 11 Bereiche vor, in denen der Staat die Eigentumsrechte vollumfänglich behält (betrifft 103 Staatsunternehmen):
1. Kartographierung für Zwecke der militärischen und nationalen Sicherheit;
2. Industrielle Produktion und Handel mit explosivem Material;
3. Übertragung, Systemregulierung und Verwaltung der nationalen Elektrizitätsverteilungsnetze; Mehrzweck-Wasserkraft, Atomkraft von besonderer Bedeutung für die Wirtschaft oder Gesellschaft mit Bezug zu Verteidigung und Sicherheit,
4. Organisation der Infrastruktur der nationalen Eisenbahn, staatlich finanzierten Stadtbahn; Frachtverkehr mit nationaler Eisenbahn, staatlich finanzierter Stadtbahn;
5. Flugverkehrsdienste, Notifizierungsdienste für Luftfahrtinformationen; Such- und Rettungsdienste;
6. Sicherheit des Seeverkehrs (ohne Baggerarbeiten, Aufrechterhaltung öffentlich zugänglicher Kanäle);
7. Staatliche Postunternehmen;
8. Lotteriegeschäft;
9. Verlagswesen (ohne Druck- und Verlagszweige);
10. Druckereiwesen, Münzprägung, Herstellung von Goldbarren und goldenen Souvenirs; und
11. Kreditwesen für die wirtschaftliche und soziale Entwicklung, Sicherung des Bankensystems und Kreditinstitute.

Es werden außerdem 137 Staatsunternehmen gelistet, in denen der Staat seine Eigentümerschaft zu jeweils unter 50%, 50% bis 65% oder über 65% behält. Diese Staatsunternehmen werden zwischen 2016 und 2020 mit Eigenkapital ausgestattet werden. Zu diesen Staatsunternehmen gehören auch große Namen wie VNPT, Mobifone, Agribank, Electricity Corporations, Post Corporation von Vietnam, Oil & Gas Corporation von Vietnam, etc.

Branchen, in denen der Staat Anteile von mindestens 65% behält (insgesamt 4 Unternehmen):
1. Betriebsführung von Flughäfen; Betrieb von Flugbereichsdiensten;
2. Navigationsdienste, Überwachung, meteorologische Flugdienste;
3. Mineralabbau in großem Maßstab nach den geltenden Vorschriften zur Einstufung der Bergwerkskala;
4. Gewinnung, Förderung und Nutzung von Öl- und Gasminen; und
5. Finanzwirtschaft und Banken (ohne Versicherungen, Wertpapier- und Fondsmanager, Finanzgesellschaften und Finanzierungsleasinggesellschaften).

Branchen, in denen der Staat Anteile zwischen 50% -65% (insgesamt 27 Unternehmen) behält:
1. Herstellung von Grundchemikalien;
2. Lufttransport;
3. Unternehmen mit einem Marktanteil von 30% oder mehr, die in der Lage sind, ein ausgewogenes Gleichgewicht der Wirtschaft zu gewährleisten und den Markt zu stabilisieren, und zwar in folgenden Bereichen:
a) Reisgroßhandel;
b) Erdöleinfuhren.
4. Herstellung von Zigaretten;
5. Bereitstellung von Telekommunikationsdiensten mit Netzinfrastruktur;
6. Anbau und Verarbeitung von Gummi, Kaffee in strategischen Gebieten, bergigen und abgelegenen Gebiet mit Bezug zu nationaler Verteidigung und Sicherheit;
7. Unternehmen, die Grundbedürfnisse für die Produktionsentwicklung und die Verbesserung des täglichen Lebens, sowie das Auskommen der ethnischen Minderheiten im gebirgigen, abgelegenen und isolierten Gebiet gewährleisten;
8. Elektrizitätshandel (im Einklang mit der Gründung und Entwicklung des Strommarktniveaus).

Die Listung von Unternehmen, die unter Staatseigentum stehen, wird den Prozess der Privatisierung fördern. Für Investoren wird es viel einfacher zu erkennen, welche Unternehmen ausländische Investitionen zulassen. Dennoch trifft die Privatisierung von Staatsunternehmen auf viele Bedenken der Führungskräfte, ihre Beschäftigung an private Investoren zu verlieren.
Die Regierung sollte den Datenschutz verbessern und die Obergrenze für die Anzahl strategischer Aktionäre in Staatsunternehmen aufheben, so dass sowohl staatliche als auch private Investoren Interesse am Privatisierungsprozess finden.

Revidierte Verordnung zur Begrenzung Ausländischer Eigentümer
Mit dem Versuch, mehr ausländische Investitionen auf dem Wertpapiermarkt zu gewinnen und die derzeitige Privatisierung zu beschleunigen, verabschiedete die Regierung am 26. Juni 2015 die Verordnung Nr. 60/2015 / ND-CP zur Lockerung der ausländischen Eigentumsgrenze in bestimmten Branchen.
Allerdings hat die Verordnung 60 nur einen begrenzten Einfluss auf den Aktienmarkt. Die komplizierten und inkonsistenten Verfahren schränken private Initiativen ein und erschweren die Beauftragung von Beratern und Anwälten, was ein erhebliches Hindernis für Investoren darstellt.
Um den ausländischen Kapitalzufluss an den Aktienmarkt insbesondere für kürzlich privatisierte Staatsunternehmen zu fördern, sollten klare Leitlinien für ein transparentes Umfeld geschaffen werden. In der Tat würde ein nachhaltiges Investitionsumfeld durch eine klare Aussage gestützt werden, dass das Investitionsgesetz nicht für öffentliche Gesellschaften, sondern für das Wertpapierrecht gilt.
Darüber hinaus sollten Unternehmen, die nicht in Branchen tätig sind, in denen eine ausdrückliche Beschränkung des ausländischen Eigentums aufgrund vietnamesischer Gesetze oder für Vietnam bindende internationale Abkommen besteht, auch berechtigt sein zu 100 % in ausländischem Eigentum zu stehen.
Darüber hinaus müssen alle ausländischen öffentlichen Unternehmen oder öffentlichen Investmentfonds wie die lokalen Körperschaften behandelt werden, es sei denn, es handelt sich um ausdrückliche Ausnahmefälle, die in den vietnamesischen Gesetzen oder für Vietnam bindende internationale Abkommen geregelt sind.
Unternehmen der Bankenbranche, die einer Privatisierung unterzogen werden, sind recht begrenzt. Die Möglichkeit für Fremdeigentümerschaft sollte erhöht werden, zum Beispiel 35 % für Banken in denen der Staat Mehrheitsgesellschafter ist, 49% für Privatbanken und 100% für Banken, die der Staat für 0 VND gekauft hat.

Transparente Planung der Privatisierung und deren Umsetzung
Die Planung der Privatisierung sowie die Angebote der betroffenen Staatsunternehmen sollten öffentlich bekannt gemacht werden. Um die Effizienz der Privatisierung zu gewährleisten, sollte der Staat die privatisierten Unternehmen verpflichten, den Zeitplan strikt einzuhalten unter Auferlegung einer Geldstrafe von 10% des Nettogewinns der Gesellschaften bei Missachtung des Plans. Außerdem würde durch die Einführung der persönlichen Haftbarkeit von Mitgliedern des Aufsichtsrates für Pflichtverletzungen der Gesellschaft, der Staat die neu privatisierten Unternehmen unter Druck setzen den Regierungsplänen gerecht zu werden.
***
Bitte zögern Sie nicht, Herrn Rechtsanwalt Oliver Massmann unter omassmann@duanemorris.com zu kontaktieren, sofern Sie Fragen haben oder mehr darüber erfahren möchten. Oliver Massmann ist der Geschäftsführer von Duane Morris Vietnam LLC.

Vielen Dank!

Posted on by Dr. Oliver Massmann

VIETNAM CASINO GAMBLING LATEST NEWS – VIETNAMESE ALLOWED TO GAMBLE:

The Ministry of Finance in Hanoi (MOF) just revealed some proposed contents of the long-waiting casino business decree (Casino Decree).

Only 02 casinos are open to Vietnamese individuals on a 3-year piloting scheme, which are located within complex resorts in Phu Quoc District, Kien Giang Province (South Vietnam) and Van Don District, Quang Ninh Province (North Vietnam).

Local players are permitted to enter casinos if they essentially satisfy 04 following conditions:

  1. 21 years old or above;
  2. Monthly salary of VND10 million or more (equivalent to approximately US$440);
  3. Entrance fee is VND1 million (US$44)/24 hours/a person;
  4. Not objected in writing by siblings, spouses and/or biological and adopted parents to play at casinos.

Investors or management companies must have at least 5 years of experience.

Minimum investment capital is US$4 billion (it is also rumored that this amount can be reduced to US$2 billion. No license is issued unless the investor has already injected 50% of the committed investment capital).

Only one casino for one project.

Depending on committed investment capital, the number of gaming machines and tables can be different.

For any casino projects licensed AFTER the issuance of the Casino Decree, for each US$10 million investment capital lot, enterprises are granted with a table and 10 gaming machines. For projects licensed BEFOREHAND, the number of gaming machines and casinos are subject to contents of their already issued investment certificates.

No specific timeline on when the Casino Decree will be issued.

We will keep updating you on latest developments!

If you have any question on the above, please do not hesitate to contact Mr. Oliver Massmann under omassmann@duanemorris.com, Oliver Massmann is the General Director of Duane Morris Vietnam LLC.

Thank you very much!

 

 

Posted on by Dr. Oliver Massmann

VIETNAM – INFRASTRUCTURE DEVELOPMENT – OUTLOOK ON THE EUROPEAN UNION VIETNAM FREE TRADE AGREEMENT (EVFTA)

The Government has enacted several laws in order to promote infrastructure development especially through private investment. The latest one, Decree 15/2015/ND-CP on public-private partnership investment (the PPP Decree), was very promising regarding the forms of contract concerned, the various sectors targeted, the State support or participation and tender requirements. As a matter of fact, its enforcement revealed that more efforts were needed to achieve a successful PPP program.

To implement the PPP Decree, many documents were adopted in various sectors: project development procedures with Circular 02/2016/TT-BKHDT and Decision No. 06/2016/TT-BKHDT issued by the Ministry of Planning and Investment; financial management of PPP projects with Circular 55/2016/TT-BTC issued by the Ministry of Finance; power and energy tackled by the Ministry of Industry and Trade in Circular 23/2015/TT-BCT and Circular 38/2015/TT-BCT and finally transport sector with Circular 86/2015/TT-BGTVT issued by the Ministry of Transport.

Transparency and clearance of the PPP program

The issues remaining after the PPP Decree implementation concern the viability gap funding (VGF) and the project development fund (PDF) which differentiate PPP projects from Build-Operate-Transfer (BOT) ones. Indeed, through availability payments incurred for PPP project, private operators are guaranteed with a profitable VGF regardless of the users’ fees and of the time before being profitable. Regulations on VGF and PDF should be established in order to fully control the PPP scheme.

Furthermore, infrastructure projects do not necessarily have to comply with PPP requirements since other contracts may be less demanding in terms of obligations and using incentives stated in the Investment Law of 2015. The idea, within the PPP program, is to attract private investors such as banks or credit institutions into financing highly-efficient projects and therefore relieving the State from the projects’ funding. This implies granting of more incentives to motivate foreign and local non-state banks.

Under the former regime concerning BOT contracts, a double licensing system was necessary for investors to qualify at selection stage and then for approval of the project and their own capacity.  The new PPP Decree does not clarify the process therefore a simplified procedure should be adopted.

Some difficulties, stated during the development of the drafts of the PPP Decree, are restraining project lenders. The first one concerns the impossibility of a mortgage on land use right for foreign contractors in BOT contracts and the issue regarding the interpretation of the land law. A provision of this law stipulates that a mortgage of land use rights is only possible if all land rents have been paid, whereas in BOT contracts land is granted for free. The Government decided then that a mortgage under this circumstance was impossible as no rent has been paid. The PPP Decree seems to allow payment of a nominal rent but this does not solve the mortgage problem for BOT foreign contractors. A practical provision should allow a certain land security for private investors.

Uncertainty regarding Government’s guarantees

Another concern tackles the guarantee on convertibility and remittability of VND income. Without such a guarantee, some BOT projects would not be bankable and sponsors even with the guarantee of exchange rate might be left with a residual risk of unconvertible income. A clear position on guarantees of exchange rates for project with VND revenues would remove the uncertainty.

The governing law for projects with a foreign contracting party or guaranteed by a competent authority in case the parties are two Vietnamese entities, may be a foreign law if not contradictory to the Vietnamese conflict of law rules. There is an uncertainty as whether the Government guarantees offtake or revenues for PPP projects or contracts under foreign or international law.

Furthermore, projects in sectors such as transport, renewable energy as well as traditional thermal power projects should be prioritized and if PPP projects’ proposals were not satisfactory, this implies to attract more foreign investors to develop sustainable projects. In this idea, the Vietnamese Government should financially support projects through guarantees or profitable VGF. In addition, establishing new guidelines on the preparation of PPP program will enhance projects’ planning and financing.

Opportunities within the PPP program

Many PPP projects are signed or about to be signed and all information related to PPP programs are compiled in a dedicated website provided by the Ministry of Planning and Investment and the Authorized State Agencies (ASAs), the latest also having its own list of projects. Achieving a successful PPP program and promoting infrastructure development in Vietnam require more efforts which could start with letting investors choose between PPP Decree and Investment Law. Indeed, imposing the PPP Decree as the exclusive way of developing infrastructure would be counter-effective regarding economy competitiveness.

As power demand is increasing in Vietnam, coal-fired power projects are under negotiations to be set in place for the time renewable energy will be sufficient to replace coal-fired energy. Due to the Paris Agreement, private investors in the coal-fired power sector will be getting rarer to turn to green energy projects.

Finally, the road sector is vital for economy and climate and yet, the risk allocation and concession principles as well as precisions on the bidding process are still expected in the Vietnamese legislation. Those issues should be solved to allow foreign investors’ involvement in the development of transport infrastructure.

Outlook on the EVFTA

As the EVFTA, officially signed on December 2nd 2015, is expected to enter into force by January 2018, many consequences will emerge. Concerning access to market, Vietnam will be in a privileged situation as the only country of South-East Asia (except for Singapore which does not stand as a direct concurrent) to have signed such an agreement. Both Vietnam and the EU will access a market of hundreds of millions people.

Besides, Vietnam and the EU’s commitments go further than the World Trade Organization’s ones especially in power/energy sector, maritime transport which shows a real effort to create the most sustainable and profitable environment for business and investment. In this idea, the Vietnamese legislation has been amended to become investor-friendly like the Law on Enterprises, the Investment Law and the PPP Decree. Some regulations still need development or implementation but we can expect new provisions and legislation with the entry into force of the EVFTA.

Most important issues

–       The impossibility of a mortgage on land use rights for BOT foreign contractors must be rearranged urgently by allowing a certain form of land or building security to insure BOT projects.

–       The licensing procedure for BOT investors and contractors should be simplified and regulations on VGF and PDF should be provided.

–       A review of the Government’s guarantees and conditions of granting guarantees should be established as to avoid investors’ discouragement at the preparation phase.

–       Investment in coal-fired sector might become rarer due to the Paris Agreement which encourages investment in green energy.

–       The road sector investment is uncertain when it should be supported to allow foreign investors’ involvement in transport infrastructure development.

***

Please do not hesitate to contact 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!

 

 

Posted on by Dr. Oliver Massmann

Rechtsanwalt in Vietnam Oliver Massmann INFRASTRUKTURENTWICKLUNG IN VIETNAM – AUSBLICK ÜBER DAS EU – VIETNAM FREIHANDELSABKOMMEN (EVFTA)

Die Regierung hat mehrere Gesetze erlassen, um die Infrastrukturentwicklung vor allem durch private Investitionen zu fördern. Die jüngste Verordnung Nr. 15/2015 / ND-CP über öffentlich-private Partnerschaftsinvestitionen (PPP, engl. Public Private Partnership) war vielversprechend in Bezug auf die betreffenden Vertragsformen, die verschiedenen Sektoren, die staatlichen Unterstützungs- oder Beteiligungs- und Ausschreibungsanforderungen. In der Tat offenbarte die Durchsetzung der Verordnung, dass größere Anstrengungen erforderlich waren, um ein erfolgreiches PPP-Programm umzusetzen.

Zur Umsetzung der PPP-Verordnung wurden Dokumente in verschiedenen Bereichen verabschiedet: es wurden 1. das Verfahren zu Projektentwicklung mit dem Rundschreiben 02/2016 / TT-BKHDT und dem Beschluss Nr. 06/2016 / TT-BKHDT des Ministeriums für Planung und Investitionen; 2. die Finanzverwaltung von PPP-Projekten mittels Rundschreiben 55/2016 / TT-BTC vom Finanzministerium; 3. die Energie vom Ministerium für Industrie und Handel im Rundschreiben 23/2015 / TT-BCT und Rundschreiben 38/2015 / TT-BCT; sowie 4. im Verkehrssektor mit dem Rundschreiben 86/2015 / TT-BGTVT vom Verkehrsministerium ausgestellt.

Transparenz und Freigabe des PPP-Programms

Nach der Umsetzung des PPP-Beschlusses verbleiben Probleme betreffend der Rentabilitätslückenfinanzierung (VGF, engl. viability gap funding) und Projektentwicklungsfonds (PDF, engl. project development fonds), wodurch sich PPP-Projekte vom Betreibermodell (BOT, engl. Build-Operate-Transfer) unterscheiden. In der Tat wird privaten Betreibern – aufgrund der Verfügbarkeit von Zahlungen für PPP-Projekte – eine rentable VGF garantiert, unabhängig von den Gebühren der Nutzer und der Zeit. Verordnungen über VGF und PDF sollten erlassen werden, um das PPP-System vollständig zu kontrollieren.

Darüber hinaus müssen Infrastrukturprojekte nicht notwendigerweise den Anforderungen der PPP entsprechen, da andere Verträge im Hinblick auf Verpflichtungen und Anreize im Investitionsgesetz von 2015 weniger anspruchsvoll sein können. Die Überlegung im Rahmen des PPP-Programms besteht darin, private Investoren wie z.B. Banken oder Kreditinstituten zur Finanzierung hocheffizienter Projekte zu bewegen und damit den Staat von der Projektfinanzierung zu entlasten. Dies impliziert weitere Anreize zu gewähren, um ausländische und lokale nichtstaatliche Banken zu motivieren.

Im Rahmen der früheren Regelung über BOT-Verträge war für die Anleger ein doppeltes Lizenzsystem erforderlich, um sich bei der Auswahl und dann für die Genehmigung des Projekts und ihrer eigenen Kapazität zu qualifizieren. Das neue PPP-Dekret verdeutlicht diesen Prozess nicht, daher sollte ein vereinfachtes Verfahren beschlossen werden.

Einige Schwierigkeiten, die bei der Entwicklung der Entwürfe des PPP-Dekrets festgestellt wurden, beeinträchtigen Projektkreditgeber. Die erste betrifft die Unmöglichkeit  für ausländische Auftragnehmer in BOT-Verträgen Landnutzungsrechte als Sicherungsmittel einzusetzen und die Frage nach der Auslegung des Bodenrechts. Eine Bestimmung dieses Gesetzes sieht vor, dass Landnutzungsrechten nur als Sicherungsmittel eingesetzt werden können, soweit die Pacht vollständig bezahlt wurde, während nach BOT-Verträgen Grundstücke frei gewährt wird. Die Regierung entschied dann, dass Sicherungsmittel unter diesem Umstand unmöglich bereitzustellen ist, da keine Pacht bezahlt wurde. Das PPP-Dekret scheint die Zahlung einer nominalen Pacht zuzulassen, aber dies löst nicht das Problem mit Sicherungsmitteln für BOT ausländische Auftragnehmer. Durch praktische Regelungen sollte Privatanlegern zumindest eine gewisse Sicherungsmöglichkeit durch ihre Grundstücke eingeräumt werden.

Unsicherheit über die Bürgschaften der Regierung

Eine weitere Schwierigkeit betrifft die Garantie auf die Umwandelbarkeit und die Rückzahlbarkeit des Einkommens in Vietnamesische Dong. Ohne eine solche Garantie, wären einige BOT-Projekte nicht diskontfähig und Sponsoren könnte – selbst mit einer Garantie eines gleichbleibenden Wechselkurs – ein Restrisiko bleiben die Einnahmen nicht umwandeln zu können. Eine klarstellende Gewährleistung von Wechselkursen für Projekte mit Einnahmen in Vietnamesischen Dong, würde diese Unsicherheit beseitigen.

Anwendbares Recht für Projekte mit einer ausländischen Vertragspartei, oder zweier vietnamesischer Unternehmen, sofern die zuständige Behörde dies zulässt, kann dann ausländisches Recht sein, solange dies nicht im Widerspruch zum vietnamesischen Kollisionsrecht steht. Es besteht Unklarheit darüber, ob die Regierung Gewinne oder Einnahmen für PPP-Projekte, sowie Verträge nach ausländischem oder internationalem Recht garantiert.

Darüber hinaus sollten Projekte in Branchen wie Verkehr, erneuerbaren Energien sowie traditioneller Wärmeenergie bevorzugt werden, und wenn die Vorschläge der PPP-Projekte nicht zufriedenstellend waren, bedeutet dies, dass ausländische Investoren dafür gewonnen werden sollten, sich vermehrt für die Entwicklung nachhaltiger Projekte einsetzen. Mithin sollte die vietnamesische Regierung Projekte durch Garantien oder profitable VGF finanziell unterstützen. Darüber hinaus wird die Festlegung neuer Richtlinien für die Vorbereitung des PPP-Programms die Planung und Finanzierung der Projekte verbessern.

Chancen im Rahmen des PPP-Programms

Viele PPP-Projekte sind bereits unterzeichnet oder werden noch unterzeichnet und alle Informationen im Zusammenhang mit PPP-Programmen sind auf einer speziellen Website zusammengestellt, die durch das Ministerium für Planung und Investitionen und die Authorized State Agencies (ASAs) veröffentlicht werden, zuletzt auch mit einer eigenen Liste von Projekten. Den Erfolg zu erreichen mit einem PPP und die Infrastrukturentwicklung in Vietnam zu fördern, erfordert weitere Anstrengungen, was beginnen könnte mit einem Wahlrecht von Investoren zwischen der PPP-Verordnung und dem Investitionsrecht. Tatsächlich wäre die Verabschiedung der PPP-Verordnung als die einzige Möglichkeit Infrastruktur zu entwickeln, in Bezug auf die wirtschaftliche Wettbewerbsfähigkeit kontraproduktiv.

Da die Energienachfrage in Vietnam steigt, wird derzeit angedacht bis zu dem Zeitpunkt, an dem erneuerbare Energien ausreichen werden, vermehrt Kohlekraftwerke zu nutzen. Aufgrund des Pariser Übereinkommens werden private Investoren, die Kohlekraftwerke investieren rarer, da der Fokus auf der Grünen Energiebewegung liegt.

Schließlich ist der Straßenbausektor für Wirtschaft und Klima unentbehrlich, und doch bestehen für die Risikoverteilung, die Konzessionsgrundsätze und Klarstellungen des Bieterprozesses noch hohe Erwartungen an die vietnamesische Gesetzgebung. Diese Fragen sollten gelöst werden, um die Beteiligung der ausländischen Investoren an der Entwicklung der Verkehrsinfrastruktur zu ermöglichen.

Ausblick auf die EVFTA

Durch die EVFTA, die am 2. Dezember 2015 unterzeichnet und voraussichtlich bis Januar 2018 in Kraft treten wird, ergeben sich viele Änderungen. In Bezug auf den Marktzugang wird Vietnam in einer privilegierten Situation sein, da es als einziger Staat Südostasiens (abgesehen von Singapur, das eine kaum vergleichbare Ausgangssituation aufweist) eine solche Vereinbarung unterzeichnet hat. Sowohl Vietnam als auch die EU werden auf einen Markt von Hunderten von Millionen Menschen zugreifen.

Darüber hinaus gehen die Verpflichtungen Vietnams und der EU weiter, als die der Welthandelsorganisation – insbesondere im Energiesektor, im Schiffstransportwesen – was die ehrliche Bemühung zur Schaffung eines nachhaltigeren und profitableren Umfelds für Wirtschaft und Investitionen beweist. In diesem Sinne wurde die vietnamesische Gesetzgebung geändert, um Investoren-freundlicher zu werden, wie das Konzernrecht, das Investitionsrecht und die PPP-Verordnung. Einige Verordnungen brauchen noch Entwicklung oder Umsetzung, aber wir können mit dem Inkrafttreten der EVFTA neue Bestimmungen und Rechtsvorschriften erwarten.

Die wichtigsten Fragen

– Die Unmöglichkeit einer Hypothek auf Landnutzungsrechte für BOT ausländische Auftragnehmer bedarf dringender Nachbesserung, indem sie für BOT Projekte eine bestimmte Form von Sicherungsmittel durch Grundstücke oder Eigentum erlaubt.

– Das Genehmigungsverfahren für BOT-Investoren und Vertragspartner sollte vereinfacht und Vorschriften über VGF und PDF erstellt werden.

– Es sollte eine Überprüfung der von der Regierung abgegebenen Garantien und deren Voraussetzungen vorgenommen werden, um zu vermeiden, dass die Anleger in der Vorbereitungsphase entmutigt werden.

– Investitionen im Kohlebereich könnten seltener werden aufgrund des Pariser Abkommens, das Investitionen in die grüne Energie fördert.

– Für Investitionen für Straßenverkehr bleibt ungewiss, wann die Beteiligung der ausländischen Investoren in die Entwicklung der Verkehrsinfrastruktur unterstützt werden soll.

***

Bitte zögern Sie nicht, Herrn Rechtsanwalt Oliver Massmann unter omassmann@duanemorris.com zu kontaktieren, sofern Sie Fragen haben oder mehr darüber erfahren möchten. Oliver Massmann ist der Geschäftsführer von Duane Morris Vietnam LLC.

Vielen Dank!

 

 

Posted on by Dr. Oliver Massmann

Vietnam  – Real Equitization Progress – Opening State Owned Enterprises up to Foreign Investors except for 11 Sectors

 

Decision No 58/2016/QD-TTg issued by the Government establishes 11 sectors in which the state will retain full ownership (103 SOEs):

  1. Mapping measurement for military and national security purpose;
  2. Industrial explosive material production and trading;
  3. Transmission, system regulation and management of the national electricity distribution grids; multi-purpose hydropower, nuclear power of particularly importance for economy – society attached to defense and security,
  4. Management of infrastructure system of national railway, urban rail invested by the State; running transportation of national rail, urban rail invested by the State;
  5. Air traffic services, notification services of aeronautical information; search and rescue services;
  6. Maritime security (excluding dredging, maintaining public navigable channels);
  7. Public post;
  8. Lottery business;
  9. Publishing (not including printing and publishing publications sectors);
  10. Printing, minting money, producing gold bars and golden souvenirs; and
  11. Credit policy for economic and social development, securing banking system and credit institutions.

It also lists 137 SOEs in which state will retain ownership from below 50%, 50%-65% and over 65%. These SOEs will be equitized during 2016-2020 period. Among these SOEs include big names such as VNPT, Mobifone, Agribank, Electricity Corporations, Post Corporation of Vietnam, Oil & Gas Corporation of Vietnam, etc.

Sectors in which the state will retain ownership of over 65% (there are 4 companies in total) include:

  1. Operation management of airports; operating flight area services;
  2. Navigation information services, surveillance, aviation meteorological services;
  3. Mineral mining of large scale according to current regulations on classification of mine scale;
  4. Exploration, development and exploitation of oil and gas mines; and
  5. Finance and Banking (excluding insurance, securities and fund management companies, finance companies and financial leasing companies).

Sectors in which the state will retain ownership of 50%-65% (there are 27 companies in total) include:

  1. Production of basic chemicals;
  2. Air carriage;
  3. Enterprises whose market share is 30% or higher, having a role to ensure major balance of the economy and stabilize the market, operating in the following areas:
  4. a) Rice wholesale;
  5. b) Focal petroleum imports.
  6. Production of cigarettes;
  7. Provision of telecommunications services with network infrastructure;
  8. Growing and processing rubber, coffee in strategic areas, mountainous and remote area linked to national defense and security;
  9. Enterprises ensuring basic needs for the development of production and improving material life, spirit of ethnic minorities in mountainous, remote and isolated area;
  10. Electricity retail business (consistent with the formation and development of the electricity market levels).

The publication of companies with state ownership will encourage the equitization process. Investors will find it much more easier to know which enterprises still allow for foreign investment. Yet, equitization of SOEs is raising many concerns due to the leaders’ fear of losing their employment to private investors.

The Government should improve information disclosure and lift the cap on the number of strategic shareholders in SOEs so that both the state and private investors find interest in the equitization process.

Clarified regulation on Foreign Ownership Limit

With an attempt to attract more foreign investment in the securities market and expedite the current equitization process, on 26 June 2015, the Government issued Decree No. 60/2015/ND-CP to relax foreign ownership limit in certain sectors.

However, Decree 60 has had a limited impact on the stock market. The complicated and inconsistent procedures restrain private initiatives and onerous requirement of hiring consultant and lawyers constitutes a significant drag for investors.

To encourage foreign capital inflow to the stock market especially for newly privatized SOEs, clear guidelines creating a transparent environment should be established. Indeed, a sustainable investment environment would be supported by a clear statement that the Law on Investment does not apply for public companies but the Law on Securities.

Moreover, enterprises not operating in sectors where there is explicit limit to foreign ownership in Vietnam laws or international agreements to which Vietnam is a party should be eligible to 100% foreign ownership.

In addition, all foreign-invested public companies or public investment funds must be treated the same as local entities, except for specific cases being explicitly stated in the Vietnamese legislation or international agreement to which Vietnam is a party.

Companies operating in the banking sector subject to equitization are quite limited. Foreign ownership should be raised, for instance, to 35% for banks in which the State is a majority shareholders, 49% for private banks and 100% for banks bought at 0VND by the state.

Transparent privatization schedule and enforcement

The privatization schedule as well as bid offers of each SOEs concerned should be publicly published. In order to ensure the equitization efficiency, the State should oblige privatized companies to strictly follow the schedule by imposing fine of 10% of the company’s net profit. Besides, by holding members of the board personally accountable for the company’s violation, the state would press the newly privatized company to meet with the Government’s schemes.

***

If you have any question on the above, please do not hesitate to contact Mr. Oliver Massmann under omassmann@duanemorris.com, Oliver Massmann is the General Director of Duane Morris Vietnam LLC. Thank you very much!

 

 

Posted on by Dr. Oliver Massmann

Rechtsanwalt in Vietnam Oliver Massmann PHARMAZEUTISCHER SEKTOR – AUSBLICK AUF DAS EU – VIETNAM FREIHANDELSABKOMMEN (EVFTA)

Vietnam hat große Fortschritte in der Qualität des pharmazeutischen und medizinischen Sektors gemacht. Durch Erhöhung des Etats im Gesundheitsbereich auf fünf bis sechs Prozent des Bruttoinlandsprodukts zählt Vietnam zu den Staaten mit den besten Ergebnissen in der ASEAN. Die Verabschiedung der Verordnung 19 / NQ-CP / 2015 über die nationale Wettbewerbsfähigkeit, der Verordnung 35 / NQ-CP / 2016 zur Unterstützung der Unternehmensentwicklung sowie des neuen Arzneimittelgesetzes vom 4. Juni 2016 mit Wirkung zum 1. Januar 2017 verbessert die Gesundheitswirtschaft im Hinblick auf den verbesserten Zugangs zu medizinischer Versorgung. Vereinbarungen wie das Freihandelsabkommen EU-Vietnam (EVFTA), die ASEAN-Wirtschaftsgemeinschaft (AEC) oder die transeuropäische Partnerschaft (TPP), in denen Vietnam Mitglied ist, werden die positiven Fortschritte in diesem Sektor weiter vorantreiben. Darüber hinaus werden Leitlinien für die Umsetzung des Arzneimittelgesetzes in den folgenden Monaten abgeschlossen sein, um die verbleibenden Fragen in sowohl örtlichen als auch ausländischen Industrien zu lösen.

Sicherstellung eines schnellen und nachhaltigen Zugangs zu moderner Medizin

Die Erwartungen, die sich aus den Gesetzesvorhaben ergeben, betreffen den nachhaltigen Zugang für vietnamesische Patienten zu innovativen Medizinprodukten und das öffentliche Beschaffungswesen für hochwertige Arzneimittel. Die Gründung von „Unternehmen mit ausländischen Investoren“ (im Folgenden: FIE, engl. Foreign Investment Enterprises) in Vietnam muss unterstützt werden, um die örtliche Industrie zu einer der zentralen pharmazeutischen Industrien der ASEAN zu entwickeln.

Das neue Arzneimittelrecht begünstigt die Gründung von FIE im pharmazeutischen Sektor, da es notwendig ist, Zugang zu den innovativsten Arzneimitteln und Techniken zu erlangen. Dennoch bleiben einige rechtliche Grauzonen, um den gleichen Zugang zum Pharmamarkt für ausländische und lokale Unternehmen zu gewährleisten. Tatsächlich wurden der ausländischen Repräsentanz – der am häufigsten gewählten Form ausländischer Pharmaunternehmen vor Ort – nicht die gleichen Rechte eingeräumt, wie anderen Unternehmen.

Zu verhindern, dass Repräsentanzen Verträge abschließen, Medikamente und Impfstoffen importieren, Medikamente im Inland veräußern, sowie jegliche gewinnbringende Tätigkeiten in Vietnam durchführen, erschwert unweigerlich Finanzinvestitionen, die Entwicklung lokaler Einrichtungen und den Technologietransfer. Um die Zahl der FIE zu erhöhen, sollten klare und praktisch anwendbare Leitlinien eingeführt werden.

Erleichterung der bürokratischen Verfahren

Die vietnamesische Regierung befreite auch einige pharmazeutische Produkte, wie Medikamente oder medizinische Geräte, von der Voraussetzung lokaler klinischer Studien. Zuvor mussten 2,5 bis 5-jährige lokale klinische Studien abgeschlossen werden, um eine Marktzulassung zu erhalten, weshalb die teilweise Lockerung dieser Voraussetzung ein wichtiger Schritt zu einem schnelleren Zugang zu modernen Arzneimitteln ist. Jedoch geht aus dem Gesetzestext nicht klar hervor, ob biologische Präparate und Impfstoffe ebenfalls von dieser Freistellung profitieren, insbesondere wenn eine solche Freistellung den Regeln des EVFTA widerspricht. Vietnam sollte einhalten, was in internationalen Abkommen zur Förderung des Vertrauens von Anlegern und der Unternehmensgründern versprochen wurde.

Weitere Hindernisse für die Niederlassung von Pharmaunternehmen sind die Lizenzvorgaben und die Visaverfahren, die alle fünf Jahre stattfinden. Ein kompliziertes Verfahren, da die Erneuerung zwischen 18 und 24 Monaten dauern kann, das aber nur 12 Monate vor dem Ende des bestehenden Visums begonnen werden kann.

In der Ausschreibung 09/2016 / TT-BYT des Gesundheitsministeriums vom 5. Mai 2016, mit Wirksamkeit seit dem 1. Juli 2016, sind Arzneimittel gelistet, die im Rahmen eines Ausschreibungsverfahrens beschafft werden müssen. Soweit hier eine klare Umsetzung erfolgen und das Verbot des Einsatzes ausländischer Produkte in der öffentlichen Beschaffung von Arzneimitteln aufgehoben werden würde, trüge dies dazu bei das Ziel eines universellen Zugangs zu medizinischer Versorgung und hochwertiger Medizin für jeden vietnamesischen Patienten zu erreichen.

Lösung von Problemen des Patentrechts

Gefälschte Medikamente sind ein ernstes Problem in Vietnam, dem man sich dringend annehmen muss. Die vietnamesische Gesetzgebung ist unzureichend, sofern es um die Regulierung des  Patentrechts und des Datenschutzes geht. In internationalen Abkommen wurden viele Mechanismen geschaffen, um ein sichereres Umfeld für Investitionen zu gewährleisten, wie die Verabschiedung eines Patentrechtschutzes, von Vollstreckungsrecht oder von Datenschutzrichtlinien (im Folgenden RDP, engl. Regulatory Data Protection). Daher sollte Vietnam RDP einführen, sowie Geldbußen und Sanktionen bei Rechtsverstößen einrichten.

In Vietnam trägt derjenige die Beweislast, der einen Anspruch aus seinem geistigen Eigentum, oder eine Verletzung seines Datenschutzes geltend machen will. Darüber hinaus ist bei der Einreichung einer Patentanmeldung die Geheimhaltung nicht automatisch gewährleistet und muss explizit in das Arzneimittelpatentanmeldungsformular beantragt werden. Die Arzneimittelbehörde von Vietnam nimmt die Anträge entgegen und ist oft zurückhaltend, sich gegenüber den FIE zu verpflichten die Geheimhaltung zu gewähren. Diese Problematik stellt ein Hindernis für Investitionen in der pharmazeutischen Forschung und Entwicklung sowohl für ausländische und lokale Investoren dar.

Förderung der Entwicklung einer Krankenversicherung

Die Entwicklung hin zu einer Krankenversicherung wurde erst kürzlich aufgrund von Initiativen der Regierung begonnen. Dies zeigt die Bedeutung des Einsatzes öffentlicher Mittel für die Entwicklung des Gesundheitsbereiches, auch wenn deren Bedeutung bei den Gesundheitsfonds abnimmt. Tatsächlich übernehmen private Fonds die Führung in Investitionen im Gesundheitssektor, da diese sich gemeinsam mit dem Markt stetig ausbreiten. Die von der vietnamesischen Regierung unterzeichneten Abkommen werden mehr ausländische Privatanleger anziehen und private Fonds, die in der Branche dominieren.

Dennoch stützt sich das Krankenversicherungssystem in Vietnam vor allem auf Beitragszahlungen der Bevölkerung, und da ein Teil der Bevölkerung alternative und traditionelle Medizin gegenüber der westlichen Medizin bevorzugt, spricht dies gegen eine umfassende Krankenversicherung aller vietnamesischen Bürger.

Ausblick auf das EVFTA

Das EVFTA, das am 5. Dezember 2015 unterzeichnet und voraussichtlich bis Januar 2018 in Kraft treten wird, eröffnet neue Bedingungen und Möglichkeiten für sowohl den europäischen als auch den vietnamesischen Markt. Es beinhaltet spezifische Regelungen zu Im- und Export von Arzneimitteln. Zum Beispiel wird Vietnam gemäß Artikel 14.2 Kapitel 2 des Abkommens verpflichtet Rechtsinstrumente zu schaffen und umzusetzen, um die Gründung von FIE in Vietnam zu ermöglichen. Darüber hinaus verpflichtet dieser Artikel Vietnam, den FIE die Möglichkeit zu geben Arzneimittel, die direkt von ihnen importiert werden, zu veräußern auf direktem Weg, über Händler oder Großhändler, auch ohne den Nachweis eines Zertifikats für Gute Lagerungspraxis (GSP).

Soweit sich die vietnamesischen Gesetzgebung verantwortlich zeigen wird für die Anforderungen von  Zulassung und die Zulassungsverfahren, würde dies einen nachweisbaren Einfluss des EVFTA begründen, da so die Gründung von FIE und deren erweiterter Tätigkeitsbereich gefördert würde. Daher steht zu erwarten, dass zugrundeliegende vietnamesischen Regelungen angepasst werden, um den EVFTA-Anforderungen gerecht zu werden und so in absehbarer Zeit einen liberalisierten Pharmamarkt zu schaffen.

Die wichtigsten Punkte:

– Beschränkungen der Rechte von Repräsentanzen und das komplexe Registrierungsverfahren dürften die Neugründungen von pharmazeutischen FIE einschränken.

– Regelungen des Patentrechts zum Schutz der Antragsteller und ihre Patente würden die Forschung und Entwicklung fördern und die Schaffung innovativer pharmazeutischer Produkte in Vietnam beschleunigen. Außerdem muss das Problem nach gefälschten Medikamenten dringend bekämpft werden.

– Die Entwicklung der Krankenversicherung ist begrenzt durch dessen Finanzierungssystem und durch das Misstrauen, das manche Menschen in die westliche Medizin haben. Die Einführung eines Rücktrittsrechts bei Medikamenten und medizinischen Dienstleistungen würde dazu beitragen, diese zu fördern.

Bitte zögern Sie nicht, Herrn Rechtsanwalt Oliver Massmann unter omassmann@duanemorris.com zu kontaktieren, sofern Sie Fragen haben oder mehr darüber erfahren möchten. Oliver Massmann ist der Geschäftsführer von Duane Morris Vietnam LLC.

Vielen Dank!

 

 

 

 

© 2009- Duane Morris LLP. Duane Morris is a registered service mark of Duane Morris LLP.

The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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