{"id":1236,"date":"2022-02-07T13:46:13","date_gmt":"2022-02-07T06:46:13","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/vietnam\/?p=1236"},"modified":"2022-02-07T13:46:13","modified_gmt":"2022-02-07T06:46:13","slug":"mergers-acquisitions-in-vietnam-2022-edition","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/vietnam\/2022\/02\/07\/mergers-acquisitions-in-vietnam-2022-edition\/","title":{"rendered":"Mergers & Acquisitions in Vietnam – 2022 edition"},"content":{"rendered":"

1.\tWhat are the key rules\/laws relevant to M&A and who are the key regulatory authorities?<\/strong>
\nThere is no single document regulating M&A activities in Vietnam. The relevant rules are contained in several laws and regulations governing general corporate and investment issues. These laws and regulations include:
\n\u2022\tInvestment Law No. 61\/2020\/QH14 and Enterprise Law No. 59\/2020\/QH14 issued by the National Assembly on 17 June 2020, and their guiding documents, namely Decree No. 01\/2021\/ND-CP and Decree No. 01\/2021\/ND-CP. These laws set out the general legal framework, conditional sectors and investment procedures. The authorities responsible for enforcing these laws are the:
\n\u2022\tPrime Minister;
\n\u2022\tlocal People’s Committee;
\n\u2022\tMinistry of Planning and Investment;
\n\u2022\tMinistry of Industry and Trade;
\n\u2022\tMinistry of Health; and
\n\u2022\tOther ministries depending on the business activities of the target companies.
\n\u2022\tLaw on Securities No. 54\/2019\/QH14 issued by the National Assembly on 26 November 2019, and its implementing documents, in particular Decree No. 155\/2020\/ND-CP issued by the Government on 31 December 2020. This Law regulates the acquisition of shares in public and private companies in Vietnam, including public tender offers. The authorities responsible for enforcing the Law include the:
\n\u2022\tState Securities Commission (SSC);
\n\u2022\tVietnam Securities Depository Centre; and
\n\u2022\tMinistry of Planning and Investment.
\n\u2022\tCompetition Law No. 23\/2018\/QH14 issued by the National Assembly on 12 June 2018, which is enforced by the Vietnam Competition Authority (VCA). Under this Law, any M&A transaction that causes or may likely cause substantial anti-competitive effects on the Vietnamese market will be prohibited.
\n\u2022\tForeign exchange regulations. An investment capital account in Vietnamese dong is a condition, among others, for capital contribution\/share purchase or subscription. These regulations are enforced by banks and the State Bank of Vietnam.
\n\u2022\tVietnam’s WTO Schedule of Specific Commitments on Services. This sets outs the ratio of shares that can be owned by foreign investors in various specific sectors.
\n\u2022\tOther specific regulations for the acquisition of shares in Vietnamese companies operating in special sectors, such as banking and finance, insurance, and so on. These sectors are highly regulated by the relevant authorities.<\/p>\n

2.\tWhat is the current state of the market?<\/strong>
\nVietnam has remained an attractive destination for foreign investors: In 2021, the total registered FDI capital to Vietnam was USD31,15 billion, an increase of 9,2% compared to 2020 despite continuous waves of different Covid-19 variants. Investment in the form of capital increasement is increased dramatically by 40,5% compared to 2020, suggesting the continuing satisfaction of current foreign investors who have been doing business in Vietnam. Foreign investors contributed capital to domestic enterprises mainly in the field of processing technology and manufacturing (USD 18,q billion) as well as water and energy sector (USD 5,7 billion), real estate (USD 2,6 billion), retail and wholesale (USD 1,4 billion). Main investors still come from Japan, Korea, Singapore, and China.
\nThe main drivers of Vietnam\u2019s M&A market are:
\n\u2022\tPrivatization of state-owned enterprises (SOE). According to Resolution No. 01\/NQ-CP issued by the Government in 2021, one of the key tasks in 2021 was to continue strengthening the restructuring, equitisation and divestment of SOEs. The government also aims to publicize equitized enterprises that are eligible but are not listed nor registered for trading on the stock market.
\n\u2022\tTrade liberalization as a result of CPTPP, EU- Vietnam FTA, and so on.
\n\u2022\tResolution No. 42 on pilot program of handling bad debts of credit institutions is also the main driving force of M&A in real estate sector as bad debts in real estate sectors accounts for a high percentage of the total bad debts in Vietnam\u2019s market.
\nMajor deals:
\n\u2022\tOn 28 October 2021, Sumimoto Mitsui group (Japan) bought 49% shares in FE Credit, a subsidiary of VPBank.
\n\u2022\tIn June 2021, Alibaba and Baring Private Equity Asia invested USD400 millions into The CrownX, acquiring 5,5% stake.
\n\u2022\tOn 9 October 2021, Thaco Group (Vietnam) acquired 100% stake in Emart supermarket chain in Vietnam of Emart Group (Korea)<\/p>\n

3.\tWhich market sectors have been particularly active recently?<\/strong>
\n\u2022\tProcessing technology and manufacturing
\n\u2022\tRenewable energy
\n\u2022\tWater and waste treatment
\n\u2022\tPharmaceuticals
\n\u2022\tConsumer retails
\n\u2022\tReal estate<\/p>\n

4.\tWhat do you believe will be the three most significant factors influencing M&A activity over the next 2 years?<\/strong>
\nThe country’s deeper and wider integration into the world’s economy is offering new opportunities for M&A activities.
\nAnother factor includes the high pressure faced by the government to privatise state-owned enterprises to meet requirements under signed trade pacts, especially the EU \u2013 Vietnam Free Trade Agreement, which came into force on 1 August 2020.
\nEncouraging signs for foreign investment include:
\n\u2022\tReformed policies to allow wider access to foreign investors.
\n\u2022\tASEAN Economic Community single market and production base.
\n\u2022\tThe conclusion of free trade agreements (FTAs), including the EU \u2013 Vietnam FTA and The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
\n\u2022\tVietnam\u2019s super rich population is growing faster than anywhere else and is on track to continue leading the growth in the next decade.
\n\u2022\tEquitization of state-owned enterprises will speed up.
\nInvestment Law, Enterprise Law, Resolution No. 42 on handling bad debts and other laws and policies have created a transparent legal environment for investment and trade in general, and the M&A market in particular. However, the following factors also affect M&A transactions:
\n\u2022\tDivergent interpretations and implementations by local licensing authorities of international treaties such as Vietnam’s WTO Commitments.
\n\u2022\tDifferent licensing procedures applied to different types of transactions (for example, for foreign invested companies and domestic companies, public companies and private companies, and for buying state-owned shares or private shares).
\nAlthough legal and governance barriers, along with macro instability and the lack of market transparency are still the greatest concerns for investors, M&A deals in Vietnam are still expected to be one of the key, effective channels for market entry.
\nThe major expected trends in the Vietnam M&A market include:
\n\u2022\tBank restructurings.
\n\u2022\tAcquisitions and anti-acquisitions, particularly in the real estate sector.
\n\u2022\tGrowing Korean, Japanese and Thai investment in Vietnam through M&A transactions.
\n\u2022\tReform of SoEs. <\/p>\n

5.\tWhat are the key means of effecting the acquisition of a publicly traded company?<\/strong>
\nIn Vietnam, the term public company refers to a joint stock company that meets one of the following conditions:
\na) The company has a contributed charter capital of at least VND 30 billion and at least 10% of the voting shares are being held by at least 100 non-major shareholders; or
\nb) The company has successfully made its IPO by registration with SSC.<\/p>\n

The most common means of obtaining control over a public company are as follows:
\n\u2022\tThe acquisition of shares\/charter capital through:
\n\u2022\tbuying shares\/charter capital from the existing shareholders of the company;
\n\u2022\tbuying shares\/charter capital of a listed company on the stock exchange; and
\n\u2022\tpublic share purchase offer.
\n\u2022\tThrough a merger. The 2020 Law on Enterprises sets out the procedures for company mergers by way of a transfer of all lawful assets, rights, obligations and interests to the merged company, and for the simultaneous termination of the merging companies.
\n\u2022\tThrough the acquisition of assets.
\nThere are restrictions on the purchase of shares\/charter capital of local companies by foreign investors in certain sensitive sectors. In addition, the law is silent on merger or assets acquisition (for example, business spin-off) transactions where a foreign investor is a party. Regarding other assets acquisition transactions, if the asset is a real property, foreign ownership right will be restricted according to real estate laws.
\nSecurities of public companies must be registered and deposited at the Vietnam Securities Depository Centre before being traded.
\nDepending on the numbers of shares purchased, an investor can become a controlling shareholder. Under the Vietnam Law on Securities, a shareholder that directly or indirectly owns 5% or more of the voting shares of an issuing organisation is a major shareholder. Any transactions that result in more than 10% ownership of the paid-up charter capital of the securities company must seek approval of the State Securities Commission (SSC). <\/p>\n

6.\tWhat information relating to a target company will be publicly available and to what extent is a target company obliged to disclose diligence related information to a potential acquirer?<\/strong>
\nThere is no legal requirement that a bidder must keep information about the bid a secret until the bid is made. However, this can be considered a contractual violation if the parties to the transaction have committed to secrecy in writing. Leaking information before the finalisation of the bid can lead to:
\n\u2022\tAn increase of the target’s shares price.
\n\u2022\tDifficulties in negotiating the terms of the transaction.
\n\u2022\tCompetition in the market.
\n7.\tTo what level of detail is due diligence customarily undertaken?<\/strong>
\nBefore officially contacting the potential target, the bidder conducts a preliminary assessment based on publicly available information. The bidder then contacts the target, expresses its intention of buying shares\/subscribing for its shares and the parties sign a confidentiality agreement before the due diligence process. The confidentiality agreement basically includes confidentiality obligations in performing the transaction. The enforcement of confidentiality agreements by courts in Vietnam remains untested.
\nA bidder’s legal due diligence usually covers the following matters:
\n\u2022\tCorporate details of the target and its subsidiaries, affiliates and other companies that form part of the target.
\n\u2022\tContingent liabilities (from past or pending litigation).
\n\u2022\tEmployment matters.
\n\u2022\tContractual agreements of the target.
\n\u2022\tStatutory approvals and permits regarding the business activities of the target.
\n\u2022\tInsurance, tax, intellectual property, debts, and land-related issues.
\n\u2022\tAnti-trust, corruption and other regulatory issues.<\/p>\n

8.\tWhat are the key decision-making organs of a target company and what approval rights do shareholders have?<\/strong>
\nIt is necessary to obtain the approval of the general meeting of shareholders to carry out a tender offer if the acquisition is conducted by way of a transfer of shares from an existing shareholder and results in a 25% ownership or more of the voting shares in a public company. Such approval is also required when there is a share transfer of a founding shareholder of a joint stock company within three years from the issuance of the Enterprise Registration Certificate. The approval normally includes the:
\n\u2022\tNumber of shares offered.
\n\u2022\tPrice of the offer.
\n\u2022\tConditions of the offer.
\nThere is no statutory requirement that prohibits a target board from soliciting or recommending other offers before completion of a transaction. However, in practice, the parties can agree on such restrictions.<\/p>\n

9.\tWhat are the duties of the directors and controlling shareholders of a target company?<\/strong>
\nShareholders of a public company shall:
\na) Have the right to equal treatment;
\nb) Have accessibility to information periodically and irregularly published by the company as prescribed by law;
\nc) Have their the lawful rights and interests protected; have the right to request suspension or cancellation of a Resolution or decision of the General Meeting of Shareholders or Board of Directors as prescribed by the Law on Enterprises;
\nd) Not take advantage of the major shareholder\u2019s status to influence rights and interests of the company and other shareholders as prescribed by law and the company\u2019s charter; disclose information as prescribed by law;
\ndd) Have other rights and obligations prescribed by law and the company\u2019s charter.<\/p>\n

10.\tDo employees\/other stakeholders have any specific approval, consultation or other rights?<\/strong>
\nThere is no requirement under Vietnamese law that the employees must be consulted about the offer. However, if a layoff is to be conducted, the employer must:
\n\u2022\tPrepare a labour usage plan.
\n\u2022\tConsult with the employee representative.
\n\u2022\tNotify the competent labour authority on the implementation of the labour usage plan.
\n
\n11.\tTo what degree is conditionality an accepted market feature on acquisitions?<\/strong>
\nA takeover offer usually contains the following conditions:
\n\u2022\tThe terms and conditions of the offer apply equally to all shareholders of the target.
\n\u2022\tThe relevant parties are allowed full access to the tender information.
\n\u2022\tThe shareholders have full rights to sell the shares.
\n\u2022\tApplicable laws are fully respected.
\nAn offer can also be subject to conditions precedent. Conditions precedent are set out in the share sale and purchase agreement or the capital contribution transfer agreement. There is no specific restriction on conditions precedent other than the requirement that they cannot be contrary to law and conflict with social ethics (although the legal definition of social ethics is unclear). The most common conditions precedent are:
\n\u2022\tAmendments to the charter\/relevant licence of the target.
\n\u2022\tObtaining necessary approvals to conduct the transaction.
\n\u2022\tChanges to the target’s management body.
\nPayment of the contract price will only be made after the conditions precedent are met.<\/p>\n

12.\tWhat steps can an acquirer of a target company take to secure deal exclusivity?<\/strong>
\nThe acquirer can enter into an exclusivity agreement, terms sheet or letter of intent or MOU that includes a legally binding exclusivity clause. The acquirer can also make use of deal protection mechanisms such as:
\n\u2022\tNo Shop Provision: included in an agreement between the seller and the buyer that prevents the latter from seeking purchase proposals from third parties in a time frame after the signing of the Letter of Intent
\n\u2022\tTermination or Breakup Fees: if the seller accepts a bid from a third party, then they will have to pay the original buyer a fee equivalent to the breakup fee
\n\u2022\tLock-ups: seller is given part-ownership of stock or important assets in the target company
\n\u2022\tStock options: allow the buyer to purchase a number of shares in the target company if a particular pre-agreed event occurs<\/p>\n

13.\tWhat other deal protection and costs coverage mechanisms are most frequently used by acquirers?<\/strong>
\nBesides the aforementioned, a deal protection mechanism an acquirer can make use of is matching or topping rights where the seller has to notify the bidder of any third party proposal, and the seller is entitled to match or better such a proposal.
\nCost coverage mechanisms include:
\n\u2022\tLocked Box mechanism: where the seller and buyer agree on a net purchase price upfront in the Sales Purchase Agreement and this price remains effective until the financial closing\/completion date of the transaction \u2013 recommended for fast-growing target companies
\n\u2022\tCompletion Account mechanism: base purchase price, plus cash, less debt, plus excess or less shortfall in working capital<\/p>\n

14.\tWhich forms of consideration are most commonly used?<\/strong>
\nUnder Vietnamese law, shares can be purchased by offering cash, gold, land use rights, intellectual property rights, technology, technical know-how or other assets. In practice, acquisitions are most commonly made for cash consideration.<\/p>\n

15.\tAt what ownership levels by an acquiror is public disclosure required (whether acquiring a target company as a whole or a minority stake)?<\/strong>
\nThe offer timetable is as follows:
\n\u2022\tThe bidder prepares registration documents for its public bid to purchase shares.
\n\u2022\tThe bidder sends the bid registration documents to the State Securities Commission (SSC) for approval and, at the same time, sends the registration documents to the target.
\n\u2022\tThe SSC reviews the tender documents within seven days.
\n\u2022\tThe bidder must publicly announce the tender offer within seven days from receipt of the State Securities Commission’s opinion regarding the registration of the tender offer
\n\u2022\tThe board of the target must send its opinions regarding the offer to the SSC and the shareholders of the target within 14 days from receipt of the tender documents.
\n\u2022\tThe bid is announced in the mass media (although this is not a legal requirement).
\n\u2022\tThe length of the offer period is between 30 and 60 days.
\n\u2022\tThe bidder reports the results of the tender to the SSC within 10 days of completion.
\nCompanies operating in specific sectors (such as banking, insurance, and so on) can be subject to a different timetable.
\n
\n16.\tAt what stage of negotiation is public disclosure required or customary?<\/strong>
\nThe bidder must publicly announce the tender offer within seven days from receipt of the State Securities Commission’s opinion regarding the registration of the tender offer<\/p>\n

17.\tIs there any maximum time period for negotiations or due diligence?<\/strong>
\nThere are no limitations (maximum or minimum) under Vietnam law on the time period in which the parties are required to conduct negotiations and\/or due diligence.<\/p>\n

18.\tAre there any circumstances where a minimum price may be set for the shares in a target company?<\/strong>
\nThere are no general requirements under Vietnam law that set certain minimum price for shares in a target company.<\/p>\n

19.\tIs it possible for target companies to provide financial assistance?<\/strong>
\nThere is no general prohibition under Vietnam law on target companies providing financial assistance to acquirers. However, such provision of financial assistance to acquirers may result in breach of fiduciary duties of directors of the target company. In this regard, the directors of the target company should be mindful of their duties to the target company because, providing financial assistance to an acquirer may be considered to be harming the target company while benefiting the majority shareholders of the target company or the acquirer, depending on the nature of such assistance.
\n
\n20.\tWhich governing law is customarily used on acquisitions?<\/strong>
\nBuyer and sellers are free to decide on the governing law of the transaction agreements. Nevertheless, in deals that involve a Vietnamese target company, the governing law is customarily Vietnam laws.<\/p>\n

21.\tWhat public-facing documentation must a buyer produce in connection with the acquisition of a listed company?<\/strong>
\nShares can be bought before the bid announcement provided that the number of shares sold does not exceed the thresholds requiring a tender offer. A tender offer is required in the following cases:
\n\u2022\tPurchase of a company’s circulating shares that result in a purchaser, with no shareholding or less than a 25% shareholding, acquiring a 25% shareholding or more.
\n\u2022\tPurchase of a company’s circulating shares that results in a purchaser (and affiliated persons of the purchaser), with a 25% or more shareholding, acquiring a further 10% or more of circulating shares of the company.
\n\u2022\tPurchase of a company’s circulating shares that results in a purchaser (and affiliated persons of the purchaser), with a 25% shareholding or more, acquiring a further 5% up to 10% of currently circulating shares of the company within less than one year from the date of completion of a previous offer.
\nThere is no guidance on building a stake by using derivatives. In addition, the bidder cannot purchase shares or share purchase rights outside the offer process during the tender offer period.
\nThe bidder must publicly announce the tender offer in three consecutive editions of one electronic newspaper or one written newspaper and (for a listed company only) on the relevant stock exchange within seven days from the receipt of the State Securities Commission’s (SSC’s) opinion regarding the registration of the tender offer. The tender offer can only be implemented after the SSC has provided its opinion and following the public announcement by the bidder.<\/p>\n

22.\tWhat formalities are required in order to document a transfer of shares, including any local transfer taxes or duties?<\/strong>
\nDepending on whether the seller is an individual or a corporate entity, the following taxes will apply:
\n\u2022\tCapital gains tax. Capital gains tax is a form of income tax that is payable on any premium on the original investor’s actual contribution to capital or its costs to purchase such capital. Foreign companies and local corporate entities are subject to a corporate income tax of 20%. However, if the assets transferred are securities, a foreign corporate seller is subject to corporate income tax of 0.1% on the gross transfer price.
\n\u2022\tPersonal income tax. If the seller is an individual resident, personal income tax will be imposed at the rate of 20% of the gains made, and 0.1% on the sales price if the transferred assets are securities. An individual tax resident is defined as a person who:
\n\u2022\tstays in Vietnam for 183 days or longer within a calendar year;
\n\u2022\tstays in Vietnam for a period of 12 consecutive months from his arrival in Vietnam;
\n\u2022\thas a registered permanent residence in Vietnam; or
\n\u2022\trents a house in Vietnam under a lease contract of a term of at least 90 days in a tax year.
\nIf the seller is an individual non-resident, he is subject to personal income tax at 0.1% on the gross transfer price, regardless of whether there is any capital gain.
\nPayment of the above transfer taxes is mandatory in Vietnam.<\/p>\n

23.\tAre hostile acquisitions a common feature?<\/strong>
\nHostile bids are neither defined nor regulated under Vietnamese law. There is also no express prohibition on this type of transaction. Recommended bids often outnumber hostile bids due to limited publicly available information about the target and reluctance to disclose information.
\nHowever, the number of hostile bids in Vietnam has been increasing since 2011, for example:
\n\u2022\tSingapore-based Platinum Victory Ptl Ltd became Refrigeration Electrical Engineering Corp (REE)’s largest shareholder, accumulating a 10.2% interest in the company.
\n\u2022\tChile’s CFR International Spa acquired a 46% stake in healthcare equipment company Domesco Medical Import-Export Co (DMC), making it the first foreign deal in the pharma sector.
\nDuring 2010 and 2011, there were two takeover deals in Vietnam:
\n\u2022\tThe acquisition of Ha Tay Pharmacy in 2010.
\n\u2022\tThe acquisition of Descon, a construction company, in 2011. Binh Thien An Company acquired a 35% shareholding in Descon, officially took over Descon and made significant changes to its management body.
\nThe Government’s Decree No. 155\/2020\/ND-CP lifted the foreign equity cap regarding public companies, with some exceptions (a 49% cap was previously in force). Specifically, the rules on foreign ownership in a listed company can be generally classified into the five following groups:
\n\u2022\tIf Vietnamese law, including international treaties, provides for a specific ownership cap, the maximum foreign ownership (MFO) must not exceed such a cap (group 1).
\n\u2022\tIf Vietnamese law treats a business activity as conditional on foreign investment (pursuant to the list of conditional sectors under the Investment Law) but does not yet provide any ownership limit, MFO must not exceed 50% (group 2).
\n\u2022\tIn cases that do not fall within group 1 and group 2, MFO can be up to 100% (group 3).
\n\u2022\tIn case a public company operates in multiple industries and trades with different regulations on the foreign ownership rate, the foreign ownership rate must not exceed the lowest level in the industries and trades with determined foreign ownership rates (group 4).
\n\u2022\tWhere a public company decides on the maximum foreign ownership ratio lower than the rate specified above, the specific rate must be approved by the General Meeting of Shareholders and included in the company’s charter.
\nThis lift of the foreign equity cap can introduce more hostile bids in Vietnam.<\/p>\n

24.\tWhat protections do directors of a target company have against a hostile approach?<\/strong>
\nThere are no provisions regulating hostile bids under Vietnamese law.<\/p>\n

25.\tAre there circumstances where a buyer may have to make a mandatory or compulsory offer for a target company?<\/strong>
\nA tender offer is required in the following cases:
\n\u2022\tPurchase of a company’s circulating shares that result in a purchaser, with no shareholding, or less than a 25% shareholding, acquiring a 25% shareholding.
\n\u2022\tPurchase of a company’s circulating shares that results in a purchaser (and affiliated persons of the purchaser), with a 25% or more shareholding, acquiring a further 10% or more of circulating shares of the company.
\n\u2022\tPurchase of a company’s circulating shares that results in a purchaser (and affiliated persons of the purchaser), with a 25% shareholding or more, acquiring a further 5% up to 10% of currently circulating shares of the company within less than one year from the date of completion of the previous offer.<\/p>\n

26.\tIf an acquirer does not obtain full control of a target company, what rights do minority shareholders enjoy?<\/strong>
\nMinority shareholders continue to enjoy full rights as shareholders, such as voting rights and rights to receive distributions of dividends. However, as shareholders may only participate in the management of a company indirectly through a shareholders\u2019 resolution, minority shareholders have limited right to affect the management of the company.
\nUnder Enterprise Law 2020, a shareholder or group of shareholders that holds at least 5% of the ordinary shares (or a smaller ratio specified in the company’s charter) shall have the rights to:
\na) Access, extract the minutes of meetings, resolutions and decisions of the Board of Directors, mid-year and annual financial statements, reports of the Board of Controllers, contracts and transactions subject to approval by the Board of Directors and other documents except those that involve the company\u2019s business secrets;
\nb) Demand that a GMS be convened in case
\n\u2022\tthe Board of Directors seriously violates the shareholders\u2019 rights, obligations of executives or issues decisions ultra vires;
\n\u2022\tother cases prescribed by the company’s charter.<\/p>\n

c) Request the Board of Controllers to investigate into specific matters relevant to the company\u2019s administration where necessary<\/p>\n

27.\tIs a mechanism available to compulsorily acquire minority stakes?<\/strong>
\nIf the bidder acquires 80% or more of the shares of a public company, it must buy the remaining shares of the same type of other shareholders (if they so request) at the bid price within 30 days. However, there are no “squeeze-out” rights that can force the remaining shareholders to sell their shares.<\/p>\n

If you have any question on the above, please do not hesitate to contact Dr. Oliver Massmann under omassmann@duanemorris.com. Dr. Oliver Massmann is the general director of Duane Morris Vietnam LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"

1. What are the key rules\/laws relevant to M&A and who are the key regulatory authorities? There is no single document regulating M&A activities in Vietnam. The relevant rules are contained in several laws and regulations governing general corporate and investment issues. These laws and regulations include: \u2022 Investment Law No. 61\/2020\/QH14 and Enterprise Law … <\/p>\n

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