News

Officially banned "debt collection service" from 1/1/2021

On the afternoon of June 17, the National Assembly voted to approve the Investment Law project (amended) with 6 chapters, 7 articles and 77 appendices together with 4/446 delegates voting for approval (accounting for 458 % of total deputies to the National Assembly). One of the noteworthy points is the law prohibiting the "business of debt collection services".

The law also stipulates that the transitional provision is a transaction to provide debt collection services before the effective date of this Law, which ceases to be effective from the effective date of this Law and the parties to the transaction are executed. activities to liquidate debt collection transactions in accordance with civil laws and relevant laws. The Investment Law (amended) takes effect from January 01, 01. http://www.expertis.vn

Regarding investment incentives The law is passed stipulating that subjects and industries eligible for investment incentives focus on high-tech enterprises, innovative start-up projects, research and development centers, production of new materials, new energy, and energy efficiency. clean volume, information technology products, software, digital content ... Beneficiaries:

Projects capitalized at VND 3.000 billion or more but requiring investors to disburse at least VND 1.000 billion within 3 years.
Special preferential area: is a project disbursed at least VND 10.000 billion within 3 years from the date of being granted investment registration certificate or investment policy approval.

Regarding investment procedures Regarding the procedures for investing in the form of capital contribution, share purchase, capital contribution, many people think that it is necessary to have strong and strict regulations to prevent these forms of investment through this activity, especially are important places for security and national defense. The Standing Committee of the National Assembly believes that ensuring national defense and security should be harmonized with the need to attract investment and socio-economic development in the area of islands, communes, wards, border towns, communes and wards. coastal towns or other areas affecting national defense and security. Therefore, the capital contribution, purchase of shares, purchase of capital contributions by foreign investors must meet the market access conditions for foreign investors prescribed in terms of land conditions, ensuring defence security… Regarding the authority to approve investment policies of the Prime Minister and the Government, especially projects with capital of VND 10.000 billion or more, most of the opinions of the National Assembly deputies agree not to add this provision to amendments to the law, considering that this is private capital, investors decide, take responsibility and comply with the law. prohibit rent collection services