The National Assembly has just adopted the Law on Housing No. 65/2014/QH13 on November 25, 2014 (“New Law”). This Law takes effect from July 1, 2015 replacing the Law on Housing No. 56/2005/QH11, Law No. 34/2009/QH12, Law No. 38/2009/QH12 (portion relating to Law on Housing), and Resolution No. 19/2008/QH12 providing a pilot guideline for foreigners to own residential houses in Vietnam. The major amendments are discussed below.
New Law Makes it Easier to Enter Vietnam and Stay Longer
The National Assembly of Vietnam recently adopted the Law on Entry, Exit, Transit and Residence of Foreigners in Vietnam (“Immigration Law”) which took effect as from 1 January 2015. Accordingly, a number of noteworthy changes have been introduced in the Immigration Law as follows:
The new Law on Investment (LOI) and Law on Enterprises (LOE) were adopted by Vietnam’s National Assembly on November 26, 2014.
Both laws will take effect on July 1st, 2015. By that time their implementing Decrees or Circulars will also be ready.
Several new laws of paramount importance to investors, which were passed in 2014, will take effect in 2015. This briefing highlights the most important changes under one of these laws, the 2014 Law on Enterprises (“the New Law”).
Circular 23 provides detailed definitions on salary, allowances, and other additional payments per the labour contract. It is noteworthy that from 1 January 2016, allowances shall be included into the base for compulsory insurance contributions and from 1 January 2018, additional other payments will also be included into that base.