Vietnam’s central bank has been instructed to compile a legal framework to control Bitcoin and other cryptocurrencies that are not currently recognized by Vietnamese law. The government office issued the directive this week asking the Ministry of Justice and the State Bank of Vietnam to propose guidelines to help control cryptocurrencies in Vietnam. The central bank said last October that the act of issuing, supplying or using illegal means of payment starting from 2018 may be subject to prosecution for violating regulations concerning the operation of credit organizations, a crime that carries up to 20 years in jail under Vietnam’s Penal Code. However, the threat has not scared some businesses who consider it the new age of currency. Several restaurants and coffee shops in Saigon, Vietnam’s commercial center, are already accepting Bitcoin payments, and the central bank said last month that they will be punished for breaking regulations. The bank has warned organizations and individuals in Vietnam not to invest in Bitcoins or conduct transactions in the currency, saying they would be taking a huge risk with no legal protection. “Bitcoin transactions are anonymous and can be used for money laundering, drug trafficking, tax evasion and illegal payments,” it said. Around the world, policymakers are also skeptical about the currency and have warned investors to act with “extreme caution.” U.S. Federal Reserve boss Janet Yellen has said Bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes. Bitcoin, the biggest… [Read full story]
Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Justice (MOJ) to establish a legal framework to manage virtual assets and digital currency. Illustrative photo. Accordingly, the MOJ is tasked with reviewing the current status of laws concerning virtual assets and digital currency in Vietnam and examining international experience in a number of economies such as the US, the EU and Japan.The MOJ is also responsible for presiding over the formulation of legal documents on virtual assets and digital currency as well as making suggested changes to current laws concerning this matter.Meanwhile the State Bank of Vietnam is entrusted…... [read more]
Chairman of the Vietnamese National Assembly Nguyen Phu Trong affirmed 150 leading Japanese firms Monday that Vietnam will create legal favorable conditions for them to invest in the open market economy. Addressing the Vietnam-Japan Business Forum Trong noted that Japan is among Vietnam’s key strategic trade and investment partner and the two sides agreed to expand the bilateral trade to US$15 billion by 2010. Japan is the biggest ODA provider for Vietnam, accounting for 30 per cent of total ODA loans. Japan has invested US$9 billion in 928 projects. Chairman of JETRO, Yasuo Kayashi highly valued the government of Vietnam’s efforts to improve…... [read more]
Many UK companies currently active in Vietnam are experienced in developing PPP projects abroad. They are operating in the fields of consultancy, technology, and project management, such as Foster + Partners, RICS Vietnam, Arup Vietnam, Knight Frank, and Savills Vietnam. Nevertheless, the legal framework for PPP must be perfected, a prerequisite for the UK-based firms to join such projects, stressed Wootton. Vietnam is an attractive destination for UK investors thanks to its large market with 90 million people and strong economic growth. However, the country needs to improve the legal system, reform State-owned enterprises and restructure the banking sector in…... [read more]
The commitment was made by Deputy Prime Minister Truong Vinh Trong, and Singaporean Deputy Prime Minister Jayakumar, who is also Coordinating Minister for National Security and Minister of Law of Singapore, during their talks in Hanoi on August 16. st century and a framework agreement on linking Vietnamese and Singaporean economies, which were signed in March 2004 and December 2005, respectively.... [read more]
Le Van Tang, head of theministry's Bidding Management Department, addressed a consultationworkshop held on March 18 to discuss the draft decree on PPP.Hefurther added that currently, Vietnam has set regulations over thecooperation between the State and private sector, including the 2009Decree No. 108/2009/ND-CP on the investment in forms ofbuild-operate-transfer, build-transfer-operate, and build-transfercontracts and the 2010 Decision No. 71/2010/QD-TTg on promulgation ofregulation on pilot investment in PPP form. However, Tangclarified that the shortcomings were revealed during the implementationof the regulations, which impelled Vietnam to improve the legalframework in this field, especially when it has a huge demand forinfrastructure development but has…... [read more]
