Thứ Năm, 25 tháng 4, 2024

Maritime Insurance: Complexity and Disputes. How Difficult to Overcome?

 In the intricate realm of the insurance sector, few domains are as complex and prone to disputes as the insurance of goods transported by sea. In this article, we explore the complexities of marine insurance and highlight how a specialized marine insurance law firm in Vietnam can offer invaluable support.


Marine insurance encompasses a wide range of operations related to ships, cargo, and the myriad risks associated with sea voyages, both on the water and on land. For businesses engaged in import and export activities in Vietnam, where maritime trade is thriving, cargo insurance has become increasingly vital.

Marine Insurance: A Multifaceted Domain

Marine insurance involves a broad spectrum of insurance operations related to the maritime sector. It encompasses the insurance of vessels, the individuals onboard, and the goods being transported across seas and oceans. Additionally, it extends to cover risks associated with maritime activities, whether on the sea, on land, or along river routes connected to sea voyages.
Thriving Import and Export in Vietnam

In recent years, Vietnam’s import and export activities have experienced remarkable growth. As a result, the demand for cargo insurance has surged correspondingly. Businesses involved in the import and export of goods, logistics companies, shipping entities, as well as investors and project contractors, have increasingly recognized the importance of safeguarding their interests through marine insurance.
Cargo Insurance Risks: A Closer Look

While the risks associated with cargo insurance are not inherently high, they are predominantly linked to occurrences during transportation. The market’s loss ratio has, in fact, remained relatively low, standing at 27% in 2012 and decreasing to 21.6% in 2013 (excluding ongoing loss resolution cases). The primary causes of such losses are often attributed to deficiencies and damages that occur during the transportation process.
Navigating the Waters of Compensation

Understanding the principles governing compensation in maritime insurance is pivotal to averting and resolving disputes. When untoward incidents transpire, it is common practice to seek the counsel of insurance lawyers with expertise in the shipping and transportation sectors. These legal experts play a critical role in offering advice and facilitating dispute resolution, ensuring that the intricate web of maritime insurance is navigated effectively.
How a Marine Insurance Law Firm in Vietnam Can Assist?

The complexities surrounding marine insurance necessitate specialized legal support, and this is where a marine insurance law firm in Vietnam truly shines. Here’s how they can assist:
In-Depth Knowledge of Maritime Insurance

A marine insurance law firm in Vietnam possess a profound understanding of the nuances within the maritime insurance domain. Their expertise allows them to navigate the intricate legal framework governing insurance operations related to sea voyages, ships, and cargo.
Comprehensive Legal Guidance

The specialized marine insurance law firm in Vietnam offer comprehensive legal guidance to businesses involved in maritime trade. They assist in the procurement of suitable insurance policies, ensuring that clients are adequately protected against the risks associated with the transportation of goods by sea.
Risk Mitigation

By identifying potential risks and vulnerabilities, marine insurance law firm in Vietnam helps clients mitigate these risks effectively. Their meticulous approach can significantly reduce the likelihood of disputes arising in the first place.
Dispute Resolution

In the event of disputes or incidents during the transportation of goods by sea, marine insurance law firm in Vietnam steps in as mediators and advocates for their clients. Their expertise in maritime law ensures that clients’ interests are protected and that disputes are resolved swiftly and equitably.
Legal Compliance

Adherence to legal and regulatory requirements is paramount in the maritime insurance sector. Marine insurance law firm in Vietnam ensures that clients’ insurance activities comply with all relevant laws and regulations, shielding them from legal complications.
Safeguarding Your Maritime Ventures

In a world where the seas of commerce are vast and unpredictable, the role of marine insurance becomes indispensable. For businesses engaged in import and export activities in Vietnam, safeguarding their interests through cargo insurance is not merely prudent—it’s essential.

The complexities and risks associated with maritime insurance demand the expertise of a specialized marine insurance law firm in Vietnam.

With their in-depth knowledge, legal guidance, risk mitigation strategies, dispute resolution capabilities, and unwavering commitment to legal compliance, these firms serve as invaluable partners in ensuring that businesses can navigate the complex waters of marine insurance with confidence and resilience.
About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi, and Danang, and will help customers in doing business in Vietnam.

Thứ Sáu, 19 tháng 4, 2024

Capital Conditions in Air Transportation in Vietnam

 Air transportation is the conditional business line and conducted by air transportation enterprises. Air transportation business includes air transportation activity, advertising, marketing and sale of air transportation products on the market for the purpose of making profit.



Therefore, trading in this business line is subject to strict rules of law. The conditional business lines in the field of civil aviation are detailed in Decree 92/2016/ND-CP dated July 1st 2016.

Capital conditions in air transportation in Vietnam

Accordingly, in the field of air transportation, business must meet capital requirements as follows:

The minimum capital requirement to establish and maintain air transportation business:

Operating up to 10 aircrafts: 700 billion VND for enterprises engaging in international air transportation; 300 billion VND for enterprises only engaging in domestic air transportation;

Operating between 11 and 30 aircrafts: 1,000 billion VND for enterprises engaging in international air transportation; 600 billion VND for enterprises only engaging in domestic air transportation;

Operating more than 30 aircrafts: 1,300 billion VND for enterprises engaging in international air transportation; 700 billion VND for enterprises only engaging in domestic air transportation;

The minimum capital requirements to establish and maintain general air transportation business: 100 billion VND.

Air transportation business that has foreign investment must meet the following conditions:

The foreign parties take up less than 30% of charter capital;

Must have at least one Vietnam individual or legal entity hold the largest part of the charter capital. In case Vietnam legal entity has foreign investment capital, the foreign capital share should not exceed 49% of the charter capital of the legal entity.

The transfer of share and capital contribution of air transportation business without foreign investment to foreign investor shall be made only after 02 years from the date of issuance of the air transportation business license.

Enterprises have to send the share and capital transfer proposal to foreign investor to Civil Aviation Administration of Vietnam, which includes: The transferee, transfer condition, the number of transferring shares and capital contribution; Development plans for aircraft teams, business plan, development strategies referred to in Paragraph 1, Article 9 of the Decree 92/2016/ND-CP (if any).

Within 05 working days from the date of receiving the proposal from business, Civil Aviation Administration of Vietnam will report to the Ministry of Transportation the appraisal results.

Within 05 working days from the date of receiving the appraisal result report of the Civil Aviation Administration of Vietnam, the Ministry of Transportation will consider approval or disapproval and clearly state the reasons.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Ho Chi Minh and Danang.

Thứ Năm, 11 tháng 4, 2024

Danang cooperates with South Korea in building an intelligent transportation system

 



On October 28th, Vice Chairman of Danang People’s Committee had a meeting with Seoul Metro delegation, represented by Mr. Shim Seung Moo – Director of Seoul Metro International Relations Department.

At the meeting, the parties discuss about the program “Building Intelligent Traffic System” (ITS) in Danang, including the main contents such as: basic survey of the area where the project is supported; Reviewing and evaluating Danang plans and policies, development regimes; Analyze the appropriateness of the time as well as the project content and budget ….


Mr. Shim Seung Moo – Director of Seoul Metro’s International Relations Department said: Using the ITS application to operate and manage the transportation system is a necessary job for Vietnam and Danang. If ITS is implemented in an integrated manner, traffic congestion during peak hours as well as traffic accident incidents in the area will be quickly resolved.

In the coming time, to deploy the ITS project, Seoul Metro will support Danang in installing infrastructure, equipment, violation monitoring systems (speeding, illegal parking), system of moving fee, parking management … It is expected that the project will be implemented according the plan during 3 years: The first year of construction of architectural frames, the second year of organizing training and installation, the third year of operation.

On behalf of the representative of Danang city, Vice Chairman of the City People’s Committee-Mr. Dang Viet Dung, agreed and highly appreciated the proposals of the Seoul Metro mission in surveying and supporting Danang to build the ITS system. Especially in the context that Danang aims to build a smart city in the period of 2018-2025, with a vision to 2030.

South Korea is known as a country with IT industries in the world, including the electronics, telecommunications and transportation. Therefore, the application of information technology applications in parking, solving traffic congestion, traffic flow,… will be necessary conditions towards building a smart city in Danang in the future.

The Vice President assigned the Department of Transport and the Department of Planning and Investment to early develop a detailed plan of the project to submit to KOICA and competent agencies in Vietnam for consideration, and to build a roadmap to receive it. KOICA’s non-refundable capital. Besides, the Vice Chairman expected the relevant units to coordinate to implement the project effectively.

With the goal of building a smart city in 2030, Danang wants to attract more investors from many different countries, to make investments in the field of information technology in Danang, to achieve the goals to be the smart city set by the city in the future.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

Thứ Hai, 8 tháng 4, 2024

How Transportation Lawyers in Vietnam Help Ensure Compliance and Mitigate Risks?

 



Transportation is a vital aspect of any thriving economy, and Vietnam is no exception. As the country experiences rapid economic growth and increased international trade, the importance of transportation lawyers in Vietnam assisting clients complying with transportation laws and regulations becomes paramount.

Transportation law in Vietnam encompasses various sectors, including road, rail, air, and maritime transport. In this article, we explore the complexities of transportation law in Vietnam and highlight the crucial role transportation lawyers in Vietnam play in ensuring compliance, mitigating risks, and providing expert legal advice to businesses and individuals involved in the transportation industry.

Understanding Transportation Law in Vietnam

Transportation law in Vietnam comprises a comprehensive set of regulations, legislation, and international agreements that govern the transportation of goods and passengers. It covers areas such as licensing and permits, safety regulations, liability issues, contract disputes, customs and international trade regulations, and environmental considerations. Staying compliant with these legal requirements is essential for both domestic and international transportation operations.
The Role of Transportation Lawyers in Vietnam

Transportation lawyers in Vietnam specialize in the intricacies of transportation law and play a critical role in ensuring compliance and mitigating risks for their clients. These legal professionals possess extensive knowledge of local laws, regulations, and industry practices. They assist clients by providing expert advice, conducting legal analysis, and offering guidance to ensure adherence to transportation laws and regulations.
Compliance with Licensing and Permits

Transportation lawyers in Vietnam assist businesses and individuals in obtaining the necessary licenses and permits for operating in the transportation sector. They navigate the complex application processes, review the documentation requirements, and ensure that all legal prerequisites are met. By working closely with clients, transportation lawyers ensure compliance with licensing and permit regulations, minimizing the risk of penalties or operational disruptions.
Safety and Liability Considerations in Transportation Laws

Safety is a critical aspect of transportation operations. Transportation lawyers in Vietnam help clients navigate safety regulations and ensure that appropriate safety measures are in place. They advise on compliance with vehicle maintenance, driver qualifications, cargo handling, and other safety-related requirements. In the event of accidents or incidents, transportation lawyers provide legal representation, assist with investigations, and advise on liability matters to protect their clients’ interests.
Contractual and Dispute Resolution

Transportation lawyers in Vietnam play a crucial role in drafting, reviewing, and negotiating transportation contracts. They ensure that contracts comply with legal requirements and protect their clients’ rights and interests. In the event of contractual disputes, transportation lawyers in Vietnam offer expert advice and representation, working towards amicable resolutions through negotiation, mediation, or, if necessary, litigation. By relying on their in-depth knowledge of transportation law, these lawyers help clients navigate complex contractual relationships, resolve disputes efficiently, and minimize the potential financial and reputational risks associated with transportation-related legal conflicts.
Customs and International Trade Compliance

Transportation often involves international trade and customs regulations. Transportation lawyers in Vietnam guide clients through the complexities of customs compliance, import and export requirements, and trade agreements. They ensure that clients’ transportation activities align with international trade laws, tariff regulations, and customs procedures. By providing comprehensive legal advice and ensuring compliance with these regulations, transportation lawyers in Vietnam help their clients avoid delays, penalties, or other legal consequences that can arise from non-compliance.

Transportation lawyers in Vietnam are essential partners for businesses and individuals operating in the transportation sector while doing business in Vietnam. With their expertise in transportation law, these legal professionals provide guidance on compliance with regulations, licensing and permits, safety considerations, contract drafting and dispute resolution, and customs and international trade compliance. By engaging the services of transportation lawyers in Vietnam, stakeholders in the transportation industry can navigate the complexities of the legal landscape, mitigate risks, and ensure smooth operations while adhering to Vietnam transportation laws and regulations.
ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi, and Danang, and will help customers in doing business in Vietnam.

Thứ Sáu, 27 tháng 1, 2023

How Vietnam Has Simplified Procedures to Register Business in Vietnam in 2023? | ANT Lawyers

 By the end of 2019, there have been more than 30,000 FDI projects choosing Vietnam for investment, with a total registered capital of about 362 billion USD. Recently, business propensity of Vietnam is highly concentrated on the private sector, attracting foreign investors to the Vietnam market.


As Vietnam has built diplomatic relationship with nearly 190 countries around the world and signed about 15 Free Trade Agreements with important trading partners, Vietnam’s participation in various free trade agreements has created a strong impetus for foreign investors from developed countries to set their first steps in the Vietnam.

To be able to register a business in Vietnam, investors need to carry out procedures to apply for the Investment Registration Certificate. After being granted the Investment Registration Certificate, the investor shall then apply for Enterprise Registration Certificate.


To carry out the process of applying for the Enterprise Registration Certificate, firstly, the investors need to choose a name for the business, which must not be identical or confusing to the name of another business already registered in the National Database of Business Registration on a national scale, except for businesses that have been dissolved or have had effective court decisions declaring businesses bankrupt.

After that, the investors or the authorized person need to prepare a complete set of application dossiers in accordance with the law and submit it at the Business Registration Office where the head office is planned to be located. The Business Registration Office will check the validity of the application dossier, based on the appointment date on the Receipt, the investors or the authorized person can go to the Business Registration Office to receive the results of the application or Register to receive results by post. The time limit for considering and handling the dossier is 03 working days from the date of receiving the valid dossier.

The investor will be granted an Enterprise Registration Certificate when fully meeting the following conditions:

-The registered business lines are not in the prohibited business sectors;

-The business’s name is set in accordance with the provisions of law;

-Having a head office as prescribed by law;

-Having a valid business registration dossier as prescribed by law;

-Fully paying the enterprise registration fee as prescribed by law

Over the years, investors have built confidence in the Vietnam’s business and investment environment. The socio-political and macroeconomic stability are prominent features for the growth of Vietnam’s business potential. The Vietnam government has determined to simplify the process for investment application. Hence, Vietnam is and will continue to be an attractive investment location, a promising destination for foreign investors for applying for investment registration certificate and register a business in Vietnam compared with other neighboring countries in the region.

ANT Lawyers – a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to investment registration or business setting-up in Vietnam.

Thứ Năm, 26 tháng 1, 2023

What Are the Advantage of Foreign Investors in Setting up Business in Vietnam in 2023? | ANT Lawyers

 Located in an important position of Southeast Asia, Vietnam has a long coastline of more than 3,000 km. With a diverse geographical structure interspersed with mountainous, highland and coastal areas suitable for general economic zones, Vietnam has ideal conditions to develop the trade and tourism industries. When setting up business in Vietnam, investors can enjoy financial advantage such as corporate income tax, import and export tax and land finance incentives.


Incentives on corporate income tax: In recent years, Vietnam has gradually reduced the corporate tax rate (CIT). In the 2004-2008 period, CIT was 28%, in the 2009-2013 period it was 25%, from 2014 to 2015, 22% and from January 1, 2016 until now, 20%. In addition, the provision of high corporate income tax incentives for a number of key fields that need to be encouraged for investment has contributed to attracting investment, encouraging business, creating favorable conditions for enterprises to increase accumulation, increase investment in the economy, and promote growth, hence promoting investors in setting up company in Vietnam.

Import and export tax incentives: The 2016 Import and Export Tax Law has added regulations that high-tech enterprises, science-technology enterprises, science-technology organizations are exempted from import tax on raw materials, materials and components that cannot be produced domestically within 5 years from the date of commencement of production. There are also import and export tax incentives being applied such as:

(i) Exemption from import tax for goods imported for processing for foreign countries and when exporting and returning products to foreign parties, they are exempt from export tax;

(ii) Goods imported for processing that are exempted from tax, goods temporarily imported for re-export and goods being raw materials and supplies in service of the production of exported goods can be extended the tax payment time to 275 days from the date of filing the customs declaration; goods temporarily imported for re-export may be extended the tax payment time to 15 days from the expiration date;


(iii) Exemption from import tax on goods to create fixed assets for investment projects in areas of special investment encouragement, investment promotion fields and investment projects in the locality have difficult socio-economic conditions.

Incentives on land finance: Foreign enterprises investing in Vietnam can be applied adjusted reduce rate (%) calculating the general land rent from 1.5% to 1%. In addition, the State also stipulates the application of the land price adjustment coefficient in determining the land price to calculate the land rent, therefore, making Vietnam increasingly becoming a favourable destination to attract foreign investment and company establishment in Southeast Asia.

In addition, the development of a transparent and consistent investment legal system is increasingly becoming a good tool to promote foreign direct investment inflows into Vietnam in the spirit of the state ensuring the rights of the investors’ ownership, investment capital and other interests of foreign organizations and individuals, creating favorable conditions and simplifying procedures for such organizations and individuals to invest in Vietnam. Compared with the foreign investment laws of some countries in the region, the law on foreign investment in Vietnam is considered by the international public to be more open and attractive, for example applying the form of 100% foreign capital ownership, administrative procedures are simplified, non-discriminatory between Vietnamese enterprises and foreign-invested enterprises. The law has been transforming in the direction of considering investment and business as the matters of enterprises and investors, which the investors have full authority to make decisions from investment projects to the formation and business of the enterprise and that the government only guides, creates an open legal environment, has favorable mechanisms and procedures, supervises and enforce the law.

ANT Lawyers – a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to investment registration or business setting-up in Vietnam.
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