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New decree for internet services
New decree for internet services
On August 28, the Government issued Decree No 97/2008/ND-CP on the management, provision and use of internet services and electronic information on the internet.
It replaces Decree No 55/2001/ND-CP dated August 23, 2001 and requires that electronic news websites of news agencies and of enterprises be licensed by press-management authorities or by the Ministry of Information and Communication.
Organisations and enterprises establishing websites for online social services must also register with the ministry. Apart from than these types of website, there are no other requirements for licensing or registration.
The decree also establishes conditions and licensing procedures for doing business on the internet.
Further guidance on investment law
Since the Law on Investment and the Law on Enterprises were issued in 2005 and following recent decrees for guiding business registration and investment activities, many vague and conflicting provisions contained in them have caused difficulties for businesses and investors.
The Ministry of Planning and Investment now proposes to issue a draft circular to provide guidelines for investment activities.
Under the draft law dated July 28 this year, the ministry proposes to make clear that Overseas Vietnamese shall be entitled to opt for foreign-investor status or Vietnamese-investor status in Vietnam.
In cases where there is no investment condition stated in the legal documents, the relevant ministry shall give opinions on investment conditions for the projects.
In regard to foreign acquisition of shares in local companies, if the shares total 49 per cent or less, the local company shall just need to change the business registration. If the acquisition ratio is above 49 per cent and the local company is doing one or several investment projects, the foreign investor will need to get an investment certificate.
The draft circular does not deal with what procedures a foreign company must undertake if the local company is not undertaking an investment project.
It proposes that practising certificates for company managers be required for official operation only and not conditions for licensing a business.
It also proposes that the chairman of the provincial People’s Committees may authorise the directors of the Departments of Planning and Investment to provide investment certificates in certain cases. Many other draft provisions deal with capital contribution or share transfers.
The circular will be highly appreciated by investors. However, there are concerns that many draft provisions are rough and need reworking – and that some provisions may go beyond the authority of the Ministry of Planning and Investment. Some provisions should be omitted because they are already covered in other legal documents.
VNN
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