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Asia Pacific: Vietnam to Propose Updates to Regulations On Civil Encryption Products

By and 2 Mins Read

The National Agency of Cryptography and Information Security (NACIS) is currently drafting a new Decree to amend Decree No. 58/2016/ND-CP and its amendments related to cyber information security, including the export/import of civil encryption products (referred to as the “Draft Decree”). The Draft Decree expands the scope of products subject to this regulation and imposes significantly greater monetary fines and penalties for non-compliance which will certainly result in higher scrutiny moving forward. The proposed administrative reforms…

Proposed abolishment of On The Spot Export/Import scheme

By 1 Min Read

Vietnam currently maintain a drop ship model under which a foreign buyer may purchase goods in Vietnam, and instruct the seller to deliver the goods to another Vietnamese entity, which is called “On The Spot” Export/Import (OTS). Under this OTS scheme, the seller is still qualified as exporting their goods out of Vietnam to enjoy certain tax and duty incentives (i.e import duty exemption of imported materials, 0% VAT).Under this new proposal, OTS scheme is…