This edition of Asia Counsel Insights has news on new regulations on bank guarantees, 100 per cent foreign ownership in certain public companies and new private placement rules.
New Regulation on Bank Guarantees
On 25 June 2015, the State Bank of Vietnam issued Circular 07/2015/TTNHNN on bank guarantees. Circular 07 takes effect on 9 August 2015.
- provides additional requirements for guarantees to non-residents but also allows certain exemptions for guarantees to foreign credit institutions.
- regulates the giving of guarantees for residential development projects including specific wording in the sale and purchase contracts and sets expiry of guarantee on 30 days after handover of property.
- regulates the form of guarantee, guarantee fees and the rights and obligations of the guarantor and guaranteeing bank.
Please click Asia Counsel Insights 1 July 2015 for more information.
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