Format:
1 Online-Ressource (155 pages)
Edition:
4th ed
ISBN:
9789403535906
Note:
Description based on publisher supplied metadata and other sources
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Intro -- Half-Title Page -- Title Page -- Copyright Page -- Contents -- Freshfields Bruckhaus Deringer -- 1 ECONOMIC, POLITICAL AND CULTURAL BACKGROUND -- 1.1 Overview of Vietnam's Economy -- 1.2 Economic Integration -- 1.3 Vietnam's Infrastructure: General -- 1.4 Language -- 1.5 Government and Political System -- 1.6 Legal System -- 1.7 Openness to Foreign Investment -- 1.8 Current Trends -- 1.9 Sector Trends -- 1.10 Sourcing Deals and Obstacles to Deals -- 1.11 Vietnam: Risks -- 1.11.1 Predictability -- 1.11.2 Enforcement Risks -- 1.11.3 Foreign Ownership Restrictions -- 1.11.4 Development Risk -- 1.11.5 Licensing Issues -- 1.11.6 Land Use Rights -- 1.11.7 Employment Law -- 1.11.8 Foreign Exchange -- 1.11.9 Tax -- 1.11.10 Import and Distribution -- 1.11.11 Corruption -- 2 CORPORATE FRAMEWORK -- 2.1 Business Vehicles -- 2.2 Effect of Corporate Form on Acquisitions -- 2.3 Compliance and Reporting Requirements: Non-public Companies -- 2.4 Minimum Capital -- 2.5 Governance Structure in a Vietnamese Company -- 2.6 Decision-Making -- 2.6.1 Decision-Making in a Multi-Member Limited Liability Company -- 2.6.2 Decision-Making in a One Member Limited Liability Company -- 2.6.3 Decision-Making in a Joint-Stock Company -- 2.7 Executive Authority -- 2.8 Legal Representative -- 2.9 Foreign Management -- 3 REGULATORY FRAMEWORK -- 3.1 Laws Affecting Acquisitions -- 3.1.1 Principal Laws -- 3.1.2 Principal Variables -- 3.2 Relevant Regulatory Authorities -- 3.2.1 Government -- 3.2.2 Central-Level Ministries -- 3.2.3 Ministry of Planning and Investment -- 3.2.4 Department of Planning and Investment -- 3.2.5 State Securities Commission -- 3.2.6 State Bank of Vietnam -- 3.2.7 Vietnam Securities Depositary -- 3.2.8 Vietnam Competition Authority -- 3.3 Regulatory Framework -- 3.4 Acquisition of Companies Engaged in Businesses That Are Subject to Conditions
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3.4.1 General Rules -- 3.4.2 Conditional Businesses -- 3.4.3 Acquisitions of Companies Operating in Both Conditional and Other Sectors -- 3.5 Foreign Ownership Limits -- 3.5.1 Examples of Foreign Ownership Limits -- 3.5.2 Foreign Ownership Limits: Public Companies -- 3.6 Control -- 3.6.1 Majority Ownership -- 3.6.2 Practice -- 3.7 Timing of Governmental Approvals: Practical Considerations -- 3.8 Acquisitions of Interests Through Nominees -- 4 ACQUISITIONS IN THE STATE SECTOR -- 4.1 Disposals by the State: Prognosis -- 4.2 Equitisation and State Divestment: Different Regulations -- 4.3 Equitisation: Different Principles for Strategic and Normal Investors -- 4.4 Equitisation: Strategic Investors -- 4.4.1 Buying Shares as a Strategic Investor -- 4.4.2 Strategic Investors -- 4.4.3 Price: Strategic Investor -- 4.4.4 Ownership Percentage: Strategic Investor -- 4.4.5 Lock-Up Period: Strategic Investor -- 4.4.6 Currency of the Purchase -- 4.5 Equitisation: Buying in the Initial Offering -- 4.6 State Divestment -- 4.6.1 Forms of Divestments of State Capital -- 4.6.2 Price -- 5 PUBLIC COMPANY ACQUISITIONS -- 5.1 General -- 5.2 Majority Transactions -- 5.3 Hostile Transactions -- 5.4 Public Tender Offer -- 5.4.1 PTO Requirements -- 5.4.2 Cross-Border Structures -- 5.4.3 Board Actions -- 5.4.4 Partial Offers -- 5.4.5 Mandatory Bids -- 5.4.6 Buying Shares Outside a Bid -- 5.4.7 Terms of a PTO -- 5.4.8 Timetable -- 5.5 Transaction Process -- 5.5.1 Acquisition of Listed Shares on the Exchange -- 5.5.2 Acquisition of Listed Shares off the Exchange -- 5.5.3 Acquisitions of UPCom -- 5.6 Securities Trading Codes -- 5.7 Disclosure Obligations -- 5.7.1 Reporting Requirement for 'Major Shareholders' -- 5.7.2 Reporting Requirements for 'Internal Shareholders' -- 5.8 Target Company Commitments -- 5.9 Due Diligence -- 6 MERGERS -- 6.1 Overview -- 6.2 Procedures
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6.3 Implementation of Mergers -- 7 INVESTMENT INCENTIVES AND PROTECTIONS -- 7.1 General -- 7.2 Encouraged Investment Sectors -- 7.3 Encouraged Geographical Areas -- 7.4 Standard Investment Incentives: Tax -- 7.5 Standard Investment Incentives: Land -- 7.6 Special Investment Incentives -- 7.7 Documentation of Investment Incentives -- 7.8 Protections Against Expropriation or Nationalisation -- 7.9 Protections Against Change in Law -- 8 FINANCING -- 8.1 Acquisition Financing -- 8.2 Foreign Loans: Conditions and Registration -- 8.3 Foreign Loans: Tax and Transfer Pricing -- 8.4 Foreign Loans: Offshore Bank Accounts -- 8.5 Debt Limitations -- 8.6 Security Interests -- 8.6.1 Security Interests: General -- 8.6.2 Security Interests: Mortgages of Assets -- 8.6.3 Security Interests: Mortgages of Equity Interests -- 8.6.4 Security Interests: Guarantees -- 8.6.5 Security Interests: Third Party Security -- 8.6.6 Security Interests: Land Use Rights and Assets Attached to Lands -- 8.6.7 Security Interests: Security Over Future Assets -- 8.6.8 Security Interests: Registration of Security Interests -- 8.6.9 Security Interests: Foreclosure -- 9 PAYMENT, FOREIGN EXCHANGE AND REMITTANCE -- 9.1 General -- 9.2 Accounts and Payment for Acquisitions of Shares in an FDI Enterprise -- 9.3 Accounts and Payment for Acquisitions of Shares in Non-FDI Enterprises -- 9.4 Remitting Foreign Currency: Investing in FDI Enterprises -- 9.5 Remitting Foreign Currency: Investing in Non-FDI Enterprises -- 10 COMPANY LAW AND SECURITIES LAW ISSUES -- 10.1 Shareholder Approvals -- 10.2 Regulatory Approvals -- 10.3 Governance Issues -- 10.3.1 Governance -- 10.3.2 Loyalty -- 10.3.3 Inside Information -- 10.3.4 Tender Offers -- 10.4 Form of Consideration -- 10.5 Financial Assistance -- 10.6 Purchase of Own Shares -- 10.7 Preference Shares -- 10.7.1 Dividend Preferences
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10.7.2 Liquidation Preference -- 10.7.3 Hybrid Preference Shares -- 10.8 Shareholders' Agreements -- 10.9 Restrictions on Transferability of Shares -- 10.10 Put and Call Agreements -- 10.11 Costs and Fees -- 10.12 Dividends -- 10.13 Corporate Veil -- 10.14 Bankruptcy -- 11 DUE DILIGENCE ISSUES -- 11.1 Due Diligence: The Vietnam Context -- 11.2 Due Diligence: Publicly Available Information -- 11.3 Due Diligence: Systemic Issues -- 11.4 Corruption -- 11.4.1 Criminal Code -- 11.4.2 Anti-corruption Law -- 11.5 Money-Laundering Regulations -- 11.6 Environmental Laws -- 11.7 Product Safety Laws -- 11.8 Intellectual Property Rights -- 11.9 Distributors and Agents -- 11.10 Valuation Issues -- 11.11 Change of Control Clauses -- 11.12 Due Diligence of a Public Company and Insider Trading Rules -- 11.13 State Secrets -- 11.14 Representations and Warranties -- 11.15 Practical Advice -- 12 LAW AND DISPUTE RESOLUTION -- 12.1 Governing Law -- 12.2 Contracts Governed by Vietnamese Law -- 12.2.1 Predictability -- 12.2.2 Unfamiliar System of Law -- 12.2.3 Confidence in the Certainty of the Contractual Bargain -- 12.3 Dispute Resolution: Vietnamese Courts -- 12.4 Dispute Resolution: Vietnamese Arbitration -- 12.5 Dispute Resolution: Foreign Courts -- 12.6 Dispute Resolution: Foreign Arbitration -- 12.7 Dispute Resolution: Investor-State Arbitration -- 12.8 Strategic Considerations -- 13 MERGER CONTROL -- 13.1 Background -- 13.2 Economic Concentrations -- 13.3 Filing Thresholds -- 13.4 Relevant Market -- 13.5 Merger Filings -- 13.6 Procedures and Scope of Substantive Review -- 13.7 Jurisdiction -- 13.8 Penalties -- 13.9 Criminal Penalties -- 14 TAXATION -- 14.1 Asset Acquisitions -- 14.2 Tax Consequences of Asset Acquisitions -- 14.2.1 Taxes -- 14.2.2 Accrued Liabilities -- 14.2.3 Carry-Forward Losses -- 14.2.4 Depreciation -- 14.3 Share Acquisitions
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14.3.1 Transfer of Capital -- 14.3.2 Tax on Sale of Securities: Public Companies -- 14.3.3 Tax Loss Carry-Forward Rights -- 14.4 Structuring -- 14.4.1 Offshore Transactions -- 14.4.2 Dividend Payments -- 14.4.3 Acquisition Financing -- 14.5 Remittance -- 14.6 Registration Fee -- 14.7 Consolidation -- 14.8 Tax Treaties -- 14.9 Risks -- 14.10 Transfer Pricing -- 15 EMPLOYMENT CONSIDERATIONS -- 15.1 General -- 15.2 Severance -- 15.3 Asset Transfer -- 15.4 Share Transfer -- 15.5 Resignation and Re-employment -- 15.6 Redundancy and Re-employment -- 15.7 Transfer on the Basis of a Tripartite Agreement (Without Resignation) -- 15.8 Other Issues -- 16 ACCOUNTING -- 16.1 Accounting Standards -- 16.2 Valuation -- 16.3 Acquisition Accounting -- 16.4 Consolidation -- 17 FUTURE DEVELOPMENTS -- 17.1 Reform Generally -- 17.1.1 Comprehensive and Progressive Agreement for Trans-Pacific Partnership -- 17.1.2 European Union-Vietnam Free Trade Agreement -- 17.2 Equitisation and Sales of State Assets/CMSC -- 17.3 Financial Sector Consolidation -- 17.4 Real Estate Acquisitions -- 17.5 Energy
Additional Edition:
Erscheint auch als Druck-Ausgabe Foster, Tony Corporate Acquisitions and Mergers in Vietnam Alphen aan den Rijn : Wolters Kluwer Law International,c2021 ISBN 9789403535852
Language:
English
