Residency Schemes in ASEAN, Minimum Wage in Delhi, and Ba Ria’s Economy in Vietnam – Asia Investment Brief
Our weekly round up of other news affecting foreign investors throughout Asia:
Obtaining a long-term residency status is a cumbersome process for foreigners in ASEAN. The regulations and procedures vary significantly between the countries, and can sometimes be an expensive affair. In this article, we give an overview of the permanent residency and other schemes available for foreigners wishing to reside in any of the following ASEAN states.
The Minimum Wages (Delhi) Amendment Act, 2017 came into force on May 5, 2018, and has introduced key changes to The Minimum Wages Act, 1948. There are a number of important amended provisions that employers should be aware of relating to cashless payments, minimum rates, overtime, and penalty for non-compliance. Under the revised law, failure to comply with the provisions will now be met with much harsher penalties.
On August 12, 2018 Russia, Iran, Azerbaijian, Kazahkhstan and Turkmenistan signed the Convention on the Legal Status of the Caspian Sea, which agrees, at least in principle, on how to divide up the Caspian Sea amongst them. Although the Convention does not fully deal with the issue of territorial rights over the seabed, it establishes a formula for dividing up its resources and prevents other powers from setting up a military presence there.
Ba Ria – Vung Tau (BRVT), situated in the southern key economic zone, is one of the major economies and investment destinations in Vietnam. The rapid economic growth in the last decade has led the province to have one of the highest GDP per capita and the third highest living standard in Vietnam. The government aims to attract US$4 billion FDI by 2020. In order to meet its target, the provincial government plans on introducing a series of reforms to boost foreign investment.