VLLF

The State Bank of Vietnam (SBV) Governor has issued a circular with the aim of standardizing the supervision and management of the operation network of microfinance institutions (MFIs) and to decentralize the authority for licensing the establishment of MFI network units.

LuatVietnam has completed the upgrade and handover of the Software for the Codification of internal management regulations shared by Vietnam Electricity (EVN) and 09 EVN’s Corporations.

The Ministry of Finance has recently proposed relieving overseas investment projects from seeking competent authorities’ approval. They instead would only have to register outbound fund transfers with the Central Bank.

The Central Bank is gathering public comments for draft decrees on the licensing and operation of banks, foreign exchange management, anti-money laundering and anti-terrorist financing at the International Financial Center.

The draft (revised) Civil Aviation Law of Vietnam is expected to pave the way for changes in the mechanism of managing airfare, shifting from a fixed administrative ceiling framework to a regulated market-based system.

By 2030, the Government wants every national and sectoral database locked into a unified system. This platform will enable seamless data aggregation, interoperability across ministries and localities, and connectivity with both domestic and international information systems.

From October 1, credit institutions as mandatory transferees of commercial banks placed under special control as prescribed in the Law on Credit Institutions will be entitled to 50-percent reduction of the required reserve ratio.

The Government has recently introduced new incentives in support of innovative startups, individual contractors and innovative and hi-tech products of Vietnamese origin, and specifies conditions for products to benefit from these incentives.

The Ministry of Finance is gathering feedback on a draft tax administration law to replace the 2019 Law on Tax Administration, as part of a comprehensive overhaul in line with the Politburo’s directions.

The Ministry of Industry and Trade has suggested six types of commodity exchanges for the planned International Financial Center, covering both traditional goods markets and emerging financial and commercial products, under a draft decree now open for public comment.

The draft decree detailing the Commercial Law and the Law on Foreign Trade Management allows provincial-level People’s Committees to continue licensing and supervising foreign-invested enterprises’ trading activities, while removing the requirement to seek approval from the MOIT and other ministries.

Citizens from 12 countries will be granted visa-free entry for stays of up to 45 days in Vietnam for tourism purposes, regardless of their passport types.

Under the draft decree on casino business currently open for public feedback, the Ministry of Finance suggests ticket prices of VND 2.5 million (USD 95.32) per day or VND 50 million (USD 1,906) per month for Vietnamese players.

The Ministry of Finance has proposed five penalty levels for failing to issue invoices, with fines of VND 1 million-80 million (USD 39-3,000) based on the severity and number of violations, according to the latest draft decree revising Decree 125 of 2020.

A draft (revised) Planning Law proposes marine spatial planning, reduced timeframe for provincial-level planning, and more flexible integration of urban and rural planning, aiming at removing bottlenecks and creating space for development in a new era of national growth.