Legal Document Updates in English (02/2015)

REGULATIONS ON FOREIGN INVESTOR’S PURCHASE OF
VIETNAMESE CREDIT INSTITUTION’S SHARES
 

The State Bank of Vietnam has just issued the Circular No. 38/2014/TT-NHNN dated December 08, 2014 on dossier, order and procedures for approving the foreign investor’s purchase of Vietnamese credit institution’s shares. At the same time, within 40 days from the date of full receipt of valid dossier, the State Bank shall review the dossier for approval or disapproval in writing concerning the foreign investor’s purchase of shares. In case of disapproval, the State Bank must specify the reasons in writing.

The dossier includes declaration about the shareholding of foreign investor and related persons of foreign investor in Vietnam at Vietnamese credit institutions up to the time of dossier submission; written confirmation of the bank on the deposit balance of the foreign investor’s deposit account or other documents proving the foreign investor has sufficient legal financial sources to purchase shares; . Curriculum, copy of passport or other legal personal identity of the foreign investor as individual, of the foreign investor’s legal representative and the authorized person to be the

BY THE END OF 2015, REDUCE NON-PERFORMING LOANS TO BELOW 3 %
 

The National Assembly just approved the Resolution No. 86/2014/QH13 dated November 28, 2014 on further increasing the effectiveness of the economic restructuring in public investment, state enterprises and banking system, arranging and restructuring weak credit institutions, continuing implementing measures to reduce non-performing loans to below 3 percent of the total outstanding loans by the end of 2015.

At the same time, continue studying and improving the operational mechanism of the Vietnam Asset Management Company; increase the inspection and examination of the law compliance by credit institutions, closely supervise the cross ownership and cross investment, promptly handle violations and prevent risks.
For investment, the National Assembly assure to draw up and implement specific plans and policies encouraging and

PROHIBIT TRADING CIGARETTES, LIQUORS ON E-COMMERCE MANAGEMENT PORTAL
 

On December 05, 2014 the Ministry of Industry and Trade issued the Circular No. 47/2014/TT-BCT on the management of e-commerce websites. This Circular does not apply to websites operating in the fields of finance, banking, credit and insurance; websites for trading and exchange of money, gold, foreign currencies and other payment instruments; websites providing online game, betting or prize-winning game services. This Circular shows the tight regulations of the Ministry of Industry and Trade on the management of the E-Commerce Management Portal.

Firstly, the Circular regulates that traders, organizations and individuals may not use e-commerce websites to trade in the following goods subject to business restrictions: Hunting rifles and cartridges, sport weapons, support tools; Cigarettes, cigars and other finished tobacco products; Assorted liquors; Precious and rare wild plant and animal species, including also live plants and animals and their processed parts… Traders that develop websites to sell goods or services on the list of goods and services subject

IBEFORE FEBRUARY 02, 2015, PUBLISHING LAND EXEMPTION, REDUCTION
 

The Ministry of Finance issued the Circular No. 156/2014/TT-BTC dated October 23, 2014 amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 135/2008/TT-BTC of December 31, 2008, guiding the implementation of the Government’s Decree No. 69/2008/ND-CP of May 30, 2008, on incentive policies for the socialization of educational, vocational training, healthcare, cultural, sports and environmental activities.

Accordingly, no later than 06 months since August 01, 2014 (on February 01, 2015), based on the fields and geographical areas in which socialization is encouraged in localities, provincial-level People’s Committees shall promulgate and publicize regulations on land exemption and reduction for socialization establishments that use land in urban centers after consulting the standing bodies of provincial-level People’s Councils. Of which, the highest level is land rental exemption shall be granted for the whole project duration in the term of land lease by the State. The lowest level is not lower than the incentive level applicable to the investment law.

A socialization establishment shall be leased by the State cleared land for construction of works to be used for socialization activities and enjoy land rental exemption for

PROHIBITING THE ADVERTISING OF MILK FOR UNDER-24 MONTH INFANTS
 

This is one of the contents regulated under the Decree No. 100/2014/ND-CP of the Government on the trading in and use of nutritious products for infants, feeding bottles and teats, replacing the Decree No. 21/2006/ND-CP dated February 27, 2006.

Specifically, the Government strictly prohibits the advertising of breast milk substitutes for under-24 month infants (instead of advertising milk for under 12 months as previously) to encourage breast feeding. At the same time, the advertising of complementary foods for under-6 month infants; feeding bottles and teats in any forms; the use of fetus or infant images in advertisements for milk for pregnant women are also prohibited.

For the advertising of complementary foods for under-24 month infants, advertising contents must clearly state “This product is a complementary food and may be used as a supplement to breast milk for infants over 6 months”; and the first part of the advertisement must have the phrase