Legal Document Updates in English (03/2017)

LICENSE FEES FOR ORGANIZATION ENGAGING IN BUSINESS
WITH THE MAXIMUM LEVEL OF VND 3 MILLION
 

Takes effect on January 01,2017, the Circular No. 302/2016/TT-BTC dated November 15, 2016 of the Ministry of Finance guiding the license fees for the organizations and individuals engaging in business operation from VND 01 – 03 million/year.

Within that the amounts of annual licensing fees for organizations engaging in business as organizations with charter capital and investment capital of greater than VND 10 billion: VND 3,000,000; organizations with charter capital and investment capital of less than or equal to VND 10 billion: VND 2,000,000; branches, representative offices, business premises, public service providers, other business entities: VND 1,000,000.

The amounts of annual licensing fees for individuals, groups of individuals, households engaging in business as

AFTER MARCH 01, 2018, CLOSE CURRENT ACCOUNT OF HOUSEHOLD FAIL TO
 COMPLETE THE CHANGE OF ACCOUNT FORMS
 

Takes effect on March 01, 2017, the Circular No. 32/2016/TT-NHNN dated December 26, 2016 of the State Bank on amending the Circular No. 23/2014/TT-NHNN dated August 19, 2014 of the State Bank of Vietnam guiding the opening and use of payment accounts at payment service suppliers, before March 01, 2018, each payment service provider shall review documents and applications for opening and maintenance of current accounts submitted by customers being juridical persons that are opened and change the account holders’ names without re-concluding the agreements, unless otherwise requested in writing by the current account holder.

Each bank or foreign bank branch shall review documents and applications for opening and maintenance of current accounts submitted by customers being households, co-operative groups, or other organizations without legal status that are opened before March 01, 2017.  From March 01, 2018, it shall close current accounts of households, co-operative groups, and other organizations without legal status that fail to complete the change of account forms. The legal representative or authorized representative of the corporate that opens the account  who shall perform transactions relating to the current account on behalf of the corporate.

BANKS MUST CONVERSE BASIC FOREIGN EXCHANGE ACTIVITIES
BEFORE NOVEMBER OF 2017
 

On October 05, 2016, the State Bank of Vietnam issued the Circular No. 28/2016/TT-NHNN on amending and supplementing a number of articles of Circular No. 21/2014/TT-NHNN of August 14, 2014, of the Governor of the State Bank of Vietnam, guiding the scope of foreign exchange activities and the conditions, order and procedures for approval of foreign exchange activities of credit institutions and foreign bank branches.

Accordingly, the State Bank shall convert licenses for commercial banks, general finance companies, factoring finance companies, consumer credit finance companies, financial leasing companies and foreign bank branches that have permitted to carry out foreign exchange activities, conversion into establishment and operation licenses or license modification and supplementation decisions stating the activities of foreign exchange trading and provision of foreign exchange services in the domestic market and/or

MUST PAY FROM A HALF OF LAND USE LEVY UPON RE-SALE
OF SOCIAL HOUSES FOR THE STATE
 

This is the important content prescribed at the Circular No. 139/2016/TT-BTC dated September 16, 2016 of the Ministry of Finance guiding the exemption from land use levy or land rental, refund to or clearing against financial obligations of social housing investors, and method of determination of land use levy payable by buyers or lessees-buyers when they are permitted to re-sell their social houses.

The payment of land use levy by buyers or buyers-lessees when they are permitted to re-sell their social houses as follows, for a social house being a condominium apartment, the seller shall pay to the state budget 50% of the land use levy value allocated to that apartment; for a social house being a low-story semi-detached house, the seller shall pay 100% of the land use levy.

A buyer or lessee-buyer that resells his/her social house being a low-story semi-detached house shall pay 100% of the land use levy, which shall be determined to be the land price used for calculation of the land use levy is the land price set by the provincial-level People’s Committee in the land price bracket multiplied by (x) the land price adjustment coefficient applicable at the time a buyer or

FROM 2018, TO EXECUTE CERTAIN BUILDING INFORMATION MODELS (BIM) PILOT PROJECTS
 

The Building Information Models (BIM) for facility building and operating management activities approved by the Prime Minister on December 22, 2016 at the Decision No. 2500/QD-TTg.

Accordingly, .with the objectives that through application of BIM, strive to achieve the objective of saving at least 30% of convertible general expenses for entities concerned during such application, enhance transparency and convenience in management and control of quality of facility building and operating management activities. Including: cutting down about 10% of construction cost (including reducing overuse of building materials by approximately 20%); decreasing construction time by about 10% compared with the approved progress; reducing duration of design and design modification by about 10%...The Prime Minister has set up some tasks for the application of BIM.

In particular, from 2017 to 2019, prepare necessary conditions and skill training sessions for application of BIM, including duties such as improve awareness and encourage entities, institutions or enterprises to implement BIM; outline