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| NUMBER | TITLE |
| In This Updates: | |
FINANCE – BANKING |
| FINANCE – BANKING | |||
1 | Circular No. 20/2017/TT-NHNN dated December 29, 2017 of the State Bank of Vietnam on sale of receivables from financial leasing contracts |
| Sale of receivables from financial leasing contracts | Page 2 | |
2 | Circular No. 19/2017/TT-NHNN dated December 28, 2017 of the State Bank of Vietnam on amending and supplementing a number of articles of Circular No. 36/2014/TT-NHNN dated November 20, 2014… |
| To increase ratio of short-term capital sources used as medium and long term loans | Page 2 | |
3 | Law No. 17/2017/QH14 dated November 20, 2017 of the National Assembly on amending a number of Articles of the Law on Credit Institutions |
| Bankruptcy must have plan for payment of deposits made by individuals | Page 2 | |
MEDICAL – HEALTH |
| MEDICAL - HEALTH | |||
4 | Directive No. 46/CT-TTg dated December 21, 2017 of the Prime Minister on enhancement of nutrition in new circumstances |
| Not trade carbonated soft drinks in schools | Page 3 | |
SCIENCE – TECHNOLOGY |
| SCIENCE - TECHNOLOGY | |||
5 | Decree No. 119/2017/ND-CP dated November 01, 2017 of the Government on penalties for administrative violations against regulations on standards, measurement and quality of goods |
| Violations against regulations on production of helmets, fine up to VND 40,000,000 | Page 3 | |
INFORMATION – COMMUNICATIONS |
| INFORMATION - COMMUNICATIONS | |||
6 | Circular No. 31/2017/TT-BTTTT dated November 15, 2017 of the Ministry of Information and Communications on surveillance of information system security |
| Surveillance of information system security | Page 3 | |
ORGANIZATIONAL STRUCTURE |
| ORGANIZATIONAL STRUCTURE | |||
7 | Decree No. 147/2017/ND-CP dated December 25, 2017 of the Government on amending a number of articles of the Decree No. 151/2013/ND-CP dated November 01, 2013.. |
| New regulations on operation mechanism of the State Capital Investment Corporation | Page 4 | |
INDUSTRY |
| INDUSTRY | |||
8 | Circular No. 32/2017/TT-BCT dated December 28, 2017 of the Ministry of Industry and Trade specifying and providing guidelines for implementation of certain articles of the law on chemicals and the Government’s Decree No. 113/2017/ND-CP dated October 09, 2017 |
| Guidance on declaration of imported chemicals | Page 4
| |
SUMMARY:
Ü FINANCE - BANKING
| ||
On December 29, 2017, the State Bank of Vietnam issued the Circular No. 20/2017/TT-NHNN on sale of receivables from financial leasing contracts. This Circular points out clear that in a transaction of selling receivables, the seller may only transfer the right to reclaim the debt in a financial leasing contract to the buyer. In case the buyer is a financial company or financial leasing company which may perform financial leasing under establishment and operation licenses issued by the State Bank, the seller may transfer his/her leased asset ownership right, right to reclaim the debt and other rights | and obligations in the financial leasing contract to the buyer. The seller may not buy back the receivables they have sold. A buyer who is a credit institution or foreign bank branch must have obtained permission to perform debt purchase under the establishment and operation license of the credit institution or establishment license of the foreign bank branch; have a non-performing loan ratio of below 3% continuously throughout the preceding year and current year before purchasing the receivables; and promulgate internal regulations on receivables purchase… This Circular takes effect on February 12, 2018. | |
| ||
On December 28, 2017, the State Bank of Vietnam issued the Circular No. 19/2017/TT-NHNN on amending and supplementing a number of articles of Circular No. 36/2014/TT-NHNN dated November 20, 2014 of the Governor of the State Bank of Vietnam providing for prudential ratios and limits for operations of credit institutions and branches of foreign banks. In accordance with the new regulations, credit institutions and branches of foreign banks shall comply with the maximum ratio of short-term capital sources used as | medium and long term loans under the roadmap such as from January 01, 2018 to the end of December 31, 2018: banks, branches of foreign banks: 45%; and non-bank credit institutions: 90%; from January 01, 2019: Banks, branches of foreign banks: 40% and Non-bank credit institutions: 90%. This Circular takes effect on February 12, 2018. Regulations on the maximum ratio of short-term capital sources used as medium and long-term loans shall be applicable from January 01, 2018. | |
| ||
On November 20, 2017, the National Assembly 14th of Socialist Republic of Vietnam passed the Law on amending and supplementing a number of Articles of the Law on credit organizations No. 17/2017/QH14. The Law prescribes that the bankruptcy is only applicable when State bank is convinced that the credit institution placed under special control is not able to recover according to the recovery plan or the credit institution…the State Bank of Vietnam shall request the Government to decide the guidelines for bankruptcy of the credit institution, within that must assess the impact of the bankruptcy plan on safety of the credit institution system; at the same time, make a plan for payment of deposits made by individuals. | Besides, the State Bank of Vietnam shall revoke the Certificate in the case of changing the legal status when credit institution is divided or acquired; undergoes amalgamation, dissolution, bankruptcy or conversion. On capital contribution and purchase of shares, the Law prescribes that capital contribution and purchase of shares do not include contribution of capital to or purchase of shares by asset management companies that are subsidiaries or associate companies of the commercial bank or finance company of an enterprise under their management. This Law takes effect on January 15, 2018. | |
Ü MEDICAL - HEALTH
| ||
Vietnam is still facing nutritional issues. The prevalence of stunting remains high; the rate of obesity tends to rapidly increase; unhealthy diet...Therefore, the Prime Minister issued the Directive No. 46/CT-TTg dated December 21, 2017 on enhancement of nutrition in new circumstances. At this Directive, the Prime Minister requires the Ministry of Education and Training to provide healthy school meals, execute school milk program, encourage children and students to engage in physical activities; not advertise and trade in alcoholic drinks, carbonated soft drinks and unhealthy foods in schools. | The Ministry of Health takes charge and cooperates with Vietnam Women's Union in focusing on providing nutritional care for children during their first 1000 days of life, providing healthy diet for preschoolers, elementary school students and families in order to end all forms of malnutrition… At the same time, improvement, and care in new circumstances, including recommending, raising public awareness of diet, diet rations suitable for each group of age and special entities, and taste of the Vietnamese in each region, using local foods... | |
Ü SCIENCE - TECHNOLOGY
| ||
From December 15, 2017, penalties for administrative violations against regulations on standards, measurement and quality of goods shall be applied according to Decree No. 119/2017/ND-CP of the Government, replaced for Decree No. 80/2013/ND-CP. One of the most important contents of this Decree is the regulations on penalties for violations in producing helmets. Specifically, a fine of from VND 30,000,000 to VND 40,000,000 shall be imposed for any of the following violations: Production of helmets without the certificate of eligibility for production of helmets granted by a competent authority; Using the expired certificate of eligibility for production of helmets. Besides, there are regulations on fines for violations against regulations on production and preparation of gas or petrol and oil. Accordingly, a fine of from VND 40,000,000 to VND | 60,000,000 shall be imposed for any of the following violations: Production or preparation of gas or petrol and oil without a certificate granted by a competent authority; Using the expired certificate of petrol and oil/gas preparation registration. Entities committing these above violations shall take one of or some of the following remedial measures: Enforced transfer of the illegal profit earned from committing the violation; Revoke the certificate. Also in accordance with this Decree, violations against regulations on goods labeling shall be applied a fine from VND 500,000 to VND 30,000,000, depends on the price of goods. This Decree was issued on November 01, 2017; takes effect on December 15, 2017. | |
Ü INFORMATION - COMMUNICATIONS
| ||
On November 15, 2017, the Ministry of Information and Communications issued the Circular No. 31/2017/TT-BTTTT on surveillance of information system security, except for information systems managed by Ministry of National Defense and Ministry of Public Security. This Circular requires that telecommunications enterprises, enterprises providing information technology services and enterprises providing cyber information security services shall cooperate with the manager of information system in surveillance at the request of the Ministry of Information and Communications; provide information on infrastructure, techniques and network system, provide technical assistance at the request of the Ministry of Information and Communications to serve the surveillance of the Ministry. | Surveillance shall be carried out directly (direct surveillance) or indirectly (indirect surveillance). A manager of an information system may carry out surveillance or use surveillance services. Surveillance principles: surveillance is carried out regularly and continuously; surveillance, analysis and prevention methods are actively implemented to promptly detect and prevent cyber information security incidents and risks; the stability and security of information provided or exchanged during the surveillance are ensured… This Circular takes effect on January 15, 2018. | |
Ü ORGANIZATIONAL STRUCTURE
| ||
New regulations on the operation of the State Capital Investment Corporation (SCIC) have been issued at the Decree No. 147/2017/ND-CP dated December 25, 2017. Accordingly, SCIC must not invest in, contribute capital to, buy shares or wholly acquire another enterprise whose representative is a spouse, birth parent, adoptive parent, birth child, adopted child, brother, sister, brother-in-law, sister-in-law of the President and member of the Member Council, Controller, Director General, Deputy Director General, Chief Accountant of SCIC… Besides, Ministries, ministerial agencies and People’s Committees of provinces shall transfer the right to represent the state capital owner in enterprises to SCIC, joint-stock companies converted from wholly state-owned independent companies shall transfer within 30 working days from the | day on which the Ministry, ministerial agency or People’s Committee of province publishes the actual state capital value at the time such joint-stock companies are issued with the first certificate of enterprise or from December 25, 2017 depending on each case. Apart from that, the starting price for the sale of state capital shall be determined in a manner that the actual state capital value in enterprises is fully recorded, including the value of land use right or receipt of transfer of lawful land use right in accordance with regulations of the Land Law, value of intellectual property rights and other intangible assets (if any) of enterprises in accordance with regulations of law at the time of selling capital… This Decree takes effect on the signing date. | |
Ü INDUSTRY
| ||
This is one of the content prescribed at the Circular No. 32/2017/TT-BCT issued by the Ministry of Industry and Trade on December 28, 2017. Accordingly, chemical importers shall declare imported chemicals through national single-window website before customs clearance is granted. After customs clearance is granted, the customs shall send information about declared identification numbers and other information. Entities purchasing chemicals in the territory of Vietnam shall not make declaration of imported chemicals. In case the main system is not functional, the importer may declare imported chemicals through a backup system. Chemical importers shall take responsibility for information that they | have declared through the backup system as if it is declared through the national single-window website. Also in accordance with this Circular, Before January 15 every year, entities having industrial chemical-related activities shall make reports on their chemical-related activities in the previous year and send them to the Department of Industry and Trade of the province where such activities are carried out and to the Vietnam Chemicals Agency; The periodic reporting shall be made through the national database on chemicals after it is complete. This Circular takes effect on the signing date. | |
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