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In This Updates: |
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INSURANCE |
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INSURANCE |
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Circular No. 35/2018/TT-BLDTBXH dated December 26, 2018 on prescribing indexation rate of monthly salary and income after payment of social insurance contributions |
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To adjust monthly salary, income after payment of social insurance contributions |
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FINANCE – BANKING |
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FINANCE – BANKING |
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Circular No. 44/2018/TT-NHNN dated December 28, 2018 on amendments and supplements to certain articles of Circular No. 36/2012/TT-NHNN prescribing installation, management, operation and maintenance of safety for operations of automated teller machines |
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10 day before termination ATMs service provider must inform the locality State Bank |
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Circular No. 45/2018/TT-NHNN dated December 28, 2018 on providing credit institutions with instructions for grant of loans guaranteed by credit guarantee funds under regulations of Government’s Decree No.34/2018/ND-CP… |
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Agreement on interest rates on loans guaranteed by credit guarantee funds |
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Circular No. 46/2018/TT-NHNN dated December 28, 2018 providing regulations on time limits, processes and procedures for transition applied to cases in which major shareholders of a credit institution and related persons thereof own shares equaling at least 5% of charter capital of another credit institution |
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By December 31, 2020, complete the remedy for the ownership of shares beyond allowed limits |
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ACCOUNT - AUDIT |
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ACCOUNT - AUDIT |
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Circular No. 132/2018/TT-BTC dated December 28, 2018 on providing guidance on accounting regimes of extra-small enterprises |
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Extra-small enterprises shall not bound to appoint the chief accountant |
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INDUSTRY |
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INDUSTRY |
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Decision No. 02/2019/QD-TTg dated January 8, 2019 on amendments and supplements to certain articles of the Prime Minister’s Decision No. 11/2017/QD-TTg dated April 11, 2017 on mechanism for encouragement of development of solar power in Vietnam |
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Pricing measurement of rooftop solar power projects |
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AGRICULTURE - FORESTRY |
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AGRICULTURE - FORESTRY |
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Law No. 32/2018/QH14 dated November 19, 2018 on animal husbandry |
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To develop the National animal husbandry database |
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SAVING - ANTI-CORRUPTION PROTECTION |
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SAVING - ANTI-CORRUPTION PROTECTION |
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Anti-Corruption Law No. 36/2018/QH14 dated November 20, 2018 |
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Cadres and civil servants are required to declare assets and income at VND 50. millions or above |
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SUMMARY:
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On December 26, 2018, the Ministry of Labor, War Invalids and Social Affairs issues the Circular No. 35/2018/TT-BLDTBXH on prescribing indexation rate of monthly salary and income after payment of social insurance contributions. Accordingly, from January 01, 2019, monthly salary after payment of social insurance contributions of employees who are subject to the pay scheme under the State’s regulations started participating in social insurance programs from January 01, 2016, employees who pay social insurance contributions according to the pay scheme decided by employers… are adjusted as following: |
Indexed monthly salary after payment of social insurance contributions in each year equals "Total monthly salary after payment of social insurance contributions in each year" multiplies with "Indexation rate of monthly salary after payment of social insurance contributions in the corresponding year." In this formula, indexation rate of 2016, 2017, 2018, and 2019 is 1.07; 1.04; 1.00 and 1.00 respectively. This Circular takes effect on February 15, 2019; provisions of this Circular shall apply from January 01, 2019. |
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On December 28, 2018, the State Bank of Vietnam issues the Circular No. 44/2018/TT-NHNN on amendments and supplements to certain articles of the Circular No. 36/2012/TT-NHNN dated December 28, 2012 of State Bank’s Governor prescribing installation, management, operation and maintenance of safety for operations of automated teller machines. - Within the duration of 10 business days prior to the initiation, installation, change in location and time or |
termination of operations of ATMs payment service providers must inform State Bank branches in localities instead of 15 days as before. - Appoint employees to detect and respond to any ATM breakdown on time. If ATMs stop working for more than 24 hours, payment service providers must report under the State Bank's regulations… This Circular takes effect on February 18, 2019. |
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On December 28, 2018, of the State Bank of Vietnam issues the Circular No. 45/2018/TT-NHNN on providing credit institutions with instructions for grant of loans guaranteed by credit guarantee funds under regulations of the Government’s Decree No.34/2018/ND-CP dated March 08, 2018 on establishment, organization and operation of credit guarantee funds for small and medium-sized enterprises. Accordingly, before granting a loan guaranteed by the credit guarantee fund, the lender and the credit guarantee fund must enter into a framework or one-by-one agreement on cooperation in granting loans guaranteed by the credit |
guarantee fund in order to agree on guarantee, lending activities and use such agreement as a basis for exercising rights and obligations of both parties that may arise. In case where both parties wish to amend and supplement the signed cooperation agreement, such amendment and supplementation must be carried out in a new written agreement. Besides, this Circular also regulates the provision on interest rates on loans guaranteed by credit guarantee funds. This Circular takes effect on February 12, 2019. |
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The State Bank of Vietnam issues the Circular No. 46/2018/TT-NHNN on providing regulations on time limits, processes and procedures for transition applied to cases in which major shareholders of a credit institution and related persons thereof own shares equaling at least 5% of charter capital of another credit institution on December 28, 2018. The presiding credit institution in collaboration with another credit institution and the group of related major shareholders shall work out the plan for remedy for the ownership of shares beyond allowed limits and implement the remedial plan in order to ensure, by December 31, 2020 |
at the latest, the percentage of ownership of shares by the group of related major shareholders conforms to provisions of the Law on Credit Institution (revised and supplemented version). The remedial plan must include the followings contains at least: - List of related major shareholders, including the following information; - Remedial method and roadmap. This Circular takes effect on March 01, 2019. |
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The Ministry of Finance issues the Circular No. 132/2018/TT-BTC on providing guidance on accounting regimes of extra-small enterprises. Accounting regimes have some particular points as follow: - For the design of the structure: Extra-small enterprises shall be charged with performing accounting duties without being bound to appoint the chief accountant; - Extra-small enterprises may design forms, charts and templates of accounting books appropriate for their business activities. In cases where extra-small enterprises do not autonomously design these forms, charts and templates for their own use, they may use those and |
bookkeeping methods according to the instructions given in this Circular; - If extra-small enterprises shall not be bound to open accounts, but may make entries by using the single-entry bookkeeping method in accounting books in order to keep track of revenues and incomes, taxes payable… - Extra-small enterprises shall not be required to submit financial reports to tax authorities. Extra-small enterprises may prepare accounting reports for business management and administration purpose. This Circular takes effect on February 15, 2019 and applies to the fiscal year beginning or after April 01, 2019. |
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Ü INDUSTRY
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The Prime Minister promulgates the Decision No. 02/2019/QD-TTg on amendments and supplements to certain articles of the Prime Minister’s Decision No. 11/2017/QD-TTg dated April 11, 2017 on mechanism for encouragement of development of solar power in Vietnam on January 08, 2019. For rooftop solar power projects: - Rooftop solar power projects shall be implemented according to the mechanism for purchase and sale of electricity that separates the direction of delivery of electricity from the direction of receipt of electricity in two-way electricity meters. The electricity seller shall be liable |
for the amount of electrical energy received from power grids in accordance with existing regulations; - The electricity buyer shall be liable for the amount of electrical energy transmitted to power grids from rooftop solar power projects at the electricity buying and selling price defined in clause 1 Article 12 of the Decision 11/2017/QD-TTg; - The electricity buying and selling prices of a rooftop solar power project in the successive year shall be determined on the basis of the official exchange rate of VND versus USD, quoted by the State Bank of Vietnam on the date of release of the last exchange rate in the previous year. This Decision takes effect on the signing date. |
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The Law No. 32/2018/QH14 is promulgated by the National Assembly on November 19, 2018 provides the regulation for raising of livestock, rights and obligations of organizations and individuals involved in animal husbandry… National animal husbandry database refers to an animal husbandry-related information system which is developed in such a way that consistency from central to local levels is maintained and normalized and managed by information technology. The national animal husbandry database includes: - Database of legislative documents on animal husbandry; - Database of livestock breeds, livestock gene sources, animal feeds and products for treatment of waste from livestock breeding; |
- Database of livestock breeding and/or processing facilities and animal product market; - Database of disease-free zones for livestock breeding… This Law tightens the requirements applied for livestock breeds and products circulated on the market. Accordingly, any livestock breed and product circulated on the market must satisfy the following requirements: - Have applied quality standard declared; - Have quality meeting the applied quality standard declared; - Meet quarantine requirements as prescribed in the law on veterinary medicine. This Law takes effect on January 01, 2020. |
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Ü SAVING - ANTI-CORRUPTION PROTECTION
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On November 20, 2018, the National Assembly issues the Anti-Corruption Law No. 36/2018/QH14 which includes many remarkable contents. Accordingly, the following assets and income shall be declared: - Land use rights, houses, construction works and other property attached thereto; - Previous metals, gemstones, cash, financial instruments and other real property each of which is assessed at VND 50 millions or above; - Overseas property and accounts; - Total income between 02 declarations. Individuals required to declare assets and income are: |
- Cadres and civil servants; - Commissioned officers of police and military forces, career military personnel; - Holders of positions of deputy managers and above in public service agencies, state-owned enterprises, appointed representatives of state capital in enterprises; - Nominees for the National Assembly delegates and the People’s Councils delegates. Methods of declaration are: First declaration, Additional declaration, Annual declaration, Declaration serving official management. This Law takes effect on July 01, 2019. |
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