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In This Updates:
LABOR - SALARY
LABOR - SALARY
Circular No. 10/2020/TT-BLDTBXH dated November 12, 2020 of the Ministry of Labor, War Invalids and Social Affairs on detailing and guiding the implementation of a number of articles of the Labor Code regarding contents of a labor contract, collective bargaining councils and occupations and jobs that are harmful to reproduction and parenting functions
55 occupations and jobs that are harmful to reproduction functions
Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister on the establishment and charter of organization and operation of Vietnam Stock Exchange
From February 20, the charter capital of the Vietnam Stock Exchange is VND 3,000 billion
Circular No. 99/2020/TT-BTC dated November 16, 2020 of the Ministry of Finance on providing Guidance on operations of securities investment fund management companies
6 things securities investment consultants cannot do
Circular No. 97/2020/TT-BTC dated November 16, 2020 of the Ministry of Finance guiding the operation of Vietnam-based representative offices and branches of foreign securities companies and foreign fund management companies
Vietnam-based branches of foreign securities companies may only perform securities investment consultancy
Decree No. 94/2020/ND-CP dated August 21, 2020 of the Government on preferential mechanisms and policies for the National Innovation Center
To exempt from the National Innovation Center land rentals for 50 years
Decision No. 2233/QD-TTg dated December 28, 2020 of the Prime Minister on approving the Scheme on developing a competitive energy market through 2030, with a vision toward 2045
The Scheme on developing a competitive energy market through 2030
55 OCCUPATIONS AND JOBS THAT ARE HARMFUL TO REPRODUCTION FUNCTIONS
The Ministry of Labor, War Invalids and Social Affairs issues the Circular No. 10/2020/TT-BLDTBXH on detailing and guiding the implementation of a number of articles of the Labor Code regarding contents of a labor contract, collective bargaining councils and occupations and jobs that are harmful to reproduction and parenting functions on November 12, 2020.
Accordingly, the Ministry of Labor, War Invalids and Social Affairs issues the List of 55 occupations and jobs that are harmful to reproduction and parenting functions of female employees. To be specific: Directly boiling and pouring molten metals at the foundries; Rolling hot metal (except ferrous metal); Directly refining non-ferrous metal ores (copper, lead, tin, mercury, zinc and silver); Firing and pouring out coke from ovens; Welding in closed containers,
welding in positions which are over 10 meters higher than the working floor; Removing rock on the mountains; Exploratory drilling of oil and gas wells, etc.
Besides, the Circular also stipulates that the employer shall be responsible for making a public announcement so that employees know about occupations and jobs that are harmful to reproduction and parenting functions at the workplace. At the same time, providing adequate information on harms as well as measures to prevent and control dangerous and harmful factors of occupations and jobs that are harmful to reproduction and parenting functions for employees to choose, decide to work.
This Circular takes effect on January 01, 2021.
FROM FEBRUARY 20, THE CHARTER CAPITAL OF THE VIETNAM STOCK EXCHANGE
On December 23, 2020, the Prime Minister issues the Decision No. 37/2020/QD-TTg on the establishment and charter of organization and operation of Vietnam Stock Exchange.
Specifically, the Vietnam Stock Exchange is a parent company organized under the model of a single-member limited liability company with 100% of charter capital held by the State; headquartered at Hanoi with international transaction name: Vietnam Exchange (VNX). Companies which 100% charter capital is held by the Vietnam Stock Exchange at the time of establishment include: Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange.
The charter capital of the Vietnam Stock Exchange is VND 3,000 billion, including charter capital at the time of commencement of operation which is determined by the total equity of the Hanoi Stock Exchange and Ho Chi Minh City Stock Exchange according to the audited financial statements at the time prior to the date on which the Vietnam Stock Exchange is granted the Enterprise Registration Certificate; additional capital in the course of operation in accordance with law provisions.
This Decision takes effect on February 20, 2021.
6 THINGS SECURITIES INVESTMENT CONSULTANTS CANNOT DO
On November 16, 2020, the Ministry of Finance issues the Circular No. 99/2020/TT-BTC on providing Guidance on operations of securities investment fund management companies.
Accordingly, in the securities investment consultancy, consultants must not:
Firstly, advise customers to invest in assets without providing fully information on the assets, the issuing institutions to the customers.
Secondly, broker transaction of purchase and sale between a customer and a third party; Broker transaction of lending, borrowing assets between a customer and a fund management company or between a customer and a third party.
Next, provide the information that has not been verified, rumors, false information to customers; provide false information, amplify the truth, provide misleading information, give the forecast or perform the acts to entice, induce or invite customers to trade in an asset that does not match with the investment objectives, investment experience, risk awareness capability, risk acceptance level and financial capacity of customers.
Besides, consultants must not give gifts, use the material benefits in any form to offer, induce a customer to trade an asset; invest on behalf of customers, receive customer’s money or assets for investment or transaction, unless the entrusting customers have signed investment entrustment contract with a fund management company, etc.
This Circular takes effect on January 01, 2021.
VIETNAM-BASED BRANCHES OF FOREIGN SECURITIES COMPANIES
On November 16, 2020, the Ministry of Finance issues the Circular No. 97/2020/TT-BTC guiding the operation of Vietnam-based representative offices and branches of foreign securities companies and foreign fund management companies.
Several rights of a Vietnam-based representative office of a foreign securities company or foreign fund management company defined in this Circular as follows: To open an account in foreign currencies or Vietnam dong of foreign currency origin at a commercial bank licensed to conduct foreign exchange business in Vietnam; To recruit Vietnamese and foreign employees to work in the representative office; To have its own seal in accordance with law; etc.
Vietnam-based branches of foreign securities companies shall ensure that their employees working the following tasks must possess certificate of securities practice: Providing
consultancy and explanation for contracts signed with their customers; Signing in the securities analysis results, securities analysis reports; Providing recommendations related to securities purchase, sale or holding. Vietnam-based branches of foreign securities companies may only perform securities investment consultancy.
Additionally, time limits for submitting reports of Vietnam-based branches of foreign securities companies and foreign fund management company are prescribed as follows: Within 05 working days from the last day of a month, for monthly reports; Within 20 days from the last day of a quarter, for quarterly reports; Within 45 days from the last day of a second quarter, for biannual reports; Within 90 days from the last day of a year; for annual reports.
This Circular takes effect on January 01, 2021.
TO EXEMPT FROM THE NATIONAL INNOVATION CENTER LAND RENTALS
The Decree No. 94/2020/ND-CP on preferential mechanisms and policies for the National Innovation Center (NIC) is issued by the Government on August 21, 2020.
Specifically, the NIC is entitled to rent land for 50 years in the hi-tech zones and is exempted from all land rentals for the entire lease term. The affiliate of the NIC in the Hoa Lac Hi-Tech Park shall be exempted of infrastructure charges for the land areas it rents in the areas subject to payment of infrastructure charges for technical infrastructure facilities invested by the State; be exempted of all land clearance compensations and expenses, supports, resettlement. The State budget shall cover all the ground leveling expenses for the investment project of the NIC’s affiliate.
Additionally, the NIC shall be exempted from duties on goods imported to create fixed assets, goods imported for direct use in scientific research, technological development, technology incubation development, scientific and technological enterprise incubation development, technological innovation in accordance with the provisions of the Law on Export and Import Duties.
Creative entrepreneurs and innovative start-ups operating at the NIC, when registering for enterprise establishment, shall be granted enterprise registration certificates within 01 working day since the business registration sections receive the valid enterprise registration dossiers and shall be given priority to carry out procedures for the establishment of industrial property rights ahead of time when requested.
This Decree takes effect from October 05, 2020.
THE SCHEME ON DEVELOPING A COMPETITIVE ENERGY MARKET THROUGH 2030
On December 28, 2020, the Prime Minister issues the Decision No. 2233/QD-TTg on approving the Scheme on developing a competitive energy market through 2030, with a vision toward 2045.
Accordingly, the scope of the Scheme including 03 energy sub-sectors (coal, gas and electricity) that play an important and key role in the energy production and consumption chain in Vietnam.
The roadmap for development of the gas market for the period from 2021 to the end of 2025 includes the following contents: Permitting contractors, investors of new gas exploitation projects (Blue Whale, Block B, etc.) to choose to negotiate to sell gas directly to consumers or wholesalers for
PVN/PVGas. Concurrently, implementing a new business model for imported LNG projects (participants importing LNG sell gas directly to customers).
With regard to coal market, maintaining the current coal supply model for consumers. To be specific: Regarding coal used for electricity production purpose, the investor of coal-fired power plants (except for BOT thermal power plants with the Government guarantee for coal supply contracts) shall be responsible for supplying legal coal sources in the lifetime of the factory; Regarding coal for consumers used for purposes other than electricity, carrying out competitive bidding or approving agreements and signing coal sale and purchase contracts with market fluctuation prices, etc.
This Decision takes effect on the signing date.
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