Legal Document Updates in English (05/2019)

TO AMEND MANY FORMS USED
IN BUSINESS REGISTRATION

The Ministry of Planning and Investment issues the Circular No. 02/2019/TT-BKHDT on amendments to the Circular No. 20/2015/TT-BKHDT dated December 01, 2015 by the Ministry of Planning and Investment guiding the business registration on January 08, 2019.

Promulgated together with this Circular are forms of documents used in business registration and business household registration such as:

CONTRIBUTION TO THE VOLUNTARY
SUPPLEMENTAL RETIREMENT PROGRAM

Circular No. 19/2018/TT-BLDTBXH on guidelines for formulation of agreement on participation in voluntary supplemental retirement program at enterprises is issued on October 30, 2018 by the Ministry of Labor, War Invalids and Social Affairs.

The employer shall determine its specific contributions, contribution frequency and duration as follows:

- Contribution is determined as an absolute amount or a percentage on the employee’s salary;

RESIDING IN VIETNAM FOR MORE THAN 6 MONTHS
IS ENTITLED TO A TERM DEPOSIT
 

On December 31, 2018, the State Bank of Vietnam issues the Circular No. 49/2018/TT-NHNN on term deposits.

Accordingly, term deposit-making entities include:

- Foreign individuals permitted to reside in Vietnam for at least 06 months;

- Organizations and individuals residing in Vietnam;

- Diplomatic missions, consulates, representative bodies of international organizations in Vietnam…

PEOPLE UNDER 15 YEARS OLD
ARE ALLOWED TO DEPOSIT SAVINGS AT THE BANK
 

On December 31, 2018, the State Bank of Vietnam issues the Circular No. 48/2018/TT-NHNN on savings deposits, allows Vietnamese citizens who are 18 years of age or older, Vietnamese citizens who are 15 years of age to under 18 years of age and have not had limited legal capacity or lack of legal capacity as per the law to make savings deposits at commercial banks, cooperative banks, microfinance institutions or people's credit funds…

For Vietnamese citizens who have limited legal capacity or lack of legal capacity or are under 15 years, the transaction

of savings deposit must be made through their legal representative.

savings deposit payout is the one that the depositor previously made. Savings deposit interest rates; fees (if any); available currencies upon taking of savings deposits; methods offered to depositors to access their saving deposits shall be posted up publicly at the credit institution’s transaction offices and its website (if any).

Also in accordance with this Circular, the credit institution must provide depositors with a method of access to their saving deposits. Besides, the credit institution and depositors may reach an agreement on other methods enabling the depositors to access their saving deposits and giving and receiving notifications upon changes to these saving deposits.

PAR VALUE OF CORPORATE BOND IS VND 100,000
 

On December 04, 2018, the Government issues the Decree No. 163/2018/ND-CP prescribing the issuance of corporate bonds, takes effect on February 01, 2019.

This Decree prescribes, for bonds issued in the domestic market, their par value is VND 100,000 (one hundred thousand) or one of its multiples. The par value of bonds issued to the international market must comply with the regulations applicable at the market where they are issued.

INTERNAL AUDITORS MUST HAVE
AT LEAST 3 YEARS OF EXPERIENCE

On January 22, 2019, the Government issues the Decree No. 05/2019/ND-CP on internal audit.

Accordingly, internal auditors must meet the following requirements:

- Hold undergraduate degrees in majors meeting audit requirements, acquire sufficient and updated knowledge about assigned internal audit sectors;

METHOD FOR DETERMINATION
OF DRAINAGE SERVICE PRICES

On December 27, 2018, the Ministry of Construction issues the Circular No. 13/2018/TT-BXD guiding method for determination of drainage service prices.

Accordingly, reasonable costs of the drainage service include total manufacturing cost and general and administrative expenses. Within that, total manufacturing cost includes: Direct material cost; Direct labor cost; Direct machinery and equipment cost; Manufacturing overhead. To be specific:

- Direct material cost: The total quantity of such type of materials multiplies the unit price thereof;

TO CHANGE CONDITIONS FOR REGISTRATION
OF TEMPORARY VIETNAMESE NATIONALITY OF AIRCRAFT

On January 23, 2019, the Government issues the Decree No. 07/2019/ND-CP on amendments to some articles of the Governments Decree No. 68/2015/ND-CP dated August 18, 2015 on registration of nationality of and rights in aircraft.

Noticeably, there is the provision on changing conditions for registration of temporary Vietnamese nationality of aircraft. To be specific: An aircraft is eligible for registration of temporary Vietnamese nationality if it is being produced, assembled or trialed in Vietnam and satisfies the following conditions:

- The aircraft satisfy conditions/requirements on national defense and security, aviation safety, aviation security and environment protection according to law provisions.

Therefore, from March 11, 2019, aircraft temporarily registered with Vietnamese nationality do not need to meet the conditions of not having nationality of any country or deleting foreign registration as current regulations.

In addition, this Decree also supplements 01 case of an aircraft is subject to Vietnamese nationality deregistration: Heavily damaged aircraft which is unable to be repaired or recovered.