Legal Document Updates in English (06/2012)

THE NATIONAL ASSEMBLY'S SUPERVISORY PROGRAM IN 2012
 

On November 11, 2011, the National Assembly approved the Resolution No. 15/2011/QH13 on the National Assembly's 2012 supervisory program.

Specifically, in the third session, the National Assembly considers the additional report of the Government on evaluating the performance of the socio-economic development plan; State budget in 2011, State budget estimation in the first months of 2012 and other reports of the relevant authorities as regulated by Law. Besides, the National Assembly also considers the report on results of dealing with voters’ opinion proposed to the second session of the Nation Assembly; Report on supervising the implementation of policies and laws on public investment for agriculture, farmers, and rural areas.

In the fourth session, the National Assembly considers the reports of the Government on the

performance of socio- economic development plan and State budget estimation in 2012 and other reports of relevant authorities; consider the report on the supervision of dealing with voters’ opinion proposed to the third session of the National Assembly; supervise the implementation of policies and laws on complaints and denunciations regarding administrative decisions on land.   

Based on the National Assembly’s supervision program, the National Assembly Standing Committee, the National Assembly's Ethnic Council, Committees of the National Assembly build and implement their own supervision program. And the National Assembly delegation and delegates actively choose the contents to build the program and implement the supervision based on the current situation, then reporting the results as regulated by law.

AMENDMENTS ON DIGITAL SIGNATURES AND
DIGITAL SIGNATURE CERTIFICATION SERVICES

On 23 November 2011, the Government promulgated the Decree No. 106/2011/ND-CP to amend and supplement number of articles of the Decree 26/2007/ND-CP dated 15 February, 2007 providing detailed regulations on the implementation of the Law on electronic transactions Law regarding digital signatures and digital signature certification services.

Decree has specified additional public digital signature is digitally signed by the subscribers using digital certificates held provider of digital signature certificates issued for public subscription created. Digital signature is the digital signature used exclusively by subscribers using digital certificates held provider of specialized digital signature created for subscribers.

The legal representatives of organizations providing certification services to the public digital signature

are not required to be knowledgeable about regulations on digital signatures and certification services digital signatures as defined previously. Under this Decree, the Government only requires that technical staff, managers, executive officers, employees security management and customer service personnel must meet professional requirements and scale service deployment; any member of the staff must have never been convicted.

A dossier licensing of public digital signature is also specifically regulated in this Decree. The dossier must be made in 06 sets (02 original and 04 copies).

These amendments and supplements shall take effect on 01 February, 2012.

LAND RENT HALVED FOR MANUFACTURERS IN 2011 AND 2012
 

Economic institutions conducting businesses in the manufacturing sector in 2011 and 2012 will enjoy a 50 percent reduction in land rental price for leased land which is paid annually, according to the Decision 2093/QD-TTg dated November 23, 2011 issued by the Prime Minister on reduction of land rental in 2011 and 2012 with regard to some economic organizations.

The subjects enjoying the land rent cut include: economic organizations being maturity of determining land rent rates for the new stable period; economic organizations are expiration for land rent exemption that come the time limit to determine land rent to be paid; economic organizations have used the land before March 1^st, 2011 being temporarily paid land rental that are from March 1^st, 2011 must determine officially the land rental to be paid.

Accordingly, reducing 50% of land rental in 2011 and 2012 for the economic organizations operating in the manufacturing sector if they use leasing land on right purposes and in accordance with the provisions of the Law on Land; which has land rent amount, determined under the provisions of the Decree No. 121/2010/NĐ-CP dated 30th December 2010 of the Government, increased from 02 times or higher compared with the land rental to be paid in 2010 (for the same purpose of using leased land and area of calculated land rent collection).

The land rent after being reduced according to this provision is not less than the land rental to be paid in 2010 (for the same purpose of using leased land and area of calculated land rent collection). In case land rental after being reduced is still larger than 02 times compared to the land rental to be paid by 2010, the economic organization shall being reduced further land rent of 2011 and 2012 equal to 02 time level of land rental to be paid by 2010.

During the time of being considered for the reduction of land rent by competent authorities, economic organizations eligible for above provisions will be temporarily paid land rental at the rate paid in 2010; after being approved the land rent reduction by competent authorities, they will pay for the deficit (if any) as prescribed and not be penalized for late payment of the deficit. In case not being approved reduction of land rent by competent authorities, they shall continue to pay the deficit amount as prescribed and not be penalized for late payment of the deficit.

 
GUIDELINES ON CUSTOMS UPON EXPORTED AND IMPORTED GOODS
 

On November 27, 2011, the Ministry of Finance issued Circular No. 168/2011/TT-BTC guiding on State’s statistics on customs for exported and imported goods.

Specifically, making state’s statistics on customs upon exported and imported goods are the process of collecting, processing, synthesizing, evaluating, publishing, storing, cooperating and exchanging information about exports and imports of Viet Nam operated by General Department of Customs.

The general trade system is applied as statistical method for exports and imports of Vietnam which is implemented by the General Department of Customs. In some cases, in order to serve for the purpose of researching, comparing and analyzing, statistics on imports and exports of Viet Nam can be implemented according to the special trade system or extensively special trade system.

All goods taken out of the customs territory of Vietnam (exports) or brought into the customs territory of Vietnam (imports) subtract or add from stock of material resources of Vietnam are under statistical exports and imports. The time for statistical activities is the time at which customs offices accept the customs declaration form; the value of import and export goods is the statistical value made by organizations and individuals for the purpose of summarizing and statistical report.

Also under the Circular, statistical information on exported and imported goods is collected and synthesized through steps of customs business process…

The Circular shall take effect on January 15, 2012 and replace the Decision No. 124/2003/QD-BTC dated August 01, 2003 on an issuance of the regulations on State Statistics of the customs sector.

COMMERCIAL BANKS MUST HAVE AT LEAST 2 FOUNDING
SHAREHOLDERS BEING ORGANIZATIONS
 

On December 15th, 2011, the State Bank of Viet Nam issued the Circular No. 40/2011/TT-NHNN regulating on licensing and organizations, operations of commercial banks, foreign banks branches, representatives offices of foreign credit institutions and other foreign organizations engaged in banking operations in Viet Nam.

Accordingly, in order to be licensed for the establishment and operations, in addition to meeting requirements regulated under Clause 1, Article 20 of the Law on Credit Institutions, commercial banks must have at least two founding members being organizations. Founding shareholders are responsible for the legality of contributed capital and commit to support banks about financial issues when banks meet difficulties in raising capital or ability to pay. The Circular also regulates that banks must not be founder shareholders, strategic shareholders or founders of any Vietnamese credit institutions or local banks.

During 05 years as of the licensing date, founding shareholders should own at least 50 percent of the charter capital since the establishment of bank, of which founding shareholders being organizations must own at least 50 percent over the total number of shares of founding shareholders.

Founding shareholders being individuals must be Vietnamese; conducting business and generating profits from their business in consecutive 03 years preceding the year of lodging the application file for the license, having university degree or higher on economics or laws…If a commercial bank want to contribute capital to establish another joint-stock commercial bank, this commercial bank must have a total asset value of at least VND 100,000 billion.

With respect to branches of foreign banks, the parent bank must have the total asset at least equivalent to USD 20 billion in the year preceding the year of lodging the application file for the license and not committing any serious violations of the regulations on banking operations and other laws of their home country during 05 consecutive years preceding the year of lodging the application file for the license…

The Circular shall take effect on February 01, 2012