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In This Updates: |
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INVESTMENT |
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INVESTMENT |
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Circular No. 14/2015/TT-BKHDT dated November 17, 2015 of the Ministry of Planning and Investment on promulgating the lists of machinery, equipment, replacement parts, special-use transportation means, raw materials, materials, components and semi-finished products manufacturable domestically |
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* The List of 398 machinery, equipment, replacement parts manufacturable domestically |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 219/2015/TT-BTC dated December 31, 2015 of the Ministry of Finance guiding a number of contents of the Decree No. 91/2015/ND-CP dated October 13, 2015 on investment of state capital in enterprises and management and use of capital and assets at enterprises |
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* Guidance on transfer of state capital in the State Enterprise |
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Resolution No. 99/2015/QH13 dated November 11, 2015 of the National Assembly on State budget estimates in 2016 |
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* From May, 2016, increase of 5% of basic pays for cadres, officials and civil servants |
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TRANSPORT |
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TRANSPORT |
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* Providing for the licensing related to construction activities in protection of railway works |
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ECONOMIC – SOCIAL POLICIES |
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ECONOMIC – SOCIAL POLICIES |
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Resolution No. 98/2015/QH13 dated November 10, 2015 of the National Assembly on the 2016 Socio-economic development plan |
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* In 2016, the gross domestic product (GDP) will grow at around 6.7% |
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SUMMARY:
Ü INVESTMENT
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The Ministry of Planning and Investment issued the Circular No. 14/2015/TT-BKHDT dated November 17, 2015 of the Ministry of Planning and Investment on promulgating the lists of machinery, equipment, replacement parts, special-use transportation means, raw materials, materials, components and semi-finished products manufacturable domestically. Within that, the most important content is the List of 398 machinery, equipment, replacement parts manufacturable domestically, including Mobile hydraulic props for shoring in coal mines or shafts. Types: single, double stroke or chain linked props Pretension load of up to 2000 kN. Closed and open heights of 1600 mm to 2800 mm; horizontal cylindrical pressure tank; spherical pressure tank; phosphorus storage barrel; pressure tank; capacity of up to 4400 m3 with working pressure of 40 kg/cm3; Furnaces/boilers for power plants; Water heating boiler’; Furnace/boiler equipment for power plant; Boilers; Marine boiler; Boiler buckstay… Besides, the Circular also issue the list of special-use transportation means manufacturable domestically including Kiln car for tunnel furnaces; 8-ton anti-explosion accumulator railcar; 5-ton anti-explosion accumulator |
railcar; 12-ton anti-explosion accumulator railcar; Railroad passenger car; Oversized railroad H car 1435; Composite tank car carrying liquid; Cargo boxcar; Gondola (N); M well car; Pedestrian controlled tractor; Tractor; Motor bus; Passenger vehicle with up to 52 seats; Bus with up to 80 seats; Passenger vehicle… The lists as serve the specification of entities not incurring value added tax according to the Government's Decree No. 209/2013/ND-CP dated 18 December 2013 on regulating details and providing guidelines for the enforcement of the Law on Value added tax; the determination of entities exempted from import tax according to the Government’s Decree No. 87/2010/ND-CP dated 13 August 2010 on regulating the details of the enforcement of the Law on Export tax and Import tax; and the definition of entities exempted from import tax according to Prime Minister’s Decision No. 13/2015/QD-TTg dated 05 May 2015 on mechanisms and policies encouraging the development of public passenger bus service. This Circular replaces the Circular No. 04/2012/TT-BKHDT dated 13 August 2012 and takes effect as of January 01, 2016. |
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Ü FINANCE – BANKING
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On December 31, 2015, the Ministry of Finance issued the Circular No. 219/2015/TT-BTC guiding a number of contents of the Decree No. 91/2015/ND-CP dated October 13, 2015 on investment of state capital in enterprises and management and use of capital and assets at enterprises. In accordance with the regulations on this Circular, as for transfer of state capital worth more than VND 10 billion upon the method of holding an open auction, it shall take place at the Stock Exchange. As for transfer of state capital worth less than VND 10 billion, financial intermediaries shall be hired to carry out auction sale or hold auctions on their own at the state-owned enterprises or conduct auction at the Stock Exchange. External transfer of the state-owned enterprise’s capital invested in a joint-stock company is executed. In such cases, with regard to a listed or registered joint-stock company on the Up-com upon the agreed methods, if the transfer of state capital (or transfer of stocks) is carried out, |
the agreed selling price must not exceed the transaction price limit (the price fluctuation limit) on stock code transacted on the transfer date provided that it shall not lower than the price of stock determined in the company’s book value for the stock code listed/registered for transactions basing on total equity capital divided by the chartered capital of the joint stock company at the transfer time. The remains of the enterprise’s earnings from external transfer of its invested capital (including transfer of rights certificates or rights of capital contribution) after deducting the value of invested capital, transfer expenses and stipulated tax payments is aggregated with income from its financial activities. This Circular takes effect from February 15, 2016 and replaces the Circular No. 220/2013/TT-BTC dated December 31, 2013. |
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At the Resolution No. 99/2015/QH13 passed by on November 11, 2015 on State budget estimates in 2016, the National Assembly agreed that since May 01, 2016, adjustments shall be made from current VND 1,150,000 to VND 1,210,000 (an increase of 5%) in basic pays for cadres, officials and civil servants, armed forces who have wage coefficient from 2.34 and below to ensure their incomes are not less than current levels; keep unchanged for pensions, benefits to persons meritorious to the Revolution; assign ministries, sectors and localities to be self-sufficient in extra pay (an amount in addition to an usual pay) on the basis of assigned state budget estimates; Central budget shall support part of the extra pay for a number of poor localities according to regulations of the Government. Besides, from January 01, 2016, make adjustments to pensions, compensations for loss of capacity for work that are below VND 2,000,000/month and allowances for |
kindergarten teachers who have worked before 1995 to be equal to basic pays. Accordingly, the issue VND 60,000 billion worth of Government bonds for investment in the projects using Government bonds as decided by the National Assembly; use VND 40,000 billion from sales of state-owned shares at a number of enterprises for development investment; If the central budget in 2015 is in deficit, permit use of no more than VND 10,000 billion from sales of state-owned shares for balancing and meeting development investment expenditures; Include VND 30,000 billion in state budget estimates in 2016 to increase development investment expenditures; Implement issuance of Government bonds to international markets to re-structure government debts on the basis of comparison, analysis and assurance of national interests within 2015 and 2016 with a total maximum amount being US$ 3,000 million…. |
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Ü TRANSPORT
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On December 11, 2015, the Ministry of Transport issued the Circular No. 80/2015/TT-BGTVT dated December 11, 2015 of the Ministry of Transport providing for the licensing related to construction activities in protection of railway works. At this Circular’s regulations, the following works are eligible for the License including new constructed works: works serving National defense and security; bridge, overpass, tunnel, culvert; irrigation, telecommunication and electricity works; water supply/drainage systems; petrol, oil and gas pipelines; works with special technical requirements that |
must be located inside the railway protection scope; works that are renovated or upgraded causing changes in shape, size, bearing structure of the works or relevant railway works and temporary works serving the construction. If the work is not completed on the day written on the License, the in-charge organization/individual must carry out the application procedures for extension of the License. Each License shall be extended for not exceeding 2 times; duration of each extension must not exceed 12 months. This Circular takes effect on February 01, 2016. |
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Ü ECONOMIC – SOCIAL POLICIES
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Some major targets in 2016 are needed to be achieved by the National Assembly at the Resolution No. 98/2015/QH13, passed on November 10, 2015 on 2016 Socio-economic development plan. Beside the gross domestic product (GDP) will grow at around 6.7%, the major targets are the total export value will increase around 10%; the trade deficit rate will be under 5%; the consumer price index will be under 5%; the total development investment capital of the entire society will reach around 31% of the GDP; the energy consumption rate per GDP unit will decrease by 1.5% from 2015; the rate of poor households by the Multidimensional Poverty Index will decrease by 1.3- 1.5%, and particularly for poor districts, by 4%; the urban unemployment rate will be under 4%; the rate of trained labor will reach 53%, including 21 % of laborers trained for 3 months or more and having a training diploma or certificate; the number of patient beds per 10,000 persons will reach 24.5; the health insurance coverage will reach 76%. To archive above targets, the National Assembly basically agrees with the tasks and solutions submitted by the Government, recommended by National Assembly |
agencies in their verification reports and specialized oversight reports, and concurrently requests focus to flexibly and effectively administer monetary policy, fiscal policy and other policies in order to achieve and overachieve the targets adopted by the National Assembly. To appropriately administer the interest rate, exchange rate and credit growth, to effectively handle non-performing loans. To closely control public debts, government debts and foreign debts of the country within the limit under the National Assembly’s Resolution, to raise the use efficiency, and increase inspection and supervision, of the borrowing, use and repayment of loans, particularly new loans and government-guaranteed loans, to further reschedule loans toward increasing medium- and long-term loans with appropriate interest rates. At the same time, to increasingly prevent and control smuggling, trade frauds, fake goods, unhygienic and unsafe food, especially along key roads and in key localities; to intensively fight and strictly handle violations. To boost exports, to properly manage imports, to adopt solutions to remarkably tackle the imbalance in trade relations with some markets with which Vietnam has high trade deficit…. |
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