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In This Updates: |
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LABOR - SALARY |
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LABOR – SALARY |
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1 |
Circular No. 35/2016/TT-BCT dated December 28, 2016 of the Ministry of Industry and Trade on identification of foreign workers who are eligible for work permit exemption and internally reassigned by enterprises operating within eleven service sectors specified in Vietnam’s WTO commitments on services |
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* Identification of foreign workers internally reassigned by enterprises |
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LAND – HOUSING |
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LAND – HOUSING |
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Circular No. 27/2016/TT-BXD dated December 15, 2016 of the Ministry of Construction prescribing a number of Articles of the Decree No. 117/2015/ND-CP dated November 12, 2015 of Government on establishment, management and use of housing and real estate market information system |
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* Free for using the list of housing and real estate market information and data |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 41/2016/TT-NHNN dated December 30, 2016 of the State Bank of Vietnam prescribing prudential ratios for operations of banks and/or foreign bank branches |
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* Banks must maintain the minimum capital adequacy ratio of 8% |
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* Annual public debts do not exceed 65% GDP in the 2016-2020 period |
Page 3 |
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INDUSTRY |
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INDUSTRY |
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Circular No. 25/2016/TT-BCT dated November 30, 2016 of the Ministry of Industry and Trade on regulations on electricity transmission system |
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* Maintenance, repairs of electricity transmission system |
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SUMMARY:
Ü LABOR - SALARY
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On December 28, 2017, the Ministry of Industry and Trade issued the Circular No. 35/2016/TT-BCT on identification of foreign workers who are eligible for work permit exemption and internally reassigned by enterprises operating within eleven service sectors specified in Vietnam’s WTO commitments on services. Accordingly, Grounds for identification of foreign managers, chief executives and specialists who are eligible for work permit exemption and internally reassigned by enterprises operating within eleven service sectors specified in the Vietnam’s WTO commitments on services include foreign enterprises having their Trademark in Vietnam; trademarks of foreign enterprises in Vietnam operating in services; and |
a foreign worker recruited by a foreign enterprise in at least 12 months prior to reassignment to the Trademark in Vietnam. Grounds for identification of foreign technicians who are eligible for work permit exemption and internally reassigned by enterprises operating within eleven service sectors specified in the Vietnam’s WTO commitments on services include foreign enterprises having their Trademark in Vietnam; trademarks of foreign enterprises in Vietnam operating in services; and a foreign worker recruited by a foreign enterprise in at least 12 months prior to allocation to the Trademark in Vietnam. This Circular takes effect on February 10, 2017. |
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Ü LAND - HOUSING
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On December 15, 2016, the Ministry of Construction issued the Circular No. 27/2016/TT-BXD prescribing a number of Articles of the Decree No. 117/2015/ND-CP dated November 12, 2015 of Government on establishment, management and use of housing and real estate market information system. In accordance with the regulations in this Circular, . organizations and individuals may use the housing and real estate market information and data through the internet/ website without paying fees when using the list of housing and real estate market information and data; and using the housing and real estate market information and data which are widely announced and disseminated in accordance with prevailing laws. With respect of the information and data, the organization/ individual must register for grant of the right to access and use such information and data through the internet/ website. The agency in charge of managing the housing and real estate market database shall grant the right of access to information to the requesters that are qualified in terms of types of information and using |
purposes as prescribed by laws. the information provider shall grant an user account for access to the information system to the requester within 07 working days as from the receipt of a valid request or from the time when the requester has paid service charges (if any). A holder of the right of access to information shall discharge to access by correct account and password; not to reveal the granted account and password to the others; use information and data within the authorized scope; not to make illegal access to the housing and real estate market database; use information and data for proper purposes; manage downloaded information and data; not to provide them to other entities unless it is permitted by the agency in charge of managing the housing and real estate market database; not to illegally change, delete, remove, copy, reveal or move a part or the entire data; and pay any charges of using service of providing housing and real estate market information and data as regulated by laws… This Circular takes effect on February 01, 2017. |
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Ü FINANCE - BANKING
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Takes effect on January 01, 2020, the Circular No. 41/2016/TT-NHNN dated December 30, 2016 of the State Bank of Vietnam prescribing prudential ratios for operations of banks and/or foreign bank branches. One of the most important content is that banks without subsidiary companies and/or foreign bank branches must maintain the minimum capital adequacy ratio of 8% as defined in financial statements thereof. Banks with subsidiary companies must maintain the minimum capital adequacy ratio of 8% as defined in financial statements thereof; and the minimum consolidated capital adequacy ratio of 8% as defined in consolidated financial statements thereof. Besides, banks and/or foreign bank branches shall be entitled to make a decreasing adjustment to value |
of receivables and transactions by implementing credit mitigation techniques. Mitigating credit risks shall be carried out by implementing a single or combined technique(s) mentioned hereunder collateral; on-balance sheet netting; third-party guarantee; credit derivatives. Within that credit risk mitigation by the collateral shall only be applied to the types of eligible collateral such as cash, securities, credit cards issued by credit institutions or foreign bank branches; gold (standard gold, physical gold, gold jewelry of which value is converted into 99.99% purity gold); securities issued or secured by payment guarantees by the Government, State Bank of Vietnam; debt securities rated by an independent credit rating company where these are at least BB- when issued by sovereigns or PSEs; debt securities rated by an independent credit rating company where these are at least BBB- when issued by firms. |
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At the Resolution No. 25/2016/QH14 on National 5-year financial plan in 2016 – 2020 period, the National Assembly requires ministries and agencies to gradually manage the budget according to the results of the implementation of the tasks; establish statistics of the budget according to the practices and international standards. Implement effectively measures to ensure the security and safety of national finance; reduce as much as possible the state budget deficit. At the same time, Take measures for adjusting collection policies in an orientation towards the expansion of tax bases, adjusting scope and entities; reviewing and limiting the eligibility to tax exemption or reduction; considering the addition of taxes on properties according to the actual conditions of Vietnam. Minimize the combination of social policies in law on taxation; review preferential policies that have influence on the State budget revenues; must not promulgate policies, programs or projects if the capital sources are not balanced; reduce spending specified in the estimates, which are unnecessary or implemented slowly; |
minimize source forwarding to December 31st of every year to tightly control the deficit and the ceiling public debt of every year; must not convert on-lending loans or government-guaranteed loans into state budget allocation. Must not use the State budget to carry out the restructuring of state-owned enterprises, handle bad debts of state-owned commercial banks, provide charter capitals for commercial credit institutions or contribute to international financial institutions…. Total revenues of the State budget in the 2016-2020 period is VND 6,864 thousand billion, increasing 1.65 times in comparison with that of the 2011-2015; ensure that the rate of revenues to the State budget is not under 23.5% GDP where revenues from taxes, charges and fees account for 21% GDP; domestic revenues account for 84% to 85% of total revenue of the state budget. The annual public debts do not exceed 65% GDP, the government debts do not exceed 54% GDP and external debts do not exceed 50% GDP…. |
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Ü INDUSTRY
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The Ministry of Industry and Trade issued the Circular No. 25/2016/TT-BCT dated November 30, 2016 on regulations on electricity transmission system, the electricity system and market operator shall be responsible for formulating plans for maintenance and repair of the electricity transmission system including plans for maintenance and repair of transmission grids, power plants with installed capacity over 30 MW and power plants connecting to transmission grids. The plan for maintenance and repair of electricity transmission system includes monthly maintenance and repair plan; weekly maintenance and repair schedule; daily |
maintenance and repair schedule. The plan for maintenance and repair of electricity transmission system includes name of equipment that needs maintenance and report; requirements and subject matters of maintenance and report; expected time for starting and completing maintenance and repair tasks and other relevant equipment. Annually, the transmission network operator and the customer using transmission grid must register the plan for maintenance and repair of electrical grids, power plants with the electricity system and market operator. This Circular takes effect on January 16, 2017. |
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