Legal Document Updates in English (20/2015)

REGULATIONS ON ASSET MANAGEMENT OFFICER’S REMUNERATION

On February 16, 2015, the Government issued the Decree No. 22/2015/ND-CP detailing a number of articles of the Law on Bankruptcy regarding asset management officers and asset management and liquidation practice. Within that, an asset management officer or asset management and liquidation firm shall refuse to conduct asset management and liquidation when the asset management officer  is an affiliated person of the insolvent enterprise or cooperative in accordance with the law on enterprises.

One of the important contents at the Decree is the asset management officers or asset management and liquidation firms and other expenses. In particular, for the total value of assets collected after liquidation of under VND 100 million, the remuneration level is 5% of total value of assets collected after liquidation; between VND 100 million and 500 million, the remuneration level is 5 months’ basic salary in accordance with the law on basic salary for cadres, civil servants, public employees and armed forces + 4% of the asset value collected after liquidation in excess of VND 100 million; between over VND 500 million and 1 billion, the  remuneration level is 20 months’ basic salary in accordance with the law on basic salary for cadres, civil servants, public employees and armed forces + 3% of the asset value collected after liquidation in excess of VND 500 million;  between over VND 1 billion and 10 billion, the  remuneration level is 36 months’ basic salary in accordance with the law on basic salary for cadres, civil servants, public

ENTERPRISE EARNS AT LEAST USD 100 MILLION IN ANNUAL TURNOVER
FROM IMPORT, EXPORT SHALL HAVE PRIORITY POLICY

On May 12, 2015, the Ministry of Finance issued the Circular No. 72/2015/TT-BTC dated May 12, 2015 of the Ministry of Finance guiding the application of priority policy in customs procedures, customs inspection and supervision for exported and imported goods of enterprises.

In accordance with this Circular, to receive the priority policy, the enterprises must have compliance with customs legislation and tax legislation; required export and import turnover; electronic customs procedures and electronic tax procedures; payment for exported and imported goods; good compliance with legislation on accounting, auditing and in particular, the enterprise earns at least USD 100 million in annual turnover from import, export, over the last 02 consecutive years, there are no acts of tax evasion, tax fraud; smuggling and illegal transportation of goods across the border; Electronic customs procedures, electronic tax

PILOT PROCEDURES FOR ONLINE ISSUANCE OF CERTIFICATE OF ORIGIN

On April 24, 2015, the Minister of Industry and Trade signed the Decision No. 4082/QD-BCT on pilot procedures for online issuance of Certificate of Origin.

Accordingly, within 03 months from April 24, 2015, the pilot procedures for online issuance of Certificate of Origin are applicable to applications for the Certificate of Origin (C/O) Form D for Trader must directly perform the production and export of goods and is carrying out the declaration of application for Certificate of Origin (C/O) on Vietnamese electronic Certificate of Origin issuance System (eCOSys) on the electronic information pages www.ecosys.gov.vn; not commit violations again the legislations on the issuance of certificate of origin and be chosen by the Ministry of Industry and Trade for participation in the pilot procedures. The duration of the pilot may be reduced depending on the circumstances.

FINE OF VND 100,000 MILLION FOR FAILING TO PAY THE CHARGE
OF FOREST ENVIRONMENTAL SERVICE

This is one of the important content of the Decree No. 40/2015/ND-CP dated April 27, 2015 of the Government amending and supplementing a number of articles of the Decree No. 157/2013/ND-CP dated November 11, 2013 of the Government on penalties for administration violations on regulations of forest management, development, protection and forest product management.

In particular, from June 20, 2015, the Forest environmental service users (includes land protection, erosion reduction and sedimentation of lakes, rivers and streams; regulation and maintenance the source of water for production and social life...) who fails to pay or pays insufficiently the charge for the service shall incur the penalties such as fines of from VND 500,000 to VND 1,000,000, applicable to the insufficient payment for more than 03 months exceeding the time limit specified in the contract with the amount of VND 20,000,000; fines of from VND 1,000,000 to VND 3,000,000, applicable to the insufficient payment for more than 03 months exceeding the time limit specified in the contract with the amount of from over VND 20,000,000 to VND 30,000,000; fines of from VND 3,000,000 to VND 5,000,000, applicable to the insufficient payment for more than 03 months exceeding the time limit specified in the contract with the amount of from over VND 30,000,000 to VND 50,000,000..And fines of from VND 30,000,000 to

DISTRICT-LEVEL PEOPLE’S COMMITTEES CERTIFY CONTRACTS
AND TRANSACTIONS ON URBAN HOUSING THROUGH JUNE 30, 2015

The Government has issued the Decree No. 23/2015/ND-CP on February 16, 2015 on grant of duplicates from master registers, certification of copies from originals, certification of signatures and certification of contracts and transactions.

To the time limit for certification, the time limit for certification is within the day an agency or organization receives a certification request or the subsequent working day if the certification request is received after 15:00 hours. For request for certification of copies from different original papers or documents; originals having many pages; request for a large number of copies; or papers or documents with complicated contents difficult for examination and