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| NUMBER | TITLE |
| In This Updates: | |
FINANCE – BANKING |
| FINANCE – BANKING | |||
1 | Circular No. 03/2018/TT-NHNN dated February 23, 2018 of the State Bank of Vietnam on licensing, organization and operation of microfinance institutions |
| Microfinance institutions must have feasible business plan for the first 3 years | Page 2 | |
2 | Circular No. 122/2017/TT-BTC dated November 15, 2017 of the Ministry of Finance on promulgating Vietnamese Valuation Standard 12 |
| Announcing Vietnam Valuation Standard | Page 2 | |
EXPORT - IMPORT |
| EXPORT - IMPORT | |||
3 | Circular No. 27/2017/TT-BNNPTNT dated December 25, 2017 of the Ministry of Agriculture and Rural Development guiding the inspection of food safety and quality of imported salt |
| Tightened inspection with the first import of salt | Page 2 | |
CONSTRUCTION |
| CONSTRUCTION | |||
4 | Law No. 21/2017/QH14 dated November 14, 2017 of the National Assembly on Planning |
| Refusing to provide information on planning is prohibited | Page 3 | |
COMMERCE – ADVERTISING |
| COMMERCE – ADVERTISING | |||
5 | Decree No. 10/2018/ND-CP dated January 15, 2018 of the Government on guiding the Law on Foreign Trade Management on Trade Remedies |
| Conditions for apply temporary safeguard measures | Page 3 | |
SUMMARY:
Ü FINANCE – BANKING
| ||
This is the requirements at the Circular No. 03/2018/TT-NHNN dated February 23, 2018 of the State Bank of Vietnam on licensing, organization and operation of microfinance institutions. Conditions for licensing the microfinance institution’s organization and activities, including: there is a feasible incorporation and business plan for the first 3 years; the charter capital is not less than legal capital; there are controlling owners and founding members; having charter. Besides, a controlling owner of an MFI which is incorporated in the form of single-member limited liability | companies; a founding member of an MFI which is incorporated in the form of multiple-member limited liability companies; there is at least a founding member being political organization or socio-political organization; there is at least a founding member which has directly run or managed a microfinance program/project safely and steadily for at least 3 consecutive years before the application submission… This Circular takes effect on April 15, 2018. | |
| ||
On November 15, 2017, the Ministry of Finance promulgated Vietnamese Valuation Standard 12 - business valuation Standard at Circular No. 122/2017/TT-BTC. Normally, the value of business is going concern value. If the valuer considers that the company will go out of business after the valuation time, the value of business is limited or liquidation value. The final business value can be determined by the weighted average of the results of the applied valuation methods. The weighing factor for each approach is based on the reliability of each method, input data, valuation purposes, etc., which are suitable for the market. | Financial statements to be used in business valuation include: Annual financial statements, audited annual financial statements, interim financial statements, reviewed interim financial statements, audited financial statements at the valuation time. In which, regarding the same data and item, the order of precedence is below: Data and item of the latest financial statement made closely to the valuation time shall be given priority; At the same time, data and items of the audited or reviewed financial statement shall be given priority. This Circular takes effect on January 01, 2018. | |
Ü EXPORT - IMPORT
| ||
On December 25, 2017, the Ministry of Agriculture and Rural Development issued Circular No. 27/2017/TT-BNNPTNT on guiding the inspection of food safety and quality of imported salt. According to this Circular, tightened inspection procedure comprises documentary inspection, sampling and testing on quality criteria of imported salt and applied with these cases: This is the first import of salt or imported salt fails to meet quality requirements in the previous inspection; Imported salt is originated from a foreign processing plant and the inspection authority has been reported or notified that it is located in the region where there are pollution sources or dangerous epidemic pathogens which may be transmitted to people; The shipment has been inspected according to the reduced inspection method for 12 months; Salt fails to satisfy quality requirements in any regular or unexpected inspection of food safety and quality of | imported salt; The certificate of conformity of imported salt with relevant national technical regulations granted by a regulatory authority of Vietnam has expired. If the test result of samples of imported salt shows that the imported salt shipment is inconsistent with the application for inspection or fails to satisfy relevant food safety and quality requirements specified in Article 4 and the Appendix I enclosed herewith, within two working days after receiving the "Notice of inspection result of food safety and quality of imported salt”, the importer may send a written request to the inspecting authority or the laboratory meeting VILAS criteria in the chemical field for re-testing of salt samples kept by the importer. The inspecting authority shall base on this re-testing result to make the final conclusion that the imported salt shipment is satisfactory or not. This Circular takes effect on February 15, 2018. | |
Ü CONSTRUCTION
| ||
Many prohibited acts in planning are prescribed in Law No. 21/2017/QH14 dated November 14, 2017 of the National Assembly on Planning, takes effect on January 01, 2019. Specifically, prohibited acts in planning includes: Not announcing, delaying, inadequately announcing planning or refusing to provide information on planning, except for information classified as state secret; Deliberately announcing wrong planning; Deliberately providing false information on planning; Destroying, forging or falsifying documents; Obstructing the public, other organizations and individuals in offering opinions… Also in accordance with this Law, within 15 days from the day on which the planning is decided or approved by the competent authority, its contents must be announced | publicly, except for those that contain state secrets. The planning shall be published on the website of the planning organizer and planning authority on a regular and continuous basis; besides, the planning shall be announced in the following forms: Use of media; Presentation of models, diagrams, maps and database of planning; Organization of conferences and workshops; Release of publications. Information on the decided or approved planning must be adequately, promptly and accurately provided for organizations and individuals upon request. The Ministry of Planning and Investment, the Ministry of Natural Resources and Environment and the People’s Committees of provinces shall provide information about planning… | |
Ü COMMERCE - ADVERTISING
| ||
On January 15, 2018, the Government issued Decree No. 10/2018/ND-CP on guiding the Law on Foreign Trade Management on Trade Remedies. One of the content that prescribed in this Decree is conditions for apply temporary safeguard measures. Accordingly, the Minister of Industry and Trade shall impose the temporary safeguard measures upon the 4 following factors: There is an excessive increase in the import of goods under consideration; The domestic industry is suffered from serious damage or threatened with serious damage; The excessive increase in the import of goods | specified in Point a of this Clause causes or may cause serious damage to the domestic industry; The delay in imposition of safeguard measures causes or may cause serious damage to the domestic industry that are hard to recover from later. Temporary safeguard measures shall be applied only in the form of additional import tariff. The Minister of Industry and Trade may suspend the imposition of safeguard measures ahead of time if necessary. This Decree takes effect on the signing date. | |
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