Legal Document Updates in English (10/2019)

RIGHTS AND RESPONSIBILITIES OF THE OWNER’S REPRESENTATIVE AGENCIES
FOR ESTABLISHMENT OF WHOLLY STATE-OWNED ENTERPRISES
 

This is the content issues by the Government in the Decree No. 10/2019/ND-CP on implementing rights and responsibilities of state owner’s representatives on January 30, 2019.

To be specific, after receipt of the Prime Minister’s approval of the proposal for establishment of enterprises, the owner’s representative agencies shall implement the following rights and responsibilities:

- Submit the request documentation to same-level financial institutions for assessment for investment of capital and disbursement of funds to enterprises;

- Promulgate the charter, appoint the Chair and members of the Board of Members, and the Chair of the enterprise, except for cases under the authority of the Government and the Prime Minister.

In addition, this Decree also regulates on rights and responsibilities of the owner’s direct representative at wholly state-owned enterprises established under the Prime Minister’s decision…

This Decree takes effect on March 15, 2019.

TO PROMULGATE 17 FORMS FOR IMPLEMENTATION
OF OFFSHORE INVESTMENT PROCEDURES
 

Circular No. 03/2018/TT-BKHDT on guiding and promulgating forms for implementation of offshore investment procedures has been issued by the Ministry of Planning and Investment on October 17, 2018.

- Form No. 1: Application for offshore investment registration certificate;

- Form No. 2: Offshore investment project proposal;

- Form No. 3: Written request for modification of offshore investment registration certificate;

This Circular takes effect on November 11, 2018.

 

THE MAXIMUM INTEREST RATE
ON THE OVERDUE PRINCIPAL SHALL NOT EXCEED 150%
 

On January 11, 2019, the Council of Justices of the Supreme People’s issues the Resolution No. 01/2019/NQ-HDTP on application of regulations on interests, interest rates and penalties.

Accordingly, interests and interest rates in property loan agreements which are not credit agreements and are governed by the 2015 Civil Code shall be determinate as follow:

- In case of late payment of interest on the outstanding principal not yet due, the borrower shall also incur the interest charged on the unpaid interest amount which is equal to 50% of the maximum interest rate prescribed by laws.

- The interest charged on the overdue principal shall be equal to 150% of the lending interest rate agreed upon by the parties and specified in the loan agreement for the late payment period of the overdue principal, unless otherwise agreed. The interest rate on the overdue principal agreed upon by the parties shall not exceed 150% of the interest rate prescribed by laws.

This Resolution takes effect on March 15, 2019.

THE TIME LIMIT FOR A TRACE REQUEST/
COMPLAINT MUST BE AT LEAST 60 DAYS

On February 28, 2019, the State Bank of Vietnam issues the Circular No. 02/2019/TT-NHNN on amendments to Circular No. 23/2014/TT-NHNN dated august 19, 2014 of the State Bank of Vietnam providing guidelines for opening and maintenance of current accounts at payment service providers.

According to this Circular, the regulation on receiving trace requests and/or complaints from customers shall obeying the following rules:

- There are at least two methods adopted for receiving trace requests and complaints, including the receipt of trace requests and complaints via telephone exchange (with recording) and via transaction offices of the bank/ foreign bank's branch;

trace request/ complaint within the time limit. If a customer authorizes another person to make trace request/ complaint, such authorization should be made in accordance with the law on authorization;

- The bank/ foreign bank's branch may reach an agreement on and provide specific regulations on the time limit for a trace request/ complaint which must be at least 60 days from the date on which the transaction of the trace request/ complaint is made.

In addition, this Circular also amends and supplement a number of regulation on blocking account, opening and maintenance of current accounts at payment service providers…

This Circular takes effect on March 01, 2019.

 

AMENDMENTS ON VIETNAM’S NOMENCLATURE
OF EXPORTS AND IMPORTS

On dated February 15, 2019, the Minister of Finance issues the Circular No. 09/2019/TT-BTC amendments to some contents specified in appendices of the Circular No. 65/2017/TT-BTC dated June 27, 2017 on Vietnam’s nomenclature of exports and imports.

Accordingly, there are some amendments to some contents specified in Appendix I of the Circular No. 65/2017/TT-BTC on Vietnam's nomenclature of exports and imports, such as:

- To change in the Explanatory Note 5 to Chapter 12 and heading 12.12, the phrases “tảo biển và các loại tảo biển khác” and “rong biển và tảo biển khác” into “rong biển và các loại tảo khác”.

- To change in heading 15.18, the phrase “sulphat hoá” into“sulphua hóa”…

This Circular takes effect on April 01, 2019.

 

05 CONDITIONS FOR ISSUANCE OF
BIDDING PRACTICING CERTIFICATE

Circular No. 04/2019/TT-BKHDT on guidelines for provision of bidding training and examination for bidding practicing certificate is issued by the Ministry of Planning and Investment on January 25, 2019.

Accordingly, an individual shall be issued with the bidding practicing certificate if he/she satisfies all of the following conditions:

- Have the certificate of basic training in bidding;

- Have full legal capacity and is not incurring criminal prosecution

- Satisfy one of the following conditions: He/she has regularly and continuously engaged in one of the following bidding-related tasks in the last 04 years (by the time of registering for the examination); He/she has occasionally and engaged in one of the bidding-related tasks in the last 05 years;

- Pass the examination organized by the Ministry of Planning and Investment.

This Circular takes effect on March 11, 2019.

OPERATION PERIOD OF A FOREIGN-INVESTED
VOCATIONAL SCHOOL SHALL NOT EXCEED 50 YEARS
 

On February 01, 2019, the Government issues the Decree No. 15/2019/ND-CP on providing guidelines for some articles and implementation of the law on vocational education

Accordingly, operation registration procedures and operation period foreign-invested vocational schools are:

THE CITES CERTIFICATE
 SHALL BE GRANTED ONLY ONCE

On January 22, 2019, the Government issues the Decree No. 06/2019/ND-CP on management of endangered, precious and rare species of forest fauna and flora and observation of convention on international trade in endangered species of wild fauna and flora.

Accordingly, CITES permits and certificates are specified as follow:

information and bear a CITES stamp or bar code, signature and seal of the CITES management authority.

- The maximum effective period of the export or re-export permit or certificate shall not exceed 6 months and it will be 12 months for the import permit.

- The processing or trading facility shall directly issue the CITES certificate applied to souvenir specimens.

In addition, this Decree also regulates on breeding, rearing of species of forest fauna and flora in CITES-listed Appendixes…

This Decree takes effect on March 19, 2019.