Legal Document Updates in English (14/2016)

ACCOUNTING DOCUMENTS WRITTEN MUST BE TRANSLATED
INTO VIETNAMESE LANGUAGE
 

This is the content prescribed at the Circular No. 53/2016/TT-BTC dated March 21, 2016 of the Ministry of Finance on amending and supplementing a number of articles of the Circular No. 200/2014/TT-BTC dated December 22, 2014 of the Ministry of Finance guiding the corporate accounting system.

In particular, the accounting documents written in foreign language, when being used to record in accounting books in Vietnam, must be translated into Vietnamese language. The documents which are seldom generated or generated many times but different content must be translated all contents of accounting documents. For the documents which are generated many times with the same content, the first copy must be translated all, from the second copy onwards, only essential contents are translated such as name of document, name of making unit and person, name of receiving unit and person, economic content of document, title of document signer….The translator must sign, specify full name and take responsibility for the contents translated into Vietnamese. The copy of translated document must be attached to the original copy in foreign language.

ADJUSTMENT ON CLASSIFICATION OF PUBLIC INVESTMENT PROGRAMS
AND PROJECTS
 

In accordance with the Decree No. 136/2015/ND-CP dated December 31, 2015 of the Government guiding the implementation of a number of articles of the Law on Public Investment, the first adjustment of the criterion of total investment may be considered only when the annual average consumer price index increases over 30% compared to that of 2015; Subsequent adjustments shall be considered only when the annual average consumer price index increases over 30% compared to that of the year of the previous adjustment.

The time of appraisal of prefeasibility study reports of group-A projects, investment policy proposal reports of programs, group-B and group-C projects, counting from the date the standing body of the appraisal council or agency in charge of appraisal receives a complete and valid dossier, for national target programs: 60 days at most; for target programs: 45 days at most; for group-A projects: 45 days at most; for group-B projects: 30 days at most; for group-C projects: 20 days at most. The time of appraisal of funding sources and fund balancing capability of programs and projects, counting from the date the appraisal agency receives a complete and valid dossier, for national target

INTEREST RATE OF THE DEVELOPMENT FUND OF SMES
 

The Ministry of Finance has just issued the Circular No. 37/2016/TT-BTC dated February 29, 2016 prescribing interest rate of the Development Fund of small-and medium sized enterprises.

In accordance with this Circular, Interest rate for short term loans that are under 01 year (not including working capital)

A CREDIT INSTITUTIONS ONLY TAKES DIRECT FOREIGN CURRENCY RECEIPT
AND PAYMENT ACTIVITIES OF ECONOMIC ORGANIZATIONS
 

This is one of the most principles prescribed at the Circular No. 34/2015/TT-NHNN dated December 31, 2015 of the State Bank of Vietnam guiding the provision of foreign currency receipt and payment services.

Apart from above regulations, economic organizations directly receiving and paying foreign currencies may only authorize credit institutions but not other economic organizations to act as foreign currency payment agents. Economic organizations and credit institutions acting as foreign currency payment agents may not authorize payment activities to other economic organizations and credit institutions. A credit institution or an economic organization may act as a foreign currency payment agent for one or more than one licensed credit institution. A credit institution may act as a foreign currency payment agent for an economic organization.

TO SUPPLEMENT PAYROLL IN HEALTH, EDUCATION AND TRAINING
 

At the Resolution No. 01/NQ-CP dated January 07, 2016 on major tasks and solutions for directing and administering the implementation of the 2016 socio-economic development plan and state budget estimates, the Government again emphasizes to strictly manage the payroll of cadres, civil servants and public employees; not increase the payroll of cadres, civil servants and public employees in 2016, even in cases requiring establishment of new organizations or assignment of new tasks. Particularly for the education and training sector, payroll may be added appropriately in case of establishment of new schools or increase of classes or students but payroll shall be managed closely in accordance with the law on payroll management.

Besides, the Government has plan to develop a national electronic civil status database; further strengthen and improve civil status personnel; review, examine and make statistics of population changes; guarantee children’s right to birth registration; fulfill Vietnam’s commitments on announcement of official statistics of birth and death registrations under the Declaration and Regional Action Framework on Civil Registration and Vital Statistics in Asia and the Pacific; further implement effectively the model of