Legal Document Updates in English (14/2018)

GUIDING THE FINANCIAL SUPERVISION
AT SOME STATE CREDIT INSTITUTIONS
 

On January 31, 2018, the Ministry of Finance issued the Circular No. 12/2018/TT-BTC guiding the financial supervision, evaluation of the efficiency of state capital investment in wholly state-owned credit institutions and credit institutions of which more than 50% charter capital is held by the State.

In accordance with the guidance of this Circular, the efficiency of state capital invested in a credit institution shall

THE LAND RENT SHALL BE DETERMINED ACCORDING TO LAND PRICE
AT THE TIME OF EXTENSION
 

At the Circular No. 11/2018/TT-BTC dated January 30, 2018, the Ministry of Finance amends and supplements a number of Articles of the Circular No. 77/2014/TT-BTC providing the guidance on the Decree No. 46/2014/ND-CP dated May 15, 2014 on land and water surface rents.

Previously, if the land use term of a land user liable to payment of land rent is extended, the land rent shall be determined according to the land policies and land price at the time of extension.

If the user of a piece of land leased by the State with one-off payment of land rent for the entire land lease period is eligible for land rent exemption but wishes to pay the land rent in the lease period (refuses to enjoy land rent incentives), the land rent to be paid in lump sum for the remaining leas period shall be determined according to the

BANK MAY CONSIDER DISBURSING LOAN FUNDS
IN CASH IN 2 CASES
 

On December 29, 2017, the State Bank of Vietnam issued the Circular No. 21/2017/TT-NHNN on loan disbursement methods of credit institutions and branches of foreign banks.

Accordingly, the lending credit institution may consider disbursing loan funds in cash in 2 cases: The borrower makes payment to a beneficiary who fails to have a checking account opened at the payment service provider; The borrower, who is also the beneficiary, fails to open a checking account o at the payment service provider but has advanced money from the borrower’s equity to pay/cover expenditures for the business plan/project or the plan/project serving personal life approved by the lending credit institution…

In order to disburse loan funds in cash, the borrower must provide the lending credit institution with the beneficiary’s

ENTERPRISES ALLOWED EXPLOITING DAMS,
RESERVOIRS, PUMPING STATIONS
 

On November 16, 2017, the Government issued the Decree No. 129/2017/ND-CP on prescribing the management, use and exploitation of hydraulic-work infrastructure assets.

In particular, all Hydraulic-work infrastructure assets (including dams (hydraulic-work dams and their attached auxiliary works), reservoirs (including main dams, spillways, sluices, reservoir beds) invested in or managed by the State shall step by step accurately and fully calculate expenses for use and maintenance of hydraulic-work infrastructure assets and for exploitation of such assets under the market mechanism.

The Decree details the methods of exploitation of hydraulic-work infrastructure assets invested in by the State: the State’s assignment of assets to units exploiting hydraulic-work infrastructure assets for exploitation; lease of the right to exploit hydraulic-work infrastructure assets;  definite-term

ABROGATE PROVISION ON REGISTRATION OF IMPORTED MACHINE
FOR FOREIGN CONTRACTORS
 

On December 29, 2017, the Ministry of Industry and Trade issued the Circular No. 35/2017/TT-BCT annulling the Minister of Industry and Trade’s Circular No. 53/2015/TT-BCT of December 30, 2015, detailing the registration of lists of goods imported or temporarily imported for re-export by foreign contractors engaged in construction activities in Vietnam.

3 ACTIONS AGAINST ORIGIN FRAUD
 

On March 08, 2018, the Government issued Decree No. 31/2018/ND-CP detailing a number of Articles of the Law on Foreign Trade Management in terms of origin of goods.

According to this Decree, the issuing authority of C/O shall take actions against origin fraud in the 3 following cases:

Suspend issuance of C/O within 03 months from the first time the trader uploads information and data not involved with the applications for issuance of C/O in the electronic C/O management system.

Suspend issuance of C/O within 06 months from the date on which the trader is found using false documents or making a fraudulent declaration when applying for C/O.

ENFORCE TO MONITOR WHARVES, BREAKWATERS
 

On 29, 2017, the Ministry of Transport issued the Circular No. 52/2017/TT-BGTVT on maintaining the maritime works with such of contents:

List of maritime works/parts that must be monitored include: Wharves, lighthouses, beacons, breakwaters, drift dikes, embankments, special class and class I works used for building new ships and repairing ships; Maritime works having signs of subsidence, cracking, incline and other threats. The monitoring of these maritime works includes the following contents: Location and date of monitoring, monitoring indicators and their limits (for example, deformation, subsidence, incline, cracking, sagging, etc.), monitoring time, frequency and other necessary information.

ABROGATE THE PROVISION SELLING CARS MUST NOTIFY THE POLICE
 

This is the new provision on vehicle registration in the Circular No. 64/2017/TT-BCA of the Ministry of Public Security amending and supplementing a number of articles of the Circular No. 15/2014/TT-BCA.

Specifically, this Circular declared null and void provision: Before selling vehicle, the vehicle owner must notify the registry offices. From February 12, 2018, vehicles having registration number plates with white letters and digits on a blue background and vehicles having registration number plates with the code “80”, black letters and digits on a white background are transferred, sold or donated, vehicle owners shall revoke and return vehicle registration certificates and registration number plates to the registry offices, before handing over such vehicles to the organizations or individuals that buy or are transferred or donated such vehicles.

MUST HAVE STATIONARY WEIGH STATIONS IN MINING
 

In accordance with the Circular No. 61/2017/TT-BTNMT of the Ministry of Natural Resources and Environment on December 22, 2018 on prescribing process and method for determination and sample statistical charts of actual mining output.

Mining organizations and individuals shall be responsible for installing stationary weigh stations that match specific topographic conditions of mines, ensure that they are likely to control all of actually extracted minerals and type and size of scales installed at these weight stations correspond to scale, capacity and engineering infrastructure of mines and types of minerals to be extracted as well as types of transport equipment carrying minerals.