Legal Document Updates in English (14/2019)

AIRCRAFT NOT SERVING THE TRANSPORT OF
PASSENGERS SHALL BE SUBJECT TO SPECIAL EXCISE TAX

Decree No. 14/2019/ND-CP on amendments to the Government’s Decree No. 108/2015/ND-CP dated October 28, 2015 providing guidelines for some articles of the Law on Special Excise Duty and the Law on Amendments to the Law on Special Excise Duty is issued by the Government February 01, 2019.

Accordingly, Clause 3 Article 3 is amended as follows:

“Aircraft, cruise ships for the transport of cargo, passengers, tourists; aircraft serving the following purposes, including:
 

Aircraft and cruise ships not serving the transport of cargo, passengers, tourists; aircraft not serving the following purposes, including: spraying of pesticides, firefighting, film-making, photography, geodetic and cartographic activities, or national defense and security shall be subject to special excise tax according to the Law on special excise duty”.

ENTERPRISES MADE THE DEPOSIT OF
VND 2 BILLION ARE ALLOWED TO SUBLEASE EMPLOYEE

The Government issues the Decree No. 29/2019/ND-CP on providing guidelines for implementation of Clause 3 Article 54 of the Labor Code on licensing labor sublease, payment of deposits and the list of jobs allowed for labor sublease on March 20, 2019.

Accordingly, the two requirements for granting the labor sublease license are:

To the legal representative of the enterprise must satisfy all of the following requirements:

- Being the manager of the enterprise;

- Having no criminal records;

the last 05 years preceding the date of submission of the application for the license.

The second requirement is that the enterprise has made payment of deposit of VND 2 billion at a commercial bank or a foreign bank’s branch duly established and operating in Vietnam.

An application for the license for labor sublease includes the application form for the license for labor sublease made by the enterprise; the copy of the enterprise registration certificate; the resume of the legal representative of the enterprise; the judicial record of the enterprise’s legal representative. The above-mentioned documents shall be issued within the last 06 months before the date of application submission.

This Decree takes effect on May 05, 2019.

03 CIRCUMSTANCES FOREIGN INVESTOR
LEAVE COLLATERAL BY FOREIGN CURRENCY IN AUCTION 

On March 29, 2019, the State Bank of Vietnam issues the Circular No. 03/2019/TT-NHNN ON amending and supplementing a number of articles of the State Bank Governor’s Circular No. 32/2013/TT-NHNN of December 26, 2013, guiding the implementation of the regulations on limited use of foreign exchange in the Vietnamese territory.

Accordingly, this Circular supplement the regulation of circumstances which a foreign investor may leave a deposit or provide a collateral in a foreign currency by the method of account transfer when participating in an auction in the following cases:

- Purchasing shares in a state-owned enterprise to be equitized as approved by the Prime Minister;

- Purchasing the state’s shares or capital contributions in a state-owned enterprise or an enterprise with state capital

100% OF FUNDS FOR THE INTELLECTUAL ASSETS
 DEVELOPMENT PROGRAMS SHALL BE COVERED BY THE STATE BUDGET

On March 15, 2019, the Ministry Of Finance issues the Circular No. 14/2019/TT-BTC on prescribing the financial management for implementation of the program on development of intellectual assets during 2016-2020.

Accordingly, levels of expenses from state budget funds for protection registration, management and protection of intellectual assets are:

- For public non-business units having their regular expenditures wholly covered by the state budget: The state budget shall cover 100% of funds for task performance;

- For public non-business units covering part of their regular expenditures: The state budget shall cover part of funds for task performance based on the units’ capacity to collect revenues (which must not exceed 70% of total estimates of funds for task performance);

- For public non-business units covering their regular expenditures and investment expenses, public non-business units covering their regular expenditures, non-public non-business units, enterprises, and other organizations: The state budget shall cover up to 50% of total estimates of funds for task performance…
This Circular takes effect on May 1, 2019.

INSTRUCTION OF APPLICATION
FOR THE LICENSE FOR EXHIBITION

Decree No. 23/2019/ND-CP on exhibition approved by the Government on February 26, 2019.

Accordingly, the organization or individual that wishes to organize an exhibition shall send an application for a license for exhibition organization to the competent authority. The application includes:

- An application form for issuance of a license (according to Form No.01 provided in the Appendix of this Decree);

- Photos of each work, exhibit and document and display model (sized 10 x 15 cm) printed on a paper or stored in a digital storing instrument;

- The agreement or invitation, announcement or contract of the foreign entity on the exhibition organization (for exhibitions specified in Clause 1 Article 10 of this Decree). The written agreement or contract for leasing the exhibition place (for exhibitions specified in Clause 2 Article 10 of this Decree);

AMENDMENT ON THE DURATION
OF REGISTRATION OF SECURITIES TRADING 

On March 15, 2019, the Ministry of Finance issues the Circular No. 13/2019/TT-BTC on amendments to the Circular No. 180/2015/TT-BTC dated November 13, 2015 providing guidance on registration of securities trading on trading system for unlisted securities.

According to this Circular, the duration of registration of securities trading shall be amended as follow:

have their securities unlisted must complete procedures for registration of securities at Vietnam Securities Depository and registration of securities trading on the Upcom trading system.

In addition, this Circular also amend and supplement a number of the Circular No. 180/2015/TT-BTC on subjects of application, capital audit report, change of registration of securities trading…
This Circular takes effect on May 01, 2019.

OBJECTIVE TOWARD 2020
IS THAT 11% OF POPULATION HAVE LIFE INSURANCE 

On February 28, 2019, the Prime Minister issues the Decision No. 242/QD-TTg on approving the scheme for “Restructuring securities and insurance markets by 2020 and vision to 2025”.

Accordingly, the objectives for the insurance market are:

- The average growth speed of the total assets, total investments, total provisions, total own funds and total revenues shall be increased by 20% by 2020 and 15% from 2021 to 2025;

SUSPENSION UP TO 2 YEARS
IF LAWYER FAIL TO PARTICIPATE IN RETRAINING

The Ministry of Justice issues the Circular No. 02/2019/TT-BTP dated March 15, 2019 on prescribing lawyers’ obligation to participate in compulsory professional retraining.

Accordingly, the following persons are entitled to exemption from retraining in a year: A lawyer acting as a National Assembly deputy or a provincial-level People's Council deputy; A female lawyer who has a child under 12 months old; A lawyer aged 70 years or older and having over 20 years’ experience in law practice…

research article published in a domestic or foreign law journal; Having a book or textbook on professional ethics and conduct of lawyers or law-practice skills published; Having completed an overseas professional refresher course on lawyers and law practice…

Specially, a lawyer who breaches the obligation to participate in retraining shall, depending on the nature and severity of his/her violation, be subject to one of the following disciplinary forms: Reprimand; Caution; Suspension of the membership of a bar association for between 6 months and 24 months.