Legal Document Updates in English (14/2021)

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NUMBER

TITLE

 

In This Updates:

FINANCE – BANKING

 

FINANCE – BANKING

1

03/2021/TT-NHNN

Circular No. 03/2021/TT-NHNN dated April 02, 2021 of the State Bank of Vietnam amending and supplementing a number of articles of the Circular No. 01/2020/TT-NHNN dated March 13, 2020 of the State Bank Governor of Vietnam on credit institutions and foreign bank branches carrying out debt rescheduling, giving exemption from or reduction of loan interests and charges, and maintaining classified loan groups in order to help their clients affected by the Covid-19 pandemic

 

Debt rescheduling for clients affected by the Covid-19 pandemic until December 31, 2021

Page 2

2

02/2021/TT-NHNN

Circular No. 02/2021/TT-NHNN dated March 31, 2021 of the State Bank of Vietnam on guiding forex transactions of licensed credit institutions in forex market

 

Licensed credit institutions are not allowed to charge foreign exchange transaction fees

Page 2

CONSTRUCTION

 

CONSTRUCTION

3

50/2021/ND-CP

Decree No. 50/2021/ND-CP dated April 01, 2021 of the Government amending and supplementing a number of articles of the Government’s Decree No. 37/2015/ND-CP of April 22, 2015, prescribing in detail construction contracts

 

To provide additional conditions for adjustment of unit prices and contract prices

Page 2

CULTURE – SPORT – TOURISM

 

CULTURE – SPORT – TOURISM

4

144/2020/ND-CP

Decree No. 144/2020/ND-CP dated December 14, 2020 of the Government providing performing art activities

 

Forms of performing acts contrary to national fine traditions are prohibited

Page 3

JUSTICE

 

JUSTICE

5

06/2021/TT-BCA

Circular No. 06/2021/TT-BCA dated January 23, 2021 of the Ministry of Public Security regulating the form of the Citizen’s identity card

 

Regulations on chip-based citizen identity card form

Page 3

 

SUMMARY:

 

Ü  FINANCE – BANKING

DEBT RESCHEDULING FOR CLIENTS
AFFECTED BY THE COVID-19 PANDEMIC UNTIL DECEMBER 31, 2021

On April 02, 2021, the State Bank of Vietnam issues the Circular No. 03/2021/TT-NHNN amending and supplementing a number of articles of the Circular No. 01/2020/TT-NHNN dated March 13, 2020 of the State Bank Governor of Vietnam on credit institutions and foreign bank branches carrying out debt rescheduling, giving exemption from or reduction of loan interests and charges, and maintaining classified loan groups in order to help their clients affected by the Covid-19 pandemic.

Accordingly, credit institutions and foreign bank branches shall conduct debt rescheduling debit balance of debts that fully meet the following conditions:

Firstly, arising before June 10, 2020, from lending and financial leasing activities;

Secondly, giving rise to obligations to repay loan principals and/or interests from January 23, 2020 to December 31, 2021.
 

 

Thirdly, the debt rescheduling for a debit balance of debts shall be carried out in the following cases: Such debit balance is not due or falls overdue for up to 10 days from the due date under the contract or agreement; Debit balance of the debts arising before January 23, 2020 and overdue from January 23, 2020 to March 29, 2020; Debit balance of the debts arising from January 23, 2020 and overdue before May 17, 2021.

Fourthly, being of clients that are unable to make due payment of their loan principals and/or interests under contracts or agreements due to loss of their revenues or incomes as a consequence of the Covid-19 pandemic, as evaluated by credit institutions or foreign bank branches; etc.

The debt rescheduling for clients shall be carried out until December 31, 2021.

This Circular takes effect on May 17, 2021.
 

LICENSED CREDIT INSTITUTIONS ARE NOT ALLOWED TO CHARGE
FOREIGN EXCHANGE TRANSACTION FEES

This content is prescribed in the Circular No. 02/2021/TT-NHNN on guiding forex transactions of licensed credit institutions in forex market dated March 31, 2021 of the State Bank of Vietnam.

Accordingly, types of foreign exchange transactions include: Spot foreign exchange transaction; Forward foreign exchange transaction; Foreign exchange swap transaction and foreign currency option transaction.

Licensed credit institutions are entitled to carry out the spot transactions and forward transactions with other organizations and individuals, and carry out spot transactions with non-residents.

 

Licensed credit institutions must stipulate foreign currencies used at credit institutions and the spot rate between Vietnam dong and other foreign currencies in transactions with customers at foreign exchange transaction locations of the licensed credit institutions and on their official websites.

Term of a forward transaction, forward transaction in swap transaction or option transaction shall be subject to both parties’ agreement. Particularly, term of a forward transaction, forward transaction in swap transaction between Vietnam dong and foreign currencies shall be 365 days since the trading date. Noticeably, licensed credit institutions are not allowed to charge transaction fees on foreign exchange transactions.

This Circular takes effect from May 17, 2021.

Ü  CONSTRUCTION

TO PROVIDE ADDITIONAL CONDITIONS FOR ADJUSTMENT
OF UNIT PRICES AND CONTRACT PRICES

This is the noticeable provision prescribed in the Decree No. 50/2021/ND-CP dated April 01, 2021 of the Government amending and supplementing a number of articles of the Government’s Decree No. 37/2015/ND-CP of April 22, 2015, prescribing in detail construction contracts.

According to the new provision, if the actually completed work volume increases or decreases by more than 20% of the work volume stated in the contract and, at the same time, changes the contractual value by over 0.25% and changes the unit price of such work by over 1% or the contract does not state the unit price for the additional work volume, the parties shall agree on a new unit price for this work volume on the principle agreed in the contract to serve the payment.

 

If the actually completed work volume increases by more than 20% of the work volume stated in the contract, the new unit price may only be applied for the completed volume exceeding 120% of the volume stated in the contract.

If the actually completed work volume decreases by more than 20% of the work volume stated in the contract, the new unit price shall be applied for the actually completed work volume tested before acceptance.

Also, in accordance with the new provisions, contract price adjustment methods include a direct clearing method and a method of adjustment by the adjustment formula. Price indexes for adjustment of construction contract prices by the prescribed formula are construction price indexes.

This Decree takes effect on the date of its signing.

Ü  CULTURE – SPORT – TOURISM

FORMS OF PERFORMING ACTS CONTRARY TO NATIONAL FINE TRADITIONS ARE PROHIBITED

The Decree No. 144/2020/ND-CP providing performing art activities is issued by the Government on December 14, 2020.

Accordingly, prohibitions in performing art activities include: To oppose the Socialist Republic of Vietnam State; To distort the history, independence, sovereignty and territorial integrity of the Socialist Republic of Vietnam; To incite violence, propagate aggressive wars, and show hatred among nations and people of various countries, adversely affecting foreign relations; To use costumes, languages, sounds, images, movements, modes of expression, or forms of performing acts which are contrary to national fine traditions and customs, etc.

 

Competent state bodies shall request in writing the suspension of art performance activities in one of the following cases: Organizers fail to make notification to, or have not yet obtained written approvals of, competent state agencies; For the reason of national defense or public security, natural disasters, epidemics or state of emergency. A written request for suspension of art performance activities must clearly state the reason and time of suspension.

In addition, organizations and individuals required to suspend art performance activities shall publicize information on the suspension of art performance activities in the mass media and ensure the interests of concerned organizations and individuals in accordance with law.

This Decree takes effect on February 01, 2021.

Ü  JUSTICE

REGULATIONS ON CHIP-BASED CITIZEN IDENTITY CARD FORM

The Ministry of Public Security issues the Circular No. 06/2021/TT-BCA regulating the form of the Citizen’s identity card on January 23, 2021.

Specifically, the front side of a card showing the following information: The National emblem of the Socialist Republic of Vietnam; photo of the card holder; Date of expiry; National name; Motto; The line “Citizen Identity Card”; Chip icon; QR code; No.; Full name; Date of birth; Sex; Nationality; Place of origin; Place of residence.

 

The back side of a card showing the following information: Personal identification; Date, month, year; Director General of the Police Department for Administrative Management of Social Order; Signature and full name of the card issuer; The seal bearing the National emblem of the card-issuing agency; Electronic chip; The left index finger and the right index finger of the card holder and MRZ line.

This Circular takes effect on January 23, 2021.

 

 

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