Legal Document Updates in English (15/2018)

FREE TRAINING IN SMES
 

On March 11, 2018, the Government issues the Decree No. 39/2018/ND-CP on detailing a number of Articles of the laws on small and medium sized enterprises.

This Decree points out Trainees of SMEs in a training course at elementary level or lasting for fewer than 3 months shall be eligible for being offered free tuition frees. Remaining costs shall be agreed by the SMEs and workers.

A trainee must meet the criteria as follows he/she has worked in the SME for at least 06 consecutive months; he is up to 50 years of age and she is up to 45 years of age.

A SME in the sector of production and processing may have its 50% of expenses incurred in a training course at its

REGULATIONS ON LOAN’S INTEREST IN THE FORM
OF PUBLIC-PRIVATE PARTNERSHIP
 

On March 28, 2018, the Ministry of Finance issues the Circular No. 30/2018/TT-BTC on amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 75/2017/TT-BTC on financial management of investment projects in the form of public-private partnership and investor selection expenses.

Accordingly, If the investor is appointed without bidding, the loan capital interest rate shall be determined via negotiation or agreement between the competent State agency and the appointed investor. The interest rate referred for carrying out the negotiation or agreement must not abide by the following principles:

THE PRIME MINISTER ISSUES THE DIRECTIVE ON BITCOIN
AND VIRTUAL CURRENCIES
 

On April 11, 2018, the Prime Minister issued the Directive No. 10/CT-TTg on enhancing the management of activities related to Bitcoin and other similar virtual currencies.

At this Directive, the Prime Minister emphasizes that Virtual currency investment and trading, capital mobilization through the initial coin offering (ICO), especially the use of virtual currencies to mobilize capital under the multilevel mode, have become more and more complicated, posing risks to threatening the stability of the financial market, social order and safety and likely to cause huge risks for participants.

The Prime Minister directs the State Bank of Vietnam to  direct credit institutions and organizations providing intermediary payment services to refrain from performing illegal transactions related to virtual currencies;  to further review and promptly report suspicious transactions related to virtual currencies in accordance with law; and coordinate with the Ministry of Public Security in detecting and handling acts of illegally using virtual currencies as a currency or mean of payment.

The Ministry of Finance directs public companies, securities companies, fund management companies

THE DECISION FOR LICENSE REVOCATION SHALL BE PUBLIC
WITHIN 07 WORKING DAYS
 

December 29, 2017, the State Bank of Vietnam issues the Circular No. 24/2017/TT-NHNN on guiding the order and procedures for revocation of licenses and liquidation of assets of credit institutions and foreign bank branches; the order and procedures for revocation of licenses of representative offices of foreign credit institutions and other foreign institutions engaged in banking activities.

Accordingly, within seven (7) working days after a decision on revocation of its license takes effect, a credit institution or foreign bank branch shall announce such decision on a national daily for three (3) consecutive issues or an

THE MEKONG DELTA REGION DEVELOPS
UNDER THE COMPACT CITY MODEL
 

On January 15, 2018, the Prime Minister issues the Decision No. 68/QD-TTg on approving the revision of the construction plan of the Mekong Delta region by 2030 with vision towards 2050.

The Mekong Delta region encompasses the all administrative boundaries of Can Tho city and other 12 provinces such as Long An, Tien Giang, Ben Tre, Dong Thap, Vinh Long, Tra Vinh, Hau Giang, An Giang, Soc Trang, Kien Giang, Bac Lieu and Ca Mau… It’s estimated that in the entire region by 2030, it is expected to have between 18 – 19 million of inhabitants; the corresponding urbanization rate will be 35% - 40%.

Use the compact city model for urban development of the region; restrict expansion and development of concentrated urban areas on a large scale and to a large extent; avoid

A GOODS EXCHANGE MUST HAVE A CHARTER CAPITAL
OF AT LEAST 150 BILLION DONG
 

A number of Articles of the Decree No. 158/2006/ND-CP dated December 28, detailing implementation of the Commercial Law regarding goods purchase and sale through the Goods Exchange are amended and supplemented by the Government on April 09, 2018 at the Decree No. 51/2018/ND-CP.

Accordingly, A Goods Exchange is established when having a charter capital of at least one hundred and fifty (150) billion dong; having an information technology system satisfying the requirements on technological and technical solutions in goods purchase and sale through the Goods Exchange, for example, software system has the manipulation diary to keep traces of all goods transactions,

DISEASES ELIGIBLE FOR LUMP-SUM SOCIAL INSURANCE PAYOUT
 

On December 29, 2017, the Ministry of Health issues the Circular No. 56/2017/TT-BYT guiding a number of Articles on health of the Law on Social Insurance and the Law on Occupational Safety and Hygiene.

Accordingly, Cancer, polio, cirrhosis of the liver, leprosy, severe tuberculosis, HIV/AIDS and total loss of the worker’s functions, self-control or he/she is unable to move, dress, keep personal hygiene and complete other everyday tasks without other people watching, helping and taking care of him/her.  Diseases other than those specified in Clause 1 this Article that result in at least 81% of work capacity reduction or and complete other everyday tasks without other people watching, helping and taking care of him/her.

PUTTING AN END TO ILLEGAL FISHING
 

The national action plan to prevent, minimize and eliminate illegal, unreported and unregulated fishing up to 2025 are approved by the Prime Minister at the Decision No. 78/QD-TTg dated January 16, 2018.

To prevent, minimize and eliminate IUU fishing by Vietnamese and foreign organizations and individuals in Vietnam’s maritime zones, aiming to boost sustainable and responsible development of the fisheries industry, contributing to ensuring national and regional security and international integration and putting an end to illegal fishing by Vietnamese fishermen and fishing vessels in other countries’ maritime zones.