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In This Updates: |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Decree No. 39/2014/ND-CP dated May 07, 2014 of the Government on operation of financial company and financial leasing company |
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Operation conditions for financial company |
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Circular No. 07/2014/TT-NHNN dated 17 March 2014 of the State Bank of Vietnam providing for the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions |
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Providing the maximum interest rate applicable to VND deposits |
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Circular No. 06/2014/TT-NHNN dated 17 March 2014 of the State Bank of Vietnam providing for the maximum interest rate applicable to USD deposits of organizations, individuals at credit institutions |
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Providing the maximum interest rate applicable to USD deposits |
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ECONOMIC – SOCIAL POLICIES |
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ECONOMIC – SOCIAL POLICIES |
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Decision No. 31/2014/QD-TTg dated May 05, 2014 of the Prime Minister on supporting mechanism for development of power generation projects using solid waste in Vietnam |
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Incentives for power generation projects using solid waste |
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Joint Circular No. 01/2014/TTLT-BCA-BQP-BLDTBXH-BNG dated February 10,2014 guiding the order, procedures for and coordination in, the verification, identification, receipt and return of trafficked victims |
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Guidelines on receipt and return of trafficked victims |
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SUMMARY:
Ü FINANCE - BANKING
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On May 07, 2014, the Government issued the Decree No. 39/2014/ND-CP on operation of financial company and financial leasing company, within that, the banking operation of financial company must be specified in the establishment and operation Permit issued by the State Bank; have qualified staff with professional capacity, material facilities, technology, means, equipment and internal regulations as provided for by law for the implementation of banking operation specified in the Permit. For banking operations related to the foreign exchange, the financial company must comply with regulations of law on management of foreign exchange and fulfill the operational conditions for banking operation stipulated by the State Bank. Beside above conditions, on carrying out factoring activities, the financial companies must fulfill the conditions as having internal regulations on process, order and principles to recognize customers for close supervision to ensure the prevention of abuse for the purpose of money laundering, terrorist financing and other crimes. When financial company established and operating before the effective date of this Decree may add the factoring activities upon fulfillment of conditions as business activities with profit at least in the year preceding the year proposed for additional operation; having a minimum time of operation and plan for factoring activities as stipulated by the State Bank |
complying with regulations on prudential ratios in banking operation, debt classification and continuous appropriation of risks in all quarters of the year preceding the year proposed for additional operation; non-performing loan below the level specified by the State Bank; and not being sanctioned for administrative violations in the field of money and banking within 01 year from the time of request for additional operation backwards. Financial company is entitled to issue certificates of deposit, bonds, treasury bills and bonds to raise funds from when minimum time of operation, results of operation and business provided for by the State Bank and the issue plan of long-term valuable papers must be adopted by the General Meeting of Shareholders or the Board of Directors, Board of members under the regulations of law. The financial company that may get a loan from credit institutions and financial institutions in the country and abroad do not subject to the cases where the State Bank applies restrictive measures, suspension, temporary suspension of the implementation of borrowing activities on the inter-bank market without overdue debts at credit institutions, branches of foreign bank as provided for by the State Bank. This Decree takes effect on June 25, 2014. |
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At the Circular No. 07/2014/TT-NHNN providing for the maximum interest rate applicable to VND deposits of entities, individuals at credit institutions, the State Bank of Vietnam requires that credit institutions, foreign bank's branches shall fix their interest rate applicable to VND deposits of entities and individuals that is not higher than the maximum interest rate applicable to demand deposits, deposits with term of less than one month, deposits with term of one month to less than six month as announced by the Governor of the State Bank from time to time and to specific type of credit institutions. Credit institutions shall fix their interest rate applicable to VND deposits with term of six months and more of entities and individuals on the capital demand and supply of the |
market. Deposits shall include such forms as demand deposits, term deposits, savings deposits, deposit certificates, bills of exchange, bills, bonds and other forms of deposits received from entities (other than credit institutions), individuals. For interest rates applicable to term VND deposits of entities, individuals at credit institutions arising prior to March 18, 2014 shall be implemented until their expiry; in the event where at the ending of the agreed period, the entities, individuals do not come to withdraw their deposits, then the credit institutions shall fix the interest rate applicable to those deposits. This Circular replaces the Circular No. 15/2013/TT-NHNN dated June 27, 2013. |
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On March 17, 2014, the State Bank of Vietnam issued the Circular No. 06/2014/TT-NHNN providing for the maximum interest rate applicable to USD deposits of organizations, individuals at credit institutions. Accordingly, credit Institutions; foreign bank branches shall apply interest rate applicable to USD deposits that is not higher than the maximum interest rate as announced by the Governor of the State Bank from time to time for deposits of entities (excluding credit institutions) and deposits of individuals. Deposits shall include such forms as demand deposits, term deposits, savings deposits, deposit certificates, bills of exchange, bills, bonds and other forms of deposits received from entities (other than credit institutions), individuals. The maximum interest rate applicable to deposits shall include payments for sale promotion in any form and be applied to the method of term-end interest payment and other methods of interest payment that are converted into the method of term-end interest payment. Therefore, the maximum interest rate |
applicable to USD is 0.25% per annum for organization and 1.25% per annum for individual shall be annulled from March 18, 2014. For interest rates applicable to term USD deposits of entities, individuals at credit institutions arising prior to March 18, 2014 shall be implemented until the expiry of the term; in the event where at the end of the agreed term, if the entities, individuals do not come for withdrawal, then the credit institutions shall apply interest rates for deposits in accordance with new provisions. Credit institutions shall publicly post interest rates applicable to USD deposits at locations of deposit taking in accordance with provisions of the State Bank of Vietnam. It is strictly prohibited for credit institutions, in taking deposits, to offer sale promotion in any form (in cash, interest rate or other forms) that is contrary to provisions of applicable laws and of this Circular. This Circular takes effects on March 18, 2014. |
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Ü ECONOMIC – SOCIAL POLICIES
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On May 05, 2014, the Prime Minister issued the Decision No. 31/2014/QD-TTg dated May 05, 2014 of the Prime Minister on supporting mechanism for development of power generation projects using solid waste in Vietnam, accordingly, power generation projects using solid waste shall receive many incentives on investment, tax land and so on. In particular, The power generation projects using solid waste shall be entitled to the incentives of investment credit under current regulations of law on investment credit and export credit of the State or be entitled to the exemption of import tax for imported goods to create fixed assets for the project; imported goods as raw materials, supplies and semi-products that have not been produced in the country shall be imported for production of the project as stipulated by current regulations of law on import and export tax; the exemption and reduction of corporate income tax for the power generation projects using solid waste shall apply as for projects under the areas of investment incentives as stipulated by current regulations of law on tax. Besides, the land use fees or land rent for the power generation projects using solid waste and the works of transmission line and substation for connection to the national power grid shall be exempted or reduced under |
current regulations of law applicable to projects under the areas of investment incentives. Based on the planning approved by the competent authorities, the provincial People’s Committee shall allocate adequate land for investors to implement the power generation projects using solid waste. The compensation and support of site clearance shall comply with the current regulations of law on land. Additionally, the power generation projects also receives electricity price support. The electricity Buyer shall buy all power output from power generation projects using solid waste at the buying price at the electricity delivery point (with VAT excluded), for power generation projects by direct burning of solid waste: 2,114 VND / kWh (equivalent to 10.05 UScents / kWh); for power generation projects by combustion gas collected from the solid waste landfill: 1,532 VND / kWh (equivalent to 7.28 UScents / kWh). And the power generation projects using solid waste applying the electricity selling price under the provisions of Clause 1 of this Article must not apply the supporting mechanism of price for the power output of the project under other current regulations; the electricity buying price is adjusted according to the fluctuation of exchange rate of VND/USD. This Decision takes effect on June 20, 2014. |
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On February 10, 2014, the joint-ministries of Public Security, Labor, War Invalids and Social Affairs, Foreign Affairs issued the Joint Circular No. 01/2014/TTLT-BCA-BQP-BLDTBXH guiding the order, procedures for and coordination in, the verification, identification, receipt and return of trafficked victims. In accordance with this Joint Circular, Commune-level People’s Committees or Public Security Offices shall, when receiving victims or their lawful representatives to report on their trafficking, guide them to fill in the declaration forms used for victims trafficked domestically; if victims are children or unable to make declaration by themselves, the receiving officials shall write down their statements; provide daily-life essentials for them, when necessary; and notify district-level Divisions of Labor, War Invalids and Social Affairs for carrying out the procedures. District-level Divisions of Labor, War Invalids and Social Affairs shall, within 3 (three) days after receiving the notifications of commune-level People’s Committees or Public Security Offices on the victims, perform the tasks as in case of availability of papers and documents certifying the victims, to arrange their travel to their residence places or social protection establishments or victim support establishments. In case of unavailability of papers and documents certifying the victims, to send written requests for verification to the district-level Public Security Offices of localities where the victims reside or report the occurrence of human trafficking cases. Pending the verification result, the self-reported victims shall be provided with daily-life essentials as |
prescribed by law. After obtaining the written replies of the district-level Public Security Offices certifying the victims, to provide assistance for the victims as in the cases of having sufficient grounds for victim identification. District-level Public Security Offices of localities where the self-reported victims reside or report the occurrence of human trafficking cases, shall verify and identify victims and reply within 20 (twenty) days after receiving written verification requests of district-level Divisions of Labor, War Invalids and Social Affairs; or if having sufficient grounds through verification for victim identification, to issue certificates of trafficked victims, and send the verification results and these certificates to the district-level Divisions of Labor, War Invalids and Social Affairs for provision of assistance for victims according to regulations. Besides, If cases are complicated or the verification involves many localities, to report such to the provincial-level Department of Public Security (the Social Order-Related Crime Investigation Police Division) for directing the verification; in this case, the verification time limit for reply is 60 (sixty) days after the receipt of reports of district-level Public Security Offices. After verification, if there are sufficient grounds to certify the victims, the verifying agencies shall reply and issue certificates of trafficked victims and notify the district-level Public Security Offices for performing the remaining tasks. This Joint Circular takes effect on March 25, 2014, and replaces Joint Circular No.03/2008/TTLT-BCA-BQP-BNG- BLDTBXH of May 8, 2008. |
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