Legal Document Updates in English (20/2012)

THE AREA OF EXPLORATION AREA MUST NOT EXCEED 01 HA
 

This is one of the conditions for the business household to explore the mineral for use as the general constructional materials regulated under the Decree No. 15/2012/ND-CP dated March 09, 2012 of the Government stipulating in detail the implementation of some articles of the mineral law.

Besides, to be granted the mineral exploration license for use as the general constructional materials, the business household must meet other conditions. Specifically, being selected by the provincial People’s Committee as stipulated by Law or having won the auction of the mineral exploitation right in the area where the mineral has not been explored; having contract with the organization that is qualified

for the practice of mineral exploration (as stipulated by the Law) in order to implement the exploration project; Having the exploration project appropriate with the planning of exploration, exploration and use of mineral of centrally provinces and cities existing minerals;  Having the equity capital that occupies at least 50% of the total investment capital for carrying out the project of mineral exploration.

This Decree will take effect since April 25, 2012 and replaces the Decree No. 160/2005/ND-CP dated 27 December, 2005 and the Decree No. 07/2009/ND-CP dated January 23, 2009.

GIVING PRIORITY TO RESTORE COASTAL MARINE RESOURCES
 

On February 13, 2012, the Prime Minister issued the Decision No. 188/QD-TTg approving the program on protection and development of aquatic resources through 2020 with a view to restoring aquatic resources and species of economic and scientific research value, especially coastal aquatic resources.

The specific objective is, by 2015, to complete a database on aquatic resources; to make forecast of resources, fishing grounds and fishing seasons a routine duty of management and scientific research agencies. In the immediate future, to give priority to forecasting resources, fishing grounds and fishing seasons of some key

resources in offshore areas.

In this period, the objective is also to establish and put into operation 10 marine conservation zones and 19 inland water area conservation zones. By 2020, to complete and put into operation all conservation zones under the master plan on the system of marine conservation zones and inland water area conservation zones in Vietnam.

INCREASING APPRAISAL FEE TO VND 1.2 MILLION
FOR GOODS, COMMERCIAL SERVICES
 

On May 16, 2012, the Ministry of Finance issued the Circular No. 77/2012/TT-BTC Detailing the charge and fee level, the regime of collection, remittance, management and use of the appraisal fee for goods and services subject to business restrictions; the appraisal fee for goods and services subject to conditional business; fee for granting the certificate of satisfaction of conditions for business; fee for granting business license operating in the commercial field and fee for granting the establishment license of the Goods Exchange.

Specifically, in the centrally-run cities and provincial- run cities and towns, The appraisal fee level for goods and commercial services subject to business restrictions is 1,200,000 VND / business location for each appraisal time (instead of the fee level 300,000 VND as before); The fee level for granting the certificate of satisfaction of conditions for business; business license operating in the commercial field, the establishment license of the Goods Exchange is 200,000

VND / paper / time (increase by 150,000 VND compared with the previous regulations)/ In other areas, the feel level is equal to 50 percent of the fee level in the centrally-run cities and provincial- run cities and towns.

All collected fees including fee for granting the certificate of satisfaction of conditions for business, business license operating in the commercial field, fee for the establishment license of the Goods Exchange shall belong to the State budget. The fee-collecting organizations must remit promptly the full collected amounts into the State budget. In cases of authorized collection, the organizations authorized to collect fees may retain 50% of the collected fee amounts to cover the fee-collection expenses and must remit the remainder (50 percent) into the State budget.

ON 01 JUNE, PUBLIC COMPANIES DISCLOSE INFORMATION AS LISTING ORGANIZATIONS
 

This is the new content regulated under the Circular No. 52/2012/TT-BTC dated April 05, 2012 of the Ministry of Finance guiding the disclosure of information on securities market.

Accordingly, public companies with the actual contributed charter capital being 120 billion VND or above determined under the Financial statement of the latest audited fiscal year or under the latest issue results and with the quantity of shareholders not fewer than 300 as from the date of closing the shareholder list in the Securities Depository Center on December 31 every year under the list announced by of the State Securities Commission and on the list of large-scale public companies announced by the Securities Depository Center must disclose the information as regulated for the listing organizations since June 01, 2012.

Specifically, large scale public companies must make periodic information disclosure about annual, biannually and quarterly financial statements as well as

make irregular information disclosure within twenty four (24) hours after the occurrence of the following events such as the company suffers asset loss valued at ten percent (10%) of the owner’s capital or above; decision on the purchase and sale of assets valued at above fifteen percent (15%) of total asset of the company; When the posted securities prices of the company increase to ceiling price or decrease to floor price from ten or more consecutive sessions.

After one year after not being a large-scale public company under the list announced by the Securities Depository Center, large-scale public companies shall fulfill the obligation to make information disclosure similarly to that of public companies or posting organizations prescribed under the regulations.

This Circular replaces the Circular No. 09/2010/TT-BTC dated January 15, 2010 and takes effect on June 01, 2012.

THE LIST OF 35 LIKELY UNSAFE PRODUCTS AND GOODS
 

On April 09, 2012, the Ministry of Industry and Trade issued the Circular No. 08/2012/TT-BCT promulgating the list of likely unsafe products and goods under management of the Ministry of Industry and Trade.

The list of likely unsafe products and goods under management of the ministry of industry and trade includes 35 products and goods; of which, three chemical and Industrial explosive material; 31 likely unsafe machines and equipment of industrial particularity and one product of consumption industry, food industry and other processing industry.

The control of quality of products and goods on the list of likely unsafe products and goods under management of the Ministry of Industry and Trade specified in this Circular shall comply with the principle that products and goods, before being marketed, must obtain certification of conformity with relevant national technical regulations issued by the Ministry of Industry and Trade. In case of unavailability of relevant national technical regulations, control shall be conducted under other current regula­tions until relevant national technical regulations are issued.