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In This Updates: |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 14/2014/TT-NHNN dated May 20, 2014 of the State Bank of Vietnam amending, supplementing a number of Articles of the Regulations on classification of debts, appropriation, setting up and use of reserves for handling credit risks in banking activities of credit institutions promulgated together with the Decision No. 493/2005/QD-NHNN dated April 22, 2005 of the State Bank Governor |
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Co-operative Bank allowed to reschedule debts |
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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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New regulations on the management of State foreign exchange reserves |
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Decision No. 29/2014/QD-TTg dated April 26, 2014 of the Prime Minister on credit program for households, HIV patients, rehabilitated drug abusers, persons undergoing opium replacement therapy, and reformed prostitutes |
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HIV patients may take a maximum loan of VND 20 million with no collateral |
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Circular No. 10/2014/TT-BTC dated January 17, 2014 of the Ministry of Finance guiding the administrative violations sanction on invoices |
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Printing counterfeit invoices shall be imposed a fine of VND 50 mil |
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ECONOMIC – SOCIAL POLICIES |
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ECONOMIC – SOCIAL POLICIES |
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Joint Circular No. 13/2014/TTLT-BYT-BNNPTNT-BCT dated April 09, 2014 of the Ministry of Health, the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade allocation of tasks and cooperation among regulatory agencies in food safety management |
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Principles on task allocation among regulatory agencies in food safety management |
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AGRICULTURE |
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AGRICULTURE |
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Decree No. 36/2014/ND-CP dated April 29, 2014 of the Government on raising, processing, and exporting pangasius |
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Pangasius export must be registered with Vietnam Pangasius Association |
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SUMMARY:
Ü FINANCE - BANKING
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On May 20, 2014, the State Bank of Vietnam issued the Circular No. 14/2014/TT-NHNN amending, supplementing a number of Articles of the Regulations on classification of debts, appropriation, setting up and use of reserves for handling credit risks in banking activities of credit institutions promulgated together with the Decision No. 493/2005/QD-NHNN dated April 22, 2005 of the State Bank Governor. In accordance with this Circular, Co-operative Bank, People Credit Fund shall be considered to reschedule debts and keep in the same group of debt as classified before rescheduling debts when debt granted credit that doesn’t violate regulations of the law; reschedule debts is in accordance with the purpose of project loan in the credit contract; customers using the loan in accordance with the purposes as agreed in the credit contract; reschedule debts and keeping in the same group of debt shall be only done when the customer is incapable of repaying debt principals and/or interests within the term as agreed in the credit contract, the plan for pay debt is feasible and in accordance with the production and business condition; when rescheduling debts and keeping in the same group of debt, Co-operative Bank, People Credit Fund must meet the requirements of the State Bank on limit, prudential ratios in operations of Co-operative Bank, People Credit Fund including the maximum ratio of short-term capital source used to medium and long-term loans in the case of restructuring short-term debts into medium and long-term debts. |
Besides, Co-operative Bank, People Credit Fund rescheduling debts and keeping in the same group of debt must promulgate the internal regulations on controlling and supervising debt rescheduling and classifying in the same debt groups to implement comprehensively in the whole system, forming the internal control mechanism for rescheduling debt and classifying in the same debt groups, ensuring the tight supervision, preventing credit quality from distortion; supervise the content, reason for rescheduling debt and keeping in the same group of debt for each debt. The State Bank requests Co-operative Bank, People Credit Fund to make a specific report on the content, reasons for rescheduling debt and classifying in the same debt groups for each debt when necessary; being active, self-decisive and responsible for rescheduling debt and keeping in the same group of debt in accordance with the law under this Circular….within the first five days of the month or when being requested by the State Bank, Co-operative Bank, People Credit Fund must send the report to the State Bank ( Banking Inspection and supervision Agency) on the rescheduled debts and classifying in the same debt groups. This Circular takes effect on May 22, 2014 and ceases its effect on April 01, 2015. |
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On May 20, 2014, the Government issued the Decree No. 50/2014/ND-CP on the management of State foreign exchange reserves, within that the State foreign exchange reserves are the assets in foreign exchange indicated in the sheet of currency balance of the State Bank including the official State foreign exchange reserves (the assets in foreign exchange under the State ownership that are under the direct management of the State Bank assigned by the Government); deposit in foreign currency and gold of credit institutions, foreign banks’ branches and the State treasury deposited at the State Bank and other foreign exchanges. Official foreign exchange reserve management must guarantee principles: Preserving (preserve the safety of State foreign exchange reserves by complying with the structure, criteria, investment limit of foreign exchange reserves approved by the State); Liquidity (the availability of foreign currency and gold to serve for managing the national monetary policy, the exchange rate and gold policy; intervening the foreign exchange market to ensure |
the international payment and meeting the urgent demand for foreign exchange of the State); and profit (the positive difference between the total revenue and the investment expenses for the official foreign exchange reserves in the fiscal year). The deposit in foreign currency and gold of the State Treasury, credit institutions and other sources of foreign exchanges must comply with the principles as ensuring the safety by complying with criteria, investment level of state foreign exchange reserves; meeting the demands on foreign exchanges of the State Treasury and credit institutions when necessary and liquidity. Besides, Foreign currency permitted investing in State foreign exchange reserve is the free convertible foreign currency and other foreign currencies as agreed in bilateral and multilateral swap agreement signed among State Bank and central banks, international financial organizations. This Decree takes effect on July 15, 2014 and replaces the Decision No. 86/1999/ND-CP dated August 30, 1999. |
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On April 26, 2014, the Prime Minister signed the Decision No. 29/2014/QD-TTg on credit program for households, HIV patients, rehabilitated drug abusers, persons undergoing opium replacement therapy, and reformed prostitutes. Accordingly, household borrowers are households having members that are HIV patients; rehabilitated drug abusers; persons undergoing opium replacement therapy and reformed prostitutes may take a maximum loan of VND 30 million when have conditions such as: the household is legally and stably residing in the administrative division where the loan is granted; the household has a business plan and is able to repay the loan as committed and the household is a member of a Saving and Borrowing Club of the Vietnam Bank for Social Policies. Individual borrowers who are HIV patients, persons undergoing opium replacement therapy and reformed prostitute may take a maximum loan of VND 20 million with no collateral |
Besides, apart from conditions as the households, individual borrower lives alone or with an underage child, or parents, spouse, children, grandparents, siblings that exceed the working age or cannot work. .If a borrower is also eligible to take loans from other incentive programs of Vietnam Bank for Social Policies, only loans from one of such incentive programs shall be granted. This Decision also points out clearly that the maximum loan period is 60 months. The specific loan period shall be agreed between Vietnam Bank for Social Policies and the borrower, which suits the borrower’s business cycle and ability to repay the loan. During the experimental period from 2014 to 2016, the maximum loan period is 36 months. The interest rates are that applied to poor families prescribed by the government in each period. The rate of interest on overdue debt is 130% of the initial interest rate. This Decision takes effect on June 15, 2014. |
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In accordance with the regulations at the Circular No. 10/2014/TT-BTC guiding the administrative violations sanction on invoices, from March 02, 2013, organizations shall be imposed a fine of between 2,000,000 and 50,000,000 VND on acts of self-printing counterfeit invoices except for cases of determining that errors are subject to invoice self-printing software and acts of creating counterfeit e-invoices. Within that a counterfeit invoice is an invoice self-printed or created like an issued invoice of another organization or individual or printed, created with the identical serial number of the same sign of an invoice. Objective errors of self-printing software are identified as self-errors of invoice self-printing software (such as virus ...), without human intervention. Where self-printed invoices are identified as counterfeit invoices due to objective errors of self-printing |
software then supplying units of invoice self-printing software will be sanctioned under the form of warnings. Parties (units supplying invoice self-printing software and units using self-printing software) will have to terminate their creation of invoices, timely adjust or repair their invoice self-printing software. This fine is also applied to A fine of between VND 20,000,000 and VND 50,000,000 will be imposed on the act of using invoices illegally or the act of using illegal invoices. Using invoices illegally or using illegal invoices and other cases determined as using invoices illegally or using illegal invoices will comply with provisions under the Decree of the Government and the Circular of the Ministry of Finance regarding invoices for selling goods and providing services. This Circular takes effect on March 02, 2014. |
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Ü ECONOMIC – SOCIAL POLICIES
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On April 09, 2014, Joint-ministries of Health, Agriculture and Rural Development, Industry and Trade issued the Joint Circular 13/2014/TTLT-BYT-BNNPTNT-BCT on allocation of tasks and cooperation among regulatory agencies in food safety management, prescribing that Each product, each manufacturing facility or trading facility is under the management of only one regulatory agency. If a facility manufactures multiple types of foods that are under the management of two Ministries or more, one of which is the Ministry of Health, it shall be under the management of the Ministry of Health. If a facility manufactures multiple types of foods that are under the management of both the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade, it shall be under the management of the Ministry of Agriculture and Rural Development. Facilities that sell multiple types of foods that are under the management of |
two Ministries or more (including markets and supermarkets) shall be under the management of the Ministry of Industry and Trade, except for wholesale markets for agricultural products, which are under the management of the Ministry of Agriculture and Rural Development. Also in accordance with this Joint Circular, the Ministry of Health shall manage the manufacturers of food containers and packages, except for integral containers and packages that are particularly used for food products under the management of the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade; and take charge and cooperate with the other parties in settling any issue that arises, or send a report to the Prime Minister if necessary. This Circular takes effect on May 26, 2014. |
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Ü AGRICULTURE
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On April 29, 2014, the Government issued the Decree No. 36/2014/ND-CP on raising, processing, and exporting pangasius. This Decree is applied to any Vietnamese or foreign entity involved in raising, processing, and exporting pangasius within Vietnam’s territory. In accordance with this Decree, the entities that export pangasius products must satisfy the requirements as processing facilities must satisfy the requirements as prescribed. If the exporter that does not have a processing facility must have a processing contract or sale contract with a processing facility that meets the requirements as prescribed. Pangasius export contracts must be registered with Vietnam Pangasius. The customs shall only grant clearance to the consignments under the pangasius export contracts certified by Vietnam Pangasius Association. Within 03 working days from the day on which sufficient documents are received, if the application is satisfactory |
and the purchase prices of raw pangasius are higher or equal to those announced by Vietnam Pangasius Association at the time the application is received (applied to exporters that use commercial pangasius purchased from commercial pangasius farms that are not under the exporters’ ownership), Vietnam Pangasius Association shall verify and certify the pangasius export contract. If the application does not comply with the aforementioned regulations, Vietnam Pangasius Association shall not grant registration of the pangasius export contract and provide explanation in writing. Particularly, this Decree promulgates that by December 31, 2015, every commercial pangasius farm must obtain the Certificate of Good Aquaculture Practice according to VietGap or an international certificate that is conformable with Vietnam’s law. This Decree takes effect on June 20, 2014. |
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