Legal Document Updates in English (20/2022)

APPROVE THE STRATEGY ON FOREIGN INVESTMENT COOPERATION
IN THE 2021-2030 PERIOD

On June 02, 2022, the Prime Minister issues the Decision No. 667/QD-TTg approving the Strategy on foreign investment cooperation in the 2021-2030 period.

Accordingly, the Strategy sets out targets to raise the ratio of registered investment capital of countries and territories in a number of areas to the total national foreign investment capital to over 70% in the 2021-2025 period and 75% in the 2026-2030 period, including: (i) Asia: Republic of Korea, Japan, Singapore, China, Taiwan (China), Malaysia, Thailand, India, Indonesia, the Philippines; (ii) Europe: France, Germany, Italia, Spain, Russian Federation; and (iii) America: the United States.

To achieve the aforementioned targets, ministries, ministerial-level agencies, government-attached agencies, provincial/municipal People’s Committees need to

BY THE END OF 2025, POTENTIAL NON-PERFORMING LOANS WILL BE LESS THAN 3%

This noticeable content is prescribed in the Prime Minister’s Decision No. 689/QD-TTg dated June 08, 2022, approving the Scheme on "Restructuring the credit institution system associated with handling of non-performing loans for the 2021 - 2025 period".

Accordingly, strive that by the end of 2025, the on-balance sheet non-performing loans ratio of the credit institution system, non-performing loans sold to Vietnam Asset Management Company (VAMC) which have not been handled, unresolved, recovered and potential non-performing loans will be less than 3% (excluding poor commercial banks).

Besides, strive to have at least two to three commercial banks in the top 100 largest banks (in terms of strength criteria) in Asia; complete the listing of shares of joint-stock commercial banks on the Vietnamese stock market and

strive to have one to two banks listed in international stock markets; strive to raise the proportion of revenues from non-credit services to total revenues of commercial banks to about 16 - 17% by the end of 2025.

In order to achieve the above-mentioned targets, it is necessary to perfect the legal framework on currency, banking operations, for restructuring and handling non-performing loans on the basis of fully observing the rules of the market economy in conformity with international practices, and conditions of Vietnam; have appropriate solutions to encourage banks to implement Basel II according to advanced methods, aiming to deploy Basel III when credit institutions have sufficient financial and human conditions, etc.

This Decision takes effect from the signing date.

INSTRUCTIONS ON USING E-INVOICES FOR EXPORTED GOODS

The Official Dispatch No. 2054/TCHQ-GSQL regarding the use of e-invoices for exported goods is issued on June 03, 2022 by the General Department of Customs.

According to this Official Dispatch, customs dossiers for exported goods shall include commercial invoices or equivalent documents; in case the buyer has to pay the seller, the issuance an additional electronic VAT invoice to carry out export procedures is not required.

Regarding the time for issuing e-invoices for exported goods, the making of e-invoices

must comply with Vietnamese law,

while the making of international commercial invoices must comply with international practices. The time for issuing these two types of invoices is different: commercial invoices shall be issued before carrying out customs procedures, and e-invoices shall be issued after carrying out customs procedures. Therefore, the General Department of Customs cannot guide customs declarants to submit electronic VAT invoices in export customs dossiers for carrying out customs procedures.

HANDLING ON-SPOT EXPORT DECLARATIONS
WITHOUT CORRESPONDING ON-SPOT IMPORT DECLARATIONS

The General Department of Customs promulgates the Official Dispatch No. 2011/TCHQ-GSQL on handling on-spot export declarations without the corresponding on-spot import declarations on June 01, 2022.

Specifically, regarding on-spot export declarations without a corresponding on-spot import declaration registered before April 25, 2021, in case the importer has not yet carried out the customs procedures for importing on the spot, but the Customs Branch has determined that the transaction between the parties is real, the goods have been delivered and received completely and the goods have not been brought into the production and/or consumption, the Customs Branch in charge of the on-spot import shall guide importer to carry out import procedures and consider the administrative sanctioning for violations in accordance with relevant law regulations.

In case the importer has not yet carried out the customs procedures for importing on the spot, but the Customs Branch has determined the responsibility of the on-spot exporters and importers,

the transaction between the parties is real, the goods have been delivered and received completely and the goods have been brought into the production and/or consumption, the Customs Branch where the on-spot import procedures are carried out shall assume the prime responsibility for, and coordinate with the Customs Branch where the on-spot export procedures are carried out in, handling taxation and sanction of administrative violations and shall not carry out procedures for registration of customs declarations.

Regarding on-spot export declarations without a corresponding on-spot import declaration registered after April 25, 2021, Customs Departments of provinces and cities shall strictly follow up to promptly classify and handle on-spot export declarations that do not yet have on-spot import declarations or on-spot export declarations that already have the on-spot import declaration but the exporter has not notified the information on the on-spot import declaration.

CHANGE THE METHOD FOR DECLARING
DOMESTIC AIR TRANSPORT FREIGHT PRICES FROM JULY 15

On May 27, 2022, the Ministry of Transport issues the Circular No. 06/2022/TT-BGTVT amending and supplementing a number of articles of the Minister of Transport’s Circular No. 36/2015/TT-BGTVT dated July 24, 2015, on management of domestic air transport freight and aviation service prices.

Accordingly, organizations and individuals providing services on the list subject to price declaration shall take responsibility for declaring prices. The Civil Aviation Authority of Vietnam shall take responsibility for receiving the service price declarations from the service-providing organizations and individuals. Methods of making and receiving price

declarations as prescribed in the Circular No. 56/2014/TT-BTC dated April 28, 2014, and the Circular No. 233/2016/TT-BTC dated November 11, 2016.

Also in accordance with this Circular, the Ministry of Transport shall decide on the price brackets for the franchise of aviation services, including passenger terminals; cargo terminals and warehouses; ground services; avionic maintenance and repair; aviation technical services, catering services and aviation refueling services.

This Circular takes effect on July 15, 2022.