Legal Document Updates in English (21/2018)

THE COMPULSORY RESERVE RATES APPLICABLE
TO CREDIT INSTITUTIONS AND FOREIGN BANK BRANCHES
 

The State Bank of Vietnam issues the Decision No. 1158/QD-NHNN on compulsory reserve rates applicable to credit institutions and foreign bank branches on May 29, 2018.

In particular, the compulsory reserve rates applicable to credit institutions and foreign bank branches  are as follows:

- For people’s credit funds and microfinance institutions: The compulsory reserve rate for Vietnam-dong and foreign-currency deposits is 0%.

The Vietnam Bank for Agriculture and Rural Development and the Cooperative Bank of Vietnam shall apply the compulsory reserve rates corresponding to each type of deposit, for Vietnam-dong demand deposit and under 12-; 

FORM MARCH 26, FOREIGN BANK BRANCHES
MUST SUBMIT REPORTS IN ELECTRONIC
 

On February 07, 2018, the Ministry of Finance issues the Circular No. 16/2018/TT-BTC on guiding a number of articles regarding the financial regime applicable to credit institutions and foreign bank branches.

In accordance with this Circular, credit institutions and foreign bank branches shall make electronic reports for financial statements, including mid-year and annual accounting balance sheets; mid-year and annual reports on business results; mid-year and annual cash flow statements; explanations on mid-year and annual financial statements..

THE NOMENCLATURE OF IMPORTED, EXPORTED DRUGS,
MEDICINAL INGREDIENTS, COSMETICS IN VIETNAM
 

The nomenclature of imported and exported drugs and medicinal ingredients for human use and cosmetics whose HS codes have been assigned in the Vietnam’s nomenclature of exports and imports was promulgated by the Ministry of Health in the Circular No. 06/2018/TT-BYT.

The nomenclature of imported and exported drugs and medicinal ingredients for human use and cosmetics whose HS codes have been assigned in the Vietnam’s nomenclature of exports and imports is promulgated together with this Circular, including:

1. Nomenclature of imported and exported toxic drugs and toxic medicinal ingredients whose HS codes have been assigned: Abirateron, Fluorouracil, Oxytocin, Tritenoin (All-Trans Retinoic Acid), Ziprasidon…

2. Nomenclature of imported and exported medicinal ingredients that are narcotic active ingredients whose HS codes have been assigned: Alfentanil, Cocaine, Dezocin, Difenoxin, Methadone, Morphine, Nicocodine, Oxycodone, Oxymorphone…

SPECIFIC REGULATIONS ON NAMING OF RAILWAY LINES
AND RAILWAY STATIONS
 

On April 16, 2018, the Government issues the Decree No. 56/2018/ND-CP on management and protection of railway infrastructure.

This Decree provides for management and protection of railway infrastructure, including: naming of railway lines and railway stations; removal of railway lines; safety perimeter of railway works and railway safety corridor; management and use of land area for rail transport; responsibility for management and protection of railway infrastructure.

Accordingly, the existing railway lines and stations retain their existing name; and names of railway stations on a line should not be identical to each other; the railway station is named after a place, historical figure, national hero, or historic site at the location where the railway station is located, or named using ordinal numbers or characters.

THE TRAINING DURATION FOR TRAINING PROGRAMS
ON MULTI-LEVEL MARKETING IS AT LEAST 8 HOURS
 

On May 24, 2018, the Ministry of Industry and Trade issues the Circular No. 10/2018/TT-BCT on detailing a number of articles of the Government’s Decree No. 40/2018/ND-CP of March 12, 2018, on management of multi-level marketing activities.

This Circular prescribes framework training programs on legal knowledge about multi-level marketing; the examination of legal knowledge about multi-level marketing, and grant and revocation of certification of legal knowledge about multi-level marketing.

Accordingly, the framework training program on legal knowledge about multi-level marketing  issued by an

EXPORTED GOODS ARE SUPPORT UP TO 100% OF EXPENSES
IN THE TRADE PROMOTION ACTIVITIES
 

The Decree No. 28/2018/ND-CP of the Government on detailing the Law on Foreign Trade Management regarding foreign trade development measures:

Levels of funds to be supported: up to 100% of expenses for implementing specific contents eligible for support in the trade promotion activities such as to organize international fairs and exhibitions in foreign countries and Vietnam for exports; to support the building of exports display and introduction areas on portals, e-commerce networks, the Internet and telecommunications networks; to organize visits to conduct market surveys and transactions with organizations and enterprises in foreign countries... 

ONLY IMPORT VIA SECONDARY BORDER GATES
FOR GOODS IN THE APPROVED LIST
 

In accordance with the Circular No. 01/2018/TT-BCT dated February 27, 2018 of the Ministry of Industry and Trade on prescribing in detail goods traded or transferred via secondary border gates and border crossings by traders, as follows:

Goods imported via secondary border gates and border crossings within border-gate economic zones must comply with regulations on international goods purchase and sale and goods purchase and sale agency, processing and transit activities involving foreign parties;