Legal Document Updates in English (23/2018)

PAYMENT THE COSTS OF EQUITIZATION
 

This is one of the contents of the Circular No. 40/2018/TT-BTC of the Ministry of Finance on providing guidelines for initial offering of shares and management and use of proceeds from equitization of state-owned enterprises and single-member limited liability companies with 100% charter capital invested by state-owned enterprises.

Accordingly, for equitized enterprises running business in sectors or trades subject to Conditional Business Investment, the condition for selecting strategic investors in same business sectors or trades of such enterprises and other conditions must be considered and added in consistent with relevant law provisions.

There are 4 methods for initial offering of shares:

- Public auction;

EXPENSE FOR PHOTOCOPYING INFORMATION FROM STATE AGENCY IS VND 3,000/A4 SHEET
 

On May 14, 2018, the Ministry of Finance issued the Circular No. 46/2018/TT-BTC on detailing actual expenses for printing, copying, photocopying and sending information under Clause 2, Article 12 of the Law on Access to Information.

Specifically, a requester for the provision of information shall pay the actual expenses for printing, copying, photocopying or sending information as follow:

- Photocopying document (includes material): VND 3,000/A4 sheet; with color: VND 18,000/A4 sheet;

- Print from picture (includes material) from VND 36,000/picture to VND 135,000/picture, depends on the size of picture;

GUIDANCE FOR PAYROLL FOR PUBLIC OFFICIALS FROM JULY 01, 2018
 

On May 31, 2018, the Ministry of Internal Affairs issued the Circular No. 06/2018/TT-BNV on guiding the employees on payroll in bodies, organizations and agencies of the Vietnam communist party and the government, and political or social organizations and associations.

From July 01, 2018, the payroll of above objectives is adjusted to increase by VND 1.39 million/month (in accordance with the Decree No. 72/2018/ND-CP), therefore:

Formula for calculating amount of pay:

Amount of pay effective from July 01, 2018 = Statutory pay rate VND 1,390,000 per month x Current pay coefficient

Formula for calculating amount of allowance:

MICROFINANCE INSTITUTIONS MUST DISTRIBUTE 10% PROFIT INTO THE PROVISION FUND
 

On February 12, 2018, the Ministry of Finance issued the Circular No. 18/2018/TT-BTC on guiding a number of articles regarding the financial regime applicable to microfinance institutions.

This Circular prescribes, after being used for offsetting the previous year’s loss and paying enterprise income tax, profits of microfinance institutions shall be distributed as follow: Offsetting previous years’ loss for which the prescribed time limit for being deducted to post-enterprise income tax profits has expired.

The remaining profit shall be distributed as follows: 5% shall be the charter capital addition reserve fund, a microfinance

TO AMEND THE REGULATIONS ON THE CERTIFICATES OF ORIGIN
WITH THE FORM EAV
 

The Circular No. 11/2018/TT-BCT amending and supplementing the Circular No. 21/2016/TT-BCT issued by the Ministry of Industry and Trade on May 29, 2018.

Accordingly, to amend and supplement the Article 3 of the Circular No. 21/2016/TT-BCT on the procedures for grant and inspection of the form of certificates of (form EAV): The procedures for grant and inspection of certificates of origin must comply with Appendix I to Circular No. 21/2016/TT-BCT; the Government’s Decree No. 31/2018/ND-CP of

NEW PROVISIONS ON TEMPORARY IMPORTATION AND EXPORTATION
 

On May 15, 2018, the Government issued the Decree No. 69/2018/ND-CP on guidelines for the Law on Foreign Trade Management.

Accordingly, a trader may temporarily import goods to Vietnam under a contract concluded with a foreign party for the purposes of the warranty and maintenance, lease, borrowing, use or other purposes for a specified period and re-export them out of Vietnam.

However, if the goods have not been sold and used in Vietnam or are managed by export and import quotas, tariff-rate quotas or requiring export or import licenses, except that it obtained an automatic export or import license, the

6 STANDARDS APPLIED TO VOCATIONAL EDUCATION ACCREDITORS
 

On March 30, 2018, the Government issued the Decree No. 49/2018/ND-CP on vocational education accreditation, within that, prescribed 6 standards applied to vocational education accreditors.

Specifically, vocational education accreditors must have good moral qualities and health; have at least a bachelor’s degree; have at least 05 years’ experience in education/vocational education management, teaching and research; complete an accreditor training course; have a foreign language proficiency at least level 2; satisfy basic IT skill standards.

Until the end of December 31, 2018, the person who is issued with the certificate of completion of the vocational

AUTHORIZE INDIVIDUAL OR JURIDICAL PERSON TO PARTICIPATE IN LEGAL PROCEEDINGS
 

On May 15, 2018, the Council of Judges of the Supreme Court issued the Resolution No. 03/2018/NQ-HDTP guiding the implementation of certain regulations in settlement of dispute over settlement of non-performing loans (NPL), collateral associated with non-performing loans at People’s Court.

Accordingly, dispute over obligation to transfer collateral associated with NPL means a dispute over the case that the debtor or collateral holder fails to transfer the collateral to the secured party or the holder of right to sell the collateral; or transfer the collateral to them unsatisfactorily with their request.

The Resolution details the dispute over settlement of NPL, collateral associated with NPL being settled under reduced

TO SUPPLEMENT TAX INCENTIVES FOR THE MECHANICAL ENGINEERING SECTOR
 

According to the Strategy for development of Vietnam’s mechanical engineering sector through 2025, with a vision toward 2035, mechanical engineering is a fundamental industry, center on mechanical engineering serving agriculture, manufacture of automobiles, industrial work equipment, electric equipment and industries supporting…

In the coming time, continue revising policies promoting the mechanical engineering sector, including tax incentives (enterprise income tax and import duty) and investment and business support measures as provided by the Investment Law in the direction of simplifying administrative procedures.

The State shall adopt policies to support enterprises in purchasing designs and technologies, renovating technologies and production equipment, applying advanced production management technologies and models that use more efficiently energy and input natural resources as well