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In This Updates: |
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ENTERPRISE |
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ENTERPRISE |
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Decision No. 562/QD-TTg dated April 05, 2016 of the Prime Minister approving plan for equitization of parent company – Viet Nam Engine and Agricultural machinery corporation |
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* Equitization of parent company – Viet Nam Engine and Agricultural Machinery Corporation |
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TAX – FEE – CHARGE |
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TAX – FEE – CHARGE |
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Joint Circular No. 64/2016/TTLT-BTC-BVHTTDL dated April 25, 2016 of the Ministry of Finance and the Ministry of Culture, Sports and Tourism on guiding the implementation of the national single-window mechanism with respect to the procedure of appraising contents of imported children’s toys under specialized management of the Ministry of Culture, Sports and Tourism |
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* National single-window mechanism to the procedure of appraising contents of imported children’s toys |
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INVESTMENT |
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INVESTMENT |
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Decree No. 50/2016/ND-CP dated June 01, 2016 of the Government on penalties for administrative violations against regulations on planning and investment |
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* Business households employ more than 10 regular employees have a fine to VND 5 million |
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Decree No. 30/2016/ND-CP dated April 28, 2016 of the Government detailing investment from social insurance, health insurance and unemployment insurance funds |
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* Guiding the investment from social insurance, health insurance |
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FINANCE – BANKING |
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FINANCE - BANKING |
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Circular No. 58/2016/TT-BTC dated March 29, 2016 of the Ministry of Finance detailed regulations on use of State funding for making purchases for the purpose of maintaining regular operations of State agencies, units affiliated to people's armed force, public service providers, political organizations, socio-political organizations, social-political-professional organizations, social organizations, socio-professional organizations |
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* Price of 1 set of bidding document shall not exceed VND 2 million |
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SUMMARY:
Ü ENTERPRISE
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On April 05, 2016, the Prime Minister signed Decision No. 562/QD-TTg on approving plan for equitization of parent company – Viet Nam Engine and Agricultural Machinery Corporation (VEAM), combined transfer a portion of State-owned capital and issuance of new shares in order to increase the charter capital. Accordingly, Viet Nam Engine and Agricultural machinery corporation - Joint-stock company shall inherit rights, obligations and lawful benefits from Viet Nam Engine and Agricultural machinery corporation before it is transformed, be entitled to carry out existing business sectors/industries and other business activities in conformity with the laws. |
About charter capital and structure of shares in initial public offering, it’s specified that the charter capital is VND 13,288 billion, equivalent to 1,328,800,000 shares. In which, 677,688,000 shares are held by the State, taking up 51% of the charter capital; 5,669,100 shares are sold to employees at discounted price, taking up 0.43% of the charter capital; 478,368,000 shares are sold to strategic investors, taking up 36% of the charter capital and 167,074,900 shares are sold outside the enterprise via auctions, taking up 12.57% of the charter capital. The starting price of the initial public offering of shares shall be decided in conformity with current laws and actual situation of the enterprise. This Decision takes effect on signing date. |
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Ü TAX - FEE - CHARGE
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On April 25, 2016, the Ministry of Finance, the Ministry of Culture, Sports and Tourism issued the Joint Circular No. 64/2016/TTLT-BTC-BVHTTDL guiding the implementation of the national single-window mechanism with respect to the procedure of appraising contents of imported children’s toys under specialized management of the Ministry of Culture, Sports and Tourism. Accordingly, In the course of carrying out customs clearance procedures for imported children’s toys under the Ministry of Culture, Sports and Tourism’s Circular No. 28/2014/TT-BVHTTDL of December 31, 2014, import-requesting declarants shall carry out import procedures at the customs office. If the customs office has doubts but cannot ascertain whether or not children’s toys to be imported by the declarant are banned from distribution, sale or trading in Vietnam, the customs office shall send an electronic appraisal request, made according to form No. 1, Appendix I to this Joint Circular, via the Vietnam National Single Window to the Ministry of Culture, Sports and Tourism to solicit assessment or consult related state management agencies for determining whether such toys may be imported. |
Within 36 working hours after receiving the appraisal request, the processing agency shall send an e-request for showing of sample goods to the customs office and declarant via the Vietnam National Single Window. The processing agency shall conduct appraisal within 7 working days from the date the declarant shows sufficient sample goods and documents as prescribed, or within 15 working days from such date in case it has to consult related ministries and sectors; The customs office shall issue a final decision on customs clearance for imported children’s toys, based on the appraisal result notice sent by the processing agency via the Vietnam National Single Window. The Vietnam National Single Window shall receive e-information 24 hours a day and 7 days a week. The Vietnam National Single Window shall automatically receive information and give feedback to declarants, processing agencies and customs offices. This Circular takes effect on June 15, 2016. |
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Ü INVESTMENT
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This is one of the important content prescribed at the Decree No. 50/2016/ND-CP dated June 01, 2016 of the Government on penalties for administrative violations against regulations on planning and investment, takes effect on July 15, 2016. In particular, from July 15, 2016, business households employ more than 10 regular employees; wholesale or do mobile business at a location other than that registered with the business registration authority of the district without notifying the tax authority or market surveillance authority of the area where the headquarters is located and where the business is done shall have a fine of VND 3 million - VND 5 million. Business household have failure to inaugurate the business within 06 months from the issuance date of the certificate of business household registration or suspends the business for more than 6 consecutive months without notifying the business registration authority of the district shall have a fine of VND 1 million - VND 2 million. Also in accordance with this Decree, Violations against regulations on notifying changes to enterprise registration |
content may be have a fine to VND 5 million, within that a warning or a fine of VND 5 million - VND 1 million shall be imposed for notifying changes to the enterprise registration content 1 – 30 days behind schedule; a warning or a fine of VND 1 million - VND 2 million shall be imposed for notifying changes to the enterprise registration content 31 – 90 days behind schedule; a warning or A fine of VND 2 million - VND 5 million shall be imposed for notifying changes to the enterprise registration content 91 days or longer behind schedule. A fine of VND 2 million - VND 5 million shall be imposed for failure to convert the type of business when the minimum number of members or partners or shareholders cannot be maintained for 6 consecutive months. A fine of VND 10 million - VND 20 million shall be imposed for failure to register changes to the business registration authority when charter capital is not adequately contributed as registered. This Decree replaces the Decree No. 155/2013/ND-CP dated November 11, 2013. |
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In accordance with the Decree No. 30/2016/ND-CP dated April 28, 2016 of the Government detailing investment from social insurance, health insurance and unemployment insurance funds, takes a form in the following order of priority: Purchase of government bonds; Provision of loans to the state budget; Making of deposits, or purchase of bonds, promissory notes, bills or deposit certificates at high performance commercial banks as rated by the State Bank of Vietnam; Provision of loans to Vietnam Development Bank and Vietnam Bank for Social Policies in the form of purchase of government-guaranteed bonds that are issued by these banks; investment in important projects under the Prime Minister’s decisions. Within that, Investment in the two forms: provision of loans to Vietnam Development Bank and Vietnam Bank for Social Policies and investment in important projects shall be applied to the unemployment insurance fund only. The amount of investment in these two forms must not exceed 20% of the preceding year’s balance of the unemployment insurance fund. The loan limit shall be decided by the Director General of Vietnam Social Security based on the state budget’s |
demand for loans and the investment plan approved by the Management Board of Vietnam Social Security. The loan term shall be counted from the date of loan provision to the date of debt collection. The specific loan term for each loan amount shall be agreed by Vietnam Social Security and the Ministry of Finance, but must not exceed 10 years. Deposit amounts at commercial banks shall be decided by the Director General of Vietnam Social Security based on the investment plan approved by the Management Board of Vietnam Social Security. The deposit term shall be counted from the date of making a deposit to the date of recovery. The specific term shall be selected by Vietnam Social Security based on each type of deposit terms of a commercial bank but must not exceed 3 years. Upon maturity for interest or principal payment, if a commercial bank fails to make timely payment, it shall, apart from fully paying the interest or late-paid principal, also pay a late payment interest equal to 150% of the deposit interest rate at the time of payment, calculated on the late-paid amount and late payment period. This Decree takes effect on June 16, 2016. |
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Ü FINANCE - BANKING
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According to Circular No. 58/2016/TT-BTC dated March 29, 2016 of the Ministry of Finance detailed regulations on use of State funding for making purchases for the purpose of maintaining regular operations of State agencies, units affiliated to people's armed force, public service providers, political organizations, socio-political organizations, social-political-professional organizations, social organizations, socio-professional organizations, the selling price of one set of domestic bidding document for the purchase of assets, goods and services shall not exceed VND 2 million; for the proposal document, the maximum selling price is VND 1 million. In case of international bidding, the selling price shall apply to international rules on bidding. If the contractor makes complaint about contractor selection result, the procuring agency shall require such contractor to make payment for covering expenditure for settling such complaint. The collection rate is equal to 0.02% of the bid of the contractor who files the complaint provided that it must be from VND 1 million to VND 50 million. For the procurements which need to be performed to immediately overcome or timely handle consequences |
caused by force majeure events; urgent procurements which need to be carried out aiming to protect national sovereignty, national borders, and islands; procurement of purchase of asset/good/service which are in the regular purchase estimate or plan, and the value of such value shall not exceed VND 100 million; the procurement of provision of consulting service or non-consulting service, or purchase of goods which must be bought from the previously selected contractor for ensuring the compatibility of technologies and copyright; procurements with nature of research or testing…, then direct contracting shall be applied. The self-supply shall be applied to the procurement with funding from the estimate for purchase of assets, goods and services if the technical and financial capacity and experience of the agency directly managing and using the procurement may meet requirements of such procurement. In this case, the agency in charge of implementing the procurement must not transfer any part of the procurement if its value is from 10% of the procurement value or its value is below 10% of the procurement value but more than VND 50 billion. This Circular takes effect on May 16, 2016. |
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