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In This Updates: |
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FINANCE – BANKING |
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FINANCE – BANKING |
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* Guiding the requirements for running debt trading services |
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Circular No. 38/2017/TT-BTC dated April 28, 2017 of the Ministry of Finance guiding the payment of costs of repatriation of seafarers |
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* Owners of Vietnamese-flagged ships must pay the costs of repatriation of seafarers |
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EXPORT - IMPORT |
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EXPORT - IMPORT |
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* To suspend export of lime and dolomite calcined or sintered manually after 2020 |
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INSURANCE |
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INSURANCE |
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Circular No. 50/2017/TT-BTC dated May 15, 2017 of the Ministry of Finance guiding the Decree No. 73/2016/ND-CP on details of the implementation of the Law on insurance business and the Law on amendments to certain articles of the Law on insurance business |
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* Regulations on insurance agent commissions |
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INDUSTRY |
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INDUSTRY |
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Decision No. 10/2017/QD-TTg dated April 3, 2017 of the Prime Minister prescribing the regulation on management and implementation of the program on development of supporting industries |
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* To support enterprises in registering supporting industry product brands |
Page 3 |
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SUMMARY:
Ü FINANCE - BANKING
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On December 19, 2017, the Ministry of Finance issued the Circular No. 53/2017/TT-BTC guiding the implementation of the Decree No. 69/2016/ND-CP dated July 01, 2016 of the Government regarding requirements for running debt trading services. In accordance with this Circular, when starting debt trading activities, the enterprise’s internal management regulations in terms of personnel management and debt trading activities promulgated by its competent authority as defined in its charter must be available. At the time when a person is appointed as manager of an enterprise running debt trading service, he/she must have the following documents available: the Criminal Record Statement; the Bachelor’s Degree (or higher) in one of the following fields of study: Economics, Business Administration, Law or other specialty which he/she is appointed to take charge of; and the Written Commitment made with the enterprise running debt trading service to guarantee the appointed manager’s satisfaction of requirements mentioned in Points a, c, d Clause 3 Article 5 of the Decree No. 69/2016/ND-CP. Before running debt trading floor services, the enterprise must have the audited financial statements proving that the |
enterprise has provided debt trading services for at least 01 year up to the time of starting providing debt trading floor services, and earned at least VND 500 billion of revenues from debt trading services in the year preceding the year in which it is going to run debt trading floor services; the original written explanation about the enterprise’s technical facilities and information technology; labour contracts signed with at least 02 persons who possess certificate of professional auditor or at least 02 persons who have practicing card in valuation granted by Minister of Finance. When starting providing debt trading floor services, the debt trading floor service provider must have the regulations on operation of debt trading floor. This Circular requires that enterprises must submit reports on their satisfaction or failure to satisfy requirements for running debt trading services to business registration agencies by July 01, 2017. If an enterprise fails to meet all of requirements for running debt trading services, such enterprise must suspend its debt trading activities and report thereof to the business registration agency. This Circular takes effect on July 03, 2017. |
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On April 28, 2017, the Ministry of Finance issued the Circular No. 38/2017/TT-BTC dated April 28, 2017 of the Ministry of Finance guiding the payment of costs of repatriation of seafarers. In particular, the costs to be borne by the ship-owner for repatriation include: the cost of passage to the repatriation destination as specified in the contract; the cost of accommodation and food from the moment the seafarer leaves the ship until he reaches the repatriation destination. The payment of accommodation and food cost shall be made according to actual invoices provided that the sum shall not exceed the levels prescribed in Decision No. 43/2012/QD-TTg dated October 12, 2012; the pay and travel allowance from the moment the seafarer leaves the ship until he reaches the repatriation destination. The above pay and travel allowance shall be paid under provisions in the signed contract; the cost of transportation of up to 30 kg of the seafarer’s personal luggage to the repatriation destination; the cost of medical treatment when necessary until the seafarer is medically fit to travel to the repatriation destination. |
For financial security to assure payment of repatriation cost to seafarers, ship-owners are required to obtain the bank guarantee for the payment of repatriation cost to seafarers. In case a ship-owner is financially incapable or is unable to make full payment of the cost of repatriation to seafarers, the credit institution or the branch of foreign bank that gives guarantee to the ship-owner shall make payment of the cost of repatriation to seafarers. In such case, the ship-owner is considered as debtor and assumes responsibility to pay debt to such credit institution or the branch of foreign bank under regulations of the law on bank guarantee. If a ship-owner fails to make arrangements for and pay the cost of repatriation of seafarers, the ship-owner may request competent authorities of Vietnam in the host country to arrange for repatriation of seafarers. In case where the time limit for repatriation specified in the employment contract is over but the ship-owner fails to make arrangements for or to meet the cost of repatriation of seafarers, seafarers concerned may request competent authorities of Vietnam in the host country to arrange for and pay costs of repatriation of seafarers. |
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Ü EXPORT - IMPORT
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From July 25, 2017, all the provisions in the export of lime or calcined or sintered dolomite shall be applicable to the Circular No. 09/2017/TT-BXD of the Ministry of Construction on Jun 05, 2017. This Circular points out clearly that volume of lime and calcined or sintered dolomite for export produced by manual producers must decrease gradually according to elimination road map mentioned in the planning promulgated by the People’s Committees of provinces and central-affiliated cities, provided that export of lime and dolomite calcined or sintered manually will suspend after 2020. The exporter must submit a copy of mining license for the purpose of production of lime and calcined or sintered dolomite as prescribed to customs authority. |
Lime or dolomite calcined or sintered industrially for export must be produced from an industrial producer referred to in a planning for lime industrial development by 2020, with an orientation to 2030 which has been approved by the competent authority; the volume of lime and calcined or sintered dolomite for export produced by each producer may not exceed the capacity referred to in an investment license issued by a competent authority and in the planning; the exporter must submit a copy of mining license for the purpose of production of lime and calcined or sintered dolomite as prescribed to the customs authority.
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Ü INSURANCE
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In accordance with the Circular No. 50/2017/TT-BTC dated May 15, 2017 of the Ministry of Finance guiding the Decree No. 73/2016/ND-CP on details of the implementation of the Law on insurance business and the Law on amendments to certain articles of the Law on insurance business. Accordingly, the maximum insurance commissions for insurance policies of non-life insurance are from 5% - 20%; within that the highest commission is 20% for Agricultural insurance and Civil liability insurance covered for motorcycles’ or moped’s owner; the maximum commission of 0.5% is applicable to aviation insurance; the maximum commission of 5% is applicable to property insurance and casualty insurance; hull insurance and insurance of ship owner’s civil liabilities for seagoing ships; liability insurance; civil liability insurance covered for car’s owner; professional liability insurance covered for legal consultancy activities; |
professional liability insurance covered for insurance brokers; fire insurance; construction insurance; professional liability insurance covered for construction consultancy; insurance for employees working at site. For whole life insurance, the installment payment of maximum commission for the first year is 30%; the maximum commission rate for insurance policies of health insurance line is 20%. Also in accordance with this Circular, publish financial statements that have been audited enclosed with opinions of the independent audit organizations on their website; at the same time, within the first 15 days of a month, the insurer/foreign branch shall publish a list of products permitted to provide in previous month (if any). This Circular takes effect on July 01, 2017.
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Ü INDUSTRY
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On April 03, 2017, the Prime Minister issued the Decision No. 10/2017/QD-TTg prescribing the regulation on management and implementation of the program on development of supporting industries. At the Decision, the Prime Minister emphasizes to support level of maximum 100% shall apply to the activities such as to survey and assess demands, and develop standards and quality control regulations for supporting industry products; to assess and certify the capacity of supporting industry enterprises; to provide technical consultancy and assistance for supporting industry enterprises; to provide consultancy and support for enterprises to invest in supporting industries; to assess and recognize enterprises
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with capacity and size meeting international requirements…At the same time, to support the level of maximum 70% to the activities such as to connect Vietnamese supporting industry enterprises with domestic and overseas enterprises; to hold seminars to promote and attract domestic and foreign investment in supporting industries; to organize fairs and exhibitions to connect supporting industries; to organize programs to promote and attract foreign direct investment in supporting industries; to support enterprises in advertising and registering supporting industry product brands… This Decision takes effect on May 25, 2017. |
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