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In This Updates: |
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FINANCE – BANKING |
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FINANCE – BANKING |
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* To supplement the regulations on foreign exchange administration in enterprise’s foreign borrowing and foreign debt repayment |
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EXPORT - IMPORT |
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EXPORT – IM PORT |
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* Possessing a certificate of Tra catfish farming pond identification code |
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SCIENCE - TECHNOLOGY |
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SCIENCE - TECHNOLOGY |
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* Many incentives for investment projects in Hoa Lac hi-tech park |
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NATIONAL SECURITY |
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NATIONAL SECURITY |
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4 |
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* Only special agencies allowed to get camouflaged sound recording and video recording devices |
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INDUSTRY |
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INDUSTRY |
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5 |
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* EVN allowed rising from 3% to below 5% |
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SUMMARY:
Ü FINANCE - BANKING
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On June 30, 2017, the State Bank of Vietnam issued the Circular No. 05/2017/TT-NHNN on amending, supplementing a number of articles of the Circular No. 03/2016/TT-NHNN dated February 26, 2016 of the State Bank of Vietnam providing several instructions on foreign exchange administration in respect of enterprise’s foreign borrowing and foreign debt repayment of enterprises. In particular, the Circular supplements a number of contents on the registration form for foreign loans which are not guaranteed by the Government, Copy (countersigned by |
the borrower) of documents of competent authority on approval of foreign loans. Besides, the Government also supplement types of the borrower being commercial banks of which over 50% of the charter capital is held by the State (code SOB) into group of banks at Point 5 under guidelines on making reports of Appendix 4A and Appendix 4B promulgated together with the Circular No. 03/2016/TT-NHNN. This Circular takes effect on August 15, 2017 and annuls the Circular No. 18/2011/TT-NHNN dated August 23, 2011 |
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Ü EXPORT - IMPORT
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From July 01, 2017, commercial Tra catfish farming must process a certificate of Tra catfish farming pond identification code and Each farming pond shall be granted only one code is the important content prescribed at the Decree No. 55/2017/ND-CP on the management of Tra catfish farming and processing and export of Tra catfish products. Beside the condition for possessing a certificate of Tra catfish farming pond identification code, organizations and individuals involved in Tra catfish farming and processing must satisfy other conditions such as having Tra catfish farming locations and areas in conformity with land use master plans approved by provincial-level People’s Committees; having infrastructure facilities meeting technical requirements on commercial Tra catfish farming; separate water supply and drainage systems; and waste and sludge disposal areas meeting requirements on environmental protection and veterinary hygiene and |
satisfying the conditions for food safety assurance prescribed in the law on food safety. On condition for Tra catfish processing, the Decree prescribes that satisfying the business investment conditions, prescribing business investment conditions in the fields of plant protection and quarantine; plant varieties; farming of ordinary forest animals; husbandry; fisheries; and food; complying with the regulations and technical regulations on conditions for food safety assurance in aquatic product processing; possessing a certificate of satisfaction of food safety conditions granted by a competent state management agency; having an origin tracing system as prescribed by law and being capable of tracing to the farm. This Decree takes effect on July 1, 2017 and replaces the Government’s Decree No. 36/2014/ND-CP of April 29, 2014. |
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Ü SCIENCE - TECHNOLOGY
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The Decree No. 74/2017/ND-CP on provisions for specific policies on Hoa Lac hi-tech park issued by the Government on June 20, 2017, takes effect on August 05, 2017. In accordance with the Decree, the projects launched in the hi-tech park shall have the greatest incentives. New investment projects in the hi-tech park which have at least 4000 billion VND capital shall apply the enterprise income tax rate of 10% in a period of 30 years. The projects which received investment license grant from people’s committee of a province before the Prime Minister approves the adjusted general planning for constructing the hi-tech park (May 23, 2008) and are running in the hi-tech park shall be given tax incentives as mentioned in the certificate of investment/investment license/certificate of investment incentive. Besides, Hanoi People’s Committee shall allocate sufficient land for building houses provided for employees working in |
the hi-tech park. Entities running projects on constructing houses provided for employees working in the hi-tech park shall be given incentives in terms of taxes, land rents and land levies. Organizations and individuals running projects on housing shall not include the sums invested by the state, financial incentives in terms of taxes, land rents and land levies in house price and house rent price. On foreign employee exit, entry and management, the Decree prescribes that Investors, experts and employees who are overseas Vietnamese or foreigners and their family members (including fathers, mothers, wives or husbands, offspring and adopted children under 18 years old) shall be considered to be granted exit and entry visas which are valid for multiple times and whose duration is consistent with their presenting work time in the high-tech park |
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Ü NATIONAL SECURITY
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On May 19, 2017, the Government issued the Decree No. 66/2017/ND-CP prescribing the conditions for doing business in camouflaged sound recording, video recording and positioning devices and software. In accordance with this Decree, Only the following business establishment can do business in camouflaged sound recording, video recording and positioning devices and software such as business establishments of the Ministry of Public Security that are granted certificates of satisfaction of security and order conditions by a competent agency of the Ministry of Public Security; business establishments of the Ministry of National Defense that are granted certificate of satisfaction of security and order conditions by a competent agency of the Ministry of National Defense; and business establishments other than those specified above that are granted certificate of satisfaction of security and order conditions by a competent agency of the Ministry of Public Security.. What’s more important, the Decree prescribes that business establishments are allowed o sell only |
camouflaged sound recording and video recording devices and software to subjects permitted by law to use secret sound recording and video recording measures, such as specialized agencies in charge of protection of national security and social order and safety; agencies responsible for executing secret sound recording and video recording measures under the conditions, competence and procedures for special procedural investigation measures prescribed by the Criminal Procedure Code. At the same time, business establishments must employ only persons who are aged full 18 years or older, have full civil act capacity and are not drug-addicted. Not to employ persons who are under criminal investigation, prosecution or trial, are permitted to postpone serving an imprisonment sentence, are released from prison ahead of their imprisonment terms on certain conditions, or are serving a non-custodian reform penalty… To destroy all camouflaged sound recording, video recording and positioning devices and software that are damaged. This Decree takes effect on July 05, 2017 |
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Ü INDUSTRY
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The Decision No. 24/2017/QD-TTg on mechanism for adjustment of average retail electricity price issued by the Prime Minister on June 30, 2017. The most important content in this Decision is that if the average electricity price needs to rise from 3% to below 5% in comparison with the current average electricity price and is in the prescribed bracket of electricity price, EVN shall make decision on increase of the average electricity price to the corresponding level. EVN shall prepare and send reports on increase of electricity price to the Ministry of Industry and Trade and the Ministry of Finance for inspection. If the average electricity price needs to rise from 5% to below 10% in comparison with the current average electricity price and is in the prescribed bracket of electricity price, EVN is allowed to rise the average electricity price to the corresponding level after submitting report and obtaining approval thereof from the Ministry of Industry and Trade (in previous regulations, the level is from 7% to below 10%). If the average electricity price needs to rise 10% or above in comparison with the current average electricity price or is |
out of prescribed bracket of electricity price or may influence on the macroeconomic status after rising, the Ministry of Industry and Trade shall take charge and cooperate with the Ministry of Finance in examining, reviewing and submitting reports thereof to the Prime Minister for consideration according to EVN’s plan for electricity price. The Ministry of Industry and Trade may cooperate with the Ministry of Finance to submit reports the Price Administration Steering Committee before submitting reports to the Prime Minister, where necessary. Besides, in case there in a decrease in the average electricity price in comparison with the current average electricity price and in the prescribed bracket of electricity price, EVN is responsible for reducing the average electricity price to the corresponding level and reporting to the Ministry of Industry and Trade and the Ministry of Finance for inspection. This Decision takes effect on August 15, 2017 and supersedes the Decision No. 69/2013/QD-TTg dated November 19, 2013. |
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