Legal Document Updates in English (28/2021)

GUIDANCE ON REGISTERING FOR GRANT OF ELECTRONIC TAX ACCOUNTS

The Ministry of Finance issues the Circular No. 19/2021/TT-BTC guiding tax-related e-transactions on March 18, 2021.

Specially, taxpayers being agencies, organizations and individuals that have been granted with digital certificates or individuals that have not yet been granted digital certificates but already have tax identification numbers may register with tax agencies for being granted electronic tax transaction accounts to conduct transaction with tax agencies through the e-portal of the General Department of Taxation. Taxpayers shall log in the e-portal of the General Department of Taxation to register for e-transaction with tax agencies. Within 15 minutes after receiving dossiers, the e-portal shall send notices to taxpayers.

Besides, the taxpayer shall log in the information exchange portal of the bank or intermediary payment service provider; or the e-portal of the General Department of Taxation; or the

e-portal of the competent State agency to choose to make tax payment through the e-transaction channel of the bank or intermediary payment service provider and make documents of remittance to the State budget according to forms, ensuring sufficient information on the receipt of payment to the State budget.

In addition, the taxpayer shall use the electronic tax transaction account to log in to the e-portal of the General Department of Taxation to look up and print all information about dossiers, vouchers, notices, decisions and documents received/sent between the tax agency and taxpayer; search for the obligations of declaration, search for obligation information according to dossiers, documents, decisions; search for the unpaid tax amounts.

This Circular takes effect on May 03, 2021.

TO SUPPLEMENT RIGHTS AND OBLIGATIONS
OF FOREIGN ORGANIZATIONS PROVIDING CROSS-BORDER ADVERTISING SERVICES

On July 07, 2021, the Government issues the Decree No. 70/2021/ND-CP on amending and supplementing a number of articles in the Government’s Decree No. 181/2013/ND-CP dated November 11, 2013 detailing a number of articles of the Law on Advertising.

Accordingly, foreign organizations and individuals that provide cross-border advertising services in Vietnam must notify the Ministry of Information and Communications of the contact information with the following contents: Name of the organization, transaction name, address of the head office where the provision of advertising services is registered; the location of the main server system providing services and the server system located in Vietnam; Name of the representative organization or individual in Vietnam, email address, phone number.

15 days before starting to provide cross-border advertising services in Vietnam, foreign organizations and individuals must send such notification directly, by post, or by electronic means to the Ministry of Information and Communications.

In addition, foreign organizations and individuals providing cross-border advertising services are not allowed to set advertisement products in contents that violate regulations; must take prevention and removal measures for illegal information at the request and provide information on the organizations and individuals involved in cross-border advertising activities who show signs of violating law provisions for competent agencies upon their request.

This Decree takes effect on September 15, 2021.

LIST OF SUBSTANCES BANNED FROM USE IN MANUFACTURING
AND TRADING DIETARY SUPPLEMENTS

The Ministry of Health issues the Circular No. 10/2021/TT-BYT prescribing the List of substances banned from use in manufacturing and trading dietary supplements on June 30, 2021.

Specifically, the List includes 80 types of substances banned from use in manufacturing and trading dietary supplements such as: Aminotadalafil; Beclomethasone; Budesonide; Cetilistat; Dapoxetine; Dexamethasone; Ibuprofen; Mometasone, etc.

The Vietnam Food Administration shall assume prime responsibility for, and coordinate with relevant units in, disseminating, guiding and implementing this Circular; direct units participating in testing dietary supplements to develop a plan, mobilize human resources and testing equipment to satisfy requirements on testing substances in the List.

This Circular takes effect on September 01, 2021.

ROADMAP OF RESTRUCTURING THE STOCK TRADING MARKET

The Circular No. 57/2021/TT-BTC providing the roadmap of restructuring the stock trading market, bond trading market, derivatives trading market, and trading market for other types of securities is promulgated by the Ministry of Finance on July 12, 2021.

Accordingly, by the end of June 30, 2025 at the latest, the Ho Chi Minh City Stock Exchange shall uniformly organize the trading market for listed stocks, fund certificates and covered warrants and trading market for stocks of institutions registering for trading as follows:

Before July 01, 2023, the Ho Chi Minh City Stock Exchange shall receive and examine dossiers for listing registration of, and organize trading in, new stocks of institutions that satisfy listing conditions specified in the Decree No. 155/2020/ND-CP and have a charter capital of at least VND 120 billion contributed by the time of listing registration. As from July

01, 2023, to receive and examine dossiers for listing registration of, and organize trading in, new stocks of institutions according to listing conditions specified in the Decree No. 155/2020/ND-CP.

Besides, from July 01, 2023, through December 31, 2023, the Ho Chi Minh City Stock Exchange shall receive stocks of listing institutions from the Hanoi Stock Exchange; and from January 01, 2025, through June 30, 2025, the Ho Chi Minh City Stock Exchange shall receive stocks of institutions registering for trading from the Hanoi Stock Exchange.

In addition, the Hanoi Stock Exchange shall uniformly organize the bond trading market by the end of December 31, 2022 at the latest.

This Circular takes effect on July 20, 2021.

VNE MAY ONLY MAKE OUTSIDE INVESTMENT
OF ENTERPRISES IN SECURITIES AND SECURITIES MARKET

The Decree No. 59/2021/ND-CP prescribing a number of specific contents on the financial management mechanism, operational effectiveness assessment applicable to the Vietnam Exchange (VNE) and the Vietnam Securities Depository and Clearing Corporation is issued by the Government on June 18, 2021.

Accordingly, the VNE and the Vietnam Securities Depository and Clearing Corporation may only make outside investment of enterprises in securities and securities market. Form and competence of outside investment of the VNE, the Vietnam Securities Depository and Clearing Corporation shall comply with the law on management and use of state capital invested in production and business at enterprises and the Charter.

Apart from revenues from financial operations and other incomes in accordance with the Law on Management and

Use of State Capital Invested in Production and Business at Enterprises, the Vietnam Securities Depository and Clearing Corporation may account to revenue from financial operations for interest on deposits arising from the payment of dividends, principal and interest on Government debt instruments, Government-guaranteed bonds, local government bonds, other securities and performance of the right to purchase securities.

Besides, expenses for setting aside the Fund for Prevention of Professional Risks, Expenses for re-transfer of revenue from the transfer of securities ownership not via trading systems to subsidiaries of the VNE also are included when calculating taxable income for the Vietnam Securities Depository and Clearing Corporation.

This Decree takes effect on August 06, 2021.

HANOI: IMPOSE SOCIAL DISTANCING MEASURE FROM JULY 24

This content is prescribed in the Directive No. 17/CT-UBND dated July 23, 2021 of Hanoi People’s Committee on imposition of social distancing measure in the City for COVID-19 pandemic prevention and control.

Specifically, social distancing shall be imposed within 15 days from 6:00 on July 24, 2021 in the entire City on the principle that each family, neighborhood, village, commune - ward, urban - rural district, city and province shall be isolated from one another; and essential service business establishments, workshops and factories must ensure safety in pandemic prevention and control in accordance with regulations.

Citizens are requested to stay at home, only leave home in case of really necessary, such as buying foods, foodstuffs, medicines, medical emergencies, medical examination and treatment, vaccination; official duties, working at agencies, offices, factories, production establishments, establishments trading or providing essential goods or services, which are permitted to operate. Gatherings of more than 02 people in public places or outside of offices and hospitals shall be banned, and a minimum distance of 02 meters between two people shall be maintained.

Trading and service providers shall be closed or suspended from operation, except shopping malls, supermarkets, convenience stores, mini supermarkets, grocery shops, florists, greengrocer’s shops and agro-food business chains in areas where essential commodities are sold; stores selling drugs, medical equipment and consumables for medical examination and treatment and pandemic prevention and control; and health care service establishments, banks, treasuries, service providers directly related to banking activities and business assistance, securities, post and telecommunications, etc.

In addition, passenger transportation by road (using cars) or waterway such as buses, taxies, contract vehicles, tourist cars, inter-provincial passenger vehicles, river-crossing passenger terminals and public passenger transportation inland wharves, public passenger transportation by motorbikes (including app-based and traditional motorcycle taxis) shall be halted; except for the service of pandemic prevention and control, diplomacy, transport of workers and experts.