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In This Updates: |
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FINANCE - BANKING |
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FINANCE - BANKING |
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Decree No. 91/2018/ND-CP dated June 26, 2018 of the Government on government guarantee issuance and management |
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Enterprise entitled to Government guarantee has not incurred any loss for 3 year |
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Circular No. 54/2018/TT-BTC dated June 8, 2018 of the Ministry of Finance on providing the guidance on formulation of the state budget projection for the year 2019 and the three-year financial - state budget planning for the 2019 - 2021 period |
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Guidance on formulating the State budget projection for the year 2019 |
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EXPORT - IMPORT |
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EXPORT - IMPORT |
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Circular No. 15/2018/TT-BCT dated June 29, 2018 of the Ministry of Industry and Trade on providing the channeling in the process of issuance of preferential certificates of origin |
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The Green channel regime in the process of issuance of preferential C/O |
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INFORMATION - COMMUNICATIONS |
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INFORMATION – COMMUNICATIONS |
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Law No. 24/2018/QH14 dated June 12, 2018 of the National Assembly on Cybersecurity |
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Law on Cybersecurity: Prohibited acts |
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ADMINISTRATIVE |
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ADMINISTRATIVE |
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Law No. 25/2018/QH14 dated June 12, 2018 of the National Assembly on Denunciation |
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Law on Denunciation 2018: There are only 2 methods of denunciation |
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AGRICULTURE - FOREST |
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AGRICULTURE – FOREST |
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Decree No. 98/2018/ND-CP dated July 05, 2018 of the Government on incentive policy for development of linkages in production and consumption of agricultural products |
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Linkages in agricultural production may be eligible for a subsidy up to VND 10 billion |
Page 4 |
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SUMMARY:
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ENTERPRISE ENTITLED TO GOVERNMENT GUARANTEE
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According to the Decree No. 91/2018/ND-CP dated June 26, 2018 of the Government on government guarantee issuance and management: An enterprise wishing to get a government guarantee for executing an investment project is required to satisfy all following requirements: Has a legal status, is duly established under the law of Vietnam and has been continuously operating for at least 03 years before the date of submission of an application for approval for its proposal for government guarantee; Has not incurred any loss for the last 03 consecutive years according to the auditor’s report; Has no overdue debt; Has a feasible financial plan; Its ratio of owner’s equity to total investment of the project is at least 20%... |
With regard to a project of which the investment policy is approved by the National Assembly, or the Government, the guaranteed amount equals the loan principal, or the price of bonds issued, but does not exceed 70% of total investment. With regard to a project in which investment is decided by the Prime Minister, the guaranteed amount equals the loan principal, or the price of bonds issued, but does not exceed 60% of total investment The obligor must obtain an approval from the Ministry of Finance before conducting the post-investment transfer or assignment of project or its associated assets. The post-investment assignment of assets does not result in changes in the obligor’s obligations towards the Lender and the Ministry of Finance. This Decree takes effect on July 01, 2018. |
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On June 08, 2018, the Ministry of Finance issues the Circular No. 54/2018/TT-BTC on providing the guidance on formulation of the State budget projection for the year 2019 and the three-year financial - State budget planning for the 2019 - 2021 period With regards to the State budget revenue estimate: - The State budget revenue estimate for 2019 must be established on the basis of the taxpayers data system; ensuring accurate and sufficient determination of the amount of specific revenues, taxes and collection sectors… - The estimate of State budget revenues obtained by collecting land use fees and land rents must be established based on the plan for auction of the land use right in accordance with law; - With respect to State budget revenues from collection of student’s school fees, medical service costs and public service charges), they shall not be assumed as State budget revenues and expenditures allocated or decentralized to ministries, central and local regulatory authorities, but must be represented in a separate State |
budget estimate. It shall be necessary to prepare a plan for use of these amounts to competent authorities… For the state budget expenditure estimate: - The estimate of the State budget’s capital expenditures should be arranged in order of priority by means of: Providing a full amount of funding in Stages of implementation of national target programs; Allocating adequate counterpart funds for projects using ODA funds; Funding newly opened projects if the funding source is available; - The estimate of recurrent expenditures: Restrict the public procurement of motor vehicles; minimize the number of conferences, festivals According to this Circular, by the year 2019, the proportion of mobilization of funds from taxes and fees to GDP will be approximately 21%; the national average domestic revenue will rise by the minimum rate of 12-14% compared to that estimated in 2018; the average revenue obtained from import and export activities will rise at the minimum rate of 4-6%. This Circular takes effect on July 23, 2018. |
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On June 29, 2018, the Ministry of Industry and Trade issues the Circular No. 15/2018/TT-BCT providing the channeling in the process of issuance of preferential certificates of origin (C/O). Accordingly, the Green channel in the process of issuance of preferential C/O is applied with traders who meet the following criteria: - The trader is recognized by the Ministry of Industry and Trade as prestigious exporter; or - The trader is recognized by the Ministry of Finance as enterprise entitled to priority in state management of customs; or meets the following conditions: |
- Having committed no violations of regulations on origin of goods in 2 years preceding the time of applying for application of the green channel regime; - Having a dossier retention system (paper dossiers and electronic dossiers) so as to be able to prove the authentication of C/O and origin of goods throughout the dossier retention period - Conducting e-declaration of C/O via the website www.ecosys.gov.vn and applying for issuance of at least 30 sets of preferential C/O per year. This Circular takes effect on August 15, 2018. |
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Ü INFORMATION – COMMUNICATIONS
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The Law No. 24/2018/QH14 on Cybersecurity is passed on June 12, 2018 by the National Assembly and takes effect on January 01, 2019. This Law has many provisions on prohibited acts in cyberspace, include: Organizing or colluding with other people, persuading, buying off, duping, enticing or training people to oppose the government of Socialist Republic of Vietnam; Distortion of history; Provision of false information for the purpose of causing public confusion; Prostitution, vice… |
This Law also requires domestic and overseas providers of telecommunications services, internet services and value-added services in Vietnam’s cyberspace that collect, analyze or process private information or data about relationships of their service users or data created by their service users in Vietnam shall retain such data for a specific period of time defined by the Government. For overseas enterprises, shall open branches or representative offices in Vietnam. |
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The Law No. 25/2018/QH14 on Denunciation is passed on June 12, 2018 by the National Assembly, replaces for the Law on Denunciation 2011 and takes effect on January 01, 2019. Accordingly, there are only 2 methods of denunciation include: Denunciation shall be made using a form or Denunciation made directly at a competent authority, without extending the methods of denunciation by fax or email as expected. Also in accordance with this Law, upon receipt of a denunciation, if it is impossible to identify full name and address of the denouncer or identify the denouncer despite verification, or the denouncer uses another person’s full name to make the denunciation or the denunciation is not |
made using the above methods, the competent organization/individual must not settle the denunciation. In case the denunciation clearly specifies information about the violator and specific documentary evidences for the violations and grounds for carrying out investigation and verification are available, the recipient shall carry out an inspection within its/his/her power or request another competent organization/individual to do so. This Law also supplements provisions on withdrawal of denunciations. Accordingly, the denouncer may totally or partially withdraw a denunciation before the denunciation handler gives a conclusion on the denunciation. The denunciation shall be withdrawn in writing. |
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On July 05, 2018, the Government issues the Decree No. 98/2018/ND-CP on incentive policy for development of linkages in production and consumption of agricultural products. According to this Decree, a linkage project in production and consumption of agricultural products may be eligible for getting a subsidy as follow: - A subsidy of 30% of total investment in machinery, equipment and construction of infrastructural facilities serving the linkage, including workshops, warehouses or yards serving the production, preparation, storage, processing and consumption of agricultural products. Total subsidy shall not exceed VND 10 billion. - A subsidy of 100% of cost of hiring consultants for establishing a linkage, including consultancy for formulating linkage contract, linkage project…; total subsidy shall not exceed VND 300 million. |
- Subsidies on breeds, materials, packaging and labeling of agricultural products for not more than 03 crops or 03 production cycles through concentrated services of a cooperative. - State budget gives a subsidy equal to 40% of cost of transfer and application of advanced techniques, and uniform chain-based application of technical process and quality management. In order to get a subsidy, the participants in a linkage must satisfy all of the following requirements: The linkage is conformable with the plan; There is a certification of compliance or a commitment to comply with law regulations on product quality, foods safety, disease-free status and environmental protection; The linkage period must be at least 03 years or 05 years, depend on each agricultural product. This Decree takes effect on August 20, 2018. |
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