Legal Document Updates in English (29/2019)

12 EXPENDITURES OF
MICROFINANCE PROGRAMS AND PROJECTS

On June 25, 2019, the Ministry of Finance issues the Circular No. 37/2019/TT-BTC providing guidelines on financial regimes for microfinance programs and projects of political organizations, socio-political organizations and non-governmental organizations.

activities; Payment of commissions to agents, brokers and trustees for legal brokerage and entrust agency activities. For expenditures for broker commissions, the following provisions shall apply as microfinance programs and projects shall pay broker commissions for legal brokerage activities...

The remaining profits of microfinance programs and projects, after covering losses in the previous year (if any) and fulfilling their obligations to the state budget according to law provisions, shall be decided by such microfinance programs and projects, but they shall not be distributed or used for other activities in any form.

TO AMEND PROVISION OF REPORT ON RESULT
OF ACCOUNTING KNOWLEDGE UPGRADE FOR ACCOUNTANT

On July 19, 2019, the Ministry of Finance issues the Circular No. 44/2019/TT-BTC on amending, supplementing a number of articles of the Circular No. 292/2016/TT-BTC dated November 15, 2016 of the Minister of Finance guiding annual updates for practicing accountant and registers of practicing accounting and the Circular No. 296/2016/TT-BTC dated November 15, 2016 of the Minister of Finance guiding on issuing, recalling and managing the registration certificate of practicing accounting service.

Accordingly, no later than August 25 every year, the “Report on general result of accounting knowledge upgrade course implementation” using form in the Appendix No. 001/CNKT attached to this Circular must be sent to the Ministry of Finance to review and confirm the amount of
 

time accountant spend for accounting knowledge upgrade, such report may be conduct in written or electronic format.

The Report must include the following contents: Title; Report maker, Report receiver: the Ministry of Finance (Department of Accounting and Audit Supervision); Time of concluding report’s data: from last year August 16 to this year August 15; Time of submission and receipt: no later than August 25 annually…

This Circular also amends the provision on responsibility and representation of accounting service enterprises and households.

TRANSFERRED RIGHT TO OPERATE ROAD TRANSPORTATION INFRASTRUCTURE ASSETS
SHALL NOT EXCESS 50 YEARS

On April 23, 2019, the Government issues the Decree No. 33/2019/ND-CP on prescribing the management, use and operation of road transportation infrastructure assets.

Accordingly, transfer of the right to operate road transportation infrastructure assets shall be implemented via contract, the period of transfer of the right to operate road transportation infrastructure assets shall be specified in each transfer contract, but must not exceed 50 years. Contract modification may be conducted in case the revenues from the operation of road transportation infrastructure assets in the transfer period increase or decrease over 10%/year for 3 consecutive years.

Besides, this Decree also regulates that within 90 days after signing the contract on the transfer of the right to operate the assets, the transferee shall pay the transfer money to the agency assigned to manage the assets under the contract. Within 3 working days after receiving the transfer money, the agency assigned to manage the assets shall deposit it into the temporary custody account. Past the time limit, if the transferee fails to pay or fully pay the transfer money as stated in the transfer contract, it shall pay a late-payment fine.

TRADEMARK UN-USED FOR 05 CONSECUTIVE YEARS
SHALL BE INVALIDATED 

On June 14, 2019, the National Assembly promulgates the Law No. 42/2019/QH14 on amendment and supplement of a number of articles of the Law on Insurance Business and the Law on Intellectual Property.

ccordingly, trademark owners shall be obliged to use the trademark continuously. The use of trademarks by transferees under trademark use contracts shall be also considered the use by trademark owners. In case the trademarks are not used continuously for at least five years, the registration certificates of such trademarks shall be invalidated.

In addition, this Law amends a number of article of the Law on Insurance Business. To be specific: Individuals providing insurance consulting services shall purchase professional liability insurance for their provision of insurance consulting services; insurance auxiliary service providers shall

purchase professional liability insurance corresponding to each type of insurance auxiliary services; besides, such individuals and organizations must keep confidential customer information, using customer information with the appropriate purposes and no providing such information to third parties without the consent of the customers…

Otherwise, the insurance auxiliary service providers shall not provide insurance damage assessment services and insurance claim settlement assistance for the insurance contracts in which they are also the insurance purchasers or the insured or beneficiaries; insurance brokers shall not provide insurance damage assessment services for insurance contracts in which they make contract arrangements.

TO PROHIBIT VEHICLE OPERATION WHILE
HAVING ALCOHOL CONTENT IN BLOOD OR BREATH 

This is a remarkable content in the Law No. 44/2019/QH14 on Prevention and Control of Alcoholic Beverage Harms issued by the National Assembly on June 14, 2019, which takes effect on January 01, 2020.

Accordingly, to prevent traffic accident, for the first time the National Assembly has concrete the regulation of prohibiting vehicle operation when having alcohol content in blood or breath. Besides, this Law also prohibits the under 18-year-old person drinks alcoholic beverage; to sell, supply and promote alcoholic beverage to people under 18 years old; to employ laborers who are under 18 years old directly involved in the production and sale of alcoholic beverage.