Legal Document Updates in English (30/2015)

EMPLOYEES WORKING IN RAILWAY TRANSPORTATION WORK NO
LONGER THAN 12 HOURS
 

On June 05, 2015, the Ministry of Transport issued the Circular No. 21/2015/TT-BGTVT dated June 05, 2015 of the Ministry of Transport prescribing the working time and rest time for employees working in the special conditions of railway transportation.

Accordingly, working time and rest time for train drivers, train driver assistants is from nine hours and below per day and from 156 hours and below per month. Working time is calculated between the point of on-shift and the point of off-shift. For staff working as shutters in a fixed station, apply working time, rest time. And the working time and rest time for train master and railway staff working on passenger or freight trains is from 12 hours and below per day and from 208 hours and below per month. In case a train journey is longer than 12 hours, apply working regime as follows: on-shift is eight hours and on-the-spot rest time is eight hours. At bustling stations, staffs that have on–the-spot rest time

BANKS ALLOWED PURCHASING DEBTS HAVING THE BAD DEBT RATIO
UNDER 3%
 

From September 01, 2015, credit institutions, foreign banks’ branches shall be only permitted for debt purchase when being approved on the establishment and operation license of credit institutions, establishment license of foreign bank’s branches (hereinafter referred to as the License) by the State Bank and having the bad debt ratio under 3% excluding debt purchase under the restructuring plan as approved. In the case of debt sale, the permission of the State Bank is not required. This is the new content prescribed at the Circular No. 09/2015/TT-NHNN dated July 17, 2015 of the Vietnam State Bank on debt purchase and sale by credit institutions, foreign banks’ branches.

Similarly, Debt Management and Asset Exploitation Company is a subsidy company of credit institution that only purchases debts of other credit institutions, foreign banks’ branches when the head credit institution whose bad debt is below 3%, excluding debt purchase under the approved restructuring plan.

Another important contents is that Credit institutions, foreign banks’ branches must promulgate internal regulations on debt purchase, sale (of which clearly state the distribution of competence under the principle of responsibility distribution among appraisal and decision debt purchase, sale; method of debt purchase, sale; procedures of debt purchase, sale; process of estimating debt; process of auction and risk management for debt purchase, sale transactions before debt purchase, sale. Credit institutions, foreign banks’

TO REDUCE THE INTEREST RATE OF THE INVESTMENT CREDIT LOANS,
EXPORT CREDIT LOANS
 

On May 19, 2015, the Ministry of Finance issued the Circular No. 76/2015/TT-BTC prescribing the interest rate of the investment credit loans, export credit loans granted by the state and post-investment support for difference of the interest rates.

Accordingly, on May 19, to apply the interest rate of the investment credit loans, export credit loans of 8.55% per year for the investment credit loans granted by the State in Vietnam dong (VND) instead of 9.6% per year, to apply the interest rate of 6.9% per year for the export credit loans granted by the State in VND instead of 7.2%. Particularly,

SCIENCE AND TECHNOLOGY EXPERTS IN VIETNAM FOR LESS THAN 30 DAYS
HAVE NO NEED TO APPLY FOR WORK PERMITS
 

Science and technology experts in Vietnam for less than 30 days have no need to apply for work permits is the important contents prescribed at the Circular No. 24/2015/TT-BLDTBXH dated July 13, 2015 of the Ministry of Labor, War Invalids and Social Affairs prescribing specific provisions on the implementation of the clause 6, Article 14 of the Decree No. 87/2014/ND-CP dated September 22, 2014 of the Government on attraction of scientists and technologists who are overseas Vietnamese and foreign experts to participate in scientific and technological activities in Vietnam.

Also in accordance with this Circular, within a permitted duration of at least 10 working days from the date on which science and technology experts plan to start their work in Vietnam, organizations must send 01 set of documents to apply for issuance of work permits in person, within a

EMPLOYEES ALLOWED BUYING PREFERENTIAL SHARES
IN PUBLIC NON-BUSINESS EQUITIZATION
 

On June 22, 2015, the Prime Minister signed the Decision No. 22/2015/QD-TTg dated 22 June 2015 of the Prime Minister on transformation of public non-business units into Joint Stock Companies… the employees named in the regular list of the public non-business units at the time of announcement of value are entitled to buy a maximum of 100% shares for each year of actual working in the state sector at a selling price equal to 60% of the lowest successful auction price or equal to 60% of lowest successful selling price to strategic investors.

Similarly, the employees named in the regular list of the units at the time of announcing the value of the transformed public non-business units and in need of use or having commitment to work at least for 03 years are entitled to buy additional stocks that additional purchase of 200 stocks for 01 year of commitment to continue to work but not exceeding a maximum of 2000 stocks/1 employee. For employees as good specialists with highly qualified professional level and persons having applied scientific