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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. 80/2016/ND-CP dated July 01, 2016 of the Government mending Government's Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payments |
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* Persons under 15 allowed opening payment account |
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Decree No. 74/2016/ND-CP dated July 01, 2016 of the Government on management and use of government budget for treaty-related work and international agreement-related work |
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* Rules for use of government budget for international agreement-related work |
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EXPORT – IMPORT |
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EXPORT - IMPORT |
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Circular No. 69/2016/TT-BTC dated May 06, 2016 of the Ministry of Finance on customs procedures for petrol, oil, chemicals and gas imported, exported, temporarily imported for re-export, in border-gate transfer and in transit; materials imported for production, preparation or export processing of petrol, oil or gas; imported and exported crude oil; and goods imported or exported to serve petroleum activities |
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* Customs procedures for petrol, oil, chemicals and gas imported, exported |
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COMMERCE – ADVERTISING |
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COMMERCE - ADVERTISING |
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* Legal capital for doing business in insurance is from 300 billion VND |
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MEDICAL – HEALTH |
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MEDICAL - HEALTH |
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Decree No. 75/2016/ND-CP dated July 01, 2016 of the Government on conditions for HIV testing |
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* Conditions to be satisfied by laboratories running HIV screening tests |
Page 3 |
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SUMMARY:
Ü FINANCE - BANKING
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This is one of the most significant contents under the Decree No. 80/2016/ND-CP dated July 01, 2016 of the Government mending Government's Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payments. Specifically, from July 01, 2016, persons aged under 15, legally incapacitated persons, limited legal capacity persons, person with limited recognition and behavior control as prescribed in Vietnamese law may open payment accounts with their guardians or legal representatives. Also under this Decree, the provider of non-cash payment intermediary services finds mistakes during the money transfer. The sum of money that is blocked on the payment account may not exceed the mistaken sum of money |
Besides, the Decree also supplements conditions for provision of payment intermediary services. Accordingly, being eligible for providing payment intermediary services, in addition to meeting current requirements, a provider of payment intermediary services other than banks must have the payment between relevant parties settled by another service provider. With regard to payment services provided for a customer holding accounts in multiple banks, the service provider must associate with a provider of switching and clearing services licensed by the State Bank to provide such services during the process of intermediary payment services… This Decree takes effect on July 01, 2016. |
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RULES FOR USE OF GOVERNMENT BUDGET
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On July 01, 2016, the Government promulgated the Decree No. 74/2016/ND-CP dated July 01, 2016 of the Government on management and use of government budget for treaty-related work and international agreement-related work. This Decree applies to agencies, organizations, and individuals that engage in the process of conclusion and implementation of treaties and international agreements as prescribed in the Law on treaties 2016 and the Ordinance on conclusion and implementation of international agreements 2007. Accordingly, funding for treaty-related work and international agreement-related work shall be allocated from government budget in accordance with regulations of the Law on State budget and guiding documents thereof. The funding for treaty-related work and international agreement-related work shall be provided by prescribed budget and included in the budget estimate of recurrent
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expenditures of the agencies in charge of treaty-related work and international agreement-related work. Moreover, budget for treaty-related work and international agreement-related work to agencies must be allocated according to the policies and foreign affairs’ guidelines of the Communist Party and the State for the international cooperation within their assigned functions, tasks, and powers. In case where treaty-related work and international agreement-related work are funded by Official Development Assistance (ODA), foreign non-governmental organizations, other domestic and foreign organizations and individuals, the receipt, management and use of the funds in accordance with law on management and use of sources of funds. This Decree replaces Decree No. 26/2008/ND-CP dated March 5, 2008 and takes effect on July 01, 2016. |
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Ü EXPORT – IMPORT
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On May 06, 2016, the Ministry of Finance promulgated the Circular No. 69/2016/TT-BTC on customs procedures for petrol, oil, chemicals and gas imported, exported, temporarily imported for re-export, in border-gate transfer and in transit; materials imported for production, preparation or export processing of petrol, oil or gas; imported and exported crude oil; and goods imported or exported to serve petroleum activities. For customs procedures, petrol, oil, chemicals or gas transported from an exporting country to an importing country through a Vietnamese border gate, and consigned into a bonded warehouse or transshipment area of a Vietnamese port is/are required to go through the customs procedures prescribed for goods brought into or out of the Vietnamese port’s bonded warehouse or transshipment area. |
Under this Circular, a trader may pump petrol, oil, chemicals, gas or materials from carrying vehicles into tanks or cisterns and vice versa if having a customs declaration registered according to regulations; Having a written registration for quantitative assessment certified by an assessment service provider or a designated conformity assessment organization; Having a sampling record or document certified by the trader itself (for goods on the list of imported goods subject to state quality inspection); Being supervised by a customs office. For exported or re-exported petrol, oil, chemicals and gas: Having a customs declaration registered under regulations; being supervised by a customs office. This Circular takes effect on July 20, 2016 and annuls the Circular No. 139/2013/TT-BTC and Circular No. 70/2014/TT-BTC of May 28, 2014. |
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Ü COMMERCE - ADVERTISING
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On July 01, 2016, the Government promulgated the Decree No. 73/2016/ND-CP the Government on details of implementation of the Law on Insurance business and the Law on amendments to certain articles of the Law on Insurance business. Specifically, legal capital of non-life insurance enterprises and health insurance: 300 billion VND; legal capital for provision of in non-life insurance and health insurance and aviation insurance or satellite insurance350 billion VND; Legal capital for provision of life insurance and health insurance is 600 billion VND; Provision of insurance according to Point a of this Clause and unit-linked insurance or retirement insurance is 800 billion VND… For legal capital of reinsurance enterprises, provision of non-life reinsurance or both non-life reinsurance and health |
reinsurance is 400 billion VND; Provision of life reinsurance, non-life reinsurance and health insurance: 1,100 billion VND. Besides, the Decree also regulates prohibitions regarding insurance brokerage as follows: incite buyers to terminate existing insurance contracts to enter new ones; Promise customers illegal interests to incite them to enter an insurance contract; Advise customers to purchase insurance from an insurance enterprise or foreign branch that offers less favorable conditions and terms than another enterprise or foreign branch for a higher brokerage commission; Provide customers with information that misleads and conflicts with the insurance conditions and terms of an insurance enterprise…. This Decree takes effect on July 01, 2016. |
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Ü MEDICAL - HEALTH
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On July 01, 2016, the Government promulgates the Decree No. 75/2016/ND-CP dated July 01, 2016 of the Government on conditions for HIV testing. Accordingly, conditions to be satisfied by laboratories running HIV screening tests are as follows: there is at least 01 tester who has a practicing certificate suitable for the testing; or is trained in HIV testing; The laboratory has equipment for testing, preserving biologics and specimens suitable for HIV testing techniques employed by such laboratory; Materials in the testing area are waterproof and resistant to high temperature and corrosive chemicals. The testing area is sufficiently lighted, airy, clean, protected from dirt, humidity, and has clean water supply; Testing tables |
can be easily cleaned with common detergents, placed at sufficiently lighted and windless positions; Hand washing stations are available; Conditions to be satisfied by laboratories running confirmatory HIV tests are as follows: The person in charge shall have at least a bachelor’s degree in health, pharmacy, biology or chemistry and at least 24 months’ experience of testing, including at least 06 months’ experience of HIV testing; Every HIV tester shall have at least 06 months’ experience of HIV testing; There is equipment for testing and preserving biologics and specimens suitable for the HIV testing techniques employed by the laboratory… This Decree takes effect on July 01, 2016. |
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