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In This Updates: |
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INVESTMENT |
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INVESTMENT |
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1 |
Circular No. 105/2016/TT-BTC dated June 29, 2016 of the Ministry of Finance guiding offshore indirect investment activities of securities businesses, funds investing in securities, securities investment companies, insurance businesses |
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* Securities business is allowed to indirectly invest offshore up to 30% ownership |
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EXPORT - IMPORT |
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EXPORT - IMPORT |
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Joint Circular No. 77/2016/TTLT-BTC-BKHCN dated June 03, 2016 of the Ministry of Finance and the Ministry of Science and Technology on guiding the implementation of the national single-window mechanism with respect to procedures for state inspection of quality of goods imported into Vietnam under the management of the Ministry of Science and Technology |
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* National single-window mechanism for inspection of quality of imported goods |
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NATURAL RESOURCES - ENVIRONMENT |
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NATURAL RESOURCES - ENVIRONMENT |
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Decree No. 40/2016/ND-CP dated May 15, 2016 of the Government detailing a number of articles of the Law on Marine and Island Resources and Environment |
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* Restricted activities within a coast protection corridor |
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POLICIES |
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POLICIES |
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Decision No. 1563/QD-TTg dated August 08, 2016 of the Prime Minister approving the master plan for e-commerce development in 2016 – 2020 period |
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* By 2020, 30% of the population makes online purchase |
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ADMINISTRATIVE |
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ADMINISTRATIVE |
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Circular No. 28/2016/TT-BCA dated July 05, 2016 of the Ministry of Public Security on implementation of regulation on issuance and management of APEC business travel cards |
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* APEC business travel card shall be valid for 5 years |
Page 3 |
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SUMMARY:
Ü INVESTMENT
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According to Circular No. 105/2016/TT-BTC dated June 29, 2016 of the Ministry of Finance guiding offshore indirect investment activities of securities businesses, funds investing in securities, securities investment companies, insurance businesses, only securities businesses licensed to undertake securities dealing are allowed to invest or undertake offshore indirect investment with the total investment, entrustment of offshore indirect investment is not over 30% of the ownership according to the most recent audited financial statements. With regard to fund management company, it’s only permitted to invest at most 20% of owner’s capital in the most recent audited financial statement or semi-annual |
financial statement and the financial statement of recent quarter and should not exceed registered dealing rate that are confirmed by the State Bank. Funds investing in securities, securities investment companies are only permitted for offshore indirect investment into investment equipments as stipulated under the charter of Funds investing in securities, securities investment companies and be in accordance with regulations of the State Bank; the total investment is not over 20% of net asset value in the most recent investment operation report and should not exceed registered dealing rate that are confirmed by the State Bank. This Circular takes effect on August 15, 2016. |
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Ü EXPORT - IMPORT
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On June 03, 2016, the Ministry of Finance and the Ministry of Science and Technology issued Joint Circular No. 77/2016/TTLT-BTC-BKHCN guiding the implementation of the national single-window mechanism with respect to procedures for State inspection of quality of goods imported into Vietnam under the management of the Ministry of Science and Technology. The Vietnam National Single Window has the function in receiving e-documents and relevant information; to certify digital signatures of declarants and processing agencies; forward e-documents and other information of declarants to processing agencies and designated conformity assessment organizations selected by enterprises, and concurrently store declarants’ information for search and |
statistical purposes; receive notices from processing agencies; return e-documents to declarants… The Vietnam National Single Window shall receive e-information around the clock. To carry out the procedure, declarants shall make an electronic single window administrative file directly on the Vietnam National Single Window or make a file according to data standard by using the details and format in accordance with law and send to the Vietnam National Single Window. A declarant who conducts administrative procedures using paper documents shall submit paper documents in accordance with specialized legal documents. This Circular takes effect on June 15, 2016. |
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Ü NATURAL RESOURCES - ENVIRONMENT
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The Government issued Decree No. 40/2016/ND-CP on May 15, 2016 detailing a number of articles of the Law on Marine and Island Resources and Environment; in which the most important provision is about restricted activities within a coast protection corridor. Accordingly, exploitation of groundwater may be conducted only in emergency cases to serve disaster prevention and control or fire prevention and fighting or to remedy an environmental incident or for other purposes when there is no alternative water source for exploitation; seaward reclamation or encroachment and mineral or oil and gas exploration activities may be carried out only with the Prime Minister’s written approval. Similarly, an existing work may be renovated only if such renovation does not change the use purpose, scale, structure, depth or height of such work or helps better maintain and protect the coast protection corridor. Production, business and |
service activities which are at risk of degrading coastal ecosystems or decreasing the service value of ecosystems and natural landscapes may be carried out only when there are solutions to address such risk without affecting the requirements and objectives of the establishment of a coast protection corridor… Also in accordance with this Decree, a draft list of areas that require establishment of coast protection corridors shall be provided to related ministries, sectors, agencies, organizations, individuals and communities for opinion through organizing conferences, sending written requests or directly collecting opinions, and posting on the websites of the Natural Resources and Environment Department and People’s Committees of coastal provinces. The period of posting such draft list on the websites for opinion must be at least 45 days. This Decree takes effect on July 01, 2016. |
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Ü POLICIES
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This is the target specified in master plan for e-commerce development in 2016 - 2020 period that been approved by the Prime Minister in Decision No. 1563/QD-TTg dated August 08, 2016. Specifically, by the year of 2020, there will be 30% of the population make online purchase with the total value of 350 USD/person/year on average; 50% of enterprises have their own web portals where their products are introduced and sold; 80% of enterprises make or carry out orders via e-commerce applications; 100% of super markets, shopping malls and modern distribution establishments accept the payment via Point of Sale (POS) system and allow consumers to make non-cash payment when buying products; 70% of electricity, water, telecommunications and |
communications service providers accept the payment of bill via non-cash payment services and 50% of individuals/households in big cities use non-cash payment media in daily consumption… To achieve these above targets, there are some solutions on developing and applying new technologies in e-commerce, such as: Encourage the development of mobile e-commerce and the development of digital information in e-commerce; Develop products and measures to assist enterprise to apply e-commerce on each stage of business process; Encourage enterprises/individuals to start up in a new e-commerce model… This Decision takes effect on the signing date. |
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Ü ADMINISTRATIVE
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Ministry of Public Security issued Circular No. 28/2016/TT-BCA on July 05, 2016 on implementation of regulation on issuance and management of APEC business travel cards. According to this Circular, APEC business travel cards may function as an entry visa into countries and territories as members of APEC business travel cards. APEC business travel card issued to Vietnamese businessperson shall be valid for 5 years since the date of issue; in case remaining validity period of the businessperson’s passport is less than 5 years, validity period of the new APEC business travel card shall be equal to validity period of such passport. |
Especially, APEC business travel card with validity being terminated shall not be restored. Also in accordance with this Circular, any APEC business travel card holder who enters Vietnam shall be issued a certificate of temporary residence which is valid for 90 days for each entry; if the remaining validity period of APEC business travel card is less than 90 days, validity of the certificate of temporary residence to be issued shall be the remaining validity period of the APEC business travel card. This Circular takes effect on August 20, 2016. |
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