Legal Document Updates in English (35/2015)

ISSUING SECURITIES TRANSACTION CODES TO FOREIGN INVESTORS
WITHIN 01 WORKING DAY
 

From October 01, 2015, issuing securities transaction codes to foreign investors within 01 working day, instead of 03 – 05 working days is the important content is the Circular No. 123/2015/TT-BTC dated August 19, 2015 of the Ministry of Finance guiding the foreign investment activities on Vietnam securities market.

Particularly, foreign investor’s trading codes have been annulled within two (02) years prior to the date on which applications for securities trading code registration are submitted or If they are currently under investigation or are used to be subjected to penalties imposed by domestic or foreign competent authorities for their commission of prohibited acts shall not be issued securities trading codes under the following circumstances.

Also in accordance with this Circular, foreign investors have provided inauthentic, inaccurate and untimely reports or materials as requested by the Vietnam Securities Depository or the State Securities Commission; failed to

NOT BE ALLOWED TO TRANSFER SPECIAL BONDS OF VAMC
 

This is the dominant content prescribed at the Circular No. 14/2015/TT-NHNN issued by the State Bank of Vietnam  on August 28, 2015 amending, supplementing a number of Circular No. 19/2013/TT-NHNN dated September 06, 2013 of the State Bank Governor providing the purchase, sale and handling of nonperforming loans by the Asset Management Company of Vietnamese credit institutions (VAMC).

In particular, bonds, special bonds issued by Asset Management Company to pay non-performing loans for loan-selling credit institutions. Within that, bonds, special bonds are issued in the form of book entry or electronic data containing identity information; the Asset Management Company shall decide the form of bonds, special bonds. Interest rate of bonds, special bonds is 0%; the maximum term of bonds is 1 years and of special bonds is 5 years. Bonds are transferred between State Bank and credit institutions and among credit institutions. Special bonds are not transferred.

Also in accordance with this Circular, bonds, special bonds must be deposited at the State Bank as stipulated by the

REINFORCE STATE ADMINISTRATION OF PROCESSING AND TRADING OF COAL
 

Before the current situation that illegal exploitation, transport and trading still exist and show signs of re-occurrence; investigation and inspection of coal exploitation, processing and trading have not drawn adequate interests…on August 26, 2015, the Prime Minister issued the Directive No. 21/CT-TTg reinforcing the state administration of coal production and trading.

In particular, at this Directive, the Prime Minister appoints the People’s Committees of central-affiliated relevant cities and provinces to intensify state administration of coal production and trading to prevent and handle in a timely manner as prescribed illegal acts of exploitation, processing, transport, gathering and trading of coal; speed up the completion of updates, adjustments to, or establish and approve the planning for ports, warehouses in the administration divisions within competence or reinforce state administration of local socio-economic development

THE MARITIME LABOR COMPLIANCE AND CERTIFICATE TAKES EFFECT
WITHIN 05 YEARS
 

The Ministry of Transport issued the Circular 43/2015/TT-BGTVT dated August 20, 2015 of the Ministry of Transport on issuance and revocation of the declaration of maritime labor compliance and certificate prescribed to issue the Maritime Labor Certificates in terms of Vietnamese ships of 500 GT or over engaged in international voyages.

Accordingly, to receive the Certificate, each ship-owner shall send 01 application for approval for Declaration of Maritime Labor Compliance Part II and issuance of Maritime Labor Certificate directly or by post or in any other forms to the Vietnam Register. If the ship comply with requirements, Vietnam Maritime Administration shall approve Declaration of Maritime Labor Compliance. The validity period of Maritime Labor Certificate is 05 years provided that the ship is undergone at least one intermediate inspection which takes place between the second and third anniversary dates of the certificate from

POOR HOUSEHOLDS MAY LEND UP TO VND 25 MILLION TO NEWLY BUILD
OR REPAIR THEIR HOUSES
 

The Prime Minister issued the Decision No. 33/2015/QD-TTg dated August 10, 2015 of the Prime Minister, on assistance policy for housing to poor households under the poverty criteria for the period 2011 – 2015 (poverty assistance program for housing under decision no. 167/2008/QD-TTg stage 2) with the objectives to provide the housing assistance to about 311.000 poor households in rural areas (based on survey report of localities) to ensure they have safe and stable houses and gradually improve living standards and contribute to the hunger elimination and poverty reduction.

Households have no house or unsettled, damaged, dilapidated house and at risk of collapse without ability to improve their houses; not yet received the housing assistance from the assistance programs and policies of the state and other social political organization; in case of being provided with housing assistance from other assistance programs and policies….