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In This Updates: |
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LABOR – SALARY |
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LABOR - SALARY |
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Decree No. 121/2018/ND-CP dated September 13, 2018 of the Government on amending a number of Articles of the Decree No. 49/2013/ND-CP dated May 14, 2013 of the Government on guidelines for the labor code in terms of wages |
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Enterprise fewer than 10 workers exempted from submission of pay scale, payroll |
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INVESTMENT |
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INVESTMENT |
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Decision No. 39/2018/QD-TTg dated September 10, 2018 of the Prime Minister on amending a number of articles of Decision No.37/2011/QD-TTg dated June 29, 2011 of the Prime Minister on the mechanism supporting the development of wind power project in Vietnam |
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The Prime Minister decides to increase the purchase price of wind power |
Page 2 |
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FINANCE – BANKING |
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FINANCE – BANKING |
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Decree No. 117/2018/ND-CP dated September 11, 2018 of the Government on confidentiality and provision of client information of credit institutions and foreign bank branches |
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Banks are allowed to provide client information in 2 cases |
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Circular No. 13/2018/TT-NHNN dated May 18, 2018 of the State Bank of Vietnam on internal control systems of commercial banks and foreign banks branches |
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The internal control system of banks |
Page 3 |
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MEDICAL – HEALTH |
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MEDICAL - HEALTH |
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Circular No. 22/2018/TT-BYT dated September 12, 2018 of the Ministry of Health on prescribing the list of functional foods for under-6 children which are subject to price declaration |
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03 types of functional foods for under-6 children subjected to price declaration |
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POLICY |
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POLICY |
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Resolution No. 115/NQ-CP dated August 31, 2018 of the Government on implementation of a number of special policies on provision of assistance for Ninh Thuan province in socio-economic development, settlement of business and people’s life during 2018 – 2023 |
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To suspend titan extraction projects in Ninh Thuan |
Page 3 |
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SUMMARY:
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This is one of the two new contents in Decree No. 121/2018/ND-CP on amending a number of Articles of the Decree No. 49/2013/ND-CP on guidelines for the Labor Code in terms of wages. Specifically, this Decree states that an enterprise employing fewer than 10 workers is exempt from submitting its pay scale, payroll, and labor productivity norms to the labor authority of district where its business facilities are located. |
This Decree also amend to rules for establishment of labor productivity norms as the basis for giving product-based pay to employees, guaranteed to following the rules of Article 8. This Decree takes effect on November 01, 2018. |
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The Prime Minister issues the Decision No. 39/2018/QD-TTg on amending a number of articles of Decision No.37/2011/QD-TTg on the mechanism supporting the development of wind power project in Vietnam. Noticeably, the Decision increase the purchase price of the wind power project, the buyer shall purchase the whole electricity output generated by the wind power project at the purchase price at the delivery point as follows: - With regard to onshore wind power projects: The purchase price at the delivery point is VND 1,928 per kWh, excluding VAT; |
- With regard to offshore wind power projects: The purchase price at the delivery point is VND 2,223 per kWh. As in the previous provisions, this purchase price was VND 1,614 per kWh, and applied with all wind power projects. Accordingly, this price shall apply to a part or the entire grid-connected wind power plant whose commercial operation date is earlier than November 01, 2021 and remain unchanged for 20 years from that day. This Decision is issued on September 10, 2018 and takes effect on November 01, 2018. |
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On September 11, 2018, the Government issues the Decree No. 117/2018/ND-CP on confidentiality and provision of client information of credit institutions and foreign bank branches (hereinafter referred to as the banks). This Decree prescribes detail about storage and confidentiality of client information at banks. Specifically: - Banks may only provide client information in 2 cases: Other organizations and individuals have the right to request banks to provide client information as prescribed in the National Assembly’s codes, laws and resolutions; When the provision of information is approved by clients; - Banks may not provide any agencies, organizations or individuals with client authentication information for accessing banking services (including clients’ security codes, biometric data, access pass codes…) unless such provision is approved in writing by or in other forms as agreed upon with such clients; |
- State agencies, other organizations and individuals may only request banks to provide client information for proper purposes, with contents, and within the scope and competence as prescribed by law or as agreed upon by the clients and shall take responsibility for such request; - State agencies, other organizations and individuals that request provision of client information shall keep confidentiality of such information and use it for proper purposes, and may not provide the information to any third party without the clients’ consent, unless the information is provided under law. This Decree also prescribes, clients have the rights to lodge complaints, initiate lawsuits or request compensation for damage under law in case state agencies, other organizations, individuals, credit institutions or foreign bank branches provide or use client information in contravention of law. This Decree takes effect on November 01, 2018. |
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The internal control system of commercial banks and foreign banks branches are prescribed by the State Bank of Vietnam at the Circular No. 13/2018/TT-NHNN dated May 18, 2018. The internal control system must have three lines of defense as follows: - The first line of defense has the functions of risk identification, control and minimization, carried out by the following departments: Business departments, other revenue-generating departments; Human resource department, accounting department…; |
- The second line of defense has the functions of formulating risk management policies and internal regulations on risk management, measuring and monitoring risk in accordance with regulations of law; - The third line of defense has the function of internal audit, carried out by the internal audit department. Additionally, this Circular also prescribes about the commercial bank’s risk management policies which are promulgated and amended by the Board of Directors/Members’ Council. The commercial bank’s risk limit is issued and amended by the Director General. This Circular takes effect on January 01, 2019. |
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On September 12, 2018, the Ministry of Health issues the Circular No. 22/2018/TT-BYT prescribing the list of functional foods for under-6 children which are subject to price declaration The list includes 03 types of functional foods: Health protection foods; Medical nutrition foods; Supplements, including nutritional products for infants aged up to 36 months. The list prescribed above serves as a basis for the related agencies to perform the price management in accordance with the law on price.
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Also prescribed in the Circular, before October 1, 2019, the Food Safety Department shall complete the publication of the whole list of products for which it has granted Receipts of regulation conformity announcements and Food safety regulation conformity announcement certifications. Before July 01, 2019, provincial-level People’s Committees shall complete the publication of the whole list of products for which they have granted Receipts of registration forms for the product announcement, or products announced by local organizations or individuals themselves. This Circular takes effect on November 01, 2018. |
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Ü POLICY
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The Government approves the Resolution No.115/NQ-CP dated August 31, 2018 on implementation a number of special policies on provision of assistance for Ninh Thuan province in socio-economic development, settlement of business and peoples life during 2018 - 2023. At this Resolution, the Government accepts the proposal for development of Ninh Thuan province into a renewable energy centre of the whole country (wind power and solar power). Concurrently, conduct a study on Ca Na combination of power and liquefied natural gas (LNG) in an appropriate scale. Besides, the Government also requires suspending titan extraction projects. - Areas with titan ores which are ineligible for extraction and may create an impact on the environment but are not |
licensed for exploration and extraction shall be considered the national reserve areas for the purpose of launching wind power and solar power projects. - As for projects licensed for extraction, the People’s Committee of Ninh Thuan province shall reach an agreement with the investor on appropriate implementation methods. This Resolution apply the on-lending rate of 10% to a number of important and high-priority new investment projects funded by ODA loans which are included in programs or projects on investment in infrastructure and social welfare… This Resolution takes effect on the signing date. |
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