Legal Document Updates in English (36/2013)

FOREIGN INVESTED PROJECTS MUST MAKE RE-REGISTRATION INVESTMENT LICENSE BEFORE FEBRUARY 1, 2014
 

On June 20, 2013, the XIII National Assembly of the Socialist Republic of Vietnam officially passed the Law Amending and Supplementing Article 170 of the Enterprise Law, No. 37/2013/QH13 on stipulating enterprise cases established before July 1, 2006.

In this Law, the National Assembly asked foreign-invested enterprises established before July 1, 2006 and had its operation duration expired under its investment license after July 1, 2006 , but not yet carried out the procedures for its dissolution and wishes to continue its operation to make re-registration before February 1, 2014, under the conditions specified by the Government. In this case, the re-registration

HOUSEHOLDS AND INDIVIDUALS TO CONTINUE TO USE LAND FOR CULTIVATION OF ANNUAL CROPS AFTER LAND USE DURATION EXPIRED
 

On June 21, 2013, the National Assembly passed Resolution No. 49/2013/QH13 on the extension of the duration of land use for cultivation of annual crops, aquaculture or salt making of households and individuals..

According to this Resolution, upon the expiration of land use, households and individuals directly

engaged in agricultural production, aquaculture or salt making may continue to use land until the Land Law (amended) is promulgated and takes effect; in this case, the land use duration for annual crops, aquaculture or salt making is applied according to Land Law (amended).

The Resolution takes effect on October 1, 2013.

MUST HAVE VND 100,000 BILLION OF ASSETS TO ESTABLISH BRANCHES IN FOREIGN COUNTRIES
 

This is required under the Circular No. 21/2013/TT-NHNN dated September 09, 2013 of the Vietnam State Bank prescribing commercial bank’s operation network.

Specifically, in order to establish branches in foreign countries, banks invested 100% of capital in foreign countries; commercial banks must meet fully the following conditions: the real value of charter capital at time of December 31 of the previous year adjacent to the request year is not lower than the legal capital; Complying with limitations to ensure safety in operation of credit institutions uninterruptedly during 12 months before the request month; the rate of bad debts in comparison with the total outstanding balance at time of December 31 of the previous year adjacent to the request year does not exceed 3%;  The minimum operational duration is three  years counted from the date of starting activities till the time of request; The total assets reach VND 100,000 billion business or more according to the audited consolidated financial statement at time of December 31 of the previous year adjacent to the request

FROM NOVEMBER 01, 2013, PUBLIC DIGITAL SIGNATURE IN E-CUSTOMS PROCEDURES TO BE USED
 

This is the content regulated under the Decision No. 2341/QD-BTC dated September 18, 2013 of the Ministry of Finance issuing the route to use public digital signatures in e-customs procedures.

Specifically, from November 01, 2013, the customs declarers shall use digital signatures registered with customs agencies when performing e-customs procedures as prescribed under the Law.
Digital signature used in customs declaration with customs agencies of the customs declarers is the public digital signature confirmed by customs agencies in compatible with the electronic data processing system of customs agency.

ELECTION FOR GRASSROOTS CONCILIATORS MUST OBTAIN THE CONSENT OF MORE THAN 50% OF HOUSEHOLDS’ REPRESENTATIVES
 

On June 20, 2013, The XIII National Assembly officially passed Law on Grassroots Conciliation No. 35/2013/QH13 on stipulating the principles and the State’s policies on grassroots conciliation, conciliators and conciliation teams (Excluding conciliation activities of courts and arbitrations, commercial conciliation, labor conciliation and conciliation at People’s Committees of communes, wards or townships).
In this Law, grassroots conciliation means the process whereby conciliators guide and assist the involved parties in reaching agreement on voluntary settlement between themselves of conflicts, disputes or law violations in villages, hamlets, street residential groups, street quarters and other residential communities… Persons elected to be conciliators must be Vietnamese citizens residing at the grassroots, voluntarily participate in grassroots conciliation activities and meet the following criteria: Having good moral quality; having prestige in the residential communities; having capability to persuade and agitate people; having legal knowledge and being elected and recognized as conciliator.
The election of conciliators in hamlet and street quarters must be conducted in following ways: Public voting or secret ballots at meetings of household representatives; Distributing opinion cards to households.