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In This Updates: |
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FINANCE – BANKING |
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FINANCE – BANKING |
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* New regulations on capital adequacy assurance of credit institutions |
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Circular No. 72/2017/TT-BTC dated July 17, 2017 on prescribing the management and use of revenues from project management activities of owners and management units of state budget-funded projects |
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* Encourage PMUs to increase state capital and reduce their employees |
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COMMERCE |
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COMMERCE |
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Decree No. 94/2017/ND-CP dated August 10, 2017 of the Government on goods, services and geographical areas subject to state monopoly in commercial activities |
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* Lottery tickets and gold bars subject to state monopoly |
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ADMINISTRATIVE |
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ADMINISTRATIVE |
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Decree No. 92/2017/ND-CP dated August 07, 2017 of the Government on amending and supplementing a number of articles of the decrees concerning control of administrative procedures |
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* Control of administrative procedures when making proposals for formulation of legal documents |
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INDUSTRY |
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INDUSTRY |
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* Procedures for transfer of state-funded electricity works to Vietnam electricity |
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SUMMARY:
Ü FINANCE - BANKING
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On August 07, 2017, the Government issued the Decree No. 93/2017/ND-CP on the financial regime applicable to credit institutions and foreign bank branches and financial supervision and assessment of efficiency of state capital investment at credit institutions with 100% state-owned charter capital and credit institutions with state capital. One of the important contents of this Decree is the regulations on capital adequacy assurance of credit institutions and foreign bank branches. Accordingly, credit institutions and foreign bank branches shall comply with regulations on assurance of operating capital adequacy as to manage and use capital and assets, distribute profits and implement the financial management and accounting regimes in accordance with this Decree and relevant laws; to implement regulations on operation safety assurance in accordance with the Law on Credit Institutions and other relevant laws. In case of failing to achieve or being likely to fail to achieve the minimum capital adequacy ratio and
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guided by the State Bank of Vietnam, within 1 month, a credit institution or foreign bank branch shall report to the State Bank of Vietnam its remedial solutions to ensure the required minimum capital adequacy ratio, including transferring its outward investments; increasing its charter capital or allocated capital; and the solutions. At the same time, credit institutions and foreign bank branches must buy insurance for assets required to be insured; to participate in deposit preservation and insurance institutions in accordance with the Law on Credit Institutions, the Law on Deposit Insurance and other relevant laws, and disclose such participation at their head offices and branches; to deal with the value of lost assets; To account its risk provisions as expenses for business activities in accordance with the Law on Credit Institution, the law on enterprises and other relevant laws… This Decree takes effect on September 25, 2017 and replaces Decree No. 57/2012/ND-CP of July 20, 2012. |
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On July 17, 2017, the Ministry of Finance issued the Circular No. 72/2017/TT-BTC prescribing the management and use of revenues from project management activities of owners and management units of state budget-funded projects. In according to this Circular, the State shall encourage PMUs to increase revenues and save expenses and reduce their employees, thereby increasing income for their employees and fulfilling assigned tasks after fulfilling obligations toward the state budget. Depending on results of financial activities in a year, a PMU may decide on total additional income to be paid in the year to its employees which must not exceed 3 times the rank-, grade- and position-based salary fund and salary allowances for its officials, civil servants and public employees under the State’s regulations. The payment of income to employees in a unit must adhere to the following principle: Persons with higher working |
efficacy and greater contributions to increasing revenues and saving expenses shall be paid higher income. In their internal spending regulations, PMUs shall prescribe the payment of additional income based on assigned work volume and jobs and performance quality, ensuring attraction of highly qualified employees and reasonable compatibility with salary levels of officials, civil servants and public employees in the same unit. The additional income of a leading position holder must not exceed two times the average additional income payable to an employee in the same unit and shall also be paid on the basis of work volume, quality and efficiency. Incomes of a PMU’s directors shall be paid according to the unit’s internal spending regulations. This Circular takes effect on September 15, 2017, and replaces the Ministry of Finance’s Circular No. 05/2014/TT-BTC of January 6, 2014. |
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Ü COMMERCE
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The Decree No. 94/2017/ND-CP On goods, services and geographical areas subject to state monopoly in commercial activities issued by the Government on August 10, 2017. This Decree prescribes list of goods, services and geographical areas subject to state monopoly in commercial activities, including Goods and services for national defense or security; Industrial explosives; Gold bars; Gold materials; Lottery tickets; Cigarettes, cigars; National reserves; Banknotes and coins; Vietnamese postage stamps; Fireworks and firework-related services; National power grid; Multi-purpose hydropower plants and nuclear power facilities of special socio-economic |
importance; Public maritime services; Public coastal information services; Flight assurance activities; State-invested national and urban railway infrastructure systems; Inter-provincial and inter-district irrigation works; sea embankments; Forestry services in special-use forests; Publications; Public postal service networks; Public services in newspaper distribution activities… Competent state agencies shall exercise state monopoly in commercial activities by themselves or through assigning other organizations or individuals to do so. The assignment shall be decided in writing by the heads of competent state agencies. This Decree takes effect on October 01, 2017. |
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Ü ADMINISTRATIVE
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This is one of the new content prescribed by the Government at the Decree No. 92/2017/ND-CP dated August 07, 2017 on amending and supplementing a number of articles of the decrees concerning control of administrative procedures, takes effect on September 25, 2017. In particular, this Decree prescribes that control of administrative procedures shall be conducted right from the stage of making proposals for formulation of legal documents and on a regular and continuous basis in the course of implementing administrative procedures; within that, the Decree No. 63/2010/ND-CP prescribes that control of administrative procedures shall be conducted right from the stage of drafts for formulation of legal documents. Also in accordance with this Decree, the establishment of an administrative procedure is completed only if the administrative procedure fully comprises the following basic constituting elements such as name of the administrative procedure; order of implementation; mode of implementation; components and number of dossiers; deadline for processing; administrative procedure-complying subject(s); administrative procedure-processing |
agency; in case an administrative procedure requires application forms, administrative declaration forms, administrative procedure implementation results, requirements, conditions, charges, and fees, these will be the constituting elements of that administrative procedure. An administrative procedure already promulgated by a competent person must be made public in a complete, accurate and timely manner in the following forms: publishing on the National Database of Administrative Procedures; posting up at the head office of the agency or unit that directly receives or processes such administrative procedure, applying other forms using electronic means in conformity with infrastructure facilities and technical conditions on the basis of the decision promulgating the administrative procedure, or dumping, connecting or integrating data on the administrative procedure on the National Database of Administrative Procedures; publishing on the Government Portal or portals of ministries, ministerial-level agencies and People’s Committees of provinces and centrally run cities on the basis of connection and integration with the National Database of Administrative Procedures. |
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Ü INDUSTRY
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The Decision No. 41/2017/QD-TTg on procedures for transfer of state-funded electricity works to Vietnam electricity issued by the Prime Minister on September 15, 2017 and takes effect on November 01, 2017. The Decision points out clearly that the transfer shall be carried out by recording an increase in state capital invested in EVN according to the value of the transferred electricity works, capital shall not be returned. In case an electricity work is managed and recorded in accordance with regulations of applicable law, the value of the transferred assets equals the remaining value of the electricity work included in the accounting records at the time of stocktaking and valuation. |
In case an electricity work is located within the premises or facility for public services or within the infrastructure and cannot be separated therefrom, the transferor shall continue to manage and use the land associated with the electricity work to be transferred, sign an agreement with the transferee and enable the transferee to maintain, repair, manage and operate the transferred electricity work. In case an electricity work is located outside the premises or facility for public services or infrastructure or can be separated therefrom, the land associated with the electricity work shall be transferred. Land rent or land levy is not charged on the area of land associated with the electricity work. |
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