Legal Document Updates in English (40/2012)

CONDITIONS OF GUARANTEE FOR ORGANIZATION
BEING NON-RESIDENT PERSON
 

On October 03, 2012, the State Bank of Vietnam issued the Circular No. 28/2012/TT-NHNN providing on bank guarantee, of which, one of the most notable contents is new regulation on guarantee for organization being non-resident person.

Accordingly, the credit institutions, branches of foreign bank must be licensed by the State bank to business in and supply foreign currency services in international and domestic market, including guarantee operation in foreign currency; In time of 6 adjacent months preceding time of consideration of guarantee for organizations being non-resident person, credit institutions, branches of foreign bank are not be fined for administrative violation on foreign currency management; Having internal regulation and risk administration in guarantee for non-resident persons; Having plan on control and handling risks in guarantee for non-resident persons; Not violating provision on report to the State bank on guarantee for non-resident persons.The guarantee party may commitment guarantee for a part or whole of the following obligations of the guaranteed party, specifying: obligation of paying original debt,

DOSSIER FOR GRANT OF CERTIFICATE ON REGISTRATION
OF EXPORT RIGHTS
 

On September 27, 2012, the Ministry of Industry and Trade issued the Circular No. 28/2012/TT-BCT detailing registration of import and export rights of foreign business entities without a presence in Vietnam (hereinafter referred to as trader without a presence).

Under this Circular, traders without a presence who want to do export – import activities in Vietnam must get the certificate on registration of import and export rights granted by the Ministry of Industry and Trade (The Export and Import Administration) as prescribed by the Law.
Dossier of application for grant of certificate on registration of import and export rights includes: Application for grant of certificate on registration of import and export rights; the original of certification of foreign competent agencies where trader registered for establishment that the trader without a presence is not be deprived ofthe right to conduct commercial activities or not currently subject to a penalty in relation to commercial activities; Agreement between  representative of foreign

ACHIEVE TRADE BALANCE BY 2020
 

On July 25, 2012, the Prime Minister issued the Decision No. 950/QD-TTg promulgating the action Program in implementation of the goods import and export Strategy for the 2011-2020 period, with orientations toward 2030.

With the objective to gradually reduce trade deficit and keep it at about 10% of the export value by 2015 and achieve trade balance by 2020; the average goods export growth rate will be 11-12%/year during 2011-2020 and the average goods import growth rate will be 10-11%/year during 2011-2020, the Prime Minister points out some major tasks to develop manufacture, restructure economy; develop market, promote trade; complete the policy on commerce, finance, credit and investment in development of manufacturing export goods….for ministries, sectors and relevant agencies.
Specifically, to intensify use of goods have been manufactured domestic to

PRINCIPLES OF  NOTICE’S, SIGNAL’S OPERATION IN
COMMON BRIDGE ZONE
 

On September 19, 2012, the Ministry of Transport promulgates the Circular No. 38/2012/TT-BGTVT providing on management and exploitation of common bridge.

On railway, in the zone of common bridge, it must arrange notice signboards and signals as follows: Signals of protection color light; Signboard of whistling; Signboards of permitted maximum speed. System of notice signboards, signals on railway, roads entering common bridge and at the zone of common bridge must operate and display as prescribed in current National technical regulation on railway signals and National technical regulation on road notice.

Specifically, in status of no train through common bridge, signal of protection color light of railway in closed status (bright with red displaying of banning train through

LIST OF 36 OUTDOOR EQUIPMENTS AND TOYS
FOR EARLY CHILDHOOD EDUCATION
 

On September 14, 2012, the Minister of Education and Training promulgates the Circular No. 32/2012/TT-BGDDT for list of outdoor equipment and toys for early childhood education.

The list of outdoor equipment and toys for early childhood education includes 12 equipments for baby care group for children from 3 months to 3 years of age and 24 equipments for kindergarten group for children from 3 years to 6 years of age such

HAVE THE RIGHT TO PARTICIPATE IN MONITORING LAW EXECUTION SITUATION
 

This is one of the contents regulated under the Decree No. 59/2012/ND-CP dated July 23, 2012 of the Government on monitoring law execution situation.

Besides the regulations that organizations and individuals have the right to participate in monitoring law execution situation, the Government requests ministries, ministerial-level agencies, government-attached agencies and People's Committees at all levels shall facilitate and mobilize the Vietnam Lawyers Association, the Vietnam Bar Federation and Bar Associations, the Vietnam Chamber of Commerce and Industry, societies, associations, research organizations, training organizations and specialists and scientists being eligible to participate in monitoring law execution situation as collaborators.

Besides, the Decree also regulated in detail the contents of law execution situation