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| NUMBER | TITLE |
| In This Updates: | |
FINANCE – BANKING |
| FINANCE – BANKING | |||
1 |
|
| * Allowed to purchase foreign currencies to serve the business of prize-winning electronic games | Page 2 | |
2 |
|
| * Handling measures for cases of failure to achieve these ratios | Page 2 | |
EXPORT – IMPORT |
| EXPORT – IMPORT | |||
3 | Decree No. 116/2017/ND-CP dated October 17, 2017 of the Government on requirements for manufacturing, assembly and import of automobiles and trade in automobile warranty and maintenance services |
| * From 2018, import automobiles must have licenses for automobile import | Page 3 | |
CULTURE – SPORTS – TOURISM |
| CULTURE – SPORTS - TOURISM | |||
4 | Decree No. 109/2017/ND-CP dated September 21, 2017 of the Government on prescribing the protection and management of world cultural and natural heritages in Vietnam |
| * Regulations on management of world cultural and natural heritages | Page 3 | |
INDUSTRY |
| INDUSTRY | |||
5 |
|
| * To adjust the master plan on development of Vietnam’s coal industry | Page 3 | |
SUMMARY:
Ü FINANCE - BANKING
| ||
On August 30, 2017, the State Bank of Vietnam issued the Circular No. 11/2017/TT-NHNN on amending and supplementing a number of articles of the State Bank of Vietnam’s Circular No. 15/2014/TT-NHNN of July 24, 2014, guiding the foreign exchange management of the business of prize-winning electronic games for foreigners. This Circular prescribes that the business of prize-winning electronic games for foreigners can purchase foreign currencies to serve the business of prize-winning electronic games within the scope of collection and payment of foreign currencies and other foreign exchange activities of enterprises specified in Article 5 of this Circular on the basis of producing receipts and papers ensuring lawful and valid transactions. At the same time, enterprises which have been approved in writing by the State Bank to collect and pay foreign-currency cash for the business of prize-winning electronic | games for foreigners before September 06, 2017 shall continue to comply with the State Bank’s written approval. Enterprises shall carry out the procedure for converting such written approval into a license if wishing to do so. In previous regulations, gambling businesses that are previously entitled to receive and pay foreign currency cash for their gambling businesses for foreigners by the State Bank must follow required procedures for transforming the pre-existing written consent into the License. In excess of the defined deadline mentioned above, gambling businesses who have failed to complete the transformation must put an end to their receipts and expenditures of foreign currency as well as other foreign exchange transactions regarding their gambling businesses for foreigners. This Circular takes effect on October 15, 2017 | |
| ||
On August 15, 2017, the Ministry of Finance issued the Circular No. 87/2017/TT-BTC prescribing prudential ratios and remedies to be taken by securities trading institutions that fail to achieve these ratios. According to this Circular, securities trading institutions fails to achieve prudential ratios shall be applied with 03 measures: Warning; Control and Special control. In particular, The State Securities Commission shall issue a decision to place a securities trading institution in the state of warning when its liquidity ratio is between 150% and under 180% in all reporting periods for three (3) consecutive months; or its liquidity ratio reviewed or audited by an accredited audit firm is between 150% and under 180%; or in a prudential ratio report, an accredit audit firm gives modified opinions (or adverse opinions), makes a disclaimer of opinions (or is unable to give opinions), gives qualified opinions on a number of items in such report, and if the impact of qualified opinions on liquidity is done away, the liquidity ratio will reach between 150% and under 180%. A securities trading institution will no longer be placed in the state of warning when its liquidity ratio reaches or surpasses 180% for three (3) consecutive months, in which the liquidity ratio in the last reporting period shall be audited by an accredited audit firm.. . The State Securities Commission shall issue a decision to place a securities trading institution under control when its liquidity ratio is between 120% and under 150% in all reporting periods for three (3) consecutive months; or its | liquidity ratio reviewed or audited by an accredited audit firm is between 120% and under 150%; or in a prudential ratio report, an accredit audit firm gives modified opinions (or adverse opinions), makes a disclaimer of opinions (or is unable to give opinions), gives qualified opinions on a number of items in such report, and if the impact of qualified opinions on liquidity is done away, the liquidity ratio will reach between 120% and under 150%. The control period must not exceed 12 months from the date a securities trading institution is placed under control. Similarly, the State Securities Commission shall issue a decision to place a securities trading institution under special control when Its liquidity ratio calculated by itself or reviewed or audited by an accredited audit firm falls below 120%; or it fails to remedy the situation subject to control within the 12-month time limit… The period of special control must not exceed four (4) months after a securities trading institution is placed under special control. A securities trading institution will no longer be placed under Warning; Control and Special control when its liquidity ratio reaches or surpasses 180% for three (3) consecutive months, in which the liquidity ratio in the last reporting period shall be audited by an accredited audit firm. This Circular takes effect on October 10, 2017, and replaces the Ministry of Finance’s Circular No. 226/2010/TT-BTC of December 31, 2010 | |
Ü EXPORT - IMPORT
| ||
From October 17, the Government issued the Decree No. 116/2017/ND-CP dated October 17, 2017 of the Government on requirements for manufacturing, assembly and import of automobiles and trade in automobile warranty and maintenance services. Accordingly, from January 01, 2018, importers shall be entitled to import automobiles after fulfilling all requirements and being issued with licenses for automobile import. The automobile importer established under regulations of law shall be issue with the license for automobile import when the automobile warranty/maintenance center owned/leased by the automobile importer or belonging to the dealer network authorized by such importer meets the requirements mentioned herein; and there is a physical confirmation or document proving that the automobile importer is eligible to represent a foreign automobile manufacturer/assembler to recall defective automobiles imported into Vietnam. Failure to provide warranty books or provide warranty conditions lower than those stated herein shall be suspended the license for automobile import. New | regulations requires that automobile manufacturers, assemblers and importers shall provide automobile warranty in accordance with regulations of law on protection of consumers’ benefits. For brand-new automobiles, the warranty period shall be at least 3 years or 100,000 km for cars, at least 2 years or 50,000 km for buses and at least 1 year or 30,000 km for the remaining classes of automobiles depending on preceding requirements. Besides, a trader of automobile warranty/maintenance center established according to regulations of law shall be issued with a certificate of eligible automobile warranty/maintenance center when the factory is built on the land area under legal ownership of the trader; the premises and factory ensure warranty/maintenance services; there are areas for reception, transfer, maintenance, repair, factory inspection, operation building, warehouse storing automotive parts and accessories and automobile wash to meet the workload; the equipment used to diagnose engines… The Decree takes effect on the signing date. | |
Ü CULTURE – SPORTS - TOURISM
| ||
From November 10, 2017, the protection and management of world cultural and natural heritages in Vietnam shall be implemented in accordance with the regulations of the Decree No. 109/2017/ND-CP issued by the Government on September 21, 2017. In accordance with this Decree, world heritage sites shall be protected like protection zones I of cultural-historical relics or places of scenic beauty in accordance with the law on cultural heritages. And buffer zones of world heritage sites shall be protected like protection zones II of cultural-historical relics or places of scenic beauty in accordance with the law on cultural heritages. On Master plans on world heritages, the Prime Minister shall consider and decide the formulation of master plans on world heritages under the laws on planning and world heritages. In case a world heritage has its site and buffer | zone constituting part or entire area of a national tourist attraction, a special-use forest, a nature reserve or a marine reserve, only a single master plan shall be formulated for the world heritage, integrating the contents on protection of cultural-historical relics and places of scenic beauty into those on protection of tourist resources, forest resources, biodiversity, aquatic resources, geological resources and geomorphology as well as the community’s rights and obligations. Besides, The period of a world heritage management plan is 5 years with a vision of 20 years; The world heritage management plan shall be phased into 5 years for evaluation, review and adjustment to ensure conformity with the practical situation of the world heritage protection and management of each period. This Decree takes effect on November 10, 2017. | |
Ü INDUSTRY
| ||
On August 24, 2017, the Prime Minister issue the Decision No. 1265/QD-TTg on approving the adjustments and supplements to the adjusted master plan on development of Vietnam’s coal industry through 2020, with prospects toward 2030 taken into consideration. In accordance with the adjustment, the content on planning through 2020, to build new coal screening and sorting plants: Vang Danh 2 with a capacity of around 2 million tons/year; Khe Than with a capacity of around 2.5 million tons/year; a centralized coal processing and warehouse center in Hon Gai region with a capacity of around 5 million tons/year (to build module 1 with a capacity of 2.5 million tons/year in Ha Khanh ward and maintain the South Cau | Trang sorting plant until the end of 2018; after 2018 to relocate South Cau Trang plant to the site of the then built-up centralized coal processing and warehouse center for assembly into the center’s module 2 with a capacity of 2.5 million tons/year); Khe Cham with a capacity of around 7 million tons/year; and Lep My with a capacity of around 4 million tons/year. This Decision is an inseparable part of the Prime Minister’s Decision No. 403/QD-TTg of March 14, 2016, approving the adjusted master plan on development of Vietnam’s coal industry through 2020, with prospects toward 2030 taken into consideration. This Decision takes effect on the signing date. | |
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