Legal Document Updates in English (43/2016)

THE FEE OF ISSUANCE OR RENEWAL OF A CERTIFICATE
OF MULTI-LEVEL MARKETING IS VND 5 MILLION/APPLICATION
 

In accordance with the Circular No. 156/2016/TT-BTC dated October 21, 2016 of the Ministry of Finance on providing for fees for processing of application for the certificate of multi-level marketing, collection, transfer and management thereof, applies to enterprises applying for issuance, replacement, addition or renewal of the certificate of multi-level marketing, state authorities competent to issue the certificate of multi-level marketing and entities involved in the processing of application for the certificate of multi-level marketing.

FEES FOR ISSUANCE OF THE LICENSE FOR ESTABLISHMENT
OF A BANK IS VND 140 MILLION/LICENSE
 

This is the important content prescribed at the Circular No. 150/2016/TT-BTC dated October 14, 2016, providing for fees for issuance of license for establishment and operation of credit institutions; license for establishment of foreign banks’ branches, representative offices of foreign credit institutions or other foreign organizations having banking activities; license for provision of intermediary payment services by non-bank institutions, and the collection and transfer thereof.

In particular, Fees for issuance of the license for establishment of a bank is VND 140 million/license for Initial issuance and VND 70 million/license for replacement, addition or renewal of license; Fees for issuance of the license for establishment and operation of a non-bank credit institution is VND 70 million/license for Initial issuance and VND 35 million/license for replacement, addition or renewal

FEES FOR PROCESSING OF APPLICATIONS FOR THE LICENSE
TO USE INDUSTRIAL EXPLOSIVES IS VND 5 MILLION
 

Any organizations applying for the license to use industrial explosives granted by competent state authorities must pay the fees for processing of applications for the license to use industrial explosives  must pay between VND 2 million – VND 5 million depending on different purpose.

The fee for processing of application for the license to use industrial explosives for conducting survey, exploration and extraction activities on the sea and continental shelves is VND 5 million; The fee for processing of application for the license to use industrial explosives for conducting survey, exploration and extraction activities on the sea and continental shelves is VND 4 million; the fees for processing of application for the license to use industrial explosives for conducting survey, exploration and extraction activities on land and processing of application for the license to use industrial explosives to serve research, verification and testing activities are VND 3,5 million and VND 2 million in turn.

FEES FOR FLIGHTS OVER THE VIETNAM’S AIRSPACE
 

On October 06, 2016, the Ministry of Finance issued the Circular No. 146/2016/TT-BTC dated October 06, 2016 of the Ministry of Finance providing for fees for flights over the Vietnam’s airspace and the collection, transfer and management thereof.

Accordingly, the fee for flight distance over the Vietnam's airspace under 500 km is USD 115/flight for maximum takeoff weight of less than 20 tons; USD 129//flight for flight distance over the Vietnam's airspace of 500 km or above. The highest fee applicable to the maximum takeoff weight of not less than 300 tons is USD 480/flight  for flight distance over the Vietnam's airspace under 500 km and the fee is USD 520/flight  for the flight distance over the Vietnam's airspace of 500 km or above.

For scheduled flights over the Vietnam's airspace and the flight information region managed and controlled by

PRINCIPLES OF OPENING PRE-INVESTMENT ACCOUNTS
OF OFFSHORE INVESTMENT ACTIVITIES
 

On June 29, 2016, the State Bank of Vietnam issued the Circular 12/2016/TT-NHNN guiding the foreign exchange management of offshore investment activities and takes effect August 13, 2016.

In accordance with the regulations of this Decree, after being granted an offshore investment registration certificate, an investor shall open 1 (one) investment capital account in 1 (one) type of foreign currency that meets its/his/her demand for outbound transfer of investment capital at 1 (one) licensed credit institution, and register offshore investment-related foreign exchange transactions. In case of outbound transfer of Vietnam-dong investment capital, an investor may concurrently open and use 1 (one) Vietnam-dong investment capital account and 1 (one)