Legal Document Updates in English (43/2017)

REGULATION ON ENTRUSTMENT OR HIRING OF AUDIT FIRMS TO PERFORM AUDITS
 

On August 15, 2017, the State Auditor General signed the Decision No. 09/2017/QD-KTNN on promulgating the Regulation on entrustment or hiring of audit firms to perform audits.

The Regulation points out clearly that the State Audit Office of Vietnam may entrust or hire audit firms to audit the following agencies and organizations: Socio-political organizations, socio-political professional organizations, social organizations, socio-professional organizations using state budget funds; Public non-business units; Management units of investment projects using state budget funds or state budget-originated funds, ODA and NGO funds (when requested); associations, unions, confederations and other organizations with operation funds partly supported by the State; dd/ Enterprises with over 50% state-held charter capital, enterprises with 50% or less state-contributed charter capital; enterprises managing and using public finance or assets…

Within that, The State Audit Office of Vietnam may not entrust or hire audit firms to audit the following agencies and organizations: ministries, ministerial-level agencies, government-attached agencies and other central agencies; agencies assigned to perform state budget collection and spending tasks at all levels; People’s Councils and People’s Committees at all levels, other local agencies;  People’s armed forces units; Units managing the State’s reserve funds, reserve funds of all sectors and levels, other financial funds of the State; Organizations managing national assets…

ENTERPRISES ISSUING BONDS TO THE PUBLIC TO UNDERGO CREDIT RATING
 

On August 14, 2017, the Prime Minister approved the bond market development roadmap during 2017-2020, with a vision toward 2030 at the Decision No. 1191/QD-TTg; within that, the most important content is the regulations on to further develop the corporate bond market.

On the spirit of creating favorable conditions for enterprises to raise funds through bond issuance and increase openness and transparency in the process of raising funds through bond issuance, specifically as follows: To study amendments to the Law on Securities to separate conditions and dossiers for issuance of corporate bonds and for issuance of stocks to the public with a view to encouraging enterprises to issue bonds to the public for raising funds. To consider requiring enterprises issuing bonds to the public to undergo credit rating when there are at least two qualified rating enterprises operating in the domestic market; To review the conditions on private placement of corporate bonds toward requiring information

VIETNAMESE PEOPLE PLAYING IN THE CASINO MUST PROVE INCOME
 

These are one of contents stipulated under the Circular No. 102/2017/TT-BTC guiding a number of articles as prescribed under the Decree No. 03/2017/ND-CP dated January 16, 2016 of the Government on casino business.

Specifically, to take part in playing in casino, Vietnamese people shall have documents to prove that they are capable of finance. The document includes the following papers: documents proving taxable incomes from level 3 or more as stipulated under the law on personal tax within one year before entering casino; documents proving the player that has frequent income from 10 million dong/month or more

UNITS ALLOWED HAVING ASSESSMENT OF LANGUAGE PROFICIENCY
 

Regulation on assessment of language proficiency according to Vietnam’s language proficiency framework  issued by the Ministry of Education and Training on September 29, 2017 in accordance with 23/2017/TT-BGDDT.

In accordance with this Regulations, test-administering units include senior colleges providing foreign language discipline or public service providers assigned to administer language proficiency tests which are entitled to administer language proficiency tests according to test formats from level 1 to 6 according to Vietnam's language proficiency framework. And foreign language centers established by the President of People’s Committee of province or Director of Department of Education and Training, pedagogy colleges with foreign language discipline which are entitled to administer language proficiency tests according to test

REGULATIONS ON CONTENT OF FORMALDEHYDE IN TEXTILE PRODUCTS
 

On October 23, 3017, at the Circular No. 21/2017/TT-BCT issued the national technical regulations on content of formaldehyde and certain aromatic amines derived from Azo colorants in textile products.

This document deals with content of formaldehyde and certain aromatic amines derived from azo colorants in textile products before they are traded in the Vietnam market. The list of textile products regulated by this document is specified in Appendix I of this document.

Products that are not regulated by this document include luggage of people on entry and personal belongings of organizations and individuals within the duty-free allowance; Goods of diplomatic organizations and individuals, international organizations within the duty-free allowance; Samples used for advertisement without use value and samples used for scientific research and research for production; Temporary imports exhibited and introduced in fairs, commercial exhibitions; temporary imports; goods under transit, merchanting trade or transshipment; goods sent to bonded warehouses; Presents within the duty-free allowance; Goods exchanged by residents of bordering areas within the duty-free allowance; Unbleached or undyed fabrics and textile products.