Legal Document Updates in English (43/2020)

TO EXEMPT FROM 1-YEAR USE FOR 2 CASES OF USING E-INVOICES
WITH THE TAX AGENCY'S CODE

The Government promulgates the Decree No. 123/2020/ND-CP on invoices and documents on October 19, 2020.

Accordingly, 02 cases of using an e-invoice with the tax agency's code that are exempted from 12 months use, from the time of using e-invoice, including:

Firstly, small- and medium-sized enterprises, cooperatives, and business households and individuals that operate in localities with difficult socio-economic conditions or extremely difficult socio-economic conditions. Localities with difficult socio-economic conditions or extremely difficult socio-economic conditions are specified in the List of geographical areas eligible for investment incentives issued together with the Government’s Decree No. 118/2015/ND-CP dated November 12, 2015.

TO ADD UP TO 2 AVERAGE MONTHLY WAGE TO THE PAID WAGE FUND IN 2020

The Circular No. 04/2020/TT-BLDTBXH on providing guidance on the implementation of the regulations on contractual unit and the fund of wage for operation of employees and the Operation Board prescribed in Article 7 and Article 8 of the Government’s Decree No. 20/2020/ND-CP dated February 17, 2020 on the pilot management of labor, wages and bonuses of a number of state economic groups and corporations is issued on May 25, 2020 by the Ministry of Labor, War Invalid and Social Affairs.

In accordance with this Circular, the company’s paid wage fund in 2020 shall be determined according to the wage fund calculated by the contractual unit price. In case a company’ earned profit in 2020 is higher than the average profit in the 2018-2019 period, the company may additionally include the difference in the wage fund on the principle that for an increase of 1% in profit, the wage fund may be added by up to 2%, provided that the addition must not exceed 20% of the excessive profit amount and 02 months’ paid wage amount

EACH ACCOUNT GETTING ACCESS TO THE BANKING INFORMATION SYSTEM
MUST BE GIVEN TO A SINGLE USER

On October 21, 2020, the State Bank of Vietnam issues the Circular No. 09/2020/TT-NHNN promulgating the security of information system in banking operations.

In accordance with this Circular, institutions shall provide regulations on access management applied to users, groups of user, equipment and instruments used for accessing to information systems satisfying professional requirements and information security requirements, ensuring basic contents such as: Each account getting access to the system must be given to a single user; in case one account is shared by different persons for access purpose, such common use must be approved by competent authorities and responsibilities of each person at each using time must be defined, etc.

TO ADD MANY CONDITIONAL BUSINESS ITEMS TO PILOT LISTING FOR TRANSACTION

The Ministry of Industry and Trade issues the Decision No. 1369/QD-BCT regarding the addition of a number of goods subject to the conditional business to be listed on the Mercantile Exchange on May 22, 2020.

Accordingly, the Ministry of Industry and Trade allows the Mercantile Exchange of Vietnam (hereinafter referred to as MXV) to experimentally list transactions of a number of goods belonging to the conditional business group (energy and rice commodities) on the Mercantile Exchange for 01 year.

To be specific, the pilot commodities including: Crude oil (Brent Crude Oil ICE EU, Mini Brent Crude Oil ICE Singapore, WTI Crude Oil NYMEX, etc.); Petroleum products (RBOB Gasoline NYMEX, Low Sulphur Gasoil ICE EU,

FROM JULY 01, 2021, WILDFIRE SHALL BE CONSIDERED AS NATURAL DISASTER

On June 17, 2020, the National Assembly passes the Law Amending and Supplementing a Number of Articles of the Law on Natural Disaster Prevention and Control and the Law on Dikes No. 60/2020/QH14.

In accordance with this Law, apart from some natural disasters as specified in the Law on Natural Disaster Prevention and Control, the following abnormal natural phenomena also are considered as natural disasters: Wind at sea; Landslide and land subsidence due to drought; Wildfire and fog.

From the effective date of this Law, persons engaged in natural disaster prevention and control activities at state agencies that perform natural disaster prevention and control

6 IMPORTANT CONTENTS IN APPRAISAL OF A DRAFT DECREE

On June 18, 2020, the National Assembly passes the Law No. 63/2020/QH14, Amending and Supplementing a Number of Articles of the Law on Promulgation of Legal Documents.

Accordingly, the Standing Committee of the National Assembly, the Government and the Presidium of the Central Committee of the Vietnam Fatherland Front shall also promulgate joint resolutions for guiding a number of necessary issues in the election of deputies to the National Assembly or People’s Councils besides detailing issues assigned by a law.

In addition, the Law provides that the submission report of the draft document must clearly state the necessity of promulgation of the law, ordinance or resolution; objectives and viewpoints of formulation of the law, ordinance or resolution; the drafting process; structure and basic contents of the draft document; consistency