Legal Document Updates in English (44/2016)

TO CLASSIFY PAY SCALE AND PAYROLL
IN STATE SECURITIES TRADING ORGANIZATION
 

Takes effect on December 10, 2016, the Circular No. 31/2016/TT-BLDTBXH dated October  25, 2016 on management of employees, salary, remuneration and bonus by organizations that are incorporated and operate as wholly state-owned single-member limited liability companies under the law on securities, including the Stock Exchange of Hanoi; the Stock Exchange of Ho Chi Minh and the Vietnam Securities Depository.

Securities trading organizations shall manage their employees, determine planned payroll budget, piece rate, salary advances and realized payroll and pay salaries and bonuses under section2, Article 9, 10 and 13 Section 3 and 4 of the Circular No. 26/2016/TT-BLDTBXH dated September 01, 2016.

MANAGEMENT AND UTILIZATION OF THE SOFTWARE FOR AGGREGATION
OF DATA ON LAND TRANSPORT INFRASTRUCTURE ASSET INVENTORY
 

On October 25, 2016, the Ministry of Finance issued the Circular No. 158/2016/TT-BTC on the management and utilization of the software for aggregation of data on land transport infrastructure asset inventory.

Accordingly, The data on land transport infrastructure assets in the software is subject to pre-input verification and validation by the Directorate for Roads of Vietnam or a Department of Transport. The national database on land transport infrastructure assets is a constituent of the

TO 2025, EVERY HOUSEHOLD SHALL BE GIVEN SUPPORT
TO DEVELOP PRODUCTION
 

In order to maintain, develop and enhance the position of the sparse ethnic minorities; lessen and eradicate poverty, ameliorate sustainably the material and spiritual life of the compatriots in order to narrow the growth gap with other local ethnic groups, Decrease the annual ratio of poor households to 7% - 8%...on October 31, 2016, the Prime Minister signed the Decision No. 2086/QD-TTg on the approval of the project of economic - social development for ethnic minorities with sparse population from 2016 to 2025.

At the Scheme, the Prime Minister emphasizes to invest in and upgrade the following essential facilities prioritized for the hamlets where the ratio of poor households is high: Road, bridge, sewer; irrigational and electrical infrastructure for production and living; substantial classrooms, teachers’ accommodation…at the same time, provide breeding

TO SUPPLEMENT GOODS AND SERVICES SUBJECT TO PRICE DECLARATION
 

On November 11, 2016, the Government issued the Decree No. 149/2016/ND-CP amending, supplementing a number of articles of the Decree No. 177/2013/ND-CP dated November 14, 2013 of the Government detailing and guiding a number of articles of the Law on Price.

This Decree prescribes 16 types of goods and services subject to price declaration (compared with 13 types as in previous regulations). Beside goods and services subject to price declaration in previous regulations such as services at sea ports; cement and constructional steel; coal; animal feed for cattle, poultry and aquatic animals; antidotal,  antiseptic, disinfectant drug, treatment for cattle, poultry and aquatic animals; aviation services at airport; textbooks; aviation services on the domestic routes in the list of regulation on price bracket; freight of passenger transportation on fixed routes by road; freight of passenger transportation by taxi; functional food for children below 06 years of age …the Decree also add three more goods and services such as freight of passenger transportation by railway with hard seat type and soft seat type; ethanol; liquefied natural gas, compressed natural gas (CNG); service of monitoring railway transportation.

TO FINE TO VND 100 MILLION IF NON-PUBLIC OFFERING
OF STOCKS FAILING TO APPLY FOR SECURITIES
 

This is one of the important contents prescribed at the Decree No. 145/2016/ND-CP dated November 01, 2016 of the Government on amending the Government’s Decree No. 108/2013/ND-CP dated September 23, 2013 on penalties for administrative violations against regulations on securities and securities market.

In particular, from December 15, 2016, any organization conducting the non-public offering of stocks inconsistently with the registered plan or regulated period; conducting the private placement of bonds inconsistently with the approved plan; or failing to open the escrow account at a commercial bank; failing to transfer the proceeds from the offering to the opened escrow account; releasing or using the proceeds from the offering before obtaining a written certification of offering results from the State Securities Commission of Vietnam shall have a fine from VND 70 – 100 million. This fine shall be imposed for failing to apply or delaying the application for registration of public company 36 months or more from the deadline; for delaying the application for securities listing and trading 03 – 06 months from the deadline.