Legal Document Updates in English (44/2017)

PRICE USED FOR CALCULATING FEES
FOR GRANTING THE MINERAL RIGHT
 

Methods for conversion from taxable price of resource royalty for determining price used for calculating fees for granting the mineral right issued by the Ministry of Natural Resources and Environment at the Circular No. 38/2017/TT-BTNMT dated October 16, 2017.

In accordance with the Circular, price used for calculating fees for granting the mineral right which is converted from the taxable price of resource royalty (hereinafter referred to as “taxable price”) in accordance with regulations of law on resource royalty at the time of calculation of fee for granting the mineral right (unit: VND/unit of mineral reserve). Within that: the taxable price which is issued by the People's Committee of a province and is applicable at the time of

OVERSEAS REPRESENTATIVE AGENCIES OF VIETNAM
SHALL NOT USE CASH WHEN PAYING FOR THE BENEFICIARY
 

This is one of the content prescribed at the Decree No. 117/2017/ND-CP stipulating on management and use of state budget for some external relations activities issued by the Government on October 19, 2017. In particular:

Heads of overseas representative agencies of Vietnam shall consider and decide on selecting prestigious banks in the host country to open the account of overseas representative agencies to serve for operation and ensure the budget and deposit. Overseas representative agencies of Vietnam shall use means of payment and not use cash when paying for the beneficiary excluding the cases such as overseas representative agencies are located in countries that the payment account system is undeveloped, the units providing services don’t have bank accounts;  items that are allowed to pay in cash as stipulated by the Ministry of Finance;

ENSURING SECURITY, SAFETY
FOR BANKING OPERATION
 

On October 11, 2017, the State Bank of Vietnam issued the Directive No. 07/CT-NHNN on strengthening prevention and protection of violations in the field of monetary and banking, ensuring security, safety for banking operation, contributing to financial and monetary stabilization.

In accordance with this Directive, Leaders of organizations must pay attention and raise responsibility in managing, inspecting and supervising operation of the unit; To thoroughly understand all key personnel in the whole system, direct the drastic deployment of measures to prevent and combat violations in the monetary and banking sector in an effective and solid manner, particularly,  violations are such as violations on lending; violations on capital mobilization and deposit; violations on the management, control, internal control….

In particular, Non-objective loan evaluation leads to ineligible loans, concentrated lending, investment in the real estate sector bearing many risks, breach of credit limit,

THE PUBLIC ACCOUNTING SECTOR
 

On October 10, 2017, the Ministry of Finance guiding the public sector accounting at the Circular No. 107/2017/TT-BTC. Accordingly, public sector entities must use same forms of compulsory accounting vouchers prescribed in this Circular. During the implementation, public sector entities may not modify forms of compulsory accounting vouchers.

Apart from compulsory accounting vouchers prescribed in this Circular and other documents, public sector entities are entitled to design their own accounting vouchers that reflect their accrual economic events. Cheques, receipts, and valuable papers must be managed similarly to money.

The public sector entity must set up accounting books to record, systematize, and keep all accrual economic events

PROCEDURES FOR AIRCRAFT ON EXIT AND ENTRY AND IN TRANSIT
THROUGH THE NATIONAL SINGLE WINDOW MECHANISM
 

On September 26, 2017, the Decision No. 43/2017/QD-TTg issued by the Prime Minister on prescribing the responsibility to carry out procedures for aircraft on exit and entry and in transit through the National Single Window mechanism.

This Decision points out clearly that the responsibilities to carry out and order for carrying out procedures for aircraft on exit and entry and in transit at international airports through the National Single Window mechanism (https://www.vnsw.gov.vn). Person carrying out procedures is the flight captain or a lawful representative of the carrier (airline or airline agent), or a related organization or person who makes declaration and carries out procedures for an aircraft on exit or entry or in transit.

Persons carrying out procedures must declare and submit information and documents in accordance with