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In This Updates: |
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INVESTMENT |
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INVESTMENT |
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Decree No. 83/2015/ND-CP dated September 25, 2015 of the Government prescribing offshore investment |
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May transfer capital overseas for investment
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Page 2 |
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TAX – FEE – CHARGE |
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TAX – FEE – CHARGE |
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Joint Circular No. 158/2015/TTLT-BTC-BTP dated October 12, 2015 of the Ministry of Finance and the Ministry of Justice on regulations on collection, payment and management of fees for certification of true copies from originals, authentication of signatures, contract and transactions |
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Maximum level of fees should not exceed VND 200,000/copy |
Page 2 |
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EXPORT – IMPORT |
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EXPORT - IMPORT |
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Circular No. 23/2015/TT-BKHCN dated November 13, 2015 of the Ministry of Science and Technology on import of used machinery, equipment and technological lines |
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May import used equipment with age not exceed 10 years |
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Circular No. 143/2015/TT-BTC dated September 11, 2015 of the Ministry of Finance prescribing customs procedures for, and management of, automobiles and motorcycles of subjects permitted to import or temporarily import these automobiles and motorcycles for non-commercial purposes |
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Individuals may import only 1 automobile and 1 motorcycle within one year |
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INDUSTRY |
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INDUSTRY |
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Decision No. 1829/QD-TTg dated October 28, 2015 of the Prime Minister on ratification of action plan for development of automobile and automobile part industry to implement VietNam’s industrialization strategy within the framework of Vietnam – Japan cooperation towards 2020 and an orientation towards 2030 |
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By 2020, automobile price is reduced |
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SUMMARY:
Ü INVESTMENT
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MAY TRANSFER CAPITAL OVERSEAS FOR INVESTMENT |
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According to the Decree No. 83/2015/ND-CP dated September 25, 2015 prescribing offshore investment, an investor may transfer foreign currency, goods, machinery and equipment overseas before being granted an offshore investment registration certificate to pay expenses for the formulation of an investment project including: Market and investment opportunity research, field survey…. Of which, the limit on foreign currency transferred overseas is 5% of total offshore investment capital and USD 300,000 in real value, and shall be included in the total offshore investment capital. An investor shall submit three sets of dossier of application for an offshore investment registration certificate to the Ministry of Planning and Investment, and concurrently register investment information on the national information system on offshore investment. The Ministry of Planning and Investment shall check the validity of the dossier. In case the dossier is invalid or needs clarification of some information, within five working days after receiving the dossier, the Ministry of Planning and Investment shall issue a written notice to the investor for dossier completion. For a project with registered foreign currency capital equivalent to VND 20 billion or more to be transferred overseas, the Ministry of Planning and Investment shall collect written opinions from the State Bank of Vietnam. |
Within seven working days after receiving the written request from the Ministry of Planning and Investment, the State Bank of Vietnam shall send its written opinions to the Ministry of Planning and Investment. Past this time limit, if the Ministry of Planning and Investment receives no written opinion, the State Bank of Vietnam shall be regarded as having approved the investment project dossier. Under this Decree, immediately after its investment project is completed, an investor shall liquidate the project in accordance with the law of the host country or territory. Within six months after the tax finalization report, an investor shall transfer back home all remaining proceeds from the liquidation. If wishing to extend the time limit, an investor shall send a written request stating the reason to the Ministry of Planning and Investment for consideration and decision. Extension may be granted only once and must not exceed six months. Within 60 days after completing the liquidation of the investment project and transfer of all remaining proceeds (if any) from the liquidation of the investment project, an investor shall carry out procedures to terminate the offshore investment project. This Decree takes effect on the signing date and supersedes the Government’s Decree No.78/2006/ND-CP of August 9, 2006, prescribing offshore investment. |
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Ü TAX - FEE - CHARGE
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On October 12, 2015, the Ministry of Finance and the Ministry of Justice promulgated the Joint Circular No. 158/2015/TTLT-BTC-BTP on regulations on collection, payment and management of fees for certification of true copies from originals, authentication of signatures, contract and transactions. The Joint Circular regulates Level of fees collected for certification of true copies from originals, authentication of signatures, contracts and transactions as follows: certification of true copies from originals: VND 2,000/page; from third page on (VND 1,000/page) but maximum level of |
fees should not exceed VND 200,000/copy; Authentication of signatures: VND 10,000/case (one or more signatures in one single document). For authentication of contracts, transactions: contracts, transactions: VND 30,000/contract or transaction; Authentication of amendments, supplements or termination of contracts, transactions: VND 20,000/contract, transaction; Rectification of mistakes in authenticated contracts or transactions: VND 10,000/contract, deal; This Circular takes effect on November 30, 2015. |
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Ü EXPORT - IMPORT
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This is one of the significant contents under the Circular No. 23/2015/TT-BKHCN dated November 13, 2015 of the Ministry of Science and Technology on import of used machinery, equipment and technological lines and it takes effect on July 01, 2016. A piece of used equipment may be imported if it satisfies the following criteria: its age does not exceed 10 years; It is manufactured in accordance with a National Technical Regulation (QCVN) or Vietnam’s Standard (TCVN) or Standards of G7 countries with regard to safety, energy saving, and environmental protection. Particularly, used parts and components may only be imported when the manufacturing enterprise needs to replace or repair its |
operating equipment. The manufacturing enterprise may import itself or authorize another enterprise to do so. Where an enterprise has to import a piece of equipment whose age exceeds 10 years to sustain its manufacturing or business operation, the Ministry of Science and Technology shall cooperate with other ministries and agencies in considering the case based on the enterprise’s proposal and documents. With regard to used equipment that has been granted customs clearance, assembled, and put into operation, if safety, energy saving, environmental protection requirements are not complied with during the operation of the equipment, the enterprise shall incur penalties as prescribed by applicable law. |
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This is regulated under the Circular No. 143/2015/TT-BTC dated September 11, 2015 of the Ministry of Finance prescribing customs procedures for, and management of, automobiles and motorcycles of subjects permitted to import or temporarily import these automobiles and motorcycles for noncommercial purposes. Specifically, Vietnamese organization or individual may, within 1 (one) year, import only 1 automobile and 1 motorcycle donated by a foreign organization or individual. Conditions for motorcycles to be imported or temporarily imported are as follows: Being brand-new ones; Satisfying the national technical regulations on quality, technical safety and environmental protection for automobiles and motorcycles; Being permitted for registration and circulation in Vietnam (except import and temporary import |
without registration, or circulation as samples, or for product display, exhibition, research or testing). Under this Circular, overseas Vietnamese who are intellectuals, experts or skilled workers who return to the country to work for one year or more at Vietnamese state agencies’ invitation; Foreign experts who participate in the management and implementation of ODA programs or projects in Vietnam and organizations or individuals permitted to import or temporarily import automobiles and motorcycles under the treaties which Vietnam has signed or acceded to shall carry out the procedures for transfer within 30 (thirty) days before the expiration of their periods of working in Vietnam as certified by their managing agencies or before transferring automobiles or motorcycles to transferees. This Circular takes effect on October 26, 2015. |
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Ü INDUSTRY
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Taking effect on the signing date, the Decision No. 1829/QD-TTg issued on October 28, 2015 of the Prime Minister mentions on ratification of action plan for development of automobile and automobile part industry to implement Vietnam’s industrialization strategy within the framework of Vietnam – Japan cooperation towards 2020 and an orientation towards 2030. Under the Plan, the Prime Minister requests the Ministry of Finance, Ministry of Labor, War Invalids and Social Affairs coordinate with related ministries and sectors to reasonably adjust values subject to special excise tax of domestically produced automobiles and imported automobiles; Simplify procedures for export, import, and transport of parts, components from export-processors to serve the domestic |
market; Reduce import duties on automobiles parts and components that cannot be produced domestically; periodically review and revise the list of automobiles parts and components eligible for reduced import duties; Promote support by automobile manufacturers for industrial facilities (especially maintenance and repair)… The target by the end of 2020 is to healthily develop domestic automobile demand in a way that is appropriate for the infrastructure and avoids adverse effect on the environment and society; Reduce production costs, logistics costs, and automobile prices; Promote development of ancillary industries for the automobile industry; integrated into the regional and global manufacturing networks by taking Vietnam’s competitive advantage. |
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