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In This Updates: |
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FINANCE – BANKING |
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FINANCE – BANKING |
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Circular No. 29/2018/TT-NHNN dated November 30, 2018 of the State Bank of Vietnam on guiding the certification and management of deposits paid by multi-level marketing enterprises |
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Multi-level marketing enterprises are allowed to deal the interest on deposit |
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Circular No. 28/2018/TT-NHNN dated November 30, 2018 of the State Bank of Vietnam on amending and supplementing a number of articles of the Governor of the State Bank of Vietnam’s Circular No. 40/2011/TT-NHNN of December 15, 2011, providing the grant of licenses for and organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign institutions engaged in banking activities in Vietnam |
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New requirements on head offices of commercial banks |
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INFORMATION - COMMUNICATIONS |
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INFORMATION - COMMUNICATIONS |
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Circular No. 16/2018/TT-BTTTT dated December 05, 2018 of the Ministry of Information and Communication on amending and supplementing the Circular No. 39/2016/TT-BTTTT dated December 26, 2016 of the Minister of Information and Communications on regulation on specimen telecommunications contract and general transaction terms and conditions |
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Telecommunications service providers must protect user information |
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POLICY |
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POLICY |
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Resolution No. 140/NQ-CP dated November 09, 2018 of the Government on the Government's regular meeting - October 2018 |
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Ho Chi Minh City: Not to exempt tuition fee for junior high school students |
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NAVIGATION |
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NAVIGATION |
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Decree No. 159/2018/ND-CP dated November 28, 2018 of the Government on the management of dredging operations within seaport water and inland water areas |
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Dredging projects in port waters must take the evaluation of environmental impacts |
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FOREIGN AFFAIRS |
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FOREIGN AFFAIRS |
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Resolution No. 72/2018/QH14 dated November 12, 2018 of the National Assembly on ratification of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and relevant documents |
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To ratify Comprehensive and Progressive Agreement for Trans-Pacific Partnership |
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SUMMARY:
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From January 18, 2019, the certification and management of deposits paid by multi-level marketing enterprises shall be applied in accordance with the Circular No. 29/2018/TT-NHNN of the State Bank of Vietnam. Accordingly, when wishing to pay a deposit at a commercial bank or foreign bank branch (below referred to as deposit-receiving bank), an enterprise and the deposit-receiving bank shall sign a deposit contract with these following contents: Name, address and lawful representative of the enterprise; name, address and lawful representative of the deposit-receiving bank (or its branch); deposit amount; interest on deposit… In case the enterprise changes its charter capital and wishes to adjust the deposit amount, the deposit-receiving |
bank and enterprise shall modify the deposit contract or sign a new deposit contract. Also in accordance with this Circular, the interest on deposit shall be agreed upon in the deposit contract between an enterprise and a deposit-receiving bank in accordance with the State Bank of Vietnam’s regulations on interests on Vietnam-dong deposits in each period. If the enterprise terminates multi-level marketing activities and fails to fulfill obligations related to multi-level sale activities for participants in multi-level sale, the Ministry of Industry and Trade shall request for deduction from deposit for the person engaged in multi-level marketing or under the competent agency’s sanctioning decision. This Circular is issued on November 30, 2018. |
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On November 30, 2018, the State Bank of Vietnam issues the Circular No. 28/2018/TT-NHNN on amending and supplementing a number of articles of the Governor of the State Bank of Vietnam’s Circular No. 40/2011/TT-NHNN of December 15, 2011, providing the grant of licenses for and organization and operation of commercial banks, foreign bank branches, and representative offices of foreign credit institutions and other foreign institutions engaged in banking activities in Vietnam. Within that, the requirement with head offices of commercial banks is one of the amending contents in this Circular. To be specific, the head office of commercial bank must meet the following requirements: - Be located within the Vietnamese territory and at a given address with the name of building (if any), house number, alley, street, road, village, hamlet, commune, ward, |
township, district, town, provincial city, province or centrally run city; - Have telephone and fax numbers and email address (this is not required in the previous provision); - In case a commercial bank registers to base its head offices at more than one house number or building at different addresses, these house numbers or buildings must be adjacent. Noticeably, this Circular also requires the document proving the capacity of the projected governance, control and administration apparatus must include criminal record certificates must be issued by criminal record database-managing agencies, containing information on previous criminal conviction status… This Circular takes effect on January 15, 2019. |
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Ü INFORMATION - COMMUNICATIONS
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On December 05, 2018, the Ministry of Information and Communications issues the Circular No. 16/2018/TT-BTTTT to amend and supplement the Circular No. 39/2016/TT-BTTTT on regulation on specimen telecommunications contract and general transaction terms and conditions. According to this Circular, the telecommunications service providers have the obligation to ensure the confidentiality of users’ information and shall only reveal such information to the third party after obtaining the user’s prior consent, unless otherwise prescribed by laws. Additionally, telecommunications service providers must provide quality services as declared in advance and must not refuse to provide services under contract or unilaterally terminate the contract, unless in |
special circumstances. Moreover, those providers must notify users of termination of telecommunication service business at least 30 days prior to official termination. On the term of solving customers’ complains, this new Circular repeals the regulation that telecommunications service providers must solve the customers’ complains within 05 days, its only states that those providers must solve the complaint in a reasonable time limitation according to legal provisions. This Circular takes effect on January 21, 2019. |
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Ü POLICY
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The Resolution No. 140/NQ-CP on the Government's regular meeting - October 2018 is issued on November 09, 2018 by the Government. At this Resolution, the Government provides opinions on many economic and social issues, including policies on the exemption of tuition fees for junior high school students in public schools in Ho Chi Minh City. Specifically, the Government does not agree with this policy of Ho Chi Minh City, for the time being, the People's Committee of Ho Chi Minh City shall continue to apply the tuition policy for junior high school students in accordance with the current law. Regarding the national high school examination in 2019, the Government requires the Ministry of Education and |
Training to direct and organize this examination on the foundation of continuing to leverage the positive aspects and at the same time overcoming shortcomings and weaknesses of the past examinations, especially the development of exam questions, examination monitoring, grading methodologies... The Government also agrees to apply the base salary which is VND 1.39 million/month as the price of medical examination and treatment. The Ministry of Health shall assume the prime responsibility for, and coordinate with concerned ministries and agencies in reporting to the Prime Minister for consideration and decision on specific application timeline in 2018. |
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On November 28, 2018, the Government issues the Decree No. 159/2018/ND-CP on the management of dredging operations within seaport water and inland water areas with many noticeable contents. - Accordingly, basic dredging projects to be implemented in port waters and inland waters shall be subject to the evaluation of environmental impacts in accordance with laws on environmental protection. - As for maintenance dredging projects to be implemented as annual activities, the evaluation of environmental impacts or environmental protection plans shall be carried out each year or at quinquennial intervals. |
- The resources and minerals collected during the dredging process shall be recovered in accordance with the law on natural resources and minerals. In addition, dredging activities are conducted through bidding in accordance with the auction law. Where the investor is not selected for project implementation, the Ministry of Transport and the provincial People's Committee shall, according to their competence, base themselves on the necessary level of the project to allocate funds for the dredging activities. This Decree takes effect on January 11, 2019. |
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On November 12, 2018, the National Assembly ratifies the Resolution No. 72/2018/QH14 on ratification of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and relevant documents. Specifically, Comprehensive and Progressive Agreement for Trans-Pacific Partnership and relevant documents are ratified are signed on March 08, 2018 in Santiago of Chile. This Resolution also states |
that the entire content of CPTPP is applicable. Noticeably, there are 07 Code and Laws that shall be amend and supplemented according to the CPTPP’s route, include: 2012’s Labor Code; 2005’s Law on Intellectual property (amended in 2009); 2015’s Criminal Code (amended in 2017)… |
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