Legal Document Updates in English (48/2014)

LEGAL CAPITAL LEVEL OF A CREDIT RATING AGENCY IS VND 15 BILLION
 

The legal capital level of a credit rating agency for its credit rating activities is VND fifteen (15) billion is the content prescribed at the Decree No. 88/2014/ND-CP dated September 26, 2014 of the Government on credit rating services. The legal capital level is exclusive of legal capital level for other business lines a credit rating agency may conduct in accordance with law.

Also in accordance with this Decree, from November 15, 2014, limited liability companies; joint-stock companies and partnerships which having an enterprise registration certificate; having a paid-up charter capital at least equal; having a general director or director; having at least five (5) employees; who meet the criteria and conditions for members of credit rating councils; having at least ten (10) employees who meet the criteria and conditions for analysts; having tentative business plans; being in line with the master plan on development of credit rating services shall be granted of business eligibility certificates.

EXEMPTING THE IMPORT TAX FOR 5 YEARS FOR MEDICAL EQUIPMENTS
 

This is the content prescribed at the Decision No. 54/2014/QD-TTg dated September 19, 2014 of the Prime Minister on import duty exemption for components imported to produce or assemble medical equipment prioritized for research and manufacture.

In particular, the Prime Minister agrees to exempt from import tax for components imported under investment projects to produce or assemble medical equipment prioritized for research and manufacture.

Within that, goods being components imported for investment projects to produce

PECUNIARY PENALTY TO VND 10 MILLION IMPOSED ON HOUSING LAND ENCROACHMENT
AND APPROPRIATION
 

From December 25, 2014, pecuniary penalty ranging from VND 5,000,000 to VND 10,000,000, imposed on housing land encroachment and appropriation or pecuniary penalty ranging from VND 3,000,000 to VND 5,000,000, imposed on encroachment and appropriation violations in terms of the land parcel that is used for rice cultivation, specialized, protective and production forests, non-agricultural purposes other than the housing land…are the contents prescribed at the Decree No. 102/2014/ND-CP issued by the Government on November 10, 2014 on administrative violations on land sector.

Also from December 25, 2014, warning or pecuniary penalty ranging from VND 500,000 to VND 1,000,000 for violations like failure to obtain the first registration of land and pecuniary penalty ranging from VND 2,000,000 to VND 5,000,000, imposed on the changes to land parcels but such changes have not been registered in accordance with laws.

Pecuniary penalty ranging from VND 3,000,000 to VND 5,000,000 for individuals and VND 6,000,000 to VND 10,000,000for organizations for the willful use of land title to serve the purpose of disposition, allocation, lease,

HIGH-SPEED VESSELS HAVE THE MAXIMUM PERIOD OF 20 YEARS MEASURED
 

On November 20, 2014, the Government issues the Decree No. 111/2014/ND-CP prescribing the useful life of inland waterway vessels and the useful life of vessels permitted for import and takes effect on January 05, 2015.

Accordingly, inland waterway vessels have useful life from 18 – 35 years depending on each types and material. In particular, hovercrafts with metal, fiber- reinforced plastic, ferrocement or reinforced concrete hull, not exceeding 18 years; the high-speed passenger ships has useful life not exceeding 20 years; for Ships carrying dangerous goods, oil, liquefied gases in bulk and passenger ships other than overnight cruises, floating hotels, floating restaurants, high-speed ships and hovercrafts shall have useful life not exceeding 30  years with wooden hull, not exceeding 25 years. Besides, the Decree also prescribes the ages for

AGRICULTURE’S GDP PROPORTION OF 15%
 

The Prime Minister has just signed the Decision No. 1342/QD-TTg dated August 12, 2014 approving the plan of action to develop agricultural machinery industry in implementation of Vietnam’s industrialization strategy within the framework of Vietnam - Japan cooperation through 2020, with a vision toward 2030.

This Strategy shall be implemented to 2020 with the issues to encourage farmers to use agricultural machinery; to encourage manufacturers to supply agricultural machinery based on farmers’ demand such as supplementing and completing tax regulations so that factories assembling agricultural machinery may purchase some domestically manufactured parts; Building the capacity (equipment and training) of experimentation laboratories and centers for