Legal Document Updates in English (50/2014)

NOT ALLOW THE ENTERPRISE’S NAME IS TO BE IDENTICAL TO THAT OF A PERSONALITY
 

On October 01, 2014, The Ministry of Culture, Sports and Tourism issued the Circular No.10/2014/TT-BVHTTDL guiding to name for enterprises so as to be suitable with the national history, culture, ethnics, and fine traditions and customs.

Accordingly, organizations or individuals that have registered their enterprises operating in the Vietnamese territory in accordance with Vietnamese law are not allowed to name for enterprises so as to be un-suitable with the national history, culture, ethnics, and fine traditions and customs. In particular, the naming of enterprises violates national history when naming an enterprise after the name of a personality, unless the enterprise founder names his/her enterprise after its proper name which is partly or fully identical to that of a personality. In this case, the enterprise’s name must be exactly the same as the founder’s full name stated in his/her birth certificate; the enterprise is jointly established by many organizations and individuals and is to be named after the proper name of one

ENTERPRISE MAY MAKE DEDUCTIONS FOR 10% OF THE INCOME SETTING UP
ITS SCIENCE AND TECHNOLOGY DEVELOPMENT FUND
 

In accordance with the Decree No. 95/2014/ND-CP dated October 17, 2014 of the Government On investment in, and the financial mechanism applicable to, scientific and technological activities. A state enterprise shall annually deduct between 3% and 10% of the income liable to enterprise income tax to set up its science and technology development fund. A non-state enterprise may make deductions for setting up its science and technology development fund at an appropriate level not exceeding 10% of the income liable to enterprise income tax.

Science and technology development funds are set up to invest in promoting scientific and technological potential for enterprises themselves and their production and business sectors, contributing to raising effectiveness and competitiveness; performance of national-, ministerial- and provincial-level scientific and technological tasks; performance of enterprises’ scientific and technological tasks; Investing in technical and physical foundations for scientific and technological activities of enterprises; procuring machinery and equipment accompanied by objects of technology transfer so as to replace part or the whole of technologies currently in use with more advanced ones in order to improve productivity and product quality or renovate or develop new products; procuring of the right to use or own technological know-how and knowledge

ISSUE ONLY ONE AUTO PAYMENT FOR ONE ACCOUNT AT ONE BANK
 

In accordance with the Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the State Bank of Vietnam guiding on payment intermediary service, Providers of auto payment are not allowed to issue only one time for auto payment for one account at one bank from March 01, 2015.

Also in accordance with this Circular, payment into auto payment, withdraw money out of auto payment of customers must be done through solvency account of customers at the bank.  Providers of auto payment are not allowed to provide credit for customers of using auto payment, paying interest on the balance or any action that can raise the amount of money on auto payment. For non-banking organizations allowed by the State bank of Vietnam for some types of payment intermediary services such as financial telecommunications services; electronic clearing services; electronic payment services;  collection off-payment and payment off-payment support service; money transfer support service and auto service shall  reissue the Licenses for providing payment intermediary services from March 01, 2015. Nine months after the effective day of this

SUBJECTS ALLOWED TO EXIT AND ENTRY THE LAND BORDER GATES
 

On November 21, 2014, the Government issued the Decree No. 112/2014/ND-CP providing the management of land border gates and replaces the Government’s Decree No.32/2005/ND-CP of Marcy 14, 2005, on the Regulation on Land Border Gates; within  that supplement the principles on the subjects allowed to exit and entry the land border gates.

In particular, persons eligible to enter and exit a border gate area includes passengers on exit or entry; cadres, combatants, employees and civil servants of specialized state management agencies or related state agencies with working offices in the border gate area; employees of agencies and organizations and individuals conducting service and commercial activities in the border gate area; persons operating or working onboard vehicles carrying imports or exports, or passengers on entry or exit; goods owners, persons dealing in exports and imports  who enter and exit the border gate area for carrying out goods import and export procedures; persons coming to work with specialized state management agencies or related agencies with working offices in the border gate area; and persons coming for medical examination and treatment (if

THE APPLICATION OF THE AUTOMATIC IMPORT LICENSING REGIME
TO A NUMBER OF FERTILIZER PRODUCTS
 

The Ministry of Industry and Trade issued the Circular No. 35/2014/TT-BCT dated October 15, 2014 prescribing the application of the automatic import licensing regime to a number of fertilizer products, including urea, whether or not in aqueous solution; mineral or chemical fertilizers containing the three fertilizing elements, namely nitrogen, phosphorus and potassium.

Automatic import licenses are valid for 30 (thirty) days from the date of certification by the Ministry of Industry and Trade. Automatic import licenses shall be granted by the Ministry of Industry and Trade to traders in the form of certification of import registration applications for each shipment. A dossier of registration for automatic import licensing must comprise a  Automatic import registration application; Enterprise registration certificate or business