Practical support policies needed for SMEs
Supports for small- and medium-sized enterprises (SMEs) to promote their innovations and enhance their competitiveness at home and global markets should focus on synchronous mechanisms, policies and finance regimes which must be implemented in a prompt manner and for appropriate purposes, said Deputy Minister of Planning and Investment Dang Huy Dong At a meeting held […]
Penal liability of legal entities under revised Penal Code: an initial analysis
The revised Penal Code (the 2015 Code) was just passed by the National Assembly at its year-end session and will take effect on July 1 next year. New provisions on the penal liability of legal entities make up the most important change in the Code since its initial promulgation in 1985.Nguyen Cong LongJustice Department, National […]
Amended Investment & Enterprise Laws put into reality
The amended Investment and Enterprise Laws were put into practice over half of a year with sharp increase in the number of newly-established enterprises and positive signals. Especially, six guiding documents were introduced with a view to ensuring the effective enforcement of the two laws. New record and positive signals Since the amended Investment and Enterprise Laws came into effect on July 1, 2015, the […]
Conditions for foreign parties to join in founding Vietnam-based non-bank credit institutions
In order to become a founder of a non-bank credit institution operating as a single-member limited liability company, a foreign credit institution must have total assets of over USD 10 billion at the end of the year preceding the year of license application. . . Under the State Bank of Vietnam’s Circular No. 30/2015/TT-NHNN dated […]
New guidance on offshore indirect investment
From February 16, six types of institutions, including securities companies, fund management companies; securities investment funds (through fund management companies), securities investment companies; insurance businesses; commercial banks; general financial companies; and the State Capital Investment Corporation, will be licensed to deal in offshore indirect investment. . . Under Government Decree No. 135/2015/ND-CP of December 31, […]
Legal documents issued from January 11 thru 17
From January 11 thru 17, six legal documents were issued, including: Code Subject Promulgating agency/person Date of promulgation Effective date Decree No. 05/2016/ND-CP On policies and regimes toward relatives of non-commissioned officers and soldiers performing compulsory service in the People’s Public Security force Government January 11, 2016 March 1, 2016 Decision No. 74/QD-TTg Approving the […]
Ten laws come into force from January 1, 2016
1. The Law on Social InsuranceUnder this Law, male employees who are paying social insurance premiums and whose wives give birth to children are entitled to a maternity leave of 5 working days; or 7 working days in case of caesarean section or where their wives give birth before the 32nd week of pregnancy; or 10 working […]
Draft decree aims at stricter control of animal feed production
Animal feed producers must have investment certificates, enterprise registration certificates or business household certificates, otherwise they would be eliminated from the business.Such requirement is set in a draft decree recently released by the Ministry of Agriculture and Rural Development (MARD) for public comments. . . The draft also stipulates that animal feed mills must be […]
Foreign contractor tax in Vietnam
Vietnam has a specific foreign contractor tax (FCT). The rules describe the tax obligations of foreign entities and individuals who do business in or receive income from Vietnam. FCT legislation has been developed and amended from time to time since it was issued in 1995. The current FCT regime dates from 2014. It clarifies previous […]
Laws on interest rates, penalties, and fees in lending activities of credit institutions in Vietnam
In general, pricing policy of a credit institution (which includes interest rate and non-interest income) is based on several factors, such as pricing structure (cost of funds, direct and indirect incomes from credit assets) and pricing principles (pricing according to risk level of each category of clients, credit assets and expected return), and must foster […]