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 […]
Compulsory reserve to be reduced for credit institutions
The State Bank Governor may consider and decide to reduce the compulsory-reserve rate to zero percent for credit institutions placed under special control.Such is provided in the State Bank’s Circular No. 23/2015/TT-NHNN dated December 4, 2015, amending some points in the Regulation on compulsory reserves applicable to credit institutions promulgated together with Decision No. 581/2003/QD-NHNN […]
Construction regulation violators to face stiff fines
Violations of construction investment regulations would carry a maximum fine of VND 1 billion, according to a draft decree on sanctioning of administrative violations in the construction sector.The draft decree, elaborated by the Ministry of Construction, also proposes imposing a fine of up to VND 300 million for violations of regulations on exploitation, processing and […]
Detailed rules on investment conditions and procedures
The long-awaited decree detailing the implementation of the 2014 Investment Law was finally issued last month with clear regulations on investment conditions and procedures, especially those applicable to foreign investors.With the release of the above-said decree, Decree No. 118/2015/ND-CP, until now, all four decrees guiding the Investment Law have come out. Three other decrees include […]
PM urges stricter control of energy-inefficient, polluting projects
The Prime Minister on November 27 issued a directive to urge stricter control of investment projects that overuse natural resources and energies, causing environmental pollution. . . With Directive No. 30/CT-TTg, the Prime Minister reviews the formulation of regulations on energy consumption norms and efficiency and the minimum energy efficiency rate realized in the recent […]