Draft decree specifies resolution of disputes through commercial conciliation
Professional commercial conciliation might soon become a new and effective way for settling disputes, in addition to traditional ones like litigation and arbitration, if a draft decree recently unveiled by the Ministry of Justice is approved.Under the 38-article draft, commercial conciliation may be applied to settle all disputes arising from commercial activities, disputes to which […]
Government issues 15 legal documents in June
VGP – The Government and the PM issued 15 legal documents in this June, including seven Decrees of the Government and eight Decisions of the PM. Accordingly, Decree No. 54/2015/NĐ-CP on providing incentives for economical and efficient water use activities defines that preferential treatment will be given to economical and effective use of water, reuse of water […]
Construction insurance to be made compulsory
Project owners and contractors would have to purchase insurance for their construction works, according to a draft decree on compulsory construction insurance recently unveiled.According to the draft, which is prepared by the Ministry of Finance, compulsory construction insurance would be required for national important projects, large-scale complicated construction works, works and work items likely affecting […]
Draft decree sets government guarantee limits for projects
Government guarantee for an investment project must not exceed 70 percent of its total investment, according to a draft decree recently unveiled by the Ministry of Finance for public opinion. Under the draft, which is designed to replace Decree No. 15 dated February 16, 2011, guarantee levels would be decided based on project types.Specifically, the […]
Legal capital for real estate business reaffirmed
An enterprise engaged in real estate business must have a legal capital of at least VND 20 billion (instead of current VND 6 billion). Exceptions are organizations, households and individuals that sell, transfer, lease or grant hire-purchase of real estate on an occasional and infrequent basis or on a small scale. Such is […]
National single window customs mechanism launched
Prime Minister Nguyen Tan Dung launched the implementation of the national single window customs mechanism and the technical connectivity with the ASEAN mechanism on September 8. Also attending the event were Deputy Prime Minister Vu Van Ninh, Deputy Prime Minister and Foreign Minister Pham Binh Minh and ASEAN Secretary General Le Luong Minh, among others. […]
Domestic traders to join multi-national distribution networks
By 2020, Vietnam will have its exports distributed directly to large markets of Europe, North America, Southeast Asia and Northeast Asia as well as countries that have signed free trade agreements with Vietnam. This goal is set forth in a Prime Minister decision approving the scheme to promote Vietnamese enterprises’ direct participation in foreign distribution […]
Council proposes 12.4 percent increase of region-based minimum wages
Members of the National Wage Council reached a high consensus of raising region-based minimum wages in 2016 by 12.4 percent at its third and final meeting on September 3 in Hanoi. Accordingly, minimum wages would be lifted to VND 3.5 million, 3.1 million, 2.7 million and 2.4 million, respectively, for workers in regions I, II, […]
New circular on sale of bank loans: an overview (Practical note)
On July 17, 2015, the State Bank of Vietnam (the SBV) released Circular No. 09/2015/TT-NHNN regulating debt purchase and sale by credit institutions and foreign bank branches (Circular 09), with effect from September 1, 2015. This Circular replaces Decision No. 59/2006/QD-NHNN of the SBV Governor dated December 21, 2006, on the same (Decision 59). Overall, […]
Draft decree to draw more foreign investors into agriculture
Foreign investors investing in agriculture would be treated on an equal footing with domestic businesses.This is highlighted in a draft decree on policies to encourage foreign investment in agriculture and rural development recently released by the Ministry of Agriculture and Rural Development (MARD). There would be no discrimination between foreign and local investors in accessing […]