VN, Laos to sign border trade agreement
VGP – The PM has issued a Decision directing negotiations on a border trade agreement with Laos. The PM assigned the Ministry of Industry and Trade to set up an interdisciplinary delegation in charge of negotiating the agreement. Viet Nam-Laos border trade has yielded positive achievements over the past few years, contributing to expanding the market and a higher growth in the […]
Vietnam mulls criminal charges against employers avoiding pension obligations
Employers who avoid buying mandatory social and health insurance for their employees will face criminal charges rather than civil penalties, under newly proposed legislation. “Violations related to social and health insurance have become more common,” said minister of Justice Ha Hung Cuong. “The violations have caused serious consequences not only to the rights and benefits […]
Mass transit sector gets a boost
Specifically, from July 1, bus enterprises will receive funds from the state budget for infrastructure development, including land funds, facilities to connect buses and other means of transport or investment in clean-energy buses, etc., and enjoy soft loans. These enterprises will also enjoy duty exemption for imported spare parts and components to manufacture and assemble […]
New contractor selection rules to lure private investment
The Government has recently issued a decree detailing provisions of the Bidding Law regarding selection of investors. Decree No. 30/2015/ND-CP, which will take effect early next month, regulates the selection of investors to implement investment projects in the form of public-private partnership (PPP) and projects to build new urban centers, commercial houses, trade and service […]
MoF imposes new gold tax
Viet Nam’s jewellery exports have steadily decreased in recent years, from nearly US$3 billion in 2011 to only $670 million in 2014.— Photo hanoimoi HA NOI (VNS) — Most domestic jewellery producers have ignored an increased export tax imposed on gold jewelry, as the new duty does not affect their businesses. Under Decision 36/2015/TT-BTC, the […]
Vietnam allows foreigners to own homes for 100 years
Vietnam will allow foreigners to extend their home ownership by another 50 years, after the first 50-year period ends, according to a draft decree. Last November legislators amended the law on foreign property ownership to allow foreign investment funds, foreigners with valid visas, international firms operating in Vietnam and overseas Vietnamese to buy residential properties. […]
Depositing in foreign banks may require information declaration: draft circular
The State Bank of Vietnam (SBV) says it is drafting a Circular guiding the transaction of term deposits in credit organisations and foreign bank branches. Accordingly, credit organisations and foreign bank branches (except for financial companies and financial leasing companies) are allowed to receive term deposits from individuals and organisations as specified in in the […]
Credit ratings for issuance of corporate bonds from 2020
The issuance of corporate bonds in Vietnam will have to undergo credit ratings from 2020. This will be a major change in the bond market. This is the content of the Decision approving the development planning of credit rating service by 2020 with vision to 2030 issued by the prime minister on April 17. Another […]
New Law on Civil Status
Taking effect January 1 next year, the new Law on Civil Status (the Law) will guarantee harmony among the legal frameworks on civil status, family records and citizen identity. Composed of 77 articles arranged in seven chapters, the Law focuses on competence and procedures for civil status registration. Ensuring civil status registration right and obligation […]
Social insurance policy proposed for revision before effect
For the first time in the country’s lawmaking history, a law is likely to be revised before it comes into force as the Government is set to propose the National Assembly to amend the Social Insurance Law with effect from next year. The proposal to allow workers to choose between receiving lump sum insurance payouts […]