Circular No. 61/2023/TT-BTC, issued by the Ministry of Finance on September 28, 2023, stipulates the latest schedule of fees for security transaction registration (“Circular 61”).
Let’s delve into the details together with Bizlawyer!
- Security Transaction Registration Fees:
- Initial registration of security measures with real estate (excluding securities registered centrally at the Vietnam Securities Depository and Clearing Corporation, aircraft), ships, perennial trees, temporary constructions: 80,000 VND/document;
- Registration of changes in registered security measure details: 60,000 VND/document;
- Registration of notices regarding the handling of secured assets, registration of changes in notices regarding the handling of secured assets: 30,000 VND/document;
- Removal of security measure registrations, removal of notices regarding the handling of secured assets: 20,000 VND/document;
- Issuance of certified copies of registration content: 20,000 VND/case;
- Information Provision Fees for Security Transactions involving Real Estate (excluding securities registered centrally at the Vietnam Securities Depository and Clearing Corporation, aircraft), ships, perennial trees, temporary constructions: 30,000 VND/document;
- Fees for Issuing User IDs for the Database on Security Transactions
- Issuing user IDs for one-time self-search
- Data retrieval based on basic criteria: 10,000 VND/time;
- Data retrieval based on basic and advanced criteria and requested by the registration agency to extract data: 2,000 VND/transaction;
- Issuing user IDs for regular self-search
- Data retrieval based on basic criteria: 300,000 VND/customer/year for requests submitted before July 1 each year and 150,000 VND/customer/year for requests submitted from July 1 each year;
- Data retrieval based on basic and advanced criteria and requested by the registration agency to extract data: 2,000 VND/transaction.
Circular 61 and the new regulations on the Registration Fees for Security Transactions mentioned above will take effect from November 15, 2023.
This news bulletin is intended solely for informing about newly enacted legal regulations and is not intended for specific cases or advisory purposes.
We hope this information is beneficial to our valued readers.
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REDUCTION OF LAND LEASE FEES IN 2023
The policy of reducing land rents, in effect since 2020 until now, has shown positive impacts on sectors such as real estate, manufacturing, and mining. Amidst continued economic and social challenges post-pandemic, the Government has issued Decision No. 25/2023/QD-TTg on November 17, 2023, regarding the reduction of land rents for the year 2023, outlining significant and noteworthy content.
Here, let’s explore the details together with Bizlawyer!
Applicable Entities: Decision No. 25/2023/QD-TTg applies to the following entities:
Organizations, units, enterprises, households, individuals directly leased land by the State according to Decisions, Contracts, or Certificates of land use rights, ownership of residential houses, and other properties attached to land by authorized state agencies under the form of annual land rent payment;
Cases where tenants do not fall under the exempted or reduced land rent categories, or when the exemption or reduction period for land rent has expired;
Tenants currently receiving reduced land rent according to land and related legal documents.
Reduction Percentage of Land Rent: As per this Decision, tenants in the mentioned cases will receive a 30% reduction in the land rent payable for the year 2023; this reduction doesn’t apply to outstanding land rents from previous years before 2023 and late payment fees (if any).
Significance:
Provides additional support resources for businesses amid the global economic phase and the specific challenges Vietnam faces due to continuous monetary policy tightening and consequences from ongoing wars;
Addresses economic bottlenecks and shortcomings, fostering positive effects and confidence among production and business households;
Significant cost savings from the land rent reduction policy could provide financial aid to businesses to overcome capital flow difficulties during this period.
The above constitutes the entire content of the news: Reduction of land taxes in 2023. Decision No. 25 will come into effect from November 20, 2023.
This news is solely intended to inform about newly issued legal regulations and is not meant for specific advisory or application purposes.
We hope this information is beneficial to our readers.
SHORTENING THE MANAGEMENT PERIOD FOR PETROLEUM PRICES
The government has issued Decree No. 80/2023/ND-CP on November 17, 2023, amending and supplementing certain provisions of Decree No. 95/2021/ND-CP dated November 1, 2021, and Decree No. 83/2014/ND-CP dated September 3, 2014, regarding petroleum business (“Decree 80“).
Decree 80 is considered a new advancement in the petroleum supply chain. One noteworthy point in Decree 80 is the shortening of the management period for petroleum prices.
Here, let’s explore the details together with Bizlawyer!
Decree 80 stipulates a reduction in the management/publication period for petroleum prices to 7 days instead of the previous 10 days as per earlier decrees. Specifically, whereas previously the management of petroleum prices occurred on the 1st, 11th, and 21st of every month, under Decree 80, the price management is fixed to occur every Thursday. Except for specific cases:
If the management day falls on certain special days in the year, it will be executed as follows:
If Thursday coincides with the last day of the lunar calendar (29th or 30th of Tet holiday), the petroleum price management will be conducted on the preceding Wednesday;
If Thursday falls on the 1st, 2nd, or 3rd day of Tet holiday, the price management will be conducted on the 4th day of Tet;
In cases where the management time coincides with designated holidays, it will be handled as follows: If Thursday aligns with the first day of a holiday, the price management will be conducted on the preceding Wednesday. If Thursday aligns with other holiday days, the price management will be carried out on the first working day after the holiday period.
In case petroleum products experience abnormal fluctuations affecting socio-economic development and people’s lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister to review and decide on an appropriate petroleum price management period.
The shortening of the management period for petroleum prices under Decree 80 has the potential to address the “phase lag” between domestic petroleum prices and global prices, contributing to better control of consumer price indices and balancing the interests between petroleum business enterprises, users of petroleum products, and consumers.
The above constitutes the entire content of the news: Shortening the management period for petroleum prices under Decree 80. Decree 80 will take effect from November 17, 2023.
This news is solely intended to inform about newly issued legal regulations and is not meant for specific advisory or application purposes.
We hope this information is beneficial to our readers.
NEW POINTS REGARDING LIMITATIONS ON THE NUMBER OF PETROLEUM DISTRIBUTION SOURCES FOR RETAILERS
In order to address existing shortcomings and simultaneously enhance competitiveness within the petroleum business sector, on November 17, 2023, the Government issued Decree No. 80/2023/ND-CP, amending and supplementing certain provisions of Decree No. 95/2021/ND-CP and Decree No. 83/2014/ND-CP regarding petroleum business operations (“Decree 80”).
Decree 80 is considered a significant stride in the petroleum supply chain. One of its noteworthy aspects is the limitation on the number of distribution sources for retail petroleum dealers.
Let’s delve into the details with Bizlawyer below!
Retail petroleum dealers are traders who act as agents to retail petroleum products at their retail petroleum stores for distribution parties to receive remuneration.
Upon the effective date of Decree 80 (November 17, 2023), retail petroleum dealers are allowed to enter contracts to act as retail petroleum dealers for a maximum of 03 (three) traders, which can be petroleum distribution traders or intermediary traders of petroleum business. This regulation in the petroleum business laws enables and permits dealers to select or change suitable supply units rather than solely contracting as traders granting retail petroleum sales rights to an intermediary trader or a petroleum distribution trader, as per previous regulations. This fosters a proactive and flexible environment for petroleum dealers, thereby creating competition in fuel discounts within the market.
Furthermore, the addition of these new regulations in the decree has rectified the “loopholes” in economic contracts among entities, including businesses, dealers, main dealers, or petroleum distribution traders, where responsibilities for ensuring sources and discount cost clarity were previously not tightly defined.
The above constitutes the entire content of the news: “Limitations on the number of distribution sources for retail petroleum dealers under Decree 80.” Decree 80 will take effect from November 17, 2023.
This news aims solely to inform about newly enacted legal regulations and is not intended for specific advisory or application in individual cases.
We hope this information is beneficial to our readers.
on June 12, 2022, the Government issued Decree 38/2022/ND-CP regulating the minimum wages for employees working under labor contracts (“Decree 38”). Decree 38 stipulates the monthly minimum wage and the hourly minimum wage applied to employees working under labor contracts; Effective from July 1, 2022; Replace Decree No. 90/2019/ND-CP dated November 15, 2019.
Here, let’s find out with Bizlawyer how to determine the region for the latest minimum wage under Decree 38!
– An employer located in a specific region shall apply the respective statutory minimum wage applied thereto.
– In the event that an employer has its affiliates and/or branches located in different regions to which different statutory minimum wages apply, such affiliates and/or branches must apply the respective statutory minimum wages applied thereto.
– If an employer is located in an industrial park or export processing zone located in the territory containing two or more regions to which different statutory minimum wages apply, the highest statutory minimum wage shall apply.
– If an employer is located in a region which is renamed or divided, the statutory minimum wage applied to that region before it is renamed or divided shall still apply until new regulations promulgated by the Government come into force.
– If an employer is located in a region which is converted or established from a region or by consolidation of two or more regions to which different statutory minimum wages apply, it shall apply the highest statutory minimum wage.
– In case an employer is located in a provincial city which is established from one or more regions in the region IV, it shall apply the statutory minimum wage applied to the remaining provincial cities as prescribed in Clause 3 of the Appendix enclosed Decree 38.
* This newsletter is only for informational purposes about newly issued legal regulations, not used to advise or apply to specific cases.
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In order to serve the appraisal of the Ministry of Justice on the Land Law (amended) project, the Ministry of Natural Resources and Environment has recently submitted Report No. 47/TTr-BTTMT to the Government, including the topic: detailed update on new points in the Draft Land Law (amended).
January – February 2023, Ministry of Natural Resources and Environment; Relevant ministries, branches, and People’s Committees of provinces and cities organize conferences, and seminars to collect people’s opinions on the draft Land Law (amended) (according to the plan in Resolution 150/NQ- CP in 2022 issued by the Government).
The issue of land use terms is one of the important contents, having a profound influence on many aspects of society, in the Draft Land Law (amended) has shown a significant adjustment orientation, As follows:
(1) Regarding land used with the definite term: Adding regulations on land allocation, land lease for construction of underground works, land for construction of aerial works, and extension of land use.
(2) Supplementing regulations on land use terms for cases where organizations, households, and individuals have received agricultural land use rights within the use limit of households and individuals through the settlement of land use rights decisions on mortgage contracts for debt settlement, decisions or judgments of the People’s Courts, judgment enforcement decisions of judgment enforcement agencies.
(3) Supplementing regulations on land use terms for the implementation of investment projects; to adjust and extend the project’s land use term.
*** Note: The Draft Land Law (amended) includes 237 articles, of which 48 articles remain unchanged; amending and supplementing 153 articles; added 36 new articles and abolished 8 articles.
* This newsletter is only for informational purposes about newly issued legal regulations, not used to advise or apply to specific cases.
I hope the above information is helpful to The Esteemed Readers.
Bizlawyer is pleased to accompany The Esteemed Readers!
In order to serve the appraisal of the Ministry of Justice on the Land Law (amended) project, the Ministry of Natural Resources and Environment has recently submitted Report No. 47/TTr-BTTMT to the Government, including the topic: detailed update on new points in the Draft Land Law (amended).
January – February 2023, Ministry of Natural Resources and Environment; Relevant ministries, branches, and People’s Committees of provinces and cities organize conferences, and seminars to collect people’s opinions on the draft Land Law (amended) (according to the plan in Resolution 150/NQ- CP in 2022 issued by the Government).
Supervision and settlement of land disputes is one the important contents, having a profound influence on many aspects of society, the Draft Land Law (amended) has shown a significant adjustment orientation, specifically as follows:
(1) Revising regulations on monitoring and evaluation for land use and management and responsibility for monitoring and evaluation system management.
(2) Supplementing regulations on specialized inspection of the land, which is an activity carried out regularly and continuously by agencies, organizations, units and individuals assigned the task of land management according to the Government’s regulations.
(3) Supplement the content of regulations on the mediation of land disputes for areas where commune-level administrative units are not established under the district-level People’s Committees.
(4) Amending regulations on the competence to settle land disputes in the direction that land disputes, disputes over land and land-attached assets shall be settled by the People’s Courts in accordance with the law on civil procedure. The People’s Committees at all levels are responsible for providing dossiers and documents related to the management and use of land as a basis for the People’s Court to settle according to their competence upon request.
Meaning of amendments in the Draft Land Law (amended)
– Contributing to improving the effectiveness and efficiency of state management;
– Detect, prevent and promptly handle violations in land management and use.
*** Note: The Draft Land Law (amended) includes 237 articles, of which 48 articles remain unchanged; amending and supplementing 153 articles; added 36 new articles and abolished 8 articles.
* This newsletter is only for informational purposes about newly issued legal regulations, not used to advise or apply to specific cases.
I hope the above information is helpful to The Esteemed Readers.
Bizlawyer is pleased to accompany The Esteemed Readers!
In order to serve the appraisal of the Ministry of Justice on the Land Law (amended) project, the Ministry of Natural Resources and Environment has recently submitted Report No. 47/TTr-BTTMT to the Government, including the topic: detailed update on new points in the Draft Land Law (amended).
January – February 2023, Ministry of Natural Resources and Environment; Relevant ministries, branches, and People’s Committees of provinces and cities organize conferences, and seminars to collect people’s opinions on the draft Land Law (amended) (according to the plan in Resolution 150/NQ- CP in 2022 issued by the Government).
Issue of compensation, support, and resettlement of land when the State recovers land as one of the important contents, having a profound influence on many aspects of society, the Draft Land Law (amended) has shown a significant adjustment orientation, specifically as follows:
(1) Amending and supplementing principles in the direction of diversifying forms of compensation for land for households and individuals whose land is recovered to suit the needs of land users and specific conditions of the land users. For each locality: In addition to compensation for land with the same use purpose, if there is no land, compensation in cash as prescribed in current regulations will be compensated with other land or houses if the locality has land and land users in need. Regulations on approval of compensation, support, and resettlement plans must be done before a decision on land recovery is issued.
(2) Supplementing regulations on the support fund for people with limited working capacity when the State recovers land established by the People’s Committee of the province. The Fund’s financial sources are deducted from local land use levies and land rents; contributions from organizations, individuals, and other sources as prescribed by law.
(3) Supplementing regulations for houses, and daily-life works attached to the land of households and individuals, are usually equal to the value of new construction of houses and works with technical standards. equivalent, regardless of the extent of damage to houses and works, and the responsibility to issue a price list of compensation for actual damage to houses and constructions.
(4) Supplementing regulations on people whose residential land is recovered to implement housing projects, old apartment renovation projects in sync with the system of technical infrastructure, social infrastructure, environmental protection, project relocation of works, production, and business establishments that are subject to relocation due to environmental pollution according to regulations, resettlement projects shall be arranged for on-site resettlement; stipulates the responsibility for investors of the above projects to set aside land and house funds for on-site resettlement.
(5) Supplementing regulations that where necessary, the competent authority to decide the investment policy of the project in accordance with the law on investment considers and decides to separate the contents of compensation, support, and resettlement into a project. separate projects and organize the implementation independently at the same time as approving the project investment policy. This regulation aims to speed up the implementation of investment projects by separating the content of land acquisition and site clearance into separate projects for implementation before the implementation of investment projects.
Meaning of amendments in the Draft Land Law (amended)
– Harmonize interests between the State, land users, and investors;
– Ensure sustainable and better livelihoods for people whose land is acquired;
– Overcoming the status of lawsuits and delays in site clearance for investment projects.
*** Note: The Draft Land Law (amended) includes 237 articles, of which 48 articles remain unchanged; amending and supplementing 153 articles; added 36 new articles and abolished 8 articles.* * This newsletter is only for informational purposes about newly issued legal regulations, not used to advise or apply to specific cases.
I hope the above information is helpful to The Esteemed Readers.
Bizlawyer is pleased to accompany The Esteemed Readers!