On 25/12/2018, the State Bank of Vietnam promulgated the Circular No. 36/2018/TT-NHNN on lending to invest abroad of Credit institutions, foreign bank branches for customers.
Accordingly, Circular No. 36/2018/TT-NHNN specifically provides on conditions to borrowing capital to invest abroad, including:
– The customer is a legal entity with civil legal capacity; If the customer is an individual, he or she must be at least 18 years of age and have full civil act capacity;
– There are 2 consecutive years without bad debts up to the time of loan application;
– Has been granted an offshore investment registration certificate and investment activities approved or licensed by the competent authority of the investment recipient country;
– Having offshore investment projects and plans evaluated by credit institutions as feasible and customers capable of repaying credit institutions.
Besides, this Circular also stipulates the loan level agreed by credit institutions and customers; but not more than 70% of the offshore investment of customers.
It can be seen that Circular No. 36/2018/TT-NHNN has detailed and specific regulations on conditions for borrowing capital to invest abroad. Thereby, helping organizations and individuals have the basis to implement accurately, save time and improve the efficiency of investment activities.
On 28/12/2018, The State Bank of Vietnam has issued Circular No. 41/2018/TT-NHNN amending and supplementing a number of articles of the Circular No. 19/2016/TT-NHNN regulations on bank card operations. This Circular will take effect from 18/02/2019.
Accordingly, Circular No. 41/2018/TT-NHNN regulates the process for converting ATM cards to chip cards as follows:
For card payment organizations: As of December 31, 2019, at least 35% of ATMs, 50% of card acceptance devices at the point of sale are operating in Vietnam of card payment organizations comply with the Basic Standard for domestic chip cards. As of December 31, 2020, 100% of ATM and card acceptance equipment at the point of sale operating in Vietnam of card payment organizations comply with the Basic Standard for domestic chip cards.
For card issuers: By December 31, 2019, at least 30% of the cards have BIN issued by the State Bank of card issuers comply with the Basic Standard for domestic chip cards. By December 31, 2020, at least 60% of the cards have BIN issued by the State Bank of card issuers comply with the Basic Standard for domestic chip cards. By December 31, 2021, 100% of the cards have BIN issued by the State Bank of card issuers comply with the Basic Standard for domestic chip cards
During the transition period, card issuers and card payment organizations must ensure card activities take place continuously, stably, safely and ensure the legitimate rights of cardholders.
It can be seen that Circular No. 41/2018/TT-NHNN with clear regulation on the process of changing from ATMs to chip cards aims to enhance security, safety, security in bank card operations, facilitate the increase of features and utilities for cardholders.
On 14/12/2019, Ministry of Finance promulgated Circular No. 122/2018/TT-BTC guiding the management and using of proceeds from the auction of illegally imported cigarettes subject to confiscation of quality assurance for export to foreign countries. The Circular took effect from 01/02/2019.
Accordingly, Circular No. 122/2018/TT-BTC regulates agencies, organizations assigned to duties will pilot the auction of imported drugs that are of sufficient quality to export. Collection source from this activity will be submitted to the State budget to conduct some missions as follows:
– Expenditure for propagation and dissemination of legislation on cigarette smuggling prevention and combat;
– Expenditure for working trip allowances, conferences on the preliminary review, summation, training and professional training on tobacco prevention and combat work;
– Purchase of equipment, repair of tools, rental of equipment and facilities; expenses for registration fees and fees for inspection and inspection of equipment in direct service of the investigation against tobacco smuggling;
– Spending on petrol and oil for means to inspect, arrest, interpret and protect objects and material evidence in violation;
– Expenditure for rewards for collectives and individuals that have made outstanding achievements in the prevention and combat of cigarette smuggling;
– Payment for night work and overtime work;
– Expenditure allowances during the treatment for accident-injured, injured officials, public employees, officers, non-commissioned officers and soldiers in the course of performing anti-smuggling tasks;
– Spending on buying information;
– Payment for allowances for persons directly involved in the investigation, recovery, arrest, inspection and control of tobacco smugglers;
– Paying allowances for forces directly sanctioning tobacco smuggling and prevention according to policies and regimes promulgated by competent state agencies (if any).
It can be seen that thought issuing Circular No. 122/2018/TT-BTC, the Ministry of Finance has created a mechanism to increase revenue to contribute to the prevention of tobacco smuggling, and will improve the quality of State management in this area.
On December 25th, 2018, the Ministry of Agriculture and Rural Development issued Circular No. 37/2018/TT-BNNPTNT promulgating the list of national key agricultural products. This Circular takes effect from February 8, 2019.
Accordingly, Circular No. 37/2018/TT-BNNPTNT promulgates 13 national key agricultural products, specifically as follows:
– Rice; The coffee; Rubber; Thing; Pepper; Tea; Vegetables; Cassava and cassava products;
– Pork; Meat and eggs of poultry; Catfish; Shrimp; Wood and wood products.
In addition, this Circular also stipulates the Director of Planning Department, Heads of Agencies under the Ministry, Director of Department of Agriculture and Rural Development of provinces, cities directly under the Central Government, and other related agencies and organizations implementing this Circular. In the process of implementation, organizations and individuals promptly reflect difficulties and problems to the Ministry of Agriculture and Rural Development for consideration and settlement.
Thus, the new regulations of the Ministry of Agriculture and Rural Development under Circular No. 37/2018/TT-BNNPTNT are expected to specifically target the country’s key development objectives in 2019 to facilitate favorable for the development of the country’s agricultural economy.
On January 22nd, 2019, the Government issued Circular No. 03/2019/TT-BCT on rules of goods originating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – CPTPP. This Circular takes effect from March 8, 2019.
Accordingly, Circular No. 03/2019/TT-BCT have highlight contents on the certificate of origin (C/O), specifically as follows:
– Certificate of origin of goods is valid within 01 year from the issued date or longer in accordance with the regulations of other member countries;
– The competent authority of the importing country will not reject the C/O of the goods because of minor errors or differences on the C/O of goods;
– In case of detecting information and data in the C/O of goods are not accurate or do not meet the rules of origin, exporter or manufacturer have to announce to importer and competent agency of importing country.
Thus, Circular No. 03/2019/TT-BCT has detailed guidelines on rules of origin of goods in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – CPTPP, thereby creating the basis for individuals, an organization the implementation of production and business activities that are accurate and convenient, and will improve the quality of state management in this area.
On December 28th, 2018, the Ministry of Information and Communications issued Circular No. 22/2018/TT-BTTTT on the list of imported and exported goods in the field of printing and publishing. This Circular takes effect from February 12th, 2019.
Accordingly, the list of imported and exported goods in the field of printing and publishing attached Circular No. 22/2018/TT-BTTTT regulates on, including:
– List of goods take HS codes and management forms for imported and exported goods in the printing field, including Printers using printing parts such as printing molds, rollers and other printing parts of 84.42 group; other printers, copying machines and fax machines, whether or not combined; parts and accessories;
– List of goods take HS codes and management forms for imported and exported goods in the publishing field, include: Printed books, folding books, brochures and similar printed publications, single sheet form; Picture books, drawing books or coloring books for children; Hydrographic maps and charts or similar charts, including Atlas, wall maps, topographic maps and globes, printed; Types of printed calendars, including calendar blocks; Other printed publications, including printed pictures and photos.
It can be seen that the promulgation of the list of imported and exported goods in the field of printing and publishing will create a basis for enterprises and managers to implement this activity.
On November 22, 2018, the State Bank of Vietnam issued Circular No. 27/2018/TT-NHNN regulating cases of the blockade, termination of a blockade of capital and assets of foreign bank branches. This Circular takes effect from January 10, 2019.
Accordingly, the Circular No. 27/2018 / TT-NHNN has noticeable new provisions as follows:
1. Regarding cases of the blockade of capital and assets
The State Bank considers and decides to blockade the capital and assets of foreign bank branches in the following cases:
– The real value of the allocated capital of a foreign bank branch is lower than the legal capital level which is continuously exceeding 06 months.
– Violation of the safety assurance ratio in banking activities prescribed in Article 130 of the Law on Credit Institutions and the State Bank has issued a written request for remedial action but has no remedial measures or cannot overcome it. within the time limit requested by the State Bank.
– The accumulated loss amount of a foreign bank branch is greater than 50% of the value of the allocated capital and reserve funds recorded in the latest audited financial statement.
– The State Bank has requested but the parent bank does not comply with the committed obligations for the branch operating in Vietnam.
– When there is information about the parent bank showing signs of insolvency, insolvency or being placed under special control by a competent authority of the home country or required to be dissolved, liquidation, bankruptcy, or withdrawal of establishment and operation licenses.
2. Cases of termination of the blockade of capital and assets
The State Bank considers and decides to terminate the blockade of capital and assets of foreign bank branches in the following cases: 1. A foreign bank branch has overcome the violations and exists. 2. The parent bank has correctly performed its committed obligations to the foreign bank branch at the request of the State Bank. 3. The State Bank receives information from the competent authority of the country of origin that the parent bank has overcome problems.
It can be seen that the Circular No. 27/2018/ TT-NHNN is expected to be more detailed on the blockade, termination of the blockade of capital and assets of foreign bank branches, thereby contributing to ensuring It is said that these activities are open, transparent and better protect the interests of depositors.
On December 5, 2018, the Ministry of Finance issued Circular No. 119/2018/TT-BTC regulating the implementation of the State budget estimate for 2019. This Circular takes effect from the 20th. January 1, 2019.
Accordingly, the Ministry of Finance noted the organization to implement a number of contents to ensure the increase in budget letter sources such as effective implementation of tax regulations; continue to improve the business environment, improve national competitiveness; effectively implement the Law on Small and Medium Enterprise Support; strengthening monitoring, inspection and control activities in the field of tax and customs; fully and promptly implementing the Law on Public Property Management.
In addition, one of the important tasks to be implemented in 2019 is to implement a mechanism to generate revenue to implement the salary and allowance regime in 2019. In order to realize the goal of raising the base salary to VND 1.49 million / month since July 1, 2019, the Ministry of Finance has clearly defined the tasks of ministries, central agencies and provincial and municipal People’s Committees with the task of saving 10% Regular expenditure estimates to create wage reform sources. After balancing revenue sources, localities actively use the remainder of salary reforms to implement social security policies and regimes.
It can be seen that, with the Circular No. 119/2018 / TT-BTC issued, the Ministry of Finance is expressing its determination in implementing the tasks in the socio-economic development plan and home budget estimation. Water is proposed by the Prime Minister for 2019.