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Overheating Banking Reform Bank restructuring was a hot topic of discussions on the past National Assembly Forum and the State Bank of Vietnam (SBV) is paving the way for this guideline to be realised. This is also stirring up the commercial bank system and forcing insiders to seek out beneficial matches. Japan Grants US$1.2 billion ODA for Vietnam In Tokyo, on November 2, Mr. Izumi Arai, Vice President of the Japan International Cooperation Agency (JICA) inked the ODA loan agreements with Minister of Finance Vuong Dinh Hue, in the witness of the Vietnamese Prime Minister Nguyen Tan Dung. Vietnam Supporting Industry: Challenges and Opportunities Vietnam Business Forum would like to introduce the following article written by Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI). Vietnam is inclined to restructure its economy and change its growth paradigm from extensive development into intensive development to gradually improve the economic quality and contribute to sustained social development. That reality poses a mixed blessing for Vietnam’s industry in general and supporting industries in particular. Tough challenges Vietnam Ready for Third Wave of Japanese Investment Vietnam will likely receive the third wave of Japanese investment soon if it manages to create good conditions, said participants at the Conference titled “Japan Recovery Scenario: Foreign Investment Trends” held recently in Hanoi. The event was jointly organised by the Vietnamese Ministry of Planning and Investment, the Japanese Embassy in Vietnam, and Nikkei Business Publications, Inc. FDI Attraction Still Holds Good Momentum The performance of FDI enterprises in 2010 was relatively good. In spite of complex developments in domestic and international markets, the foreign-led sector managed to get through difficulties and challenges to obtain good results in registered investment capital, disbursed capital and business performance, and continue making important contributions to the overall economic development of Vietnam. Vietnamese Business Community Ready for Sustainable Development Journey On November 8-9, 2010, Vietnam Chamber of Commerce and Industry (VCCI) received and discussed with Mr. Marcel Engel, Managing Director of the World Business Council for Sustainable Development (WBCSD) in order to gather his advisory ideas for the operation of Vietnam Business Council for Sustainable Development (VBCSD) to be launched in coming time.
Overheating Banking Reform
Bank restructuring was a hot topic of discussions on the past National Assembly Forum and the State Bank of Vietnam (SBV) is paving the way for this guideline to be realised. This is also stirring up the commercial bank system and forcing insiders to seek out beneficial matches.
Japan Grants US$1.2 billion ODA for Vietnam
In Tokyo, on November 2, Mr. Izumi Arai, Vice President of the Japan International Cooperation Agency (JICA) inked the ODA loan agreements with Minister of Finance Vuong Dinh Hue, in the witness of the Vietnamese Prime Minister Nguyen Tan Dung.
Vietnam Supporting Industry: Challenges and Opportunities
Vietnam Business Forum would like to introduce the following article written by Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI). Vietnam is inclined to restructure its economy and change its growth paradigm from extensive development into intensive development to gradually improve the economic quality and contribute to sustained social development. That reality poses a mixed blessing for Vietnam’s industry in general and supporting industries in particular. Tough challenges
Vietnam Ready for Third Wave of Japanese Investment
Vietnam will likely receive the third wave of Japanese investment soon if it manages to create good conditions, said participants at the Conference titled “Japan Recovery Scenario: Foreign Investment Trends” held recently in Hanoi. The event was jointly organised by the Vietnamese Ministry of Planning and Investment, the Japanese Embassy in Vietnam, and Nikkei Business Publications, Inc.
FDI Attraction Still Holds Good Momentum
The performance of FDI enterprises in 2010 was relatively good. In spite of complex developments in domestic and international markets, the foreign-led sector managed to get through difficulties and challenges to obtain good results in registered investment capital, disbursed capital and business performance, and continue making important contributions to the overall economic development of Vietnam.
Vietnamese Business Community Ready for Sustainable Development Journey
On November 8-9, 2010, Vietnam Chamber of Commerce and Industry (VCCI) received and discussed with Mr. Marcel Engel, Managing Director of the World Business Council for Sustainable Development (WBCSD) in order to gather his advisory ideas for the operation of Vietnam Business Council for Sustainable Development (VBCSD) to be launched in coming time.
On 6 October 2011, the Management Authority for Urban Railways of Ho Chi Minh City (MAUR) has engaged ATIM for legal service to support MAUR in negotiation, signing and implementation of Implementation Consultant package for Metro Line 2 (Ben Thanh – ThamLuong). The Metro Line 2 project has estimated investment capital of 1.4 billion USD using multi-tranche financing from ADB, EIB and KfW and partial funding from State budget. Metro Line 2 is one of 6 lines in the whole metro project of Ho Chi Minh City approved since 2007 and estimated to be completed in 2020 with total investment estimated about 5 billion USD.
This Globalised Era Scholarship (GES) program is now launched in Ho Chi Minh City after its success in Hanoi in 2010-2011 academic year, and currently available for final year students from Ho Chi Minh City University of Law.
Under this program, a small number of "the best and the brightest" students (the scholars) from Ho Chi Minh City University of Law (HCMLU) shall be "adopted" by sponsoring organisations (the sponsors) such as law firms, banks or other institutions. Once a scholar is selected, the sponsor shall provide the scholar with a monthly financial grant during the academic year and, much more importantly, play a mentoring role to assist and guide the scholar through the final year in law school and into his or her future career path.
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VIOLATIONS OF COPYRIGHT WILL BE FINED UP TO VND 500 MILLION On December 02, 2011, the Government issued the Decree No. 109/2011/ND-CP amending, supplementing some articles of the Decree No. 47/2009/ND-CP dated May 13, 2009 on sanctioning administrative violations of copyright and related rights. THERAPEUTIC METHODS WITHOUT LICENSES ARE PROHIBITED On October 18, 2011, the Government issued the Decree No. 94/2011/ND-CP amending and supplementing a number of articles of the Government’s Decree No. 147/2003/ND-CP of December 2, 2003, on conditions and procedures for licensing and management of operation of voluntary drug detoxification establishments. ALLOW TO TRADE GOLD, SUPPLY SOURCES INCREASE SHARPLY Allowing commercial banks to convert mobilized and currently kept gold amounts into cash and open overseas gold accounts to offset gold-price fluctuation risks is the next solution of the State Bank of Vietnam to pull domestic gold price to the international gold price. REGULATIONS ON THE COPYRIGHT TO COMPUTER PROGRAMS ARE AMENDEDS On September 20, 2011, the Government issued the Decree No. 85/2011/ND-CP amending and supplementing a number of articles of the Government's Decree No. 100/ 2006/ND-CP of September 21, 2006, detailing and guiding a number of articles of the Civil Code and the Intellectual Property Law regarding copyright and related rights, including amendments related to copyright to computer programs. MULTI-LEVEL SALE REGISTRATION NEEDS NO COMMUNE-LEVEL POLICE OFFICE'S CERTIFICATION On September 23, 2011, the Ministry of Industry and Trade issued the Circular No. 35/2011/TT-BCT amending, supplementing some contents of administrative procedures at the Circular No. 195/2005/TT-BTM dated November 08, 2005 of the Ministry of Trade guiding some Regulations in the Decree No. 110/2005/ND-CP dated August 24, 2005, on management of multi-level sale of goods. 04 ARBITRATION CENTERS HAVE LICENSE OR OPERATION REGISTRATION PAPER REVOKED The Government issued the Decree No. 63/2011/ND-CP dated detailing and guiding a number of Articles of the Law on Commercial Arbitration on the management of arbitration; procedures for registration or termination of operation, revocation of establishment licenses and operation registration papers of arbitration centers and arbitration center branches; procedures for establishment, registration or termination of operation, revocation of establishment licenses and operation registration papers of Vietnam-based branches or representative offices of foreign arbitration institutions and so on. Guidelines on issuance of additional shares Ministry of Planning and Investment has just agreed on guidelines and procedures on increasing capital by issuing additional shares of the joint stock company. Accordingly, most companies are not public companies will only have to perform the procedures regulated by the Law on Enterprises except in cases of register for offering private placement of shares. Exception of the C/O Form E to be released by China In order to facilitate the import from China, the Ministry of Finance has directed the local customs office for accepting the C/O Form E with the instructions in Chinese on the back or back of the empty section of 3rd versions which was released before 2011. This is the basis for goods to enjoy the preferences according the ACFTA trade agreement. Preferences for investing in Africa According to a draft of the Ministry of Agriculture and Rural Development, investment projects located in Africa will enjoy more preferential tax, import tax exemption and many other attractions such as support for preferential loans, supported for trade promotion, entitled to use the experts who have been trained by the State .... The revised Law on Insurance Business The revised Law on Insurance Business request for the application of public bidding for choosing the service suppliers in projects using the State capital or State enterprises. Besides, the law also recognizes the right for purchase insurance in foreign countries of the foreign capital enterprises and foreigners who are working in Vietnam. Conditions for organization of international conference Since 2011, the organization of international conferences, workshop (except press conferences) in Vietnam will be managed more strictly. According to Decision No. 76 dated 30 November 2010, the Prime Minister asked the conference, workshop organizers must submit the organization plan for approval prior to the event at least 20 days. Some new points of the Law on Securties For the urgent need of the healthy stock market, the Law on Securities has been supplemented with several new regulations on individual securities offering, the public offers to acquire. The public company wish to registered for offering the securities to the public will have to undertake to trade the stocks on an organized market within a year. Conditions for enjoying the preferential corporate income tax rate. Enterprises sastify the conditions to enjoy preferential corporate income tax as stipulated in the Decree No. 24 dated 31 July 2000 but do not ask for preferential recognition according to this Decree in the Investment Certificate shall not be entitled to enjoy the preferential tax rate. This is the opinion of the General Department of Taxation stated at the Official Letter No. 3067 dated 16 August 2010.
VIOLATIONS OF COPYRIGHT WILL BE FINED UP TO VND 500 MILLION
On December 02, 2011, the Government issued the Decree No. 109/2011/ND-CP amending, supplementing some articles of the Decree No. 47/2009/ND-CP dated May 13, 2009 on sanctioning administrative violations of copyright and related rights.
THERAPEUTIC METHODS WITHOUT LICENSES ARE PROHIBITED
On October 18, 2011, the Government issued the Decree No. 94/2011/ND-CP amending and supplementing a number of articles of the Government’s Decree No. 147/2003/ND-CP of December 2, 2003, on conditions and procedures for licensing and management of operation of voluntary drug detoxification establishments.
ALLOW TO TRADE GOLD, SUPPLY SOURCES INCREASE SHARPLY
Allowing commercial banks to convert mobilized and currently kept gold amounts into cash and open overseas gold accounts to offset gold-price fluctuation risks is the next solution of the State Bank of Vietnam to pull domestic gold price to the international gold price.
REGULATIONS ON THE COPYRIGHT TO COMPUTER PROGRAMS ARE AMENDEDS
On September 20, 2011, the Government issued the Decree No. 85/2011/ND-CP amending and supplementing a number of articles of the Government's Decree No. 100/ 2006/ND-CP of September 21, 2006, detailing and guiding a number of articles of the Civil Code and the Intellectual Property Law regarding copyright and related rights, including amendments related to copyright to computer programs.
MULTI-LEVEL SALE REGISTRATION NEEDS NO COMMUNE-LEVEL POLICE OFFICE'S CERTIFICATION
On September 23, 2011, the Ministry of Industry and Trade issued the Circular No. 35/2011/TT-BCT amending, supplementing some contents of administrative procedures at the Circular No. 195/2005/TT-BTM dated November 08, 2005 of the Ministry of Trade guiding some Regulations in the Decree No. 110/2005/ND-CP dated August 24, 2005, on management of multi-level sale of goods.
04 ARBITRATION CENTERS HAVE LICENSE OR OPERATION REGISTRATION PAPER REVOKED
The Government issued the Decree No. 63/2011/ND-CP dated detailing and guiding a number of Articles of the Law on Commercial Arbitration on the management of arbitration; procedures for registration or termination of operation, revocation of establishment licenses and operation registration papers of arbitration centers and arbitration center branches; procedures for establishment, registration or termination of operation, revocation of establishment licenses and operation registration papers of Vietnam-based branches or representative offices of foreign arbitration institutions and so on.
Guidelines on issuance of additional shares
Ministry of Planning and Investment has just agreed on guidelines and procedures on increasing capital by issuing additional shares of the joint stock company. Accordingly, most companies are not public companies will only have to perform the procedures regulated by the Law on Enterprises except in cases of register for offering private placement of shares.
Exception of the C/O Form E to be released by China
In order to facilitate the import from China, the Ministry of Finance has directed the local customs office for accepting the C/O Form E with the instructions in Chinese on the back or back of the empty section of 3rd versions which was released before 2011. This is the basis for goods to enjoy the preferences according the ACFTA trade agreement.
Preferences for investing in Africa
According to a draft of the Ministry of Agriculture and Rural Development, investment projects located in Africa will enjoy more preferential tax, import tax exemption and many other attractions such as support for preferential loans, supported for trade promotion, entitled to use the experts who have been trained by the State ....
The revised Law on Insurance Business
The revised Law on Insurance Business request for the application of public bidding for choosing the service suppliers in projects using the State capital or State enterprises. Besides, the law also recognizes the right for purchase insurance in foreign countries of the foreign capital enterprises and foreigners who are working in Vietnam.
Conditions for organization of international conference
Since 2011, the organization of international conferences, workshop (except press conferences) in Vietnam will be managed more strictly. According to Decision No. 76 dated 30 November 2010, the Prime Minister asked the conference, workshop organizers must submit the organization plan for approval prior to the event at least 20 days.
Some new points of the Law on Securties
For the urgent need of the healthy stock market, the Law on Securities has been supplemented with several new regulations on individual securities offering, the public offers to acquire. The public company wish to registered for offering the securities to the public will have to undertake to trade the stocks on an organized market within a year.
Conditions for enjoying the preferential corporate income tax rate.
Enterprises sastify the conditions to enjoy preferential corporate income tax as stipulated in the Decree No. 24 dated 31 July 2000 but do not ask for preferential recognition according to this Decree in the Investment Certificate shall not be entitled to enjoy the preferential tax rate. This is the opinion of the General Department of Taxation stated at the Official Letter No. 3067 dated 16 August 2010.
