Circular 43/2016/TT-NHNN dated December 30th 2016 issued by the State Bank prescribing consumer lending by finance companies officially took effect as from March 15th 2017 (“Circular 43”).
On March 15th, 2017, Circular No. 39/2016/TT-NHNN regulating lending activities of credit institutions and foreign bank branches with customers (“Circular 39”) promulgated by the State Bank of Vietnam will officially take effect, replacing Regulation on lending activities of credit institutions as stipulated in Decision No.1627/2001/QD-NHNN.
On February 06th, 2017, the General Department of Tax issued Official Letter No. 373/TCT-KK on Value-added tax refund (“Official Letter 373”) to remove obstacles to the enterprises regarding the value-added tax (“VAT”) not yet entirely deducted within 12 consecutive months.
On February 20th, 2017, Circular No. 30/2016/TT-BXD detailing implementation of Decree No. 37/2015/ND-CP on engineering, procurement and construction contracts (“Circular 30”) of the Ministry of Construction officially took effect.
On January 24th, 2017, the Government promulgated Decree No. 06/2017/ND-CP on betting business on horse and greyhound racing and on international soccer (“Decree 06”).
On February 10th, 2017, Circular No. 35/2016/TT-BTC on identification of foreign workers who are eligible for exemption of the work permit (“WP”) and internally reassigned by enterprises operating within eleven service sectors specified in Vietnam’s WTO commitments.
On January 25th, 2017, the State Securities Commission issued Decision No. 87/QD-UBCK, together with the new regulations guiding securities margin trading (“Regulations 87”) to replace Decision 637/QD-UBCK as from April 01st, 2017.
On January 6th, 2017, the Government promulgated Decree No. 01/2017/ND-CP amending and supplementing a number of decrees detailing implementation of the Land Law (“Decree 01”).
On February 15th, 2017, Resolution No. 04/2016/NQ-HĐTP of the Council of Judges of the Supreme People’s Court on e-transactions in civil and administrative procedures will take effect. Once implemented, the new piece of legislation can help the court and involved parties save a lot of time and monies in settling cases.
On December 30th, 2016 the State Bank of Vietnam issued Circular 41/2016/TT-NHNN regulating the capital adequacy ratio for banks and branches of foreign banks in Vietnam (“Circular 41”).
As from January 1st 2017, Circular No. 215/2016/TT-BTC (“Circular 215”) on amounts, collection regime, payment, management and use of fees for providing information about enterprises and charges for enterprise registration takes effect, replacing Circular No. 176/2012/TT-BTC and Circular No. 106/2013/TT-BTC amending and supplementing Circular No. 176/2012/TT-BTC (“Circular 176”).
On December 21st 2016, the General Department of Vietnam Customs promulgated Official Letter No. 11933/TCHQ-GSQL guiding Article 3 of Resolution No. 103/NQ-CP of the Government on exemption of a number of procedures for testing food safety (“FS”) in a number of cases of import into Vietnam (“Official Letter 11933”).
On February 15th 2017, Decree No. 175/2016/ND-CP (“Decree 175”) amending and supplementing Decree No. 86/2013/ND-CP (“Decree 86”) on the business of prize-winning electronic games for foreigners will take effect.
On November 22nd, 2016, the National Assembly adopted Resolution No. 30/2016/QH14 on issuance of e-visas on a trial basis for foreigners entering Vietnam ("Resolution 30").
On December 5th, 2016, the Ministry of Industry and Trade issued Circular No. 27/2016/TT-BCT amending, supplementing and abrogating a number of legal documents on business and investment under management of the Ministry of Industry and Trade ("Circular 27").
On October 25th, 2016, the Ministry of Labor, War Invalids and Social Affairs issued Circular No. 40/2016/TT-BLDTBXH providing guidelines for implementation of a number of Articles of Decree No. 11/2016/ND-CP detailing the implementation of a number of Articles of the Labor Code regarding foreign laborers working in Vietnam ("Circular 40"). Circular 40 replaces Circular No. 03/2014/TT-BLDTBXH guiding the implementation of a number of Articles of the expiring Decree No. 102/2013/ND-CP ("Circular 03").
After receipt of recommendations from a number of enterprises and tax bodies, on November 07th, 2016 the Ministry of Finance issued Dispatch No. 15888/BTC-CST guiding the contractor tax policy on the activity of transferring rights to use trademarks (“Dispatch 15888”).
On November 22nd, 2016, the Vietnamese National Assembly adopted the Law amending and supplementing Article 6 and the List of conditional business lines of the 2014 Law on Investment with 410/456 votes, corresponding to the approval ratio of 83.16% (“Amending Law”).
On November 15th 2016, the governor of the State Bank of Vietnam approved Circular No. 31/2016/TT-NHNN amending and supplementing Circular No. 24/2015/TT-NHNN regulating lending in foreign currency by credit institutions and foreign bank branches to resident borrowers (“Circular 31”).
As from November 16th, 2016, Circular No. 21/2016/TT-BTTTT regulating a number of matters on investment projects in the public-private partnership form (“Circular 21”) under the administration of the Ministry of Information and Communications (“MIC”) shall come into force.