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.
On October 25th, 2016, the Ministry of Finance promulgated Official Letter No. 15120/BTC-CST providing specific guidelines on tax policies, fees, charges and other State budget revenues applied to border-gate economic zones ("Official Letter 15120") after receipt of feedbacks on the financial policies from enterprises.
On November 1st, 2016, the Government issued Decree 145/2016/ND-CP on amending and supplementing Decree 108/2013/ND-CP on administrative sanctions against infringements in the field of securities and the stock market ("Decree 145").
On October 4th 2016, the Government promulgated Decree 139/2016/ND-CP adjusting business-license charges (“Decree 139”) substituting Decree 75/2002/ND-CP (“Decree 75”) which no longer suits practical application.
On October 12th 2016, the General Department of Customs promulgated Official Letter 9744/TCHQ-TXNK (“Official Letter 9744”) guiding the declaration of goods codes and tax rate to perform the Export Tariff in accordance with Decree 122/2016/ND-CP dated September 1st 2016 (“Decree 122”) in order to remove obstacles and avoid blockage of goods at border gate, and to facilitate export enterprises.
As from November 1st 2016, Circular 115/2016/TT-BTC of the Ministry of Finance amending Circular 196/2011/TT-BTC guiding the initial sales of shares of wholly State-owned enterprises (“Circular 115”) shall officially take effect.
On September 20th, 2016, Ministry of Industry and Trade promulgated Circular No. 21/2016/TT-BCT (“Circular 21”) to deploy the rules of origin for the goods which are eligible for preferential tariff treatment under a Free Trade Agreement between Vietnam and Asia – Europe Economic Union (the “Rules of Origin”).
On September 09th 2016, the Government promulgated Decree No. 135/2016/ND-CP (“Decree 135”), amending and supplementing some regulations of Decree No. 45/2014/NĐ-CP of the Government dated May 15th, 2014 providing on collection of land use levy ("Decree 45") and Decree No. 46/2014/NĐ-CP of the Government dated May 15th, 2014 providing on collections of land rent and water surface rent (“Decree 46”).
On September 14th 2016, Ministry of Finance promulgated the Official Letter No. 12802/BTC-TCHQ on guiding the point for submitting Certificate of Original of the Goods (“C/O”). Accordingly, declarants are obligated to submit an original copy of C/O at the time of registering the customs declaration for dossiers in a form of hardcopy and at the time for customs declaration dossiers submitted via electronic manner.
According to the Civil Code 2015, the maximum interest rate applied to the loan agreement is adjusted no more than 20%/year, and if both parties have no agreement on the interest rate or dispute over the interest rate, the applied interest rate shall not exceed 50% of the maximum interest rate. Meanwhile, the Civil Code 2005 regulated that the lending interest rate shall not exceed 150% of the basic interest rate which as regulated by the State Bank, is 9%/year
On September 01st, 2016, The Law on Export and Import Duties No. 107/2016/QH13 promulgated by the National Assembly at the 13th session on April 06th, 2016 officially comes into effect (“LEID”).
From August 12th, 2016, Circular No. 95/2016/TT-BTC of the Ministry of Finance dated June 28th, 2016 on tax registration guidelines officially comes into effect ("Circular 95"). Accordingly, the Circular 95 has some adjustments on the dossiers, procedures of tax registration, the change of the tax registration information and invalidation of the tax code in some specific cases.