On 12 June 2017, the National Assembly of Vietnam passed the Foreign Trade Management Law No. 05/2017/QH14 (the “Foreign Trade Management Law”).
On 12 June 2017, the Law on Supporting small and medium enterprises No.04/2017/QH14 was officially approved by the National Assembly (the “Law”).
On 11 July 2017, the Supreme People’s Court issued Official Letter No. 146/TANDTC-PC providing regulations on referring, applying precedents in trial.
On 15 May 2017, the Ministry of Finance (“MOF”) issued Circular 50/2017/TT-BTC (“Circular 50”) guiding the implementation of Decree 73/2016/ND-CP dated 1 July 2016 detailing the implementation of the Law on Insurance Business and the Law amending a number of articles of the Law on Insurance Business.
On 1 June 2017, Vietnam Social Insurance (“VSI”) promulgated official letter No. 2159/BHXH-BT guiding the rates of premium to be paid to the occupational accident and disease insurance fund and the collection of social insurance, health insurance, unemployment insurance, occupational accident and disease insurance according to the new basic salary as follows:
On 22 May 2017, the Ministry of Transportation promulgated Circular No. 16/2017/TT-BGTVT (“Circular 16”) guiding the routes for transportation of goods in transit through the Vietnamese territory, replacing Circular No. 15/2014/TT-BGTVT (“Circular 15”) dated 13 May 2014 guiding the routes for transportation of goods in transit through the Vietnamese territory and Circular No. 17/2015/TT-BGTVT dated 14 May 2015 amending and supplementing Circular 15 (“Circular 17”).
According to a report of the Foreign Investment Department, in the first five (05) months of 2017, the total of new, increased registered capital and share contribution by the foreign investors was USD 12.13 billion, up 10.4% over the same period in 2016. This is a joyful sign demonstrating that Vietnam's economic market is flourishing, attracting a lot of attention from foreign investors (“Foreign Investors”). However, in addition to the achieved results, the process and procedures for investment into Vietnam still have certain disadvantages, especially the troubles the Foreign Investors encounter in relation to the investment capital account (“Capital Account”).
Circular 53/2017/TT-BTC of the Ministry of Finance ("Circular 53") guiding the implementation of Decree 69/2016/ND-CP ("Decree 69") on business conditions regarding debt trading service ("Debt Trading Enterprise") is effective from 3 July 2017.
On 6 June 2017 the Governor of the State Bank of Vietnam issued Circular No. 03/2017/TT-NHNN (“Circular 03”) to revise a number of articles of Circular No.16/2012/TT-NHNN (“Circular 16”) dated 25 May 2012 on guiding several articles of Decree No.24/2012/ND-CP dated 3 April 2012 of the Government on gold trading management.
On 6 June 2017, the Government issued Decree No. 71/2017/ND – CP (“Decree 71”) guiding corporate governance of public companies.
On 16 May 2017, Decree 62/2017/ND-CP (“Decree 62”) was issued to detail a number of articles and measures to implement the Law on Property Auction. Decree 62 will come into effect on 1 July 2017 and will replace Decree 17/2010/ND-CP of the Government on Property Auction.
On 21 February 2017, the Supreme People’s Court promulgated official Dispatch No. 33/TANDTC-HTQT (“Dispatch 33”) guiding procedures for delivering and notifying courts’ procedural documents to overseas involved parties in civil cases and administrative cases.
On 25 May 2017, Decree No. 68/2017/ND-CP issued by the Government regulating the management and development of industrial clusters (“Decree 68”) replaces Decision No. 105/2009/QD-TTg issued by the Prime Minister dated 19 August 2009 on the same issue (“Decision 105”). Decree 68 shall come into force on 15 July 2017.
On 8 May 2017, Decree 54/2017/ND-CP detailing some articles and measures to implement the Law on Pharmacy was promulgated by the Government and will take effect on 01 July 2017 (“Decree 54”).
In addition to key points on setting up the organization of overseas study consultation mentioned in the previous legal update, one of the outstanding points of Decree 46 is conditions for establishment of education organizations.
On 14 April 2017, the Judges' Council of the Supreme People's Court promulgated Resolution No. 04/2017/NQ-HDTP guiding some provisions of Clauses 1 and 3 of Article 192 of Civil Procedure Code No. 92/2015/QH13 (the "CPC 2015") on returning of lawsuit petitions and the right to re-submit civil lawsuit petitions ("Resolution 04").
Thien Tai Joint Stock Company (“Thien Tai Company”) is set up by ten (10) individual founding shareholders. The organizational structure of Thien Tai Company includes: (i) General Meeting of Shareholders; (ii) Board of Directors; and (iii) General Director. On May 1st, 2017, Thien Tai Company submits a notification on change of members of the Board of Directors from three (03) members up to five (05) members attached with new updated Charter to the Department of Planning and Investment (“DPI”). After considering the dossier and the Charter of Thien Tai Company, DPI, based on Article 134.1 of the Law on Enterprises, issued a notification requesting Thien Tai Company to adjust its organizational structure to comply with the Law on Enterprises.
On 12 April 2017, the Ministry of Finance promulgated Circular No. 29/2017/TT-BTC (“Circular 29”) amending and supplementing some articles of Circular No. 202/2015/TT-BTC dated 18 December 2015 providing guidelines for listing of securities on the stock exchange (“Circular 202”).
On 21 April 2017, the Government issued Decree 46/2017/ND-CP providing conditions for investment and operation in the domain of education (“Decree 46”) with the following governing scope:
Circular No. 02/2017/TT-BKHDT guiding the mechanism of coordination in dealing with the procedures for investment registration and enterprise registration (“One-Stop Mechanism") for foreign investors was issued on 18 April 2017 and will come into effect on 15 June 2017 (“Circular 02”).