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”).
Commercial mediation (CM) is a common dispute resolution (DR) method in the world, especially in the developed countries. In addition to Negotiation and Arbitration, Mediation is deemed to be an Alternative Dispute Resolution (ADR) usually chosen by the enterprises thanks to its outstanding advantages. However, in Vietnam, this DR method is quite new. Decree No. 22/2017/ND-CP (“Decree”) dated April 15th, 2017 on Commercial Mediation, the official and sole document recently issued relating to this matter, defines: “CM is a commercial DR method agreed by the parties and assisted by commercial mediators in DR”.
On April 14th 2017, the Government issued Decree No. 44/2017/ND-CP ("Decree 44") on the rate of contribution to the Occupational Accident and Disease Insurance fund, effective June 1st 2017.
Under Decree 44, the level of monthly contribution by the employer to the Occupational Accident and Disease Insurance Fund, as provided for in Clause 3, Article 44 of the Law on Occupational Safety and Hygiene is reduced.
On April 7th 2017, the Supreme People's Court issued Document No. 01/2017/GD-TANDTC, dealing with professional issues and problems in the application of the law. In particular, the court addresses legal consequences of Invalid Contracts, Credit Contracts, and the application of Customary Practices in dispute settlement, which are the highlights that Enterprises should pay attention to.
On April 11th 2017, the Prime Minister promulgated Decision No. 11/2017/QD-TTg on mechanism for encouraging the development of solar power projects in Vietnam (“Decision 11”). Decision 11 will be valid from June 1st 2017 to June 30th 2019.
In early 1970s, the rapid development of the oil producing countries in the Middle East made it possible for them to sign many large contracts with Western companies. For the sake to ensure safety and minimize risks in performing those contracts, a need arose for a guaranteed by a third party with good credibility and strong financial capacity. Therefore, bank guarantee was born as from this time.
On 4 May 2017 the Government promulgated Decree No. 42/2017/ND-CP (“Decree 42”) amending and supplementing some provisions of Decree No. 59/2015/ND-CP (“Decree 59”) on construction project management.
On 3 April 2017, the Government promulgated Decree No. 35/2017/ND-CP on collection of fees for using land, renting land, renting water surface in economic zones and hi-tech zones (“Decree 35”).
On 4 April 2017, Decree No. 37/2017/ND-CP (“Decree 37”) guiding regulations on business conditions for operating seaports, ports, wharves, buoys, transshipment areas, offshore oil and gas ports (collectively referred to as seaports) was promulgated.
Trading of goods can now be made in different ways, including through e-commerce. Online trading activities in Vietnam are mainly governed by the Commercial Law, the E-Transactions Law, and Decree 52/2013/ND-CP on e-commerce.