BANKING FINANCE - VIRIssue no. 4, Volume 6, 2013 BANKING - FINANCE .....1 Value level of high value ... providing notary and accounting service, the lawyer’s legal service and lawyer

Issue no. 4, Volume 6, 2013

BANKING - FINANCE ..... 1

Value level of high value

transaction subject to

mandatory report to the State

Bank of Vietnam - Decision

no. 20/2013/QD-TTG. ....... 1

Management and use of

ODA and concessional loans

of donors – Decree no.

38/2013/ND-CP ................. 2

Sustained effort by SBV to

manage bad debts – ........... 3

Circular No.02/2013/TT-

NHNN and Circular

12/2013/TT-NHNN ........... 3

Establishment of the

Vietnam Asset Management

Company – Decree

no.53/2013/ND-CP ............ 5

CORPORATE

COMPLIANCE .................. 6

Sale and purchase of goods

of FDI enterprises - Circular

08/2013/TT-BCT ............... 6

List of software, hardware

and electronic products

serving the State

management – Circular

no.09/2013/TT-BTTTT. .... 8

Appointment of

organizations accredited to

BANKING – FINANCE

Value level of high value transaction subject to

mandatory report to the State Bank of Vietnam -

Decision no. 20/2013/QD-TTG.

On the 18 April 2013, the Prime Minister signed the Decision no.

20/2013/QD-TTG specifying the value level of high value transactions

subject to report.

The Law on Prevention of Money Laundering 2012 left its Article 21

open for the Prime Minister to decide on the value level of an

transaction that subject to report to the State Bank of Vietnam. From 10

June 2013 the value level of high value transactions subject to report is

VND 300,000,000 (three hundred million Vietnamese Dong).

Subject to the Decision are enterprises described in clause 3 and 4

Article 4 of the Law on Prevention of Money Laundering. Briefly, those

are:

(a) Financial organizations that are licensed to carry out banking

activities or financial related activities, such as receiving deposits;

making loans; financial leasing; payment service; issuing the

instruments of assignment, credit cards, debit cards, money orders,

electronic money; banking guarantee and financial undertaking;

providing foreign exchange services and monetary instruments on

the money market; consulting and guaranteeing the securities

issuance and agency of securities distribution; managing the

investment capital portfolio; managing cash or securities for other

organizations and individuals; providing insurance services and

investment operation related to the life insurance; and money

change. And


issue certification of

regulation conformity for

foods and food related

products – Circular No.

11/2013/TT-BYT ............... 9

New Decree on air

transportation business and

general air operation –

Decree no.30/2013/ND-CP 9

Registration for use of

hazardous chemicals for

production of products,

goods in the industrial field –

Circular no.07/2013/TT-

BCT ................................. 11

Conditions for organization

conducting environmental

surveying – Decree

no.27/2013/ND-CP .......... 11

INFRASTRUCTURE ....... 13

Model contract for sharing

oil and gas products ......... 13

Decree no.33/2013/ND-CP

......................................... 13

TAX – ADMINISTRATIVE

FEES .................................. 14

Guidance on electronic

transactions in the tax field –

......................................... 14

Circular no.35/2013/TT-

BTC ................................. 14

Adjustment of export and

import tax rate by the Prime

Minister and the Ministry of

Finance with respect to a

(b) Oganizations and individuals that are doing business in the relevant

non-financial sector such as doing business in games with prizes,

casino; doing business in the services of real estate management, the

brokerage of real estate, real estate trading floor; trading in precious

metal and stone; providing notary and accounting service, the

lawyer’s legal service and lawyer practice organization; investment

trust services, services of establishment, management and executive

of enterprise; services of director and secretary provision of the

enterprise to a third party.

This Decision takes effect on 10 June 2013.

Management and use of ODA and concessional loans of

donors – Decree no. 38/2013/ND-CP

On 23 April 2013, the Government issued Decree No. 38/2013/ND-CP

(“Decree 38”) on the management and use of official development

assistance (ODA) and concessional loans of donors.

The Decree 38, which replaces Decree No. 131/2006/ND-CP, entitles

private areas to approach ODA and concessional loans. Accordingly,

private areas can access ODA and concessional loans if (i) the project

owner’s capability in managing the implementation of projects is

confirmed by the managing agencies of the projects or by agencies

providing loans; and (ii) in case of re-borrowing the ODA and

concessional loans, the financial plan for project and financial capability

of the project owner is appraised in accordance with the current laws

and guidance of the Ministry of Finance.

The private area can access ODA and concessional loans via the

following forms: (i) Borrowing from domestic financial organizations or

credit organizations through projects of which credit limits or credit

components are financed by ODA and concessional loans in compliance

with international treaties; (ii) participating in implementation of

projects in the priority domain using ODA and concessional loans in the

form of re-borrowing from the State budget; (iii) participating in the

implementation of projects under the form of a public-private

partnership, of which the Government’s contribution is ODA and

concessional loans; or (iv) participating in the implementation of


number of commodities ... 15

Charges for waste water –

Decree no.25/2013/ND-CP.

......................................... 16

Increase in fees for

establishing commercial

arbitration centers ............ 17

projects targeted to support private areas.

Decree 38 also provides high-priority domains for the use of ODA and

concessional loans. They comprise (i) construction of integrated, big-

scale and modern economic infrastructure, including transport

infrastructure (roadway, railway, airport, seaport and internal

waterway); urban, infrastructure (urban traffic, water supply and

drainage, urban environment hygiene, urban power infrastructure);

communication and technological infrastructure; energy infrastructure

(prioritizing the development of renewable energy and new energy);

irrigation infrastructure and dykes; (ii) development of social

infrastructure including culture, health, education and training,

vocational training, social security, poverty reduction, population and

development; (iii) development of hi-tech science, source technology

and the science and technology development in some prioritized,

concentrated domains, economic knowledge and human resource with

high quality; (iv) development of agriculture and rural areas, including

the restructuring and development of agricultural economy, rural socio-

economic infrastructure, building new rural area; (v) enhancement of

institutional capacity and administrative reforms; (vi) protection of the

environment and natural resources, prevention against and minimizing

risks of disaster, response with climate changes, sustainable

development and green growth; (vii) support to boost commerce,

investment, finance, bank, tourism and other business domains with the

aim to strengthen the competitive ability of the economy; (vii) support

the implementation of national target programs; and (ix) other

prioritized domains under decisions of the Prime Minister.

The Decree will take its effect from 6 June 2013.

Sustained effort by SBV to manage bad debts –

Circular No.02/2013/TT-NHNN and Circular

12/2013/TT-NHNN

One of the largest challenges faced by the Vietnam economy is the

remaining bad debts (Non-performing Loans). For a long time, credit

institutions in Vietnam have not been obligated to make reports on the

actual bad debt rate. The applicable law at the moment was considered


to be too relaxed on classifying debts without a clear guidance on such

matter. The recently passed Circular no.02/2013/TT-NHNN, with its

detailed provisions, is the key to resolve the misclassifications of bad

debts by credit institutions in Vietnam.

Credit institutions and foreign bank branches alike shall establish

internal credit ranking systems along with issuing internal regulations on

credit extension, loan agreement and policy on risk provisions. At least

each quarter for one times, within 15 (fifteen) first days of first month of

each quarter, credit institutions, foreign banks’ branches must self-

implement classification of debts, off-balance sheet commitments which

have arisen until the ending time of final working day of last quarter,

based on the capability of customers to pay debts as prescribed in the

Circular and send results to the Credit Information Center (“CIC”).

Classification of Debts and Off-Balance Sheet Commitments

Even though the classification of debts is self-implemented, credit

institution must use result of classification of customers debt groups

supplied by CIC; in other words, when the credit institutions’ own result

is lower than the CIC result, it must be adjusted to comply with the CIC.

All debt balances and value of off-balance sheet commitments of a

customer at a credit institution or foreign bank’s branch must be

classified into a same debt group; in case a customer’s debts in a single

credit institution were classified into different groups, that credit

institution must classify the remaining debts or off-balance sheet

commitments of such customer into the group which have highest risk

extent.

There are two methods to be applied for the classification of debts and

off-balance sheet commitments; the quantitative method and the

qualitative method. Debts are to be implemented into 5 groups: standard

debts; attention required debts; below-standard debts; doubtful debts and

potentially irrecoverable debts. Bad debts (Non-performing Loan),

according to this Circular, shall be debts which were classified into the

last three groups.

The first criterion of the quantitative method is the overdue period;

regulated thresholds are 10 days, 90 days, 180 days and 360 days.


Additionally, this method can be based on the how many time the debt

repayment term has been restructured; must it be recovered under

inspection conclusion; is the borrower under special control by the State

Bank etc. Lastly, the qualitative method also includes provisions on

classifying risks to lower or higher risks group based on particular

situation.

The qualitative method allows banks to conduct classification based on

their own assessment. However, certain conditions must be met by the

credit institution and be approved in writing by the SBV before such

credit institution can apply the qualitative method. The mentioned

conditions include: sufficient internal credit ranking systems; having

policy on risk provisions as prescribed in the Circular; having a policy to

mange credit risks, a model of credit risk supervision; and providing a

degree of independence for risk controlling divisions.

On 27 May 2013, SBV passed Circular No.12/2013/TT-NHNN,

delaying date Circular No.02 come into effect for another year, 01 June

2014. The issuance of Circular No.12 is greatly debated over. SBV

believes it to be a necessary delay; not only will it allow more time for

credit institutions to build a complete internal credit ranking system, but

also create favorable conditions for enterprises to access loans, credit

supports from banks and resolve the remaining difficulties in business.

However, according to a report made by the Banking Working Group of

Vietnam Business Forum, this delay was considered to be disappointing

for lowering the transparency of activities conducted by credit

institutions and leaving the mentioned misclassification problem remain

unchanged.

Establishment of the Vietnam Asset Management

Company – Decree no.53/2013/ND-CP

The Vietnam Asset Management Company, which is a 100% stated

owned company, is finally being prepared to be established. This

establishment, according to the central bank, is a solution for the

remaining bad debts in the economy. The project received the approval

by the prime minister under Decree No.53/2013/ND CP on 18 May

2013, after many delays this year.


The charter capital of VAMC is contributed by the SBV. The central

bank said the VAMC would then buy bad debts with its own capital or

through the issue of “special bonds”, which will pay no interest, having

a maximum term of 5 years and may be used to obtain refinancing loans

from the central bank. However, subject to Decree No. 53, VAMC shall

only buy bad debts from Vietnamese credit institutions, credit

institutions with 100% foreign capital and Joint-venture credit

institutions are excluded.

VAMC shall implement measures to restructure debts with the aim to

support loan customers. This can be done by adjusting the term of debt

payment, time limit for debt payment in conformity with production and

business of borrower; applying interest of purchased debts in conformity

with solvency of loan customers and market conditions; and reducing

partly or exempting whole interest amounts which are overdue for

payment which loan customers have not yet had solvency.

CORPORATE COMPLIANCE

Sale and purchase of goods of FDI enterprises - Circular

08/2013/TT-BCT

The Ministry of Industry and Trade on 22 April 2013 issued Circular

08/2013/TT-BCT concerning the sale and purchase of goods of foreign

direct investment enterprises (FDI enterprises). This Circular shall

replace Circulars 09/2007/TT-BTM and 05/2008/TT-BCT providing

guidelines on the implementation of Decree 23/2007. Following are

some noticeable points covered by the new Circular:

First, regarding export right, FDI enterprises are entitled to buy

imported goods for exporting provided that tax payment and other

financial obligations thereof have been fully fulfilled. However, FDI

enterprises are merely entitled to buy goods directly from Vietnamese

merchants having registered business or importing right and distributing

right for exporting such goods. Earlier, related laws did not differentiate

Vietnamese merchants and foreign ones; they would be deemed


qualified to execute export right when they own a valid business

registration certificate or are entitled to distribution right.

Second, regarding import right, FDI enterprises having import right

without distribution right are merely entitled to sell imported goods to

Vietnamese merchants with registered business or with export and

distribution right as to such goods. Previously, Circular 05/2008/TT-

BCT did not differentiate whether the merchants who buy imported

goods are Vietnamese or foreign ones.

Third, this Circular provides regulations that FDI export processing

enterprises are permitted to distribute goods to enterprises located in or

out of export processing zone.

Fourth, the establishment of the second or more retail outlets with an

area of under 500 square meters at such places as provinces and cities

under the central government may plan for goods selling and purchasing

activities and the infrastructure construction relating thereto has been

completed (such as department stores) shall not be subject to the

consideration of economic need test (ENT). We, nevertheless, notice

that, subject to Decree 23/2007, such establishment of retail facilities

must be approved by the Ministry of Industry and Trade.

Fifth, under applicable regulations, the formation of the first retail outlet

need not comply with Decree 23/2007 and Circulars providing

guidelines thereon (including restrictions on ENT), yet the new Circular

provides that the formation of retail facilities, including the first one, in

Vietnam by foreign investors must comply with the planning of

provinces and cities.

Sixth, the new Circular also requires that periodical and contingent

reports of FDI enterprises’ goods selling and purchasing activities as

well as activities relating directly to goods selling and purchasing must

be made in accordance with laws.

Seventh, the Circular still does not have regulation on establishment or

guidelines of wholesale outlets, which is a matter of concern to many

FDI enterprises executing wholesale right.


In general, the new Circular has issued some regulations that facilitate

FDI enterprises in goods selling and purchasing activities. Nonetheless,

the regulation regarding the establishment of the second or more retail

outlets as stated therein is still vague and people are still doubtful about

its feasibility; such regulation, therefore, has yet met FDI enterprises’

expectation. In addition, the Circular provides some regulations that are

not expected by FDI enterprises such as the restriction on fellow traders

as to export, import right or the regulation on report.

The Circular shall be effective since 7 June 2013.

List of software, hardware and electronic products

serving the State management – Circular

no.09/2013/TT-BTTTT.

On the 08 April 2013, the Ministry of Information and Communications

passed Circular No. 09/2013/TT-BTTTT issuing the list of software,

hardware and electronic products. The list was set out to establish a

system of specialized products for the software, hardware, and

electronic industry serving the business registration; investment,

application of tax policies and incentive polices, export and import

management, quality control, and other activities related to software,

hardware, and electronic products.

The Ministry of Information and Communications shall adjust the list to

suit the management requirements based on the development of the

market and the policies on information technology development in each

period.

This list is an attempt from the Ministry of Information and

Communications in a push toward transparency and consistency

throughout the control system, particularly for the technology sector.

Both state agencies and enterprises now can refer to a finite list of

software and hardware for reference. However, technologies, in respect

of both hardware and software, can change overnight. Therefore it is

essential for the State to leave an open clause, allowing them to quickly

adapt to the ever changing technology world.


This Circular takes effect on 23 May 2013.

Appointment of organizations accredited to issue

certification of regulation conformity for foods and

food related products – Circular No. 11/2013/TT-BYT

On 8 April 2013, the Ministry of Health promulgated Circular No.

11/2013/TT-BYT (“Circular 11”) on appointing organizations entitled

to issue regulation conformity certification applicable to packed and

processed foods; food additives; substances supporting food processing;

packaging materials, tools in direct contact with foods (the

“Appointees”)

Circular 11 which has taken effect from 25 March 2013 provides

requirements and procedure for appointment of the Appointees.

Accordingly, a duly established organization that has been granted a

certificate for registration of certifying activity by Directorate for

Standards, Metrology and Quality may be appointed as an Appointee if

it have at least 05 assessment experts in official payroll (employees who

have signed contract with term of 12 months or more or non-term

contract) and satisfy the following requirements:

(i) They have graduated from university or a higher level and have

specialized in field of assessment and certification, of which at least

03 experts with working experience from 03 years or more; and

(ii) They have obtained certificates of annual training courses on food

safety held by the Food Safety Agency.

An appointing decision from Food Safety Agency shall be issued to

satisfied organization within thirty (30) days since the date of

submission of legitimate dossier.

This Circular comes into effect since 23 May 2013.

New Decree on air transportation business and general

air operation –Decree no.30/2013/ND-CP


On 08 April 2013, the Government issued Decree No. 30/2013/ND-CP

replacing Decree No. 76/2007/ND-CP on air transportation business

and general air operation (the “Decree”).

This Decree governs contents in regard of conditions and procedures for

granting license of air transport business and license of general air

business for commercial purposes, also certificate of general air

operation registration for non-commercial purposes; and the use of

brand and franchise of air transport business enterprise and non-

commercial air business enterprises.

Under this Decree, one of the most remarkable provisions is the

condition on minimum capital required to establish and maintain air

transportation business operation. Particularly, the legal capital must be

VND 700 billion for airlines operating up to 10 aircrafts with

international air transportation or VND 300 billion for airlines only

operating in domestic air transportation. The legal capital will be

increased subject to the scale of an airline. For example, with regard to

airlines operating with between 11 and 30 aircrafts, the legal capital

must be at least VND 1 trillion for airlines operating in international

routes or VND 600 million for airlines operating in domestic routes.

With airlines having more than 30 aircrafts, the legal capital must be at

least VND 1.3 trillion for international operating airlines or VND 700

billion for those domestically operating.

With regard to the airlines with foreign-invested capital, this Decree

requires that the capital contribution of the foreign party may not exceed

30% of charter capital of an airline, and Vietnamese entities or

individuals which has no foreign-invested capital must keep the largest

charter capital.

Furthermore, according to this Decree, the transfer or donation of shares

to the foreign investors are only implemented after 02 year from the date

of commencing air transport operation and supply of general air services

and shall comply with the provisions of this Decree.

This Decree entered into force on 01 June 2013.


Registration for use of hazardous chemicals for

production of products, goods in the industrial field –

Circular no.07/2013/TT-BCT

Circular No. 07/2013/TT-BCT (the “Circular”) was passed by the

Ministry of Industry and Trade on 22 April 2013 which provides for the

registration for use of “hazardous chemicals” for production of products,

goods in the industrial field.

Regarding the obligation of registration for use, the Circular stipulates

that organizations and individuals using hazardous chemicals must

register for use by written form to the provincial Department of Industry

and Trade in charge of management of their locality (the “DOIT”)

within 15 (fifteen) working days before beginning the use.

In the event of changes in the owner, operation places or purpose of use,

organizations and individuals must re-register for use of hazardous

chemicals with the DOIT within 15 (fifteen) working days upon the

occurrence of such events.

Subject to this Circular, organizations and individuals using hazardous

chemicals must report the use of chemicals on the basis of content

registered with the DOIT before June 10 for the 6 (six) - month report;

and before December 10 for the annual report.

The list of hazardous chemicals which must be registered for use is

specified in Annex 1 promulgated together with this Circular.

This Circular will take effect on 01 January 2014.

Conditions for organization conducting environmental

surveying – Decree no.27/2013/ND-CP

The Government recently promulgated Decree No.27/2013/ND-CP

regulating the conditions of organisations involved in environmental

surveying (“Decree 27”).


According to Decree 27, the certificate of eligibility for environmental

surveying is valid for 36 months from the granting date and may be

renewed several times, with each extension not exceeding 36 months.

Decree 27 states that in order for an organisation to be issued a

certificate of eligibility for environmental surveying at site, three

conditions must be satisfied.

First, the organization must have decision on its establishment, or a

certificate of technology and science operation, certificate of business

registration or certificate of investment granted by the competent state

management agencies in which there is environmental survey activity.

Second, the organization must have qualified personnel to perform the

field surveys under law. For example, the head of the organization must

hold at least a university degree. Furthermore, there must be a person

directly responsible for the field monitoring team, who must hold at

least a university degree specialising in environment, chemistry,

biology, forestry, petrology, nuclear physics, radiation, geography or

geology with a minimum of 24 months’ experience in the field of

environmental surveying.

Third, the organization must have sufficient equipment and material

facilities to perform the field surveying at site such as regulations on

equipment, tools and enough chemicals to obtain samples, sample

preservation and measurement, testing and analysis in the field of

environmental components.

Decree 27 also provides the conditions for granting certificate of

eligibility for environmental surveying in the area of environmental

analysis.

Decree 27 also stipulates that a certificate of eligibility for

environmental surveying may be revoked or canceled when either:

(i) The organization is banned from operation, declared bankrupt,

dissolved, divided and separated;

(ii) The organization no longer meets one of the conditions specified in


Decree 27; and

(iii)The organization does not comply with its commitment to observe

technical regulations on environmental surveying and does not

implement and maintain the quality assurance program in

environmental survey.

Decree 27 takes effect from 5 June 2013.

INFRASTRUCTURE

Model contract for sharing oil and gas products

Decree no.33/2013/ND-CP

On the 22th

of April 2013, the Prime Minister issued Decree No.

33/2013/ND-CP regarding approving the model contract of contracts of

oil and gas product division (the “Decree”). This Decree replaces

Decree 139/2005/ND-CP dated 11 November 2005.

Accordingly, it is mandatory to use the model contract provided by the

Decree for agreements of sharing oil and gas products. However, there

are some contents allowed for discussion and negotiation between the

Vietnam National Oil and Gas Group and its contractors in the case that

articles of the model contract state that they are “depending on the

biding result or negotiation”.

Notwithstanding, those contracting parties as mentioned above may be

allowed not to apply the model contract in the event of approval of the

Prime Minister.

This Decree does not apply to the oil and gas contracts which have been

signed off before the effective date of this Decree. Furthermore, the

negotiation and execution between the parties with regard to the oil and

gas fields to which the Prime Minister approved the general economic,

technique and commercial conditions prior to the effective date of this

Decree will comply with the model contract provided by Decree

139/2005/ND-CP mentioned above.


This Decree comes into effect from 8 June 2013.

TAX – ADMINISTRATIVE FEES

Guidance on electronic transactions in the tax field –

Circular no.35/2013/TT-BTC

On 1 April, 2013, the Ministry of Finance promulgated Circular

No.35/2013/TT-BTC (“Circular 35”) amending and supplementing

some contents of Circular No. 180/2010/TT-BTC guiding electronic

transactions in the tax field.

Circular 35 provides two ways of performing electronic tax declarations

(“online electronic tax declaration on the web portal of the tax agency”

and “electronic tax declaration by using softwares and supporting tools

for tax declaration”). Circular 35 also provides a method through

organizations supplying T-VAN service (organization providing value

added services on the electronic transactions in the field of tax and is

granted the certificate for these services). If the taxpayer performs the

tax declaration through organizations supplying T-VAN service, he

must fulfill this declaration from the date shown under the notice of

confirming the submission of the electronic tax declaration dossier.

After this point, the service provider organization, T-VAN, will be

responsible for all violations such as late tax filing. The organization

takes responsibility for transfering the electronic tax dossier to the web

portal of tax agencies no later than 2 hours after receiving the taxpayers’

electronic tax dossiers.

In addition, Circular 35 also provides additional conditions on the

collection and electronic payment for commercial banks. Particularly,

the bank trade must also meet additional conditions to coordinate state

budget revenues; software application state budget revenues through

networking and technical solutions for safety, security of taxpayer

information tax in accordance to coordinate collection current state

budget.

The following are the specific amendments and supplements by Circular

35:


Time for submitting electronic tax dossier and confirmation are not

different from the Circular No.180, the Circular No.35 has just

adjusted the organizations supplying T-VAN service beside the the

web portal of the tax agencies:

The taxpayers perform the electronic transactions in the tax field

via the web portal of the tax agencies or organizations supplying

T-VAN service for 24 hours a day, seven days a week, including

days-off (Saturdays, Sundays, holidays, Tet).The day for the tax

dossier submission is counted from 0 o’clock to 24 o’clock of

same day.

The time for the electronic tax dossier submission is the time

inscribed on the notice confirming the submission of the

electronic tax dossier of the tax agency or organizations

supplying T-VAN service.

The tax agencies or organizations supplying T-VAN service (in

case of using T-VAN service) sends notices to confirm the

receipt of the electronic tax dossiers to e-mails of the taxpayers

no later than 15 minutes after receiving the electronic tax

dossiers sent by taxpayers.

In relation to the date of electronic tax payment, according to the

Article 1(8) of Circular 35, documents of electronic tax payment

must have digital signatures of commercial banks or State Treasuries

to confirm payment. The signing date by commercial banks or State

Treasuries is also the date of electronic tax payment.

Circular 35 takes effect from 1 June 2013.

Adjustment of export and import tax rate by the Prime

Minister and the Ministry of Finance with respect to a

number of commodities

Tax rate of commodities of heading 27.10 in the preferential import tax

schedule is adjusted under the Circular 47/2013/TT-BTC dated 26 April


2013, Circular 58/2013/TT-BTC dated 8 May 2013, and Circular

70/2013/TT-BTC dated 22 May 2013 which come into effect from the

date of signing.

Tax rate of commodities of heading 2847.00.10 in the preferential

import tax schedule is adjusted under Circular 39/2013/TT-BTC dated 9

April 2013, which comes into effect from 24 May 2013.

Tax rates of commodities of heading 39.03, 54.02, and 72.17 in the

preferential import tax schedule are adjusted under Circular

38/2013/TT-BTC dated 4 April 2013, which comes into effect from 19

May 2013.

Tax rates of minerals in the export tax schedule are adjusted under

Circular 44/2013/TT-BTC dated 25 April 2013, which comes into effect

from 9 June 2013.

Tax rate of used car with 15 seats or less is adjusted under Decision

24/2013/QD-TTg by the Prime Minister dated 3 May 2013, which

comes into effect from 20 June 2013.

Charges for waste water – Decree no.25/2013/ND-CP.

On 29 March 2013, the Government of Vietnam issued the Decree No.

25/2013/ND-CP on new regulation of environmental protection charges

for waste water. This Decree prescribes the environmental protection

charges for waste water; the regime of collection, remittance,

management and use of the environmental protection charges for waste

water.

According to the Decree, the Ministry of Finance shall assume the prime

responsibility for, and coordinate with the Ministry of Natural Resources

and Environment in prescribing specific fixed charge rate and charge

rate for each pollutant in industrial waste water; and guide the

calculation of environmental protection charge amounts for industrial

waste water to be paid by charge payers.

The Decree shall take into effect on 1 July 2013.


Increase in fees for establishing commercial

arbitration centers – Circular no.42/2013/TT-BTC

On the 11th

of April 2013, the Ministry of Finance issued Circular No.

42/2013/TT-BTC regulating on the collection levels, regime of

collection, remittance, management of fees in the field of commercial

arbitration operation, which replaces Circular No.01/2005/TT-BTC

dated 4 January 2005.

Accordingly, the Circular set fees for various licenses regarding (i)

establishment, amendment of establishment license, and (ii) operation

license, and amendment of operation license of arbitration center,

branch of arbitration center (including local and foreign centers), and

representative office of foreign arbitration center in Vietnam.

This Circular takes effect on the 1st of June 2013.

Disclaimer

The material contained in this legal briefing is provided for general

information purposes only and does not contain a comprehensive analysis of

each item described. This briefing and the information contained herein are

not a substitute for the recipient’s independent evaluation and analysis of the

relevant documents. Readers should seek professional advice specific to their

situation. No liability is accepted for acts or omission taken in reliance upon

the contents hereof.

Documents

BANKING FINANCE - VIRIssue no. 4, Volume 6, 2013 BANKING - FINANCE .....1 Value level of high value ... providing notary and accounting service, the lawyer’s legal service and lawyer