On May 18, 2018, the State Bank of Vietnam issued Circular No.13/2018/TT-NHNN regulating on the internal control system of commercial banks and branches of foreign banks. This Circular took effect since January 1, 2019.

Accordingly, Circular No.13/2018/TT-NHNN regulates the standards for internal auditors working at the bank as follows:

1. Standards of internal auditors working at commercial bank:

–           Having university or higher degree in economics, business administration, law, accounting, auditing; having a university or higher degree in information technology or specialized majors suitable to technology auditors;

–           Having worked directly in the banking, finance, accounting, auditing sector for at least 2 years for internal auditors and 03 years for Chief internal auditors; having at least 2 years working experience in the information technology field for technology auditors.

2. Standards of internal auditors working at branch of foreign bank shall comply with regulations of parent bank.

Therefore, it can be seen that Circular No.13/2018/TT-NHNN plays an important role in improving the quality of internal audit and risk management in financial institutions, thus ensuring credit security and reduce risks for individuals and organizations when using banking services.

On May 16, 2018, the General Customs Department issued Official Dispatch No.2687/TCHQ-TXNK regulating on implementation of tax policy at the Customs Department. The Official Dispatch took effect from the date of its promulgation.

Accordingly, Official Dispatch No.2687/TCHQ-TXNK stipulates some main contents as follows:

1. Regarding the tax exemption for import and export goods: To inspect and review tax-free import declarations at Customs Sub-departments for analysis and identification of suspicious signs and risks in cases subject to notification of the list of tax exemption with the Customs office before importing goods. To review the cases of incorrect declaration on tax-free codes to guide the enterprises to make declaration strictly according to regulations.
2. Regarding tax refund and non-collection: To strictly comply with the provisions on classification of refund dossiers according to the provisions of law on tax administration and the tax refund process promulgated together with Decision No.1780/QD-TCHQ dated June 17, 2016 of the General Customs Department and guiding documents on amendments and supplements.
3. Regarding environmental protection tax: To conduct a review of all items subject to environmental protection tax, especially petrol and oil sourced from petroleum fossils according to the provisions of law.
4. Regarding the value added tax: To examine and review the application of the value added tax policy to imported goods, especially the goods items declared on the import declaration forms which are not subject to value added tax or value added tax rate of 5%.

As such, it can be seen that Official Dispatch No.2687/TCHQ-TXNK has issued specific guidelines to overcome remaining difficulties, improve the effectiveness of tax policy implementation and tax administration.

On May 18, 2018, the Ministry of Natural Resources and Environment issued Decision No.1588/QD-BTNMT announcing plans to reduce the list of goods and products and simplify administrative procedures related to the specialized inspection under the Ministry of Natural Resources and Environment’s management scope. The Decision took effect from the date of its promulgation.

Accordingly, the Ministry of Natural Resources and Environment announces plans for goods and products to be reduced and procedures to be abolished as follows:

1. Announced plans to reduce 38 goods and products (out of total 74 goods and products) subject to specialized inspection in the field of natural resources and environment, reaching 51.3%.
2. Announce plans to abolish and simplify 13 administrative procedures (out of total 13 administrative procedures) related to specialized inspection in the field of natural resources and environment, reaching 100%.
3. Request the Legal Department in the process of drafting legal documents on the above-mentioned contents, it is necessary to continue studying and receiving opinions of citizens and enterprises and may broaden the scope, object of reduction, simplification as compared with the announced plan; ensuring the implementation of the plans to reduce the list of goods, products and simplify administrative procedures be substantial, facilitating and not creating regulations that make difficult for people and enterprises.

Decision No.1588/QD-BTNMT is expected to contribute in minimizing the cumbersome procedures, strengthen administrative procedures reform, create favorable conditions for enterprises doing business in the fields of natural resource and environment development, thereby boosting the development of the national economy.

On April 20, 2018, the Government issued Decree No.59/2018/ND-CP amending and supplementing a number of articles of the Government’s Decree No.08/2015/ND-CP dated January 21, 2015 detailing regulations and measures for the implementation of the Customs Law on customs procedures, inspection, supervision and control. The Decree took effect since June 5, 2018.

Accordingly, Decree No.59/2018/ND-CP stipulates the objects subject to customs procedures, subject to customs inspection and supervision as follows:

1. Objects subject to customs procedures:

–           Goods exported, imported or in transit; cash in foreign currencies, cash in Vietnamdong, tranfering instruments, gold, precious metals, precious stones, cultural products, relics, antiques, treasures, postal matters and parcels for export or import; luggage of people on exit or entry; other articles of export, import or transit, within the geographical area of ​​operation of the customs office;

–           Means of road, rail, air, sea, inland waterway and riverway transport on exit, entry or in transit;

2. Objects subject to customs inspection:

–           Objects subject to customs procedures;

–           Supplies on means of transport on exit, entry or transit;

–           Customs dossiers and vouchers related to the objects subject to customs procedures;

3. Objects subject to customs supervision:

–           Objects subject to customs procedures;

–           Supplies on means of transport on exit, entry or transit;

–           Goods and means of transport within the geographical area of ​​operation of the customs office; goods being machinery, equipment, raw materials and supplies imported for processing or production of export goods being stored at production establishments of organizations or individuals;

–           Goods subject to specialized inspection shall be placed on pending preservation;

–           Goods subject to customs supervision.

It can be seen that, Decree No.59/2018/ND-CP has specifically regulated groups of objects subject to customs procedures, subject to customs inspection and supervision, thereby helping the authorities to clearly define the objects under the scope of inspection and supervision.

On April 19, 2018, the Prime Minister issued Decision No.19/2018/QD-TTg regulating the criteria, competence, order and procedures for recognition of high-tech agricultural enterprises. The Decision took effect since June 05, 2018.

Accordingly, Decision No.19/2018/QD-TTg sets criteria for determining high-tech agricultural enterprises as follows:

1. Apply high technology on the List of high technologies shall be prioritized for development investment in the production of agricultural products.
2. Produce agricultural products of high quality, yield, value and efficiency; turnover from high-tech agricultural products shall account for at least 60% of the total net turnover.
3. Have researches and experiments on high-tech application, technology transfer for the production of agricultural products, total expenditures for research and development activities conducted in Vietnam on the total net turnover of goods at least 0.5%; number of employees with professional qualifications from university or higher directly conducting research and development on the total number of employees of the enterprise is at least 2.5%.
4. Apply environmentally-friendly and energy-saving measures in the production and quality control of agricultural products up to Vietnamese standards or technical regulations or international standards.

With detailed and specific regulations, Decision No.19/2018/QD-TTg plays an important role in setting specific criteria for recognition of high-tech agricultural enterprises, providing a base that the State promulgating appropriate forms of encouragement and support.