On December 31, 2019, the State Bank issued Circular No. 33/2019 / TT-NHNN, amending and supplementing a number of articles of Circular 34/2013 / TT-NHNN regulating the issuance of domestic promissory notes, treasury bills and bonds by credit institutions and foreign bank branches.
Accordingly, from February 19, 2020, when the Circular takes effect, the registration of the Bond Issuance Plan will be implemented in accordance with the new provisions of Circular No. 33/2019. Specifically:
In case foreign credit institutions wish to issue bonds, they will submit to the Department of Monetary Policy for approval of bond issuance plans. The application for approval must contain sufficient information, including: total face value of the issue, name of the bond, interest rate, time, method of issue, plan of using capital and payment plan , commitment of credit institutions. Within 30 days from the date of receiving the complete and valid dossier, the State Bank will issue a written reply approving or disapproving the bond issuance plan.
Another noteworthy point of this Circular is the regulation on interest rates for valuable papers issued by credit institutions, foreign banks’ branches in addition to complying with current regulations on The interest rate of the State Bank must also comply with the provisions of the Securities Law and Decree 163/2018 / ND-CP.
Thus, with the issuance of Circular 33/2019 / TT-NHNN, the State Bank has taken steps to strengthen the management of capital mobilization activities of credit institutions and foreign bank branches. to ensure the transparency and safety of the financial market, as well as the effectiveness of monetary policy.
On June 14, 2019, the National Assembly passed the Law on Prevention and Control of Alcohol and Beer Harm. Accordingly, this Law takes effect on January 1, 2020.
One of the outstanding contents of the Law on Prevention and Control of Alcoholism related to the management of alcohol trading, specifically:
Firstly, about production conditions:
a) Conditions for licensing industrial alcohol production with an alcohol content of 5.5 degrees or more include:
– Enterprises established under the provisions of law;
– Having a line of machinery, industrial equipment, and alcohol production technology processes that meet the expected production scale;
– Ensuring food safety and environmental protection conditions as prescribed by law;
– Having qualified and professional technical staff suitable to the liquor production industry.
b) Conditions for granting a license for manual liquor production with an alcohol content of 5.5 degrees or higher for business purposes, except for cases sold to establishments having liquor production licenses for re-processing, including:
– Enterprises, cooperatives, unions of cooperatives or business households established under the provisions of law;
– Ensuring food safety conditions in accordance with the law.
c) Conditions for households and individuals manually producing liquor with an alcohol content of 5.5 degrees or more to be sold to establishments having liquor production licenses for re-processing include:
– Having a sale and purchase contract with a liquor production license establishment and registering with the People’s Committee of the commune where the production facility is located;
– Ensuring food safety conditions as prescribed by law.
Secondly, for the licensing conditions of trading alcohol with an alcohol content of 5.5 degrees or more including:
– Business registration in accordance with the law;
– Meet the conditions for each type of alcohol trading.
In order to ensure the proper and unified implementation, the Government shall detail this Article in the next process and regulate the management of alcohol trading with a liquor content of under 5.5 degrees.
The enactment of the Law on Prevention and Control of Alcohol and Beer Harm is essential in the context of the current alcohol and beer abuse, playing an important role in reducing the harmful effects of alcohol, as well as being a legal basis for activities. action to deal with alcohol abuse.
On December 30, 2019, the Government issued Decree No. 100/2019 / ND-CP of the Government stipulating sanctions against administrative violations in the field of road and rail transport. Decree 100/2019 / ND-CP takes effect from January 1, 2020.
Accordingly, operators of motorcycles, mopeds (including electric motorbikes), vehicles similar to motorbikes, mopeds on roads with alcohol or breath in alcohol content shall be fined as follows: :
-If there is alcohol in the blood or breath but not exceeding 50 milligrams per 100 milliliters of blood or not exceeding 0.25 milligrams per liter of breath, a fine of between VND 2,000,000 and 3,000,000 (Decree) 46/2016 / ND-CP does not stipulate a fine for this case).
– If the concentration of alcohol in the blood or breath exceeds 50 milligrams to 80 milligrams per 100 milliliters of blood or exceeds 0.25 milligrams to 0.4 milligrams per liter of breath, a fine of between VND 4,000,000 and 5,000. VND 000 (The fine under Decree 46 is from VND 1,000,000 to VND 2,000,000).
– If the alcohol content exceeds 80 milligrams per 100 milliliters of blood or exceeds 0.4 milligrams per liter of breathing air, a fine of between VND 6,000,000 and VND 8,000,000 (The penalty under Decree 46 is from VND 3,000. VND 000,000,000 to VND 4,000,000).
Compared to before, the Road Traffic Law 2008 provides for drivers of motorbikes and mopeds whose blood alcohol content is from 50 milligrams per 100 milliliters of blood or 0.25 milligrams per liter of breathing air or less. will not be sanctioned, the Decree 100/2019 / ND-CP is stricter. This is an extremely progressive policy, contributing to minimize traffic accidents caused by drinking alcohol.
On November 22, 2019, the State Bank of Vietnam (SBV) issued Circular No. 23/2019 / TT-NHNN, amending and supplementing a number of articles of the Governor’s Circular No. 39/2014/TT-NHNN. The State Bank of Vietnam guides payment intermediary services.
Accordingly, stipulating the total limit of transactions via individual e-wallets of 1 customer at 01 e-wallet service provider (including payment transactions for legal goods and services and delivery). Maximum transfer of money from e-wallets to other e-wallets opened by the same e-wallet service provider is VND 100 million / month. Earlier, in the draft of this Circular, the State Bank proposed an electronic wallet transaction limit for individuals of VND 20 million / day and VND 100 million / month; of the organization is VND 100 million / day and VND 500 million / month. This proposal received mixed opinions, saying that this limit would curb electronic payments.
The above regulations do not apply to individual e-wallets of persons having contracts/agreements acting as payment acceptance units with e-wallet service providers.
At the same time, the Circular also supplements the regulations on authenticating information about customers opening e-wallets as follows:
The e-wallet owner must provide, update fully and accurately the information in the e-wallet opening document to the e-wallet service provider and take responsibility for the truthfulness of the information. provided.
The e-wallet service provider is responsible for checking, comparing and ensuring that the e-wallet application is complete and valid according to Clauses 1, 2 and 3, Article 9 of the Circular. 39/2014 (amended and supplemented in Clause 3 Article 1 of Circular 23/2019).
Circular 23/2019 / TT-NHNN takes effect from January 7, 2020 and repeals Clause 3 Article 25 of Circular 37/2016 / TT-NHNN; amending and supplementing Point d Clause 1 Article 5 of Circular 04/2016 / TT-NHNN. The regulation of transaction limits for e-wallets aims to minimize the risk of taking advantage of money laundering and committing illegal acts.
On November 14, 2019, the Government issued Decree 86/2019 / ND-CP providing for the legal capital of credit institutions and foreign bank branches. This Decree takes effect from January 15, 2020.
Accordingly, Article 2 of the Decree stipulates the level of legal capital for each entity as follows:
1. Commercial bank: VND 3,000 billion
2. Policy bank: VND 5,000 billion
3. Cooperative bank: VND 3,000 billion
4. Foreign bank branches: US $ 15 million (USD).
5. Financial company: VND 500 billion.
6. Financial leasing company: VND 150 billion.
7. Microfinance institutions: VND 5 billion.
8. People’s credit fund operating in a commune or a town (hereinafter referred to as commune): VND 0.5 billion.
9. People’s credit fund operating in one ward; people’s credit fund operating in inter-commune, inter-ward and inter-ward areas: VND 1 billion.
Businesses related to the field of finance – banking always carry risks, in case of incidents, they will cause unforeseen losses to related entities. Therefore, the issuance of Decree 86/2019 / ND-CP clearly defines the legal capital of entities operating in the field of finance and banking, in order to ensure payment and overcome when there are risks. arising, enhance the peace of mind of entities related to financial – banking activities.
On November 15, 2019, the Government issued Decree 90/2019 / ND-CP stipulating the regional minimum wage for employees. This Decree takes effect from January 1, 2020, and replaces Decree 157/2018 / ND-CP.
Decree 90/2019 / ND-CP stipulates the regional minimum wage applicable to employees working in enterprises as follows:
a) VND 4,420,000 / month, applicable to enterprises operating in the area of region I.
b) VND 3,920,000 / month, applicable to enterprises operating in the area of Region II.
c) VND 3,430,000 / month, applicable to enterprises operating in the area of Region III.
d) VND 3,070,000 / month, applicable to enterprises operating in the area of Region IV.
Accordingly, enterprise operating in any area shall apply the region-based minimum wage to that area. In case an enterprise having a unit or branch operating in a region with different regional minimum wage, the unit or branch operate in specific location will be appled the region-based minimum wage for that location.
When implementing the regional minimum wage prescribed in this Decree, enterprises must not eliminate or cut the wage regimes when laborers work overtime, work at night, work in working conditions. hard, toxic, in-kind allowances for heavy and hazardous job titles and other regimes according to the labor law. Other allowances, additions, allowances and bonuses prescribed by enterprises shall comply with the agreements in labor contracts, collective labor agreements or in the enterprise’s regulations.
The region-based minimum wage level specified in this Decree is the lowest level to serve as a basis for enterprises and workers to agree and pay wages, in which the salary paid to employees working in normal working conditions, ensuring adequate normal working hours in the month and fulfilling the agreed labor or work norms must ensure:
(1) Not lower than the regional minimum wage for workers engaged in simple work; (2) At least 7% higher than the regional minimum wage for employees performing vocational training.
Thus, from January 1, 2020, businesses conduct review and adjustment and rebuild the new wage scale to comply with the law. This change in salary is necessary with the change of socio-economy in the past 1 year, creating conditions for employees to have a better life. Many businesses are currently applying wages higher than the regional minimum wage, so changing them does not affect too much.
On June 4, 2019, the National Assembly of Vietnam passed the Law on prevention and control of alcohol and beer harms in 2019. Accordingly, this Law takes effect from January 1, 2020.
Pursuant to Article 5 of this Law, regulations on prohibited acts in the prevention and control of alcohol and beer harms. In particular, this Law specifies 12 prohibited acts and 01 reference and specific provision
1. Inciting, provoking, inducing or forcing others to drink alcohol or beer.
2. Persons who are under 18 years of age drinking alcohol or beer.
3. Selling, supplying and promoting wine and beer for persons under 18 years of age.
4. Employing laborers who are under 18 years of age directly involved in the production, sale and purchase of alcohol and beer.
5. Officials, public servants, public employees, laborers in agencies, organizations, officers, non-commissioned officers, professional armymen, soldiers, people working in the people’s armed forces and students , students drink wine and beer right before, during working hours, study and break between working and studying.
6. Driving in blood or breath mode of alcohol.
7. Advertising alcohol with an alcohol content of 15 degrees or higher.
8. Providing incorrect, untruthful information on the effects of alcohol on beer.
9. Sales promotion in alcohol and beer trading with an alcoholic content of 15 degrees or higher; using alcohol or beer with an alcoholic content of 15 degrees or more for sale promotion in any form.
10. Using raw materials, additives and processing aids not allowed to be used in food; raw materials, food additives and food processing aids are not up to the quality standards and are of unclear origin and origin for the manufacture and preparation of wine and beer.
11. Trading in wine without a license or without a registration; selling wine and beer with vending machines.
12. Trading, storing and transporting fake and illegally imported liquors and beer, of unsatisfactory quality, with unclear origins or sources, smuggling liquor and beer.
13. Other prohibited acts related to alcohol and beer as prescribed by law
The promulgation of the Law on Prevention and Control of Alcohol and Beer Harm is essential in the context of the current alcohol and beer abuse, playing an important role in reducing the harmful effects of alcohol, as well as being a legal basis for activities. action to deal with alcohol abuse.
On November 12, 2019, the Minister of Industry and Trade issued Circular No. 22/2019 / TT-BCT providing regulations on temporary suspension of trading in border-gate transfer and temporary import of plywood into Vietnam for re-export to the United States. This Circular takes effect from December 27, 2019.
Accordingly, Circular No. 22/2019 / TT-BCT prescribes business activities of border-gate transfer, business activities temporarily imported into Vietnam for re-export to the United States of plywood products of group HS 44.12 according to the List. Vietnamese exports and imports issued together with the Ministry of Finance’s Circular No. 65/2017 / TT-BTC will suspend implementation from December 27, 2019.
Particularly for plywood shipments that have undergone temporary import or border-gate customs clearance before the effective date of this Circular (i.e., December 27, 2019), they will continue to be re-exported or border-gate transfer according to regulations. The Decree No. 69/2018 / ND-CP of the Government detailing a number of articles of the Law on Foreign Trade Management and the current regulations.
Circular No. 22/2019 / TT-BCT was issued to apply to traders participating in border-gate trading, temporary import and re-export business. Organizations and agencies managing border-gate transfer business activities, trading in temporary import for re-export of goods. And agencies, organizations and individuals involved in activities of trading in border-gate transfer, trading in temporary import for re-export of goods.
In the case of goods imported from importing countries, temporarily imported into Vietnam with poor quality, or of unclear origin re-exported to the US market, it will seriously affect Vietnamese enterprises dealing in export plywood. exported to the US. Thereby, this Circular aims to improve and tighten the management of plywood products, in order to prevent commercial frauds on goods origin. At the same time, help improve the quality and reputation of Vietnamese businesses trading plywood in the US market as well as other countries.
The application of the provisions of this Circular will officially take effect from December 27, 2019 and end on December 31, 2024.
