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On 15 May 2014, the Government issued Decree No. 43/2014/ND-CP ("Decree 43") and Decree No. 44/2014/ND-CP ("Decree 44"), which take effect from 1 July 2014. Decree 43 guides the implementation of a number of articles of the Law on Land. Some of its more significant provisions are:
- It provides details on the conditions applicable to individuals and organisations using land to implement investment projects;
- It establishes requirements for the transfer of land in relation to investment activities;
- It establishes procedures for registering the changes of land use rights; and
- It regulates permitted extensions in the time frame for the usage of land in the implementation of investment projects.
Decree 44 provides guidance on land prices, including:
- setting forth the methods of determining land prices;
- regulating the base and ceiling prices of land in certain areas; and
- establishing price brackets for urban land, agricultural land, and assorted land.
On 31 March 2014, the State Bank of Vietnam promulgated Circular No. 12/2014/TT-NHNN ("Circular 12") which sets out the requirements for taking offshore loans that are not guaranteed by the Government, and takes effect on 15 May 2014. Below are some significant points:
- The borrower is allowed to use medium-term and long-term offshore loans for commercial projects to which the borrower makes a direct capital contribution.
- The borrower must not take short-term loans to serve medium-term and long-term purposes.
- For medium-term and long-term loans, state-owned companies must have plans appraised and approved by competent authorities.
- Circular 12 also sets out the limits for medium-term and long-term loans by non-state-owned companies.
On 22 April 2014, the Ministry of Finance issued Circular No. 47/2014/TT-BTC ("Circular 47"), which takes effect on 6 June 2014. Circular 47 guides the implementation of certain provisions in Decision No. 03/2011/QD-TTg of the Prime Minister promulgating the Regulations on loan guarantees for small and medium enterprises at commercial banks. The Circular refers to loans guaranteed by the Vietnam Development Bank ("VDB"), and sets out conditions for the granting of such guarantees. It also sets out the limits of the VDB’s guarantees, as well as the terms of repayment.
On April 14, 2014, the Government issued Decree No. 30/2014/ND-CP ("Decree 30") regulating conditions for sea shipping and sea shipping support service business. Decree 30 takes effect on 1 July 2014. Some of the significant provisions are as follows:
- Persons who are engaged in the sea shipping business in Vietnam must establish enterprises as prescribed by law, and must obtain a license for sea shipping.
- Organisations and individuals providing sea shipping agency services must register their business and must establish enterprises in accordance with legal provisions.
- Organisations and individuals providing sea shipping towage services in Vietnam must register their business and must establish enterprises in accordance with legal provisions. Further, they must have the appropriate professional liability insurance, as well as sea shipping towage contracts for each specific shipment or for a specific time limit.
On May 14, 2014, the Government issued Decree No. 42/2014/ND-CP ("Decree 42") on the management of multi-level sale of goods. Decree 42 takes effect on 1 July 2014, and sets out the conditions which must be fulfilled for the conduct of multi-level sale of goods. It also sets out restrictions in the multi-level sale of goods, such as prohibiting the pyramid model of business.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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