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Legal alert| Abolishing procedures for investment approval for a number of real estate projects

On November 5, 2020, the Government issued Resolution 164 / NQ-CP ("Resolution 164 / NQ-CP") on solving some problems in the implementation of urban construction investment projects pursuant to Decree 11/2013 / ND-CP dated January 14, 2013 of the Government on the management of urban development investment. Accordingly, no investment procedures as prescribed in Decree 11/2013 / ND-CP will be applied to investment projects on construction of urban areas in the following two cases: i.Projects for which investment policy has been decided by competent authorities under the 2014 Investment Law or approved for investment under the 2014 Housing Law; and ii.Projects that have...

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Introduction to the Legal Alert released on September 20, 2020

In this Legal Alert, we would like to keep our readers informed of remarkable legal changes that have been summarized and analyzed from Official Letter 4308/BXD-HDXD issued by the Ministry of Construction and sent to People's Committees of centralized provinces and cities on the management of construction projects with condotels, officetels, resort villas and shophouses. Accordingly, the newsletter focuses on the legal regulations on providing additional legal corridors for management and transaction in the projects with condotels, officetels, resort villas and shophouses; at the same time, the newsletter analyzes some problems experienced during the management of such projects to provide investors...

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Additional legal corridors for management and transaction of the projects with condotels, officetels, resort villas and shophouses

On 03 September 2020, the Ministry of Construction issued Official Letter No. 4308/BXD-HDXD to People's Committees of centralized provinces and cities on the management over the investment and construction of the projects with condotels, officetels, resort villas and shophouses.   Accordingly, Official Letter No. 4308/BXD-HDXD addresses the matters related to condotels, officetels, resort villas and shophouses with the following noteworthy key points:   Regarding the legal corridor   The Ministry of Construction reiterates and mentions the latest and most important legal corridor related to the management of investment and construction of condotels, officetels, resort villas and shophouses as follows:   Decision No. 3720/QD-BVHTTDL dated 28 October...

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Regulations on the rule of origin

On 30 July 2019, the Ministry of Industry and Trade issued Circular No. 12/2019/TT-BCT regulating the rules of origin in the Framework Agreement on Comprehensive Economic Co-operation between the Association of South East Asian Nations and the People’s Republic of China. Circular 12 takes effect from 12 September 2019 and has the following new points: Regarding the rule of origin Goods are considered to have origins if produced only from origin materials; besides the criterion "Regional value content" (RVC), the general rule also applies to origin criteria for converting commodity codes at level of 4 digits (CTH); regulations on De Minimis (the...

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Guiding foreign exchange control for FDI activities

On 26 June 2019, the State Bank of Viet Nam issued Circular No. 06/2019/TT-NHNN on guiding foreign exchange control for foreign direct investment (FDI) activities. Accordingly, Circular 06 features some key points as follows: Foreign direct investment activities in Vietnam According to Circular 06, foreign direct investment activities in Vietnam include: Contribute investment capital; Open and use direct investment capital accounts in foreign currencies and in Vietnamese dong; Transfer money to conduct investment preparation activities; Remit capital, profits and lawful income overseas; and Transfer investment capital, and transfer investment projects. Entities entitled to open direct investment capital accounts Enterprises with foreign direct investment...

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Regulations on management of construction investment costs

On 14/08/2019, the Government issued Decree 68/2019/ND-CP ( Decree 68) on the management of construction investment costs. Accordingly, Decree 68 regulates the costs which form the total construction investment, including the following costs: Compensation, assistance and resettlement costs: include compensation costs for land, houses, works on land and water surface; assistance amounts paid by the State for land recovery; resettlement costs; costs for removal of and payment for technical infrastructure items which have been constructed (if any). Construction costs: include construction costs of work items in a project; temporary works serving construction; costs of demolition of the works outside the scope...

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Regulations on assets not eligible to be recognized as fixed assets, or intangible and special fixed assets managed by the Ministry of Justice

On 19/09/2019, the Minister of Justice issued Decision 2402/QD-BTP on the list, life cycle, and depreciation rate of the assets not eligible to be recognized as fixed assets, or intangible and special fixed assets managed by the Ministry of Justice. Particularly: Assets not eligible to be recognized as fixed assets Assets in one of the following two categories will be determined as not eligible to be recognized as fixed assets under the management of the Ministry of Justice: Assets (except houses, construction works and architectural objects) have a historical cost of VND 5 million to under VND 10 million and have a...

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Amend and supplement the regulation on employment promotion policies and the National Fund for Employment

On 23/9/2019, the Government enacted Decree No. 74/2019/ND-CP on amending and supplementing a number of articles of Decree 61/2015/ND-CP on employment promotion policies and the National Fund for Employment, directed towards increasing preferential loans from the National Fund for Employment granted to small and medium-sized enterprises, cooperatives, co-operative groups, business households and laborers.  Particularly: Eligible borrowers and lending limits Laborers: VND 100 million maximum (currently, VND 50 million). Businesses: maximum VND 2 billion/project and not exceed VND 100 million for 1 laborer whose job is created, maintained or expanded (currently, maximum VND 1 billion/project and not exceed VND 50 million/1 laborer). Security...

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Guidance on electronic invoices for goods sale and service provision

On September 30, 2019, the Ministry of Finance issued Circular 68/2019/TT-BTC (Circular 68) guiding the implementation of a number of articles of Decree No. 119/2018/ND-CP on electronic invoices for goods sale and service provision. Accordingly, Circular 68 provides guidelines for a number of details on electronic invoices, including: details of electronic invoices, time of making electronic invoices, format of electronic invoices, application of electronic invoices, providing electronic invoice services, managing and using electronic invoices, building and managing electronic invoice databases and organizing the provision of electronic invoice services. Details of electronic invoices (e- invoices) include: Title, identification code, form number and series...

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Guidance on recording land use levies owed by households and individuals

On October 16, 2019, the Government issued Decree 79/2019/ND-CP (Decree 79) amending article 16 of Decree 45/2014/ND-CP on the collection of land use levies. Accordingly, for households and individuals whose land use levies, these are recorded as owed on their Certificates of land use rights and have not been fully paid until the effective date of Decree 79, Decree 79 stipulates as below: From March 01, 2016 to the end of February 28, 2021: households and individuals whose land use levies are recorded as owed, will pay the outstanding land use levies according to the policies and land prices at the...

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