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New law hopes to regulate direct bank wage transfers

Deputy director Hoang Minh Hao said payments via bank transfer were mentioned in the draft of the Labour Code, which has been proposed to the government for comments, as an alternative to cash payments.

Business start-up rules contradict intent of law

The Law on Investment, enacted the same year, affirmed the nation’s non-discriminatory approach to both domestic and foreign investors. Despite the admirable objective of creating a level playing field for all enterprises, establishing an enterprise in Viet Nam remains a tangled web.

Quoting in dollars, despite law

For many businesses and customers, quoting in dollars is a sign of class.

FIEs’ rising strikes prompt union review

The Vietnam General Confederation of Labour’s Policy and Law Division head Nguyen Duy Uy said new regulations on inspecting foreign-invested enterprises’ (FIEs) trade union organisations were to be proposed as part of amendments to the existing Trade Union Law. These amendments would be tabled at the National Assembly meeting in October.

Unemployment insurance fund reaches 7.9tr dong

Starting from January 1, 2009, the Social Insurance Law on Unemployment Insurance has come to effect. After two years of implementation, till the end of December 2010, Vietnam had 7.05 million people joining the unemployment insurance (accounting for 75% of the total number of laborers involved in compulsory insurance), increasing nearly 20% against 2009′s. The total revenue from unemployment insurance fee reached 8.3 trillion dong.

Vietnam to regulate fiscal policy more actively and closely

The goal will be achieved through effectively enforcing the Law on State Budget, enhancing investment efficiency, and cutting the state budget, said Ninh. The minister also said that Vietnam needs to make a big effort to curb Consumer Price Index (CPI) at 7% this year as targeted by the National Assembly.

Credit hurdles to trip up foreign-backed projects

According to the Law on Credit Institutions, effective from January 1, 2011, a foreign bank branch and a locally incorporated bank will no longer provide loans to a customer exceeding 15 per cent of its own equity.

RoK enterprises attend seminar on labour law

This was announce at a seminar on Vietnam’s labour law held by the Ho Chi Minh City Department of Labour, Invalids and Social Affairs (DOLISA) on January 25 with the participation of over 100 RoK invested enterprises.

Dutch give boost to agricultural sector

The ministry’s International Cooperation Department said the fisheries, cocoa and coffee industries have benefited the most from the co-operation. The Netherlands will help Viet Nam become a full member of the Western and Central Pacific Fisheries Commission (WCPFC). Both countries have agreed to seek funding for a programme to train quarantine officers and law experts concerning the European Union’s food safety rules and law.

Vietnam to impose environmental tax on nylon bags

Different tax rates for environmental protection in the draft resolution are expected to take effect as of January 1, 2012. The environmental-tax law was approved by the NA on November 15, 2010.

Vietnam, Netherlands enhance PPP in agriculture

MARD’s International Cooperation Department said the fisheries, cocoa and coffee industries have benefited the most from the cooperation. The Netherlands will help Vietnam become a full member of the Western and Central Pacific Fisheries Commission (WCPFC). Both countries have agreed to seek funding for a programme to train quarantine officers and law makers in the European Union (EU) food safety and law.

2011 to be a good year for securities investors

Representative from the State Securities Commission said that in 2011, of the urgent tasks for the commission would be to compile the legal documents that guide the implementation of the amended Securities Law which will take effect in 2011. Especially, many Vietnamese securities investors now dream of investing in Lao securities, since Lao stock market officially opened several days ago.

Vinapco to cough up

After a dispute over a price increase, JPA had its fuel supply cut off by Vinapco on April 1, 2008. This caused a delay that grounded 30 flights with some 5,000 passengers affected. The government intervened and ordered Vinapco to resume supplying fuel to JPA. The state-owned airplane petrol supplier was also fined more than VND3.3 billion ($165,000) for violating the nation’s Competition Law, which was calculated based on the percentage of Vinapco’s turnover in 2007 and would be handed to the state coffers.

New Commercial Arbitration Law introduced

This is advantageous for foreign firms in Vietnam and domestic firms doing business overseas in terms of choosing arbitration to settle litigations. Besides, compared to the arbitration ordinance that has just expired, the new commercial arbitration law features more credibility and safety. The invalidity of arbitration agreements is restricted in order to get closer to commercial arbitration practices.

Credit hurdles to trip up foreign-backed projects

According to the Law on Credit Institutions, effective from January 1, 2011, a foreign bank branch and a locally incorporated bank will no longer provide loans to a customer exceeding 15 per cent of its own equity. The regulation aims to control banking system risks, but the lending limit means that foreign investors will find it difficult to receive funds for their direct investment projects in Vietnam.


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