New and notable policies of Vietnam taking effect in the beginning of July 2022

New and notable policies of Vietnam taking effect in the beginning of July 2022
Diễm My

LawNet would like to introduce new and notable policies of Vietnam that have come into force in the beginning of July 2022 (July 1 - 10)

1. Increase in regional minimum wage beginning July 1, 2022, Vietnam

According to Decree 38/2022/ND-CP, the minimum wage for employees working under labor contracts has been increased.

Specifically, the regional minimum wage increases from July 1, 2022 as follows:

- Region I: 4,680,000 VND/month. (currently, 4,420,000 VND/month)

 - Region II: 4,160,000 VND/month. (currently, 3,920,000 VND/month)

 - Region III: 3,640,000 VND/month. (currently, 3,430,000 VND/month)

 - Region IV: 3,250,000 VND/month. (currently, 3,070,000 VND/month)

Decree 38/2022/ND-CP takes effect from July 1, 2022 and replaces Decree 90/2019/ND-CP.

2. Modification of mandatory civil liability insurance buyers in construction with third parties in Vietnam

Decree 20/2022/ND-CP amends Decree 119/2015/ND-CP  on compulsory insurance for construction investment activities, effective from July 1, 2022.

As a result, engineering construction contractors must buy compulsory insurance for employees working at construction sites and compulsory third-party civil liability insurance.

Currently, engineering construction contractors only have to buy compulsory insurance for employees working at construction sites, and the new contractor is responsible for buying compulsory third-party civil liability insurance.

3. Adding public property electronic sales invoice in Vietnam

Decree 123/2020/ND-CP has added public property electronic sales invoice.

Public property electronic sales invoice is used when selling the following types of property:

- Public property at authorities, organizations or units (including state owned houses);

- Infrastructure property;

- Public property that is managed by enterprises as assigned by the Government, excluding state capital invested in enterprises;

- Property of state-funded projects;

- Property under the established all-people ownership;

- Public property appropriated under decisions issued by competent regulatory authorities or officials;

- Raw materials and supplies obtained from the disposal of public property.

Decree 123/2020/ND-CP takes effect from July 1, 2022 and replaces Decree 51/2010/ND-CP, Decree 04/2014/ND-CP, Decree 119/2018/ND-CP.

4. Reducing the rate of retained securities field fees in Vietnam

Circular 25/2022/TT-BTC stipulates exercise of autonomy in terms of payroll and operating funding of the State Securities Commission of Vietnam

The collector shall be allowed to retain and use 70% of total amount of collected fees in accordance with regulations of Decree 120/2016/ND-CP, Decision 29/2009/QD-TTg, and Circular 104/2009/TT-BTC.

Currently, The collector shall be allowed to retain and use 95% of total amount of collected fees in accordance with regulations of Decision 29/2009/QD-TTg and guiding documents.

Circular 25/2022/TT-BTC takes effect from July 1, 2022 and replaces Circular 272/2016/TT-BTC.


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