Notable new policies of Vietnam effective as of the middle of November 2024

Amendments to additional penalties for administrative violations against regulations on industrial property in Vietnam 

On September 30, 2024, the Minister of Science and Technology of Vietnam promulgated Circular No. 06/2024/TT-BKHCN on amendments to Circular No. 11/2015/TT-BKHCN guiding Decree No. 99/2013/ND-CP on penalties for administrative violations against regulations on industrial property, which stipulates amendments to additional penalties. 

Additional penalties for administrative violations against regulations on industrial property are amended in Clause 2 Article 1 of Circular No. 06/2024/TT-BKHCN as follows: 

When applying the additional penalties prescribed in Point c Clause 2 Article 3 of Decree No. 99/2013/ND-CP, persons competent to impose penalties for administrative violations shall apply the method of partial or whole suspension of operations concerning manufacturing, trading, and services of violating organizations and individuals following the principles of suspension of manufacturing, trading, and services directly related to administrative violations subject to penalties. 

The method of whole suspension of manufacturing, trading, and services of violation organizations and individuals shall be applicable in cases where the mentioned operations are directly related to administrative violations subject to penalties. 

Additionally, the application of methods of preventing and ensuring penalties for administrative violations against regulations on industrial property is amended in Clause 3 Article 1 of Circular No. 06/2024/TT-BKHCN as follows:  

Persons competent to impose penalties for administrative violations shall consider applying measures to prevent and ensure the handling of administrative violations, such as confiscation of domain names when receiving valid documents from petitioners against unfair competition concerning the appropriation and use of domain names prescribed in Point a Clause 16 Article 14 of Decree No. 99/2013/ND-CP, including: 

- Written requests for the application of domain name confiscation (by separate documents or included in applications for handling unfair competition concerning the appropriation and use of domain names); 

- Written authorizations according to Article 23 of Decree No. 99/2013/ND-CP (if any); 

- Documents and evidence proving acts of unfair competition concerning the appropriation and use of domain names according to Point c Clause 2 Article 19 of Circular No. 11/2015/TT-BKHCN. 

See more details in Circular No. 06/2024/TT-BKHCN, effective as of November 15, 2024. 

Annulment of several public contents of Public Security in traffic order and safety assurance in Vietnam 

On September 30, 2024, the Minister of Public Security of Vietnam promulgated Circular No. 46/2024/TT-BCA on amendments to Circular No. 67/2019/TT-BCA on the implementation of democracy in the assurance of traffic order and safety.

Article 2 of Circular No. 46/2024/TT-BCA annuls Point d Clause 1, Point c Clause2, and Point b Clause 3 of Article 5 of Circular No. 67/2019/TT-BCA on the implementation of democracy in traffic order and safety assurance. 

Specifically, the annulled contents related to publicity in traffic order and safety assurance include: 

**Regarding the patrol, inspection, and handling of administrative violations: 

“Plans for general control of traffic vehicles, plans to patrol, control, and handle violations concerning traffic, and plans to patrol, control, and handle recurrent violations, including unit names; routes; vehicle types and violations subject to control and handle; implementation time;”

**Regarding vehicle registration and license plate issuance: 

“People’s Public Security uniforms and identification numbers of officials carrying out tasks of vehicle registration and license plate issuance;”

**Regarding traffic command and control:

“People’s Public Security uniforms and identification numbers and technical equipment and combat gear announced under regulations;”

Additionally, there are amendments to contents relevant to announcements in traffic order and safety assurance.

Specifically, amended contents concerning the patrol, control, and handling of administrative violations are as follows: 

+ Names, addresses, on-duty phone numbers, suggestion boxes, social network accounts, and citizen reception time for handling of administrative violations of Public Security Authorities tasked to patrol, control, and handle administrative violations; 

(Previously, it was names, addresses, on-duty phone numbers, and suggestion boxes of Public Security Authorities tasked to patrol, control, and handle administrative violations)

+ Professional and technical equipment and devices for detecting administrative violations according to the Law on Administrative Violation Handling; 

(Previously, it was People’s Public Security uniforms and identification numbers and technical equipment, devices, and combat gear announced under regulations) 

See more details in Circular No. 46/2024/TT-BCA, effective as of November 15, 2024. 

Vietnam’s amendments to forms of deposits eligible for premature withdrawal 

On September 30, 2024, the Governor of the State Bank of Vietnam promulgated Circular No. 47/2024/TT-NHNN on amendments to Clause 3 Article 3 of Circular No. 04/2022/TT-NHNN on the application of interest rates to premature withdrawal of deposits from credit institutions and foreign bank branches. 

Article 1 of Circular No. 47/2024/TT-NHNN amends Clause 3 Article 3 of Circular No. 04/2022/TT-NHNN regarding forms of deposits eligible for premature withdrawal.  

Specifically, forms of deposits include: 

- Time savings deposits.

- Time deposits. 

- Deposit certificates issued by credit institutions. (Previously, it was Deposit certificates, bills, treasury bills, and bonds issued by credit institutions.) 

- Other forms of receiving time deposits according to the Law on Credit Institutions of Vietnam.

Additionally, according to Article 4 of the Law on Credit Institutions 2024, a credit institution means a business organization that has juridical person and conducts one, some or all banking operations according to the Law on Credit Institutions 2024. Credit institutions include: 

- “Bank” means a credit institution, which may conduct all banking operations under the Law on Credit Institution 2204. Banks include commercial banks, policy banks and cooperative banks.

-  “Non-bank credit institution” means a credit institution, which may conduct one or some banking operations under the Law on Credit Institutions 2024, apart from receipt of deposits from individuals and provision of A2A payment services. Non-bank credit institutions include general and specialized finance companies.

- “Microfinance institution” means a credit institution which mainly conducts one or some banking operations to meet the needs of low-income individuals and households, and super small-sized enterprises.

- “People's credit fund” means a credit institution voluntarily established by juridical persons, individuals and households as a cooperative with a view to conducting one or some banking operations under the Law on Credit Institutions 2024 for the main purpose of mutual assistance in development of production and business and life.

See more details in Circular No. 47/2024/TT-NHNN, effective as of November 20, 2024. 

Vietnam’s regulation on interest rates of deposits in USD of organizations and individuals at credit institutions 

On September 30, 2024, the Governor of the State Bank of Vietnam promulgated Circular No. 46/2024/TT-NHNN on the application of interest rates to deposits in USD of organizations and individuals at credit institutions and foreign bank branches. 

Circular No. 46/2024/TT-NHNN stipulates the application of maximum interest rates for deposits in USD of organizations (excluding credit institutions and foreign bank branches) and individuals at credit institutions and foreign bank branches. 

Credit institutions shall ensure that the interest rates applicable to deposits in USD do not exceed the maximum interest rates decided by the Governor of the State Bank of Vietnam in each period applicable to: 

- Deposits of organizations.

- Deposits of individuals. 

The maximum interest rates applicable to deposits in USD prescribed in Circular No. 46/2024/TT-NHNN include payments for sale promotion in any form and be applied to the method of term-end interest payment and other methods of interest payment that are converted into the method of term-end interest payment.

Credit institutions shall publicly post interest rates applicable to deposits in USD at legal transaction locations included in the operational network of credit institutions and on their websites (if any).  When receiving deposits, credit institutions shall not offer sale promotion in any form (in cash, interest rate, or other forms) contrary to the law. 

Circular No. 46/2024/TT-NHNN replaces Circular No. 06/2014/TT-NHNN on maximum interest rates applicable to deposits in USD of organizations and individuals at credit institutions. 

Regarding agreements on interest rates applicable to deposits in USD made before November 20, 2024, credit institutions and clients shall continue to implement them until the expiry dates.  In case the clients do not come for the withdrawal when the agreed terms expire, credit institutions shall apply the deposit interest rates prescribed in Circular No. 46/2024/TT-NHNN.

See more details in Circular No. 46/2024/TT-NHNN, effective as of November 20, 2024. 

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