Notable new policies of Vietnam effective from the end of February 2024

1. 7 Circulars of Minister of Finance of Vietnam to be wholly annulled 

On January 10, 2024, the Minister of Finance of Vietnam promulgated Circular No. 02/2024/TT-BTC annulling Circulars of the Minister of Finance of Vietnam. 

According to the Circular, the following 7 Circulars shall be wholly annulled: 

- Circular No. 88/2018/TT-BTC dated September 28, 2018 on the financial management of public-private partnership investment projects and investor selection costs;

- Circular No. 08/2016/TT-BTC dated January 18, 2016 on the management and payment of investment capital funded by the state budget;

- Circular No. 108/2016/TT-BTC dated June 30, 2016 on amendments to Circular No. 08/2016/TT-BTC dated January 18, 2016 on the management and payment of investment capital funded by the state budget;

- Circular No. 52/2018/TT-BTC dated May 24, 2018 on amendments to Circular No. 08/2016/TT-BTC dated January 18, 2016 on the management and payment of investment capital funded by the state budget; Circular No. 108/2016/TT-BTCdated June 30, 2016 on amendments to Circular No. 08/2016/TT-BTC dated January 18, 2016;

- Circular No. 107/2018/TT-BTC dated November 15, 2018 on the management, payment, and settlement of investment capital of construction investment projects using public capital investment sources of the overseas representative missions of Vietnam and other Vietnamese authorities abroad;

- Circular No. 12/2017/TT-BTC dated February 10, 2017 on guidelines on the procedure for investment capital support for equipment of projects on environmental protection invention application;

- Circular No. 180/2014/TT-BTC dated November 27, 2014 on the management, payment, and settlement of advance capital of the EVN for the implementation of the project on migration and relocation at the Ninh Thuan nuclear power plant;

See more details in Circular No. 02/2024/TT-BTC, effective as of February 25, 2024. 

2. Vietnam’s military vessel inspection principles from February 27, 2024 

On January 12, 2024, the Minister of National Defense of Vietnam promulgated Circular No. 02/2024/TT-BQP on military vessel inspection. 

According to the Circular, military vessel inspection principles from February 27, 2024 include: 

- Inspection facilities shall inspect and issue certificates of technical and environmental safety to military vessels that are newly built, reformed, modernized, purchased, imported, received, repaired, and in operation according to relevant national standards, national technical regulations, and international treaties and regulations of the State and the Ministry of National Defense of Vietnam.

- Military vessel inspection shall ensure the independence, truthfulness, objectivity, conformity with task requirements, and compliance with relevant national standards, national technical regulations, and international treaties and regulations of the State and Ministry of National Defense of Vietnam or other standards accepted by the Ministry of National Defense of Vietnam.

- Military vessel inspection shall be carried out by inspection authorities and inspection facilities in the Military. Inspection organizations outside of the Military (hereinafter referred to as “inspection organizations”) may only inspect military vessels when permitted by the Ministry of National Defense of Vietnam. 

- Military vessel inspection facilities and inspectors may only carry out inspection contents within their assigned scope and tasks, conforming with the field and profession of inspection recognized by competent authorities. 

- Relevant agencies, units, organizations, and individuals shall strictly comply with military vessel inspection contents as prescribed by the regulations of the State and the Ministry of National Defense of Vietnam and the regulations on the protection of state secrets and military secrets.

- Inspection operations shall not change the work or replace the responsibilities of technical inspection and quality inspection authorities of units using military vessels, facilities building and repairing military vessels, and manufacturers of industrial products used for building and repairing military vessels.  

See more details in Circular No. 02/2024/TT-BQP, effective as of February 27, 2024. 

3. Responsibilities for organizing emulation movements in banking sector in Vietnam 

On December 31, 2023, the Governor of the State Bank of Vietnam promulgated Circular No. 25/2023/TT-NHNN on emulation and commendation in the banking sector.

According to the Circular, responsibilities for organizing emulation movements in the banking sector are as follows:  

- The Governor of the State Bank of Vietnam shall launch, organize, and direct emulation movements in the banking sector. The Department of Personnel and Organization shall provide advice for the Governor of the State Bank of Vietnam on the launch, organization, directive, and inspection of the implementation of emulation movements launched by the Governor of the State Bank of Vietnam.  

- Heads of units (heads of units of the State Bank of Vietnam; heads of credit institutions, Deposit Insurance of Vietnam, and enterprises managed by the State Bank of Vietnam; general directors (directors) of foreign bank branches; general secretaries of associations managed by the State Bank of Vietnam shall launch and implement emulation movements and carry out the preliminary and final reviews of emulation movements of their units.

- Heads of emulation clusters and blocks shall launch emulation movements, sign emulation agreements between units of such clusters and blocks, and send the signed agreements to the State Bank of Vietnam (through the Department of Personnel and Organization) by March 31; supervise the implementation of emulation movements between units of the emulation clusters and blocks and organize preliminary and final reviews of emulation movements. Criteria, contents, and measures to organize the emulation shall be approved by the emulation clusters or blocks for consistent implementation.

- CPV committees and unions at all levels in the banking sector shall strictly cooperate with heads of units in directing the organization and implementing emulation movements. 

- Communications and press agencies in the banking sector shall disseminate the emulation and commendation work; report on the correct results of the emulation and commendation work; detect individuals and collectives with outstanding achievements in emulation movements to set examples or introduce them to Emulation and Commendation Councils at all levels for consideration for commendation; popularize advanced examples of good people and good deeds; criticize acts of violating emulation and commendation laws in the banking sector.

See more details in Circular No. 25/2023/TT-NHNN, which comes into force as of February 28, 2024 and replaces Circular No. 17/2019/TT-NHNN dated December 16, 2019. 

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