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

Vietnam's regulation on procurement of public property serving operations of state agencies 

Decree No. 114/2024/ND-CP on amendments to Decree No. 151/2017/ND-CP guiding the Law on Management and Use of Public Property 2017, effective as of October 30, 2024. 

According to the Decree, the amendments to the regulation on the procurement of public property serving the operations of state agencies are as follows: 

(1) The power and procedure for deciding the procurement of public property in case of having to formulate schemes shall comply with relevant laws. 

(2) The power to decide on the procurement of public property in cases not prescribed in (1) shall be carried out as follows: 

- Ministers and Directors of ministerial agencies, governmental agencies, and other central agencies shall stipulate the power to decide on the procurement of public property serving the operations of state agencies within the management scope of ministries and central agencies. 

(Decree No. 151/2017/ND-CP stipulated that Ministers and Directors of central agencies shall decide or authorize competent authorities to decide on the procurement of public property serving the operations of state agencies within the management scope of ministries and central agencies)

- Provincial People’s Committees shall stipulate the power to decide on the procurement of public property serving the operations of state agencies within their local management scope.

(3) State agencies shall, based on the scope of the assigned state budget estimate and permissible funding source, procure property according to the law on bidding. 

The organization and implementation of the centralized procurement of property shall comply with the law on bidding and Chapter VI of Decree No. 151/2017/ND-CP.

(4) The procurement of assets, according to the regulation mentioned above, does not include the procurement of services serving the operations of state agencies.  The procurement of services serving the operations of state agencies shall comply with relevant laws. 

Additional entities eligible to purchase State Bank of Vietnam’s bills

Circular No. 44/2024/TT-NHNN, effective as of October 23, 2024, stipulates additional entities eligible for engagement with the trading of bills of the State Bank of Vietnam.

Circular No. 44/2024/TT-NHNN on amendments to Clause 2 Article 2 of Circular No. 16/2019/TT-NHNN on the issuance of the bills of the State Bank of Vietnam. 

This content concerns the regulated entities of Circular No. 16/2019/TT-NHNN. Specifically, the State Bank of Vietnam; commercial banks, foreign bank branches, general finance companies, specialized finance companies, cooperative banks, and policy banks (generally referred to as “credit institutions); Deposit Insurance of Vietnam.

Therefore, Circular No. 44/2024/TT-NHNN has added more finance companies that are eligible to purchase the State Bank of Vietnam’s bills.  

Vietnam’s regulation on titles and codes of professional titles in accounting 

This is a content of Circular No. 66/2024/TT-BTC on titles, codes, and professional standards of professional titles in accounting and assessment for promotion of professional titles from accountant to principal accountants in public service providers promulgated by the Minister of Finance of Vietnam, effective as of October 21, 2024. 

According to the Circular, the titles and codes of professional titles in accounting include: 

- Principal accountant (grade II) 

Code: V. 06.030 

- Accountant (grade III) 

Code: V. 06.031 

- Intermediate accountant (grade IV) 

Code: V. 06.032 

Methods of preliminary processing of herbal materials and prepared traditional medicinal materials in Vietnam 

From October 28, 2024, Circular No. 14/2024/TT-BYT on guidelines on methods of processing herbal materials and prepared traditional medicinal materials shall come into force. 

Circular No. 14/2024/TT-BYT provides guidelines on methods of processing herbal materials and prepared traditional medicinal materials at medical examination and treatment establishments using traditional medicine; facilities manufacturing and trading herbal materials, prepared traditional medicinal materials, traditional medicines, and herbal medicines. 

Methods of preliminary processing of herbal materials and prepared traditional medicinal materials under Appendix I of Circular No. 14/2024/TT-BYT are as follows: 

(i) Purifying method 

(ii) Washing method 

(iii) Soaking method

(iv) Incubating method 

(v) Slicing and sectioning method 

(vi) Natural drying method 

(vii) Artificial drying method 

See more details in Circular No. 14/2024/TT-BYT.

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