Prominent new policies in Vietnam from mid-November 2024

Amendment of forms of additional administrative penalties for industrial property in Vietnam

On September 30, 2024, the Minister of Science and Technology of Vietnam issued Circular 06/2024/TT-BKHCN amending Circular 11/2015/TT-BKHCN on guidance on Decree 99/2013/ND-CP regulating administrative penalties in the field of industrial property, which includes amendments of forms of additional administrative penalties.

The forms of additional administrative penalties in administrative penalties for the industrial property field are amended in Clause 2, Article 1 of Circular 06/2024/TT-BKHCN as follows:

When applying the supplemental sanction form stipulated at Point c, Clause 2, Article 3 of Decree 99/2013/ND-CP, the person authorized to impose administrative penalties may suspend partial or total production, business, and service activities of the violating organization or individual according to the principle of suspending activities directly related to the administrative violation.

The measure of suspending the entire production, business, and service activities of the violating organization or individual is applied when the entirety of these activities is directly related to the administrative violation.

Additionally, the application of preventive measures and assurance of administrative violation handling in the field of industrial property is amended in Clause 3, Article 1 of Circular 06/2024/TT-BKHCN as follows:

The person authorized to impose administrative penalties considers applying preventive measures and ensuring the handling of administrative violations, such as temporarily seizing domain names upon receiving valid documents from the petitioner requesting the handling of unfair competition acts concerning domain name possession or use, as stipulated at Point a, Clause 16, Article 14 of Decree 99/2013/ND-CP, including:

- Proposal to apply preventive measures and ensure the handling of administrative violations “temporary seizure of domain names” (in a separate document or stated in the petition requesting the handling of unfair competition acts related to domain name possession or use);

- Power of attorney document as prescribed in Article 23 of Decree 99/2013/ND-CP (if any);

- Documents and evidence proving unfair competition acts relating to domain name possession or use as prescribed at Point c, Clause 2, Article 19 of Circular 11/2015/TT-BKHCN.

See more details at Circular 06/2024/TT-BKHCN effective from November 15, 2024.

Abolishment of certain public content of Public Security in Vietnam in ensuring traffic order and safety tasks

The Minister of Public Security of Vietnam issued Circular 46/2024/TT-BCA on September 30, 2024, amending Circular 67/2019/TT-BCA regulating the implementation of democracy in ensuring traffic order and safety tasks.

Article 2 of Circular 46/2024/TT-BCA abolishes Point d, Clause 1, Point c, Clause 2, and Point b, Clause 3, Article 5 of Circular 67/2019/TT-BCA concerning the implementation of democracy in ensuring traffic order and safety tasks.

The abolished content related to public disclosure in ensuring traffic order and safety tasks includes:

In patrol, control, and administrative violation handling tasks, the abolished content includes:

"Plan for overall inspection of vehicles, Plan for patrol, control, thematic violation handling in traffic, Regular patrol, control, and violation handling plans include specific contents as: Unit name; Road; Vehicle types and violation acts conducted for control, handling; Time of implementation;"

In vehicle registration and number plate issuance tasks:

"Clothing, Civil Public Security ID number of the officer performing vehicle registration and license plate issuance;"

In the commanding and directing traffic tasks:

"Clothing, Civil Public Security ID number, and public disclosure of technical and supportive equipment as per the regulation;"

Besides, there are also amendments to some contents related to public disclosure in ensuring traffic order and safety tasks.

For example, in patrol, control, and administrative violation handling tasks, amendments and additions include:

+ Name, address, direct phone number, suggestion box address, social account, citizen reception time for resolving administrative violations of the Public Security agency tasked with patrol, control, and handling administrative violations;

(Currently, the name of the agency, address, direct phone number, suggestion box of the Public Security agency tasked with patrol, control, and handling administrative violations)

+ Technical and operational equipment used to detect administrative violations in accordance with the Law on Handling of Administrative Violations;

(Currently, clothing, Civil Public Security ID number, and public disclosure of technical and supportive equipment as per the regulation)

More details can be found in Circular 46/2024/TT-BCA effective from November 15, 2024.

Amendment to early withdrawal deposit formats in Vietnam

On September 30, 2024, the Governor of the State Bank of Vietnam issued Circular 47/2024/TT-NHNN amending Clause 3, Article 3 of Circular 04/2022/TT-NHNN prescribing the application of early withdrawal interest rates at credit institutions and foreign bank branches.

Article 1 of Circular 47/2024/TT-NHNN amends Clause 3, Article 3 of Circular 04/2022/TT-NHNN related to early withdrawal deposit formats.

To be specific, early withdrawal deposit formats include:

- Term savings deposits.

- Term deposits.

- Deposit certificates issued by credit institutions. (Current regulation: Deposit certificates, promissory notes, treasury bonds, and bonds issued by credit institutions)

- Other term deposit-receiving forms as prescribed by the Law on Credit Institutions.

Additionally, according to Article 4 of Law on Credit Institutions 2024, a credit institution is a legal entity conducting one, several, or all banking activities as governed by the Law on Credit Institutions 2024. Credit institutions include:

- A bank is a credit institution that can perform all banking activities per the Law on Credit Institutions 2024. Types of banks include commercial banks, policy banks, cooperative banks.

- A non-bank credit institution is a credit institution allowed to perform one or several banking activities as per the Law on Credit Institutions 2024, except accepting deposits from individuals and providing payment services through customer accounts. Types of non-bank credit institutions include general finance companies and specialized finance companies.

- A microfinance organization is primarily a credit institution executing one or several banking activities to meet the needs of individuals, low-income households, and micro-enterprises.

- A people's credit fund is a credit institution voluntarily established by legal entities, individuals, and households in the form of cooperatives to carry out one or several banking activities per the Law on Credit Institutions 2024 with the main goal of mutual support for production, business development, and livelihood.

See additional information in Circular 47/2024/TT-NHNN effective from November 20, 2024.

Regulation on interest rates for deposits in US Dollars by organizations and individuals at credit institutions in Vietnam

On September 30, 2024, the Governor of the State Bank issued Circular 46/2024/TT-NHNN regulating the application of interest rates for deposits in US dollars by organizations and individuals at credit institutions and branches of foreign banks.

Circular 46/2024/TT-NHNN stipulates the application of maximum interest rates for deposits in US dollars by organizations (excluding credit institutions and branches of foreign banks) and individuals at credit institutions and branches of foreign banks.

Credit institutions apply US dollar deposit interest rates not exceeding the maximum interest rate decided by the Governor of the State Bank of Vietnam in each period for:

- Organization deposits.

- Individual deposits.

The maximum interest rate for deposits in US dollars specified in Circular 46/2024/TT-NHNN includes promotional expenses in all forms, applicable to end-period interest payment methods and other interest payment methods converted to the end-period payment method.

Credit institutions must publicly list the interest rates for deposits in US dollars at legal transaction locations of their operation network and post them on their electronic information portal (if available). When receiving deposits, credit institutions must not carry out promotions in any form (monetary, interest rates, and other forms) that contravene legal regulations.

Circular 46/2024/TT-NHNN replaces Circular 06/2014/TT-NHNN concerning maximum interest rates for deposits in US dollars by organizations and individuals at credit institutions.

For interest rate agreements on deposits in US dollars made before November 20, 2024, credit institutions and customers continue to implement according to the agreement until the end of the term. If the agreed term expires and the customer does not collect the deposit, the credit institution applies the interest rate for deposits as prescribed in Circular 46/2024/TT-NHNN.

Review the detailed content at Circular 46/2024/TT-NHNN from November 20, 2024.

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