Notable documents of Vietnam in the previous week (from May 27 to June 2, 2024)

Notable documents of Vietnam in the previous week (from May 27 to June 2, 2024)
Nguyễn Thị Diễm My

Conditions for bad debts to be purchased by Vietnam Asset Management Company (VAMC) at market values from July 1, 2024; guidelines on criminal prosecution for offences against fire safety regulations; etc., are notable contents that will be covered in this bulletin.

1. Conditions for bad debts to be purchased by Vietnam Asset Management Company at market values in Vietnam from July 1, 2024

On May 16, 2024, the Governor of the State Bank of Vietnam promulgated Circular No. 03/2024/TT-NHNN on amendments to Circular No. 19/2013/TT-NHNN on purchase, sale, and settlement of bad debts of Vietnam Asset Management Company. 

According to the Circular, conditions for bad debts to be purchased by VAMC are as follows: 

- Conditions prescribed in Clause 1 Article 16 of Circular No. 19/2013/TT-NHNN (amended by Circular No. 32/2019/TT-NHNN).

- VAMC considers the investment in the purchase of bad debts recoverable. 

- The collateral for bad debts may be liquidated or borrowers have the potential to restore their solvency. 

- In case of converting bad debts purchased with special bonds into bad debts purchased at market values, special bonds with values corresponding to such bad debts shall not be mature or suspended at the State Bank of Vietnam. 

See more details in Circular No. 03/2024/TT-NHNN, effective as of July 1, 2024. 

2. Vietnam’s guidelines on criminal prosecution for offences against fire safety regulations 

On May 24, 2024, the Judicial Council of the Supreme People’s Court of Vietnam promulgated Resolution No. 02/2024/NQ-HDTP on guidelines on the application of Article 313 of the Criminal Code regarding offences against fire safety regulations. 

According to the Resolution, those who violate fire safety regulations shall be subject to criminal prosecution under Clauses 1, 2, and 3 Article 313 of the Criminal Code 2015 when the following conditions are met: 

- One or more violations against fire safety regulations are committed; 

- There is damage as prescribed in Clauses 1, 2, and 3 Article 313 of the Criminal Code 2015

- Violations have a cause-and-effect relationship with the damage caused. The damage caused is the inevitable consequence of the violations, and the violations are the reason for the damage caused. 

See more details in Resolution No. 02/2024/NQ-HDTP, effective as of June 18, 2024. 

3. Funding for protection of dedicated forests in Vietnam from July 15, 2024 

On May 24, 2024, the Government of Vietnam promulgated Decree No. 58/2024/ND-CP on several policies on investment in forestry, which stipulates support for the investment in production forests and the development of non-wood forestry products. 

According to the Decree, funding for dedicated forest protection is as follows: 

- The State shall allocate an average of 150.000 VND/ha/year on the total area of assigned dedicated forests to management boards of dedicated forests and management boards of protection forests for forest protection aside from recurrent public funding for operations of the apparatuses of forest management boards. 

- The State shall allocate an average of 500.000 VND/ha/year on the total area of assigned forests to residential communities and other subjects according to Clauses 2, 3, and 4 Article 8 of the Law on Forestry 2017 for forest protection. 

- Funding for forest protection shall be 1,2 times the average mentioned above for communes in areas II and III and 1,5 times the average mentioned above for coastal areas. 

- The cost of formulating first-time applications for forest protection for residential communities shall be 50.000 VND/ha; funding for management, inspection, and testing of forest protection shall be 7% of the total annual funding for forest protection. 

See more details in Decree No. 58/2024/ND-CP, effective as of July 15, 2024. 

4. Vietnam’s regulation on currency of air transport service payment

On May 15, 2024, the Minister of Transport of Vietnam promulgated Circular No. 13/2024/TT-BGTVT on regulations and policies on the management of prices of domestic air transport services and specialized aviation services. 

Specifically, regarding domestic air transport services

Prices of domestic air transport services provided in Vietnam’s territory shall be in Vietnam Dong (VND).  The listing and payment of fees for service use shall be made in Vietnam Dong (VND).

- Regarding aviation services 

+ Prices of services provided for domestic flights shall be in Vietnam Dong (VND). The listing and payment of fees for service use shall be made in Vietnam Dong (VND);

+ Prices of services provided for international flights shall be in US Dollar (USD). The listing and payment of fees for service use shall comply with the law on foreign exchange. 

- Regarding non-aviation services 

+ At domestic terminals and other areas outside of the isolation areas of international terminals: prices of services shall be in Vietnam Dong (VND).  The listing and payment of fees for service use shall be made in Vietnam Dong (VND);

+ At the isolation areas of international terminals: prices of services shall be in US Dollar (USD).   The listing and payment of fees for service use shall comply with the law on foreign exchange. 

See more details in Circular No. 13/2024/TT-BGTVT, effective as of July 1, 2024. 

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