Highlight of Documents in the Fields of Currency, Tax, Fees, and Charges in Vietnam

1. Publication of the Foreign Currency Exchange Rate in Vietnam for October 2016

Announcement 4192/TB-KBNN issued by the State Treasury on September 30, 2016, announces the foreign currency exchange rate for October 2016. In which, the exchange rate between:

- Vietnamese Dong - U.S. Dollar (USD) is 1 USD = 21,939 VND;

- Vietnamese Dong - Euro (EUR) is 1 EUR = 24,598 VND;

- Vietnamese Dong - British Pound (GBP) is 1 GBP = 28,433 VND.

See more exchange rates between Vietnamese Dong and other foreign currencies for October 2016 in the appendix attached to Announcement 4192/TB-KBNN.

2. Issuance of the Business License Fee Schedule in Vietnam for 2017

From January 01, 2017, the business license fee is implemented according to Decree 139/2016/ND-CP. Accordingly:

- Organizations engaging in production, trading goods, and services:

- With charter capital/investment capital > 10 billion VND: 3,000,000 VND/year;

- With charter capital/investment capital ≤ 10 billion VND: 2,000,000 VND/year;

- Branches, representative offices, business locations, public service providers, other economic organizations: 1,000,000 VND/year.

- Individuals, groups of individuals, households engaging in production, trading goods, and services:

- With revenue > 500 million VND/year: 1,000,000 VND/year;

- With revenue 300 < a ≤ 500 million VND/year: 500,000 VND/year; (Where: a is revenue)

- With revenue 100 < a ≤ 300 million VND/year: 300,000 VND/year.

3. Conditions for Applying the Preferential Import Tariff Schedule Under VN-EAEU FTA

Decree 137/2016/ND-CP stipulates 04 conditions for applying the VN-EAEU FTA import tariff rate in the Special Preferential Import Tariff Schedule between Vietnam and the Eurasian Economic Union and its member countries for the period 2016-2018 as follows:

- Imported goods belong to the Special Preferential Import Tariff Schedule issued according to this Decree.

- Imported into Vietnam from the following countries:

- Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russian Federation.

- Other member countries of the Eurasian Economic Union.

- Vietnam (applies to goods from non-tariff zones imported into the domestic market).

- Transported directly from the above exporting countries to Vietnam.

- Comply with the regulations on the origin of goods in the Free Trade Agreement between Vietnam and the Eurasian Economic Union and its member countries, with a Certificate of Origin (C/O) form EAV.

See the list of preferential import tariff schedules in Decree 137/2016/ND-CP effective from October 05, 2016.

4. From October 15, Apply Some Policies on Wages, Bonuses for Employees, and Labor Managers in Vietnam

- Circular 26/2016/TT-BLDTBXH stipulates policies on wages and bonuses for employees in one-member limited liability companies wholly owned by the State;

- Circular 27/2016/TT-BLDTBXH guides the implementation of policies on wages, remuneration, bonuses for managers of single-member limited liability companies wholly owned by the State;

- Circular 28/2016/TT-BLDTBXH guides the implementation of regulations on labor, wages, remuneration, bonuses for companies with state-dominated capital and share contribution.

Additionally, LAWNET has updated 02 guiding documents in the field of proceedings and enforcement:

1. Document 02/GD-TANDTC of 2016 on resolving issues regarding administrative and civil proceedings issued by the Supreme People's Court on September 19, 2016;
2. Decision 907/QD-TCTHADS of 2016 on criteria for determining key civil judgment enforcement tasks issued by the Director General of the General Department of Civil Judgment Enforcement on August 29, 2016.

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