Highlights of Notable Documents from the Past Week (From May 28, 2023 to June 2, 2023)

1. Procedure for the Authentication of Documents and Papers

On May 09, 2018, the Ministry of Justice issued Decision 1024/QD-BTP detailing the implementation of amended administrative procedures in the field of authentication under the management of the Ministry of Justice, which include:

- 07 general administrative procedures (such as issuing copies from the original register, authenticating originals of documents, papers, etc.);- 02 administrative procedures conducted at representative offices (such as authenticating the translator's signature, etc.);- 02 administrative procedures conducted by notarization officers (such as authenticating copies from originals of documents, papers, etc.);- 05 district-level administrative procedures (such as authenticating translator's signatures, authenticating contracts, transactions related to movable assets, etc.);- 05 communal-level administrative procedures (such as authenticating wills, authenticating documents refusing inheritance, etc.).

Detailed procedures can be found in Decision 1024/QD-BTP, effective from May 09, 2018.

1. Sample Customs Declaration Forms for Vehicles at Border Gates

The Ministry of Finance issued Circular 50/2018/TT-BTC, specifying the sample customs declaration forms for vehicles when undergoing exit, entry, and transit procedures at border gates via air, sea, rail, road, and river routes.

To be specific:

- Paper declaration forms for vehicles exiting, entering, and transiting via air border gates (Appendix III): Include 06 forms;- Paper declaration forms for vehicles exiting, entering, and transiting via rail border gates (Appendix IV): Include 05 forms;- Paper declaration forms for vehicles exiting, entering, and transiting via road and river border gates (Appendix V): Include 04 forms.- Paper declaration forms for vehicles exiting, entering, and transiting via sea border gates: Follow the templates of documents used in maritime activities issued under Decree 58/2017/ND-CP.

Circular 50/2018/TT-BTC takes effect from June 05, 2018, and repeals Circular 42/2015/TT-BTC.

1. New Points on Internal Control of Commercial Banks

Circular 13/2018/TT-NHNN amends and supplements Circular 44/2011/TT-NHNN, providing regulations on the internal control system of commercial banks and foreign bank branches.

The new regulations define 03 lines of independent defense for the internal control system. Specifically:

The first line of defense has the function of identifying, controlling, and mitigating risks, including:

- The business department (including the product development department), other revenue-generating departments, and departments responsible for making risk-related decisions;- Departments responsible for risk limits allocation, risk control, and risk mitigation (under the business or independent departments);- Human resources and accounting departments.

The second line of defense has the function of establishing risk management policies, internal regulations on risk management, risk measurement, monitoring, and legal compliance, including:

- Compliance department;- Risk management department.

The third line of defense has the function of internal audit performed by the internal audit department.

Circular 13/2018/TT-NHNN is effective from January 01, 2019, except for the internal capital adequacy assessment regulations in Chapter V which are effective from January 01, 2021.

1. Regulations on Residence and Travel in Industrial Zones and Export Processing Zones

Decree 82/2018/ND-CP providing regulations on the management of industrial zones and economic zones takes effect from July 10, 2018.

The residence and travel of individuals in industrial zones, export processing zones, and export processing enterprises are subject to certain restrictions as follows:

- Residents are not allowed to live in industrial zones or export processing zones;- Only investors, employees working in export processing zones, export processing enterprises, and individuals having working relations with agencies, organizations, and enterprises within these zones are allowed to enter and exit export processing zones and export processing enterprises;- Foreigners (including managers, executive directors, specialists) are allowed to reside temporarily in enterprises within industrial zones, export processing zones when necessary and must meet the following conditions:

- Residence is for the purpose of serving the business and production activities of the enterprise;- Not accompanying their families and relatives;- Complying with regulations on registration procedures and temporary residence declaration for foreigners' entry, exit, and residence in Vietnam.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE