Trade and Financial Policy Effective Early September 2017

1. Enterprises have the right to request the revocation of temporary import and re-export codes

This is a new point mentioned in Circular 11/2017/TT-BCT of the Ministry of Industry and Trade, which regulates temporary import, re-export, and goods transit activities.

The revocation of the temporary import and re-export codes at the request of enterprises (DN) shall be considered based on confirmation from the relevant agencies on the following contents:

- The enterprise has re-exported all temporarily imported goods out of Vietnam;- Fulfilled obligations arising during the transportation, storage of temporarily imported and re-exported goods under Circular 11.

Circular 11/2017/TT-BCT is effective from September 17, 2017, and repeals Circular 05/2014/TT-BCT.

1. Termination of member status on the Hanoi Stock Exchange for bankrupt enterprises

Circular 10/2017/TT-BTC amends Circular 234/2012/TT-BTC guiding the management of government bond (TPCP) transactions, government-guaranteed bonds, and local government bonds.

It supplements several cases where enterprises are terminated as members of the Hanoi Stock Exchange as follows:

- Dissolution, bankruptcy, temporary cessation of operations, or revocation of the establishment and operation license;- Termination of existence after merger (merged company), consolidation (consolidated company), or division (divided company);- Post-merger (company receiving the merger) or post-split (split company) organizations that do not meet any of the conditions in Article 4 of Circular 234.

Circular 10/2017/TT-BTC is effective from September 1, 2017.

1. Principles for calculating loan interest rates for PPP projects

Circular 75/2017/TT-BTC (effective from September 5, 2017) amends several financial management regulations of public-private partnership (PPP) investment projects and investor selection costs of Circular 55/2016/TT-BTC.

The principles for calculating loan interest rates in case of selecting investors are specified as follows:

- Maximum 1.5 times the simple average winning bid interest rate of government bonds (TPCP) with a term corresponding to the PPP project contract duration in 10 successful bidding sessions before contract negotiation;- If the number of successful TPCP bidding sessions with terms corresponding to the contract duration within the past 06 months before the contract negotiation is < 10, the maximum loan interest rate is 1.5 times the average winning bid interest rate of TPCP with terms within 06 months before contract negotiation;- Not exceeding the average medium and long-term lending interest rate of 04 state-owned commercial banks at the time of contract negotiation.

1. Up to 10 million VND allowance for information providers of martyr's graves

On July 25, 2017, the Prime Minister of the Government of Vietnam signed Decision 35/2017/QD-TTg amending Decision 75/2013/QD-TTg about policies and safeguards for organizations and individuals tasked with searching and gathering martyrs' remains.

Persons providing accurate information about martyrs' graves will receive the following allowances:

- 3 million VND if one martyr's remains are found;- 5 million VND if a collective grave with 2 to 5 martyrs' remains is found;- 10 million VND if a collective grave with 6 or more martyrs' remains is found.

Moreover, individuals in teams searching and gathering martyrs' remains both domestically and internationally will have their health allowances increased from 280,000 to 500,000 VND per person.

See more in Decision 35/2017/QD-TTg effective from September 10, 2017.

1. Monthly allowance level for retired commune officials

Circular 04/2017/TT-BNV (effective from September 1, 2017) is issued by the Minister of Home Affairs to guide the adjustment of monthly allowances from July 1, 2017, for retired commune officials according to Decision 130-CP and Decision 111-HDBT.

Notably, from July 1, 2017, the monthly allowance for retired commune officials will increase by 7.44% and be calculated as follows:

Monthly allowance from July 1, 2017 = June 2017 allowance x 1.0744

Specifically:

- Officials formerly Secretaries of the Communist Party Committee, Chairpersons of the People's Committee of the commune: (1,568,000 + 150,000) VND/month x 1.0744 = 1,846,000 VND/month;- Officials formerly Deputy Secretaries, Vice Chairpersons, Standing Committee of the Communist Party Committee, Members of the People's Committee, Secretaries of the People's Council, Commune Militia Commanders, and Chief of the Commune Police: (1,512,000 + 150,000) VND/month x 1.0744 = 1,786,000 VND/month;- The remaining titles: (1,388,000 + 150,000) VND/month x 1.0744 = 1,653,000 VND/month.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE