Business registration procedures to be linked among state agencies

The Ministry of Planning and Investment is working on a draft decree allowing state management agencies in charge of enterprise registration, labor, insurance and taxation to coordinate with one another in shortening the time of carrying out procedures related to business startups.

New rules on work permits for foreigners proposed

Foreigners who enter Vietnam to work as specialists, managers, executive officers or technical workers for less than 20 days would be exempted from work permits.

Central bank allows eKYC for online opening of payment accounts

Banks may apply an electronic Know-your-Client (eKYC) process to open payment accounts, instead of the traditional face-to-face one.

International football betting via e-wallets and mobile money permitted

Bettors might use bank accounts, e-wallets and prepaid telecoms accounts to pay for their bets on horse and greyhound races and international football matches.

Draft circular aims at stricter control of corporate bond-related transactions

Credit institutions and foreign bank branches with a non-performing loan ratio of over 3 percent would be disallowed to buy corporate bonds, according to a draft circular recently released by the State Bank of Vietnam.

MOF guides tax-related e-transactions

Taxpayers could conduct tax-related e-transactions around the clock via the portal of the General Department of Taxation or portals of other competent state agencies that are connected to the GDT’s, says a draft circular designed by the Ministry of Finance.

Strict management of social networks proposed

Social networks with one million or more active users or 10,000 or more permanent users per month would have to apply for an establishment license, according to a draft decree compiled by the Ministry of Information and Communications to revise Decree 72 of 2013.

Draft law permits the use of foreign driver’s licenses in Vietnam

Foreign drivers might use driver’s licenses granted by their home countries when joining road traffic in Vietnam, according to a draft revised law on road traffic proposed by the Ministry of Transport.

Management of citizen residence to be digitalized

From 2021, citizens would no longer need household registration books or temporary residence books to conduct legal transactions, according to the latest draft of the revised law on residence designed by the Ministry of Public Security.

About 700,000 firms to benefit from cut in corporate income tax

About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 percent from July 1 this year, down from the current rate of 20 percent.