Foreign e-commerce traders to be under control

Foreign traders and organizations that set up websites with Vietnamese domain names or in Vietnamese language or establish e-commerce trading floors with 100,000 transactions per year from Vietnam would have to register e-commerce activities with competent agencies.

Foreign multilevel marketing businesses face stricter conditions

Foreign-invested enterprises would be allowed to register for doing business in the form of multilevel marketing (MLM) in Vietnam if they have at least three years’ experience of operating in MLM in another country.

Draft tightens insurers’ responsibility for indemnifying motor vehicle owners

The Ministry of Finance has proposed changes to Decree 103 of 2008 regarding compulsory civil liability insurance of motor vehicle owners, aiming to facilitate motor vehicle owners’ participation in civil liability insurance and increase responsibility of insurance firms.

Procedures for issuance of chip-based ID cards to be simplified

From the beginning of 2021, citizens would not be required to fill in declarations in paper form when applying for issuance, renewal and reissuance of chip-based ID cards, according to a draft circular prepared by the Ministry of Public Security (MPS).

Rules on labeling of Vietnamese products to be specified

Vietnamese goods and products circulated on the domestic market would no longer be labeled “Made in Vietnam” if a draft decree released by the MOIT is approved.

Career orientation to be incorporated in primary education programs

Career orientation, job counseling and startup assistance would be incorporated in educational programs of all levels, ranging from primary education to higher education.

Offshore investment placed under stricter control

Individuals would be banned from purchasing houses in foreign countries, according to a draft decree on offshore investment formulated by the Ministry of Planning and Investment to replace Decree 83 of 2015.

Liquor and tobacco products to be e-stamped

Domestically produced and imported liquor and tobacco products that are subject to excise tax must be affixed with e-stamps, according to a draft circular on printing, issuance, management and use of e-stamps recently released by the Ministry of Finance for public opinion.

Public companies no longer allowed to decide on foreign holding caps

The State Securities Commission has recently proposed abolishing a regulation permitting public companies to provide the maximum foreign ownership rate in their company charters. 

Central bank revises regulations on forex transactions

Foreign investors who have invested in government bonds issued in Vietnam dong could execute foreign exchange forward transactions with licensed credit institutions to hedge exchange rate risks, according to a draft circular recently released by the State Bank of Vietnam.