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.

Non-stop toll collection to be implemented nationwide

All toll plazas would be required to have automated lanes for non-stop toll collection, according to a draft decision on non-stop electronic toll collection recently released by the Ministry of Transport.

MIT proposes using e-authentication in e-administrative transactions

E-identity and e-authentication would be used in online public administrative services provided by state agencies for organizations and individuals based on the user-centered principle and the sharing of identification information among various systems.

Violations in joint training to face hefty fines

An education institution would carry a maximum fine of VND 70 million (USD 2,900) or VND 80 million (USD 3,400) if violating regulations on coordination with foreign partners in providing joint training or holding foreign language proficiency tests, respectively.

Coercive measures applicable to commercial legal persons to be decreed

Commercial legal persons that fail to serve or fully serve legally effective judgments or rulings of courts would be subject to freezing of bank accounts and securities accounts.