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Official Gazette

Tuesday, December 1, 2020
Tags: draft decree
Offshore investment placed under stricter control 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.
Public companies no longer allowed to decide on foreign holding caps 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. 
More regulations imposed on cross-border advertising service providers More regulations imposed on cross-border advertising service providers
Foreign companies providing cross-border advertising services in the cyberspace and generating income in Vietnam must observe Vietnam’s laws on tax, advertising, management, provision and use of Internet services, and cyber information.
Personal identification numbers to be issued for every citizen Personal identification numbers to be issued for every citizen
The national population database management agency would establish personal identification numbers for citizens having birth registration certificates but not yet been issued PINs.
Management of condo maintenance funds to be tightened Management of condo maintenance funds to be tightened
Apartment purchasers and hire-purchasers would pay expenses for maintenance of sections under common ownership in condominiums into an account opened by their housing project owners at a credit institution lawfully operating in Vietnam, instead of making direct payment to project owners as at present.
More assistance proposed for human trafficking victims More assistance proposed for human trafficking victims
Human trafficking victims who stay in social relief establishments would receive emergency protection as well as essential needs, medical support, psychological counseling and travel expenses.
Central bank to pilot fintech operations Central bank to pilot fintech operations
The State Bank of Vietnam is planning to apply on a pilot basis a regulatory sandbox allowing fintech companies to provide some banking services from 2021.
Business registration procedures to be linked among state agencies 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 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.
International football betting via e-wallets and mobile money permitted 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.

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