With the expectation to provide the Clients the updated legal documents, S&B Law summarized and built up the weekly legal update and monthly legal newsletter in terms with the business areas of the Company and the interest of the Clients. This week, we have the following documents:

1. Directive No.01/CT-NHNN of the State Bank of Vietnam issued on December 13, 2012 regulating the currency policy and ensuring the potential, effective of the bank operation in 2012.

·High priority in the supporting loan for the agricultural sector, rural area, manufacturing exportation, supporting industry, small and medium enterprises (SMEs) with a huge number of labor, effective projects.

·Controlling the proportion of outstanding loans for the discouraged areas in comparison with the total outstanding loans is 16% throughout 2012.

· Implementing the restructure the banking system, decreasing the number of the weak banks and credit institutions under the method of prudence and ensuring the rights and benefits of the system and the legal customers.

2. Letter No. 674/NHNN-CSTT of the State Bank of Vietnam dated February 13, 2012 on the credit supervision in 2012.

·     The maximize outstanding loans for the discouraged areas includes:

–     The outstanding loans for security trading, except the labors of the State-owned companies buy the IPO when transferring the State-owned companies to the Joint Stock companies.

–     The outstanding loans to consume, except to build and repair house or buy house with the repayment by the salary and wage of the customers.

–     The outstanding loans in investment, real estate trading, except the loan to construct the house for the low-income people, workers in the industrial, manufacturing and economic zone; loan to complete the housing project in 2012.

3. Circular 04/2012/TT-BCT of the Ministry of Industry and Trade dated February 13, 2012 regulating the chemicals classification and label.

·        Imported chemicals into Vietnam with the unconformable origin label with the regulation in this Circular need to be additionally labeled before launching and kept the origin one. The content of the additional label is regulated in this Circular. The additional label is put on the package of the chemicals and not overlapped the origin one.

·        The compulsory content of the chemical label is in Vietnamese (except the international or scientific names of the quality or quantity of the chemicals are unable to translate or meaningless if translated; the name and the location of the foreign manufacturing companies; franchising companies).

·        The main content of the label includes:

       –  The name of the chemicals;

       –  The identity code of the chemicals;

       –  The warning and caution;

       –  The protecting method;

       –  The quality and quantity;

      –   The manufacturing and expiring date;

      –   The details of the manufacturer, distributor, origin;

      –   Instruction and Storing.

Additionally, the manufacturers or importers may write more information on the label. The other content may be included in the letter of instruction or Safety Report.

Furthermore, the legislature has just issued the typical documents as follows:

1. Decision No.10/2012/QD-TTg of the Prime Minister dated February 10, 2012 on the amendment of the Regulation on visa exemption for the Vietnamese citizens residing abroad together with the Decision No.135/2007/QD-TTg dated August 17, 2007 of the prime Minister.

2. Letter No.1432/BTC-TCNH of the Ministry of Finance dated February 06, 2012 on the intangible current asset deduction as the land use right.

3. Letter No. 300/LDTBXH-LDTL of the Ministry of Labor, Invalid and Social Affair dated February 10, 2012 on the ranking and salary for the share holding companies.

4. Letter No.228/TCT-KK of the Tax Authority dated January 17, 2012 on the VAT registration.

5. Letter No.240/TCT-DNL of the Tax Authority dated January 18, 2012 on the tax issue settlement, VAT policy, bad debt disposal charge, current asset deduction charge without VAT invoice and late tax payment term.

If you have any questions regarding to the legal documents, feel free to contact us directly. We shall clarify and provide you with the qualified legal advice.

Yours sincerely,

Lawyer Nguyen Thanh Ha

Chairman, Managing Partner of S&B Law.

If you would like further information on Legal Updates, please either email to our Partners at: info@sblaw.vn or call to our Office:
Ha Noi Office: +84 (4) 62 62 0246
HCM Office: +84 (8) 35 208 101.
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