4 December, 2018
A range of new regulations shall come into effect in November.
Confidentiality of customer information by credit institutions and foreign bank branches
Decree 117/2018 / ND-CP on the confidentiality and supply of customer information by credit institutions and foreign bank branches came into effect from November 1, 2018.
Use of electronic invoices (e-invoices) for the sale of goods and services
Decree 110/2018/ND-CP, dated September 12, 2018 came into force on January 1, 2018. Under Decree 110, the government is aiming that at least 90% of the firms will use e-invoices by 2020. Companies need to register before they use e-invoices (with or without tax codes) to get approval from the tax authorities through the General Department of Taxation’s website. E-invoices can be converted into paper invoices for accounting purposes but cannot be used as valid invoices for conducting transactions.
Establishment and operation of the Viet Nam-based foreign cultural establishments
Decree 126/2018/ND-CP, dated September 20, 2018 stipulates the establishment and operation of the Viet Nam-based foreign cultural establishments. Decree 126 comes into effect on November 5, 2018.
In terms of the operational principles, foreign cultural establishments in Viet Nam will only be allowed to operate when they receive certificates of registration and permits. The branches of foreign cultural establishments in Viet Nam can only operate when they attain the certificates.
All the operations of foreign cultural establishments in Viet Nam or their branches in Viet Nam must be in line with the contents inscribed in the certificate of registration, permits and certificates.
Foreign cultural establishments in Viet Nam are allowed to set up their branches when they have been operating in Viet Nam for at least two years and have abided by the law and current regulations of Viet Nam.
Certification of digital signatures
Decree 130/2018/ND-CP, dated September 27, 2018 shall come into force from November 15, 2018.
Under Decree 130, the time limit for verifying and licensing digital signature-certification service provision shall be shortened from current 60 days to 50 days.
Eligible digital signature certification service providers include the Root Certification Authority, public certification authorities, specialized certification authorities of the Government, and specialized certification authorities of organizations and individuals which possess a certificate of satisfaction of digital signature security conditions.
Penalties for violations against regulations on multi-level marketing
Decree 141/2018/ND-CP, dated October 8, 2018 amending decrees prescribing penalties for violations against regulations on multi-level marketing. Accordingly, from November 25, 2018, the fine for illegal multi-level sales activities shall increase to VND 100 million. Persons participating in the unlicensed multi-level line shall be subjected to a fine of up to VND 25 million./.
VGP
For further information, please contact:
Dang The Duc, Partner, Indochine Counsel
duc.dang@indochinecounsel.com
