Significant policies into effect from March 1, 2016
Below are significant policies into effect from March 1, 2016.
1. The maximum speed of on-road construction vehicles is 40 km/h
On December 31, 2015, the Ministry of Transport issued the Circular No. 91/2015/TT-BGTVT that provides for the speed and safe distance of on-road motor vehicles and construction vehicles as follows:
- The maximum speed of construction vehicles, mopeds (even including electric mopeds) and other vehicles of a similar sort when running on roads is defined by road signs and is restricted to 40 km/h (except when running on expressways).
- The maximum speed of motor vehicles running on roads (except when running on expressways) through densely populated areas is provided for as follows:
+ 60 km/h in respect of those running on two-way roads (with median strips); one-way roads with at least two lanes;
+ 50 km/h in respect of those running on two-way roads (without median strips); one-way roads with only one lane.
Furthermore, operators of the aforementioned vehicles on these roads must keep a safe distance between vehicles and reduce speed in case of turns or impaired vision, etc.
The Circular No. 13/2009/TT-BGTVT will be superseded by the 91/2015/TT-BGTVT .
2. Guidance on the listing of securities on the Stock Exchange
On December 18, 2015, the Ministry of Finance introduced the Circular No. 202/2015/TT-BTC that provides guidance on the listing of securities on the Stock Exchange as follows:
- Specific requirements for listing of securities under the provisions of the Decree No. 58/2012/ND-CP and 60/2015/ND-CP include:
+ Requirements for listing of securities on the Ho Chi Minh Stock Exchange are governed under the provisions of Article 53 of the Decree No.58 which has been amended by paragraph 15 Article 1 of the Decree No.60.
+ Requirements for listing of securities on the Hanoi Stock Exchange are governed under the provisions of Article 54 of the Decree No.58.
- Application for registration for listing of securities on the Stock Exchange in accordance with the provisions of Article 57 of the Decree No.58 and paragraph 18 Article 1 of the Decree No. 60 includes the following documents:
+ Registration form for listing of stocks, bonds, public investment fund certificates, stocks of public companies according to the form stipulated in Annexes No. 01 (a), 01 (b), 01 (c), 01 (d) to this Circular.
+ Prospectus according to the form stipulated in Annexes No. 02, 03, 04 to this Circular.
3. Safety limits and ratios of people's credit funds
On December 31, 2015, the State Bank introduced the Circular No. 32/2015/TT-NHNN that provides for safety limits and ratios for operations of people's credit funds.
Subject to this Circular, people's credit funds are not allowed to give unsecured loans or loans under preferential conditions (in terms of interest rates, required application documents, processes, approval procedures, security for debt obligations and debt recovery methods) to the following entities:
- Members of the Board of Management, the Control Board, Directors, Deputy Directors, Chief Accountants of people's credit funds.
- Auditing organizations, auditors and inspectors when on duty at people's credit funds.
- Any enterprise of which more than 10% of the charter capital is owned by one of the entities referred to in the abovementioned subparagraph a in the Circular.
- Any officer in charge of assessment and approval of lending in people's credit funds.
The Decision No. 1328/2005/QD-NHNN will be superseded by the Circular No. 32/2015/TT-NHNN .
4. Changes to equity of microfinance institutions
Subject to the Circular No. 33/2015/TT-NHNN , the equity as the basis for calculation of safety ratios of microfinance institutions defined as at December 31, 2015 is provided for as follows:
- Tier-1 capital:
+ Charter capital (paid-in capital or contributed capital): VND 40 billion.
+ Reserve fund for supplementing charter capital: VND 2 billion.
+ Professional development fund: VND 1 billion.
+ Undistributed profits: VND 2 billion.
+ Non-refundable aids granted microfinance institutions by organizations or individuals: VND 10 billion.
- Tier-2 capital:
+ The increase in value of fixed assets arising out of revaluation thereof in accordance with laws and regulations: VND 0.1 billion.
+ Financial reserve fund: VND 2 billion
+ General provisions: VND 1 billion.
+ Debts in conformance to conditions set out in subparagraph d paragraph 3 Article 5 of this Circular: VND 27.5 billion.
5. Foreign currency accounts for issuing securities available for use
On December 31, 2015, the State Bank introduced the Circular No. 39/2015/TT-NHNN that provides for opening and closing of foreign currency accounts for issuing securities in overseas countries of resident organizations.
Subject to this Circular, foreign currency accounts for issuing securities are available for use in order to perform the following transactions:
- Selling foreign currency to authorized credit institutions.
- Performing money transfers to foreign-currency payment accounts of issuing institutions opened at authorized credit institutions for the purpose of executing the plan for use of capital mobilized from securities offerings in overseas countries.
- Paying dividends to foreign shareholders and performing obligations of issuing institutions in host countries.
- Repurchasing securities previously issued by issuing institutions in overseas countries in accordance with Vietnamese laws on securities and host countries.
- Paying costs relating to issuance of securities in overseas countries.
6. New regulations on restructuring of credit institutions
On December 31, 2015, the State Bank introduced the Circular No. 36/2015/TT-NHNN that provides for restructuring of credit institutions.
Subject to this Circular, credit institutions will be restructured as follows:
- Merger:
+ The merging commercial bank/banks, finance company/ companies merged into the receiving commercial bank.
+ The merging finance company/ companies merged into the receiving finance company.
- Consolidation:
+ Two consolidating commercial banks merged into the consolidated commercial banks.
+ The consolidating commercial bank and the consolidating finance company merged into the consolidated commercial bank.
+ Two consolidating finance companies merged into the consolidated finance company.
- Conversion of the legal form:
+ Commercial banks, finance companies converted from limited liability companies to joint-stock companies and vice versa.
+ Commercial banks, finance companies converted from single-member limited liability companies to multiple-member liability companies and vice versa.
7. Prices of health examination and treatment services covered by health insurance benefits in public and private hospitals
The Joint Circular No. 37/2015/TTLT-BYT-BTC provides for the identical prices for health examination and treatment services covered by health insurance benefits between same-class hospitals throughout the country as follows:
- Prices of health examination and treatment services, including prices of health examination services, price of bed days, prices of technical services, are specified in Annexes I, II, III of this Joint Circular.
- Specific prices of health examination and treatment services specified in this Joint Circular will be the same as those of services arranged by the Ministry of Health into groups that have similar technical features and costs incurred by rendering such services.
- With respect to private healthcare providers:
+ Prices of health examination services and bed days will be the same as those thereof in one of the hospitals at the levels referred to in Annex I, II to this Joint Circular.
+ Prices of health examination and treatment services which are not governed by the aforesaid provisions will be the same as those defined in Annex III to this Joint Circular.
On December 31, 2015, the Ministry of Transport issued the Circular No. 91/2015/TT-BGTVT that provides for the speed and safe distance of on-road motor vehicles and construction vehicles as follows:
- The maximum speed of construction vehicles, mopeds (even including electric mopeds) and other vehicles of a similar sort when running on roads is defined by road signs and is restricted to 40 km/h (except when running on expressways).
- The maximum speed of motor vehicles running on roads (except when running on expressways) through densely populated areas is provided for as follows:
+ 60 km/h in respect of those running on two-way roads (with median strips); one-way roads with at least two lanes;
+ 50 km/h in respect of those running on two-way roads (without median strips); one-way roads with only one lane.
Furthermore, operators of the aforementioned vehicles on these roads must keep a safe distance between vehicles and reduce speed in case of turns or impaired vision, etc.
The Circular No. 13/2009/TT-BGTVT will be superseded by the 91/2015/TT-BGTVT .
2. Guidance on the listing of securities on the Stock Exchange
On December 18, 2015, the Ministry of Finance introduced the Circular No. 202/2015/TT-BTC that provides guidance on the listing of securities on the Stock Exchange as follows:
- Specific requirements for listing of securities under the provisions of the Decree No. 58/2012/ND-CP and 60/2015/ND-CP include:
+ Requirements for listing of securities on the Ho Chi Minh Stock Exchange are governed under the provisions of Article 53 of the Decree No.58 which has been amended by paragraph 15 Article 1 of the Decree No.60.
+ Requirements for listing of securities on the Hanoi Stock Exchange are governed under the provisions of Article 54 of the Decree No.58.
- Application for registration for listing of securities on the Stock Exchange in accordance with the provisions of Article 57 of the Decree No.58 and paragraph 18 Article 1 of the Decree No. 60 includes the following documents:
+ Registration form for listing of stocks, bonds, public investment fund certificates, stocks of public companies according to the form stipulated in Annexes No. 01 (a), 01 (b), 01 (c), 01 (d) to this Circular.
+ Prospectus according to the form stipulated in Annexes No. 02, 03, 04 to this Circular.
3. Safety limits and ratios of people's credit funds
On December 31, 2015, the State Bank introduced the Circular No. 32/2015/TT-NHNN that provides for safety limits and ratios for operations of people's credit funds.
Subject to this Circular, people's credit funds are not allowed to give unsecured loans or loans under preferential conditions (in terms of interest rates, required application documents, processes, approval procedures, security for debt obligations and debt recovery methods) to the following entities:
- Members of the Board of Management, the Control Board, Directors, Deputy Directors, Chief Accountants of people's credit funds.
- Auditing organizations, auditors and inspectors when on duty at people's credit funds.
- Any enterprise of which more than 10% of the charter capital is owned by one of the entities referred to in the abovementioned subparagraph a in the Circular.
- Any officer in charge of assessment and approval of lending in people's credit funds.
The Decision No. 1328/2005/QD-NHNN will be superseded by the Circular No. 32/2015/TT-NHNN .
4. Changes to equity of microfinance institutions
Subject to the Circular No. 33/2015/TT-NHNN , the equity as the basis for calculation of safety ratios of microfinance institutions defined as at December 31, 2015 is provided for as follows:
- Tier-1 capital:
+ Charter capital (paid-in capital or contributed capital): VND 40 billion.
+ Reserve fund for supplementing charter capital: VND 2 billion.
+ Professional development fund: VND 1 billion.
+ Undistributed profits: VND 2 billion.
+ Non-refundable aids granted microfinance institutions by organizations or individuals: VND 10 billion.
- Tier-2 capital:
+ The increase in value of fixed assets arising out of revaluation thereof in accordance with laws and regulations: VND 0.1 billion.
+ Financial reserve fund: VND 2 billion
+ General provisions: VND 1 billion.
+ Debts in conformance to conditions set out in subparagraph d paragraph 3 Article 5 of this Circular: VND 27.5 billion.
5. Foreign currency accounts for issuing securities available for use
On December 31, 2015, the State Bank introduced the Circular No. 39/2015/TT-NHNN that provides for opening and closing of foreign currency accounts for issuing securities in overseas countries of resident organizations.
Subject to this Circular, foreign currency accounts for issuing securities are available for use in order to perform the following transactions:
- Selling foreign currency to authorized credit institutions.
- Performing money transfers to foreign-currency payment accounts of issuing institutions opened at authorized credit institutions for the purpose of executing the plan for use of capital mobilized from securities offerings in overseas countries.
- Paying dividends to foreign shareholders and performing obligations of issuing institutions in host countries.
- Repurchasing securities previously issued by issuing institutions in overseas countries in accordance with Vietnamese laws on securities and host countries.
- Paying costs relating to issuance of securities in overseas countries.
6. New regulations on restructuring of credit institutions
On December 31, 2015, the State Bank introduced the Circular No. 36/2015/TT-NHNN that provides for restructuring of credit institutions.
Subject to this Circular, credit institutions will be restructured as follows:
- Merger:
+ The merging commercial bank/banks, finance company/ companies merged into the receiving commercial bank.
+ The merging finance company/ companies merged into the receiving finance company.
- Consolidation:
+ Two consolidating commercial banks merged into the consolidated commercial banks.
+ The consolidating commercial bank and the consolidating finance company merged into the consolidated commercial bank.
+ Two consolidating finance companies merged into the consolidated finance company.
- Conversion of the legal form:
+ Commercial banks, finance companies converted from limited liability companies to joint-stock companies and vice versa.
+ Commercial banks, finance companies converted from single-member limited liability companies to multiple-member liability companies and vice versa.
7. Prices of health examination and treatment services covered by health insurance benefits in public and private hospitals
The Joint Circular No. 37/2015/TTLT-BYT-BTC provides for the identical prices for health examination and treatment services covered by health insurance benefits between same-class hospitals throughout the country as follows:
- Prices of health examination and treatment services, including prices of health examination services, price of bed days, prices of technical services, are specified in Annexes I, II, III of this Joint Circular.
- Specific prices of health examination and treatment services specified in this Joint Circular will be the same as those of services arranged by the Ministry of Health into groups that have similar technical features and costs incurred by rendering such services.
- With respect to private healthcare providers:
+ Prices of health examination services and bed days will be the same as those thereof in one of the hospitals at the levels referred to in Annex I, II to this Joint Circular.
+ Prices of health examination and treatment services which are not governed by the aforesaid provisions will be the same as those defined in Annex III to this Joint Circular.
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