Thursday, 10/08/2017 8:33:37 (GMT+7)

New regulations in effect as of July, 2017

As of July 2017, many circulars and decrees promulgated by the Government and Ministries take effect, consisting of:

New regulations in effect as of July, 2017

  1. Criteria for praticing auctioneer

Compared with current regulations (Article 5 of Decree No. 17/2010/ND-CP dated 04 March 2010), the Law on Property Auction of 2016 sets out more specific and strict criteria to pratice auctioneer.

Accordingly, to be an auctioneer, the following criteria must be satisfied:

– Being a Vietnamese citizen permanently residing in Vietnam, abiding by the Constitution and law, and possessing good ethical quality.

–  Possessing a university or postgraduate degree in law, economics, accounting, finance or banking (a graduate degree in law or economics is required by Decree No.17).

– Having graduated from an auction training course, except where he/she is exempted from such a course. For details:

+ A person who worked in the trained field for at least 3 years shall be entitled to join an auction training course. The duration of an auction training course is 6 months.

+ Exemption from auction training shall be applied to the lawyers, public notaries, bailiff, property management officers or arbiters who have practiced their profession for at least 2 years; and judges, procurators or executors.

– Having passed the examination of auction practice internship results.

  1. 05 rules for foreign military vessels’ arrival in Vietnam

The Vietnam Maritime Code 2015 has an article (Article 95) specifying the following rules for foreign military vessels arriving to Vietnam:

– Must be authorized to enter into Vietnam by competent state regulatory authorities in accordance with laws and regulations.

– Must comply with regulations of Vietnamese laws, unless otherwise diplomatically agreed upon between the country whose national ensign is flown by that vessel and the competent authority of Vietnam prior to such vessel’s arrival in Vietnam.

– The work schedules of vessel and members working onboard must be consistent with the arrangements with Vietnam’s competent authorities; in case of any change or supplementation to the schedules, such change and supplementation must be subject to the permission granted by Vietnam’s competent authorities.

– A foreign military vessel that is heading toward Vietnam’s territory waters must comply with the following regulations to be allowed to enter into a Vietnamese seaport:

+ A submarine and any other submersible must operate above the water surface and fly the national ensign of the Socialist Republic of Vietnam at the position which is as high as that of its national ensign.

(Unless otherwise permitted by the Government of Vietnam or agreed upon between the Government of Vietnam and the Government of the country whose national ensign is flown by such submarine or submersible)

+ Ship identification numbers and ship name must be inscribed onto the ship’s body.

+ All weapons taken onboard that vessel must be placed in a rest or unmounted position or kept in locked storage.

+ That vessel must stop at the pilot embarkation and disembarkation area in order to complete procedures for entry and any procedure under the instructions of the port authority or pilotage in Vietnam.

+ Only necessary maritime safety equipment or registered frequencies used for marine communications shall be allowed for use.

+ That vessel must enter into the right seaport by sailing along the stipulated navigational route and corridor.

– If the vessel wishes to move from this seaport to the other within the territory of Vietnam, it must apply for approval granted by Vietnam’s competent authority.

  1. Noticeable regulations applicable to property auction (PA) enterprises established before July 01st, 2017

As from July 01st, 2017, the Decree No. 62/2017/ND-CP providing detailed guidance on the implementation of the Law on Property Auction in 2016 shall take effect.

Accordingly, PA enterprises established before July 01st, 2017 shall comply with the following regulations:

– An enterprise in need of conversion into PA enterprise in accordance with Article 23 of the Law on Property Auction shall, by hand or by post or by other appropriate form of submission, submit an application (comprising the documents specified in Points a, b and c Clause 1 Article 25 of the Law on Property Auction) to the Provincial-level Department of Justice.

The PA enterprise that obtains a Certificate of Operation Registration from the Provincial-level Department of Justice shall inherit all legal rights, interests and obligations towards auctions activities of the PA enterprise established before July 01st, 2017

– If an enterprise remains its auction activities and carries out other business activities at the same time, it must establish a new PA enterprise under Article 25 of the Law on Property Auction.

  1. Customs procedures for retained imports

This content is regulated in the Decree No.169/2016/ND-CP (coming into force as from July 01st, 2017) on handling of cargo retained by carriers at Vietnamese seaports. To be specific:

With regard to imported cargo which is retained because the consignee does not come to get the cargo or refuses to receive the cargo:

– The carrier may sell such cargo by auction provided that the carrier must go through customs procedures for importation in accordance with prevailing regulations.

– In addition to customs documents required for imported cargo under prevailing regulations, the carrier must submit the following documents to the customs authorities:
+ An application form for customs procedures for import of retained cargo.

+ Evidences of the notification of retained cargo according to Article 7 of this Decree (the original copies).

  1. Guidance on requirements for operating debt trading services

This guidance is regulated in the Circular No. 53/2017/TT-BTC providing guidance on implementation of the Decree No. 69/2016/ND-CP regarding requirements for operating debt trading services.

Accordingly, the enterprises operating debt trading services shall meet the following requirements:

– When starting debt trading, the competent authority of enterprise as defined in its charter shall promulgate internal management regulations in terms of the organization and operation of debt trading service;

– The charter capital/ actual investment capital of enterprise recorded in its balance sheet must be higher than or equal to the minimum capital levels as indicated in Decree No. 69/2016/ND-CP in corresponding with each type of debt trading service;

– The manager of enterprise must, at the time of manager appointment, possess Bachelor’s Degree (or higher) in one of the following fields of study: economics, business administration, law or other specialty which he/she is appointed to take charge of;

Other requirements are available in the Circular No. 53/2017/TT-BTC (taking effect as of July 03rd, 2017.

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