Legal update on March 2022 (Part 1)

BLawyers Vietnam - Legal update

Our Vietnam Legal Update #200 would lead you on 03 legal issues:

I. The administrative procedures to be amended, supplemented, and replaced in the field of foreign exchange operations performed at the one-stop service counter under the management function of the State Bank of Vietnam

The State Bank of Vietnam issued Decision No. 187/QD-NHNN dated 22 February 2022 on the announcement of administrative procedures to be amended, supplemented, and replaced in the field of foreign exchange operations performed at the one-stop service counter under the management function of the State Bank of Vietnam. This decision has the following main contents:

1. The list of administrative procedures specified in Decree No. 121/2021/ND-CP to be amended and supplemented within the scope of management functions of the State Bank, including:

  • Procedures for granting receipts and payments licenses of foreign currency and other foreign exchange activities (for prize-winning electronic game businesses); and
  • Procedures for converting receipts and payments licenses of foreign currency and other foreign exchange activities (for prize-winning electronic game businesses).

2. The list of administrative procedures specified in Decree No. 121/2021/ND-CP to be replaced within the scope of management functions of the State Bank, including:

  • Procedures for re-issuance of receipts and payments licenses of foreign currency and other foreign exchange activities (for the business of prize-winning electronic games);
  • Procedures for adjusting receipts and payments licenses of foreign currency and other foreign exchange activities (for the business of prize-winning electronic games); and
  • Procedures for extension of receipts and payments licenses of foreign currency and other foreign exchange activities (for the business of prize-winning electronic games).

These procedures are replaced by procedures for re-issuance/adjustment/renewal of receipts and payments licenses of foreign currency and other foreign exchange activities (for the business of prize-winning electronic games).

3. Detailed regulations on specific contents of administrative procedures to be amended, supplemented and replaced within the scope of management functions of the State Bank.

II. Amending and supplementing the guidance of the Law on Insurance Business and regulations on compulsory insurance of civil liability of motor vehicle owners

On 28 February 2022, the Ministry of Finance issued Circular No. 14/2022/TT-BTC to amend and supplement the guidance of the Law on Insurance Business and regulations on compulsory insurance of civil liability of motor vehicle owners. The main contents are as follows:

1. Supplementing guidance to the Law on Insurance Business:

The insurance buyers and the insurance enterprises may agree to change the premium payment term or agree to owe the premium payment without guaranteed assets or premium payment guarantee when fully meeting the following conditions:

  • Insurance buyers or insurance enterprises are in areas being applied social distancing as prescribed in Directive No. 15/CT-TTg, Directive No. 16/CT-TTg; or areas under medical isolation, pandemic lockdown to control the COVID-19 epidemic as in the document of the local competent authority where has the level of the COVID-19 epidemic at “very high risk”, or “high risk” according to the provisions of Resolution No. 128 /NQ-CP; and
  • The insurance buyers arise an obligation to pay the premium during the period from 01 January 2021 until the Prime Minister announces the end of the COVID-19 epidemic. In every event that the term of premium payment cannot exceed the period of coverage under the insurance contract.

2. Amending and supplementing regulations on compulsory insurance for civil liability of motor vehicle owners:

Motor vehicle owners and insurance enterprises can agree to extend the insurance period corresponding to the time when the motor vehicle is not engaged in traffic or not operated due to the application of COVID-19 prevention and control measures when meeting the following condition:

Motor vehicle owners are in areas being applied social distancing as prescribed in Directive No. 15/CT-TTg, Directive No. 16/CT-TTg; or they are in areas under medical isolation, pandemic lockdown to control the COVID-19 epidemic as in the document of the local competent authority where has the level of the COVID-19 epidemic at “very high risk”, or “high risk” according to the provisions of Resolution No. 128 /NQ-CP during the period from 01 January 2021 until the Prime Minister announces the end of the COVID-19 epidemic.

III. Frequently asked legal questions category:

Question: What are the procedures for applying for the Work permit (“WP”)?

Answer: Expats, when meeting the working conditions in Vietnam, must apply for WP with the following procedures:

(i) Step 1: Employer applies for approval of the need to employ the expat. Specifically, at least 30 days prior to the expected working date of the expat, the employer shall make a report explaining the need to employ the expat to the provincial People’s Committee.

(ii) Step 2: After the approval of the need to employ the expat, the employer applies a dossier for a WP at a competent agency. At least 15 days prior to the expected working date of the expat in Vietnam, the employer shall submit the application to the local Department of Labor, Invalids, and Social Affairs where the expat will work.

For down-loading: 

Legal Update #200 (EN version)

Maybe you are interested in reading other Legal Update of BLawyers Vietnam: February 2022 (Part 2) | February 2022 (Part 1) | January 2022 (Part 3) | January 2022 (Part 2) | January 2022 (Part 1) | December 2021 (Part 5) | December 2021 (Part 4) | December 2021 (Part 3) | December 2021 (Part 2) | December 2021 (Part 1) | November 2021 (Part 4) 

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