Our long-standing GBA board member Dr. Oliver Massmann, Partner at Duane Morris Vietnam LCC, is sharing the most relevant legal updates with you.
- Implementation of new land laws must benefit investors
- Deputy PM highlights incentive policies for rooftop solar power installation
- Zero-tolerance policy for driving under alcohol influence affirmed in draft law
- SBV approves designation of 14 important banks in 2024
- NA Standing Committee to discuss seven draft laws during 31st session
Find more details as below:
1. Implementation of new land laws must benefit investors
Some highlines are as below:
- During the Vietnam Business Forum Conference held in Hanoi last month, representatives of the European Chamber of Commerce in Vietnam (EuroCham) suggested that clear guidelines on land-use terms, and the granting of land-use right certificates must be well implemented through from the central to the grassroots level.
- A decree guiding the Law on Real Estate Business 2023 and a decree on construction, management, and use of information systems on housing and real estate markets will be issued before mid-September.
- Meanwhile, a circular on the framework programme for training and fostering knowledge to practice real estate brokerage and operate real estate trading floors will be issued by the Ministry of Construction, and a circular regulating funds on information systems and databases for housing and real estate markets will be issued by the Ministry of Finance before November.
- The draft decree details and guides the implementation of a number of articles of the new Law on Housing, while the decree on renovating and rebuilding apartment buildings, and the decree on social housing development and management are also being built.
- EuroCham also proposed that the government carry out legal reforms, which currently discourage investors, to promote investment in hotel apartments, hotel residences, and hotel offices.
2. Deputy PM highlights incentive policies for rooftop solar power installation
Some highlines are as below:
- Deputy Prime Minister Tran Hong Ha highlighted the importance of rooftop solar power in ensuring energy security, saying that there needs to be mechanisms and policies to encourage organisations and individuals to invest in solar power.
- The draft decree must include methods of rooftop solar power operation (self-production, self-consumption, linked to the national electricity system, with electricity storage equipment) as well as technological solutions to ensure the safety and stability of the base power system when connecting rooftop solar power with the grid, he said.
- He said rooftop solar power, offshore wind power, biomass power and waste power are given priority for development in conditions that they meet technology, system safety conditions and have appropriate prices. Developing rooftop solar power is an economical and effective energy plan.
- Procedures should be simplified for households and offices installing rooftop solar power for self-production and self-consumption, not for business purposes, except for works with special requirements regarding safety and fire prevention.
- Businesses that invest in rooftop solar power for use, and at the same time install additional electricity storage equipment for sales, need to calculate reasonable prices, financial support and interest rates, he said.
3. Zero-tolerance policy for driving under alcohol influence affirmed in draft law
Some highlines are as below:
- The National Assembly Standing Committee on March 15 discussed the draft law on Traffic Order and Safety, which will maintain the zero-tolerance policy for driving under the influence of alcohol.
- This policy aligns with the 2019 Law on Prevention and Control of Harms of Liquor and Beer Abuse (Clause 6, Article 5).
- The first option is a total ban on vehicle control for drivers with any positive level of blood alcohol concentration (BAC).
- The second option considers allowing motorbike control for drivers whose BAC is less than 50 milligrams per 100 milliliters of blood, or 0.25 milligrams per 1 liter of breath. If this option is selected, Clause 6 of Article 5 in the 2019 Law on Prevention and Control of Harms of Liquor and Beer Abuse also needs to be amended for compliance.
- In agreement with the Government, the NA Committee on Defense and Security agrees to submit Option 1 to the NA to protect people’s lives and social resources.
4. SBV approves designation of 14 important banks in 2024
Some highlines are as below:
- The State Bank of Vietnam (SBV) has issued Decision No. 538/QD-NHNN approving the group of credit institutions and foreign bank branches which play an important role in the country’s banking system in 2024.
- Accordingly, the 14 banks included in the group are the Vietnam Bank for Agriculture and Rural Development (Agribank); Asia Commercial Bank (ACB); Lien Viet Post Joint Stock Commercial Bank (LPBank); Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank); Bank for Investment and Development of Vietnam (BIDV); Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank); Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).
- Military Commercial Joint Stock Bank (MB); Vietnam International Commercial Joint Stock Bank (VIB); Saigon – Hanoi Commercial Joint Stock Bank (SHB); Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank); Tien Phong Commercial Joint Stock Bank (TPBank); and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
- The SBV demanded banking inspection and supervision agencies, as well as its branches in provinces and centrally-run cities nationwide, to closely monitor and supervise, and promptly warn of risks in the operations of the above-mentioned credit institutions to prevent systemic risks.
5. NA Standing Committee to discuss seven draft laws during 31st session
- The National Assembly (NA) Standing Committee is holding its 31st session from March 14-19, with a focus on scrutinising seven draft laws.
- They include the draft Capital Law (amended), the draft Law amending and supplementing a number of articles of the Law on Asset Auctions, the draft Law on Social Insurance (amended), the draft Law on Road Traffic, the draft Law on Road Traffic Order and Safety, the draft Law on Defence and Security Industries and Industry Mobilisation, and the draft Law on Organisation of People’s Courts (revised).
- The NA Standing Committee will also review the legislature’s ombudsman work report in February 2024, and organise question-and-answer activities.
- Regarding decisions on important issues, it will consider and make decisions on the establishment of An Dien and An Tay wards in Ben Cat township, and Ben Cat city in southern Binh Duong province; and the establishment and arrangement of wards in Go Cong township, and the establishment of Go Cong city in the Mekong Delta province of Tien Giang.