Our long-standing GBA board member Dr. Oliver Massmann, Partner at Duane Morris Vietnam LCC, is sharing the most relevant legal updates with you.
- Vietnam plans travel ban for individuals with tax debts of $400 or more
- Premier orders more efforts in thrift practise, wastefulness prevention
- New information disclosure regulations for bond issuers effective from December 25
- HCM City approves new regulations for agricultural infrastructure
1. Vietnam plans travel ban for individuals with tax debts of $400 or more
Some highlines are as below:
- People who have unpaid taxes of VND10 million ($393.90) and above for 120 days may be banned from leaving Vietnam, according to a proposal by the Ministry of Finance.
- The proposed ban would also apply to business representatives who owe VND100 million or more.
- Under current regulations, people with unpaid taxes can be temporarily restricted from leaving Vietnam, but there is no clear threshold for tax debt that triggers this restriction.
- This year, over 6,500 individuals have been temporarily banned from leaving Vietnam due to tax arrears, a threefold increase from the previous year, according to the General Department of
- Taxation. The department has collected VND1.341 trillion from 2,116 individuals subject to the travel ban.
- The ministry estimates that, with the new debt threshold, around 380,000 people could face temporary travel restrictions for outstanding tax debts.
2. Premier orders more efforts in thrift practise, wastefulness prevention
Some highlines are as below:
- Prime Minister Pham Minh Chinh has asked ministers, heads of ministerial-level and government-attached agencies, and chairpersons of provincial-level People’s Committees to carry out certain tasks and measures to continue enhancing the efficient and effective implementation of policies and law on thrift practise and wastefulness prevention.
- In official telegram 125/CD-TTg dated December 1, 2024, the PM demanded serious and efficient implementation of the Politburo’s Directive 27-CT/TW on strengthening the Party’s leadership over thrift practise and wastefulness prevention, Party General Secretary To Lam’s directions on the issue, the Government’s Resolution 98/NQ-CP on the launch of an action plan to carry out the Politburo’s Directive 27-CT/TW and the Government’s Resolution 53/NQ-CP on implementation of the National Assembly’s Resolution 74/2022/QH15 on stepping up the enforcement of policies and law on thrift practise and wastefulness prevention.
- The governmental leader ordered them to minimize administrative procedures as well as compliance cost and provide the best possible conditions for people and enterprises; eradicate the “asking – giving” mechanism; increase power decentralization for agencies and localities.
3. New information disclosure regulations for bond issuers effective from December 25
Some highlines are as below:
- From December 25, 2024, enterprises issuing private bonds domestically or offering corporate bonds internationally will be required to comply with new regulations on information disclosure, as stipulated in Circular 76/2024/TT-BTC issued by the Ministry of Finance.
- For enterprises issuing bonds internationally, similar obligations apply, including disclosures prior to issuance, reporting issuance results and periodic updates.
- Bond issuers are required to communicate information to investors using at least one of the following formats: printed documents, electronic documents, or publications on the issuer’s official website.
Additionally, information must be electronically submitted to the Hà Nội Stock Exchange (HNX) via its dedicated corporate bond information portal. - The new Circular replaces Circular 122/2020/TT-BTC and aligns with the provisions of Decree 153/2020/NĐ-CP. Its implementation marks a significant enhancement in transparency and accountability for bond issuers in both domestic and international markets.
4. HCM City approves new regulations for agricultural infrastructure
Some highlines are as below:
- The HCM City People’s Committee has recently issued a decision on the use of agricultural land for constructing facilities serving agricultural production in the city.
- The decision governs the use of land (excluding rice cultivation land) for constructing facilities directly serving agricultural production in the city.
- Facilities directly serving agricultural production must be single-story structures, with a maximum roof height of five metres, with no basement or semi-permanent construction.
The construction of facilities directly serving agricultural production shall comply with the Construction Law, and is exempt from construction permits according to the law.
District-level people’s committees shall approve the location, construction scale, and the duration of the facility as stipulated in the Construction Law. - The decision also requires the heads of district-level people’s committees to be responsible before the municipal People’s Committee for ensuring the rational use of land and preventing the emergence of restaurants, eateries, and other types of businesses that do not serve the approved purpose.