Notable policies effective from October 2015

Each Vietnamese organization or individual is only allowed to import one car and one motorbike as gifts or presents per year...

Issuing securities trading codes to foreign investors within one day, exempting import tax on baggage worth no more than 10 million VND, requiring customs declaration when carrying foreign currency exceeding 5,000 USD through border gates, allowing traders to self-certify the origin of goods within ASEAN...

These are some notable policies that came into effect in October 2015.

According to Circular No. 143/2015 of the Ministry of Finance, effective from October 26, 2015, each Vietnamese organization or individual is only allowed to import one automobile and one motorbike annually as gifts.

Issuing securities trading codes to foreign investors within one day.

According to the new regulations in Circular No. 123/2015/TT-BTC, effective from October 1, 2015, foreign investors will be granted a securities trading code within one working day, instead of 3 to 5 days as currently stipulated.

However, foreign investors whose securities trading codes have been revoked within the two years prior to the application date; who are under investigation; or who have committed violations and been penalized in the fields of finance, banking, foreign exchange management, or taxation, and whose penalties have not yet expired, will not be considered for the issuance of securities trading codes.

Foreign investors who provide inaccurate or untimely documentation will have their securities trading suspended for up to six months. If, after the suspension period, the investor still fails to rectify the deficiencies, their securities trading code will be canceled.

Import duties are waived for baggage entering the country that does not exceed 10 million VND.

According to Decision No. 31/2015/QD-TTg of the Prime Minister, effective from October 1, 2015, luggage of incoming passengers, excluding alcohol, beer, and tobacco, with a total value not exceeding 10 million VND, is exempt from import tax.

The decision also stipulates that those entering the country who bring in 1.5 liters of liquor with an alcohol content of 22 degrees or higher; 2 liters of liquor with an alcohol content below 22 degrees; 3 liters of alcoholic beverages or beer; 200 cigarettes; 100 cigars; and 500 grams of loose tobacco will also be exempt from import tax.

This tax exemption will not apply to frequent travelers, who are entitled to it once every 90 days.

The decision also stipulates that individuals bringing one car for use during their working period in Vietnam are exempt from import tax, special consumption tax, and value-added tax. After the end of their working period, the car owner must re-export the car; in case of transfer of ownership, taxes must be paid according to current regulations.

Customs declaration is required when carrying foreign currency exceeding 5,000 USD through border crossings.

When individuals entering or exiting the country carry more than 300 grams of gold jewelry, more than 5,000 USD, or more than 15 million VND, they must declare it on a customs declaration form. This is one of the important provisions stipulated in Circular No. 120/2015/TT-BTC, effective from October 1, 2015, which regulates customs declaration forms for individuals entering and exiting the country.

In addition, the circular also stipulates that those entering or exiting the country with checked baggage before or after their trip, or with goods temporarily imported and then re-exported, must also declare customs. Customs declaration forms are provided free of charge at border gates and international airports.

Exploiting divorce to evade property obligations is punishable by a fine.

This is stipulated in Decree No. 67/2015, which amends and supplements a series of administrative penalties for violations in the fields of legal assistance, judicial administration, marriage and family, and corporate bankruptcy…

Accordingly, the act of using divorce to evade financial obligations is punishable by a fine of 10 to 20 million VND.

The decree also stipulates that failure to fulfill authentication requests on the same day or the next working day if the request is received after 3 PM, or more than two working days in cases where multiple documents are requested for authentication simultaneously, will result in a fine of 1 to 3 million VND.

For businesses and cooperatives that dispose of, give away, or conceal assets after a court decision to initiate bankruptcy proceedings, a fine of up to 20 million VND will be imposed.

Decree 67 takes effect from October 1, 2015.

Traders can self-certify the origin of goods within ASEAN.

Circular No. 28/2015 of the Ministry of Finance, effective from October 5, 2015, stipulates the pilot implementation of self-certification of origin of goods under the ASEAN Trade in Goods Agreement.

Accordingly, traders are allowed to declare the origin of exported goods themselves on the commercial invoice instead of the Certificate of Origin Form D (C/O Form D).

Selected traders participating in the pilot program must be both manufacturers and exporters of their own manufactured goods, have not violated rules of origin in the two years preceding the application submission date, have achieved a minimum export turnover of USD 10 million with a Certificate of Origin (C/O) Form D issued in the preceding year, and must have trained and certified personnel holding certificates of origin issued by a designated unit of the Ministry of Industry and Trade.

After being selected to participate in the pilot program for self-certification of origin, traders still have the right to request the issuance of a Certificate of Origin Form D according to current regulations.

You are not allowed to switch “.vn” domain name providers within 60 days.

This is the content stated in Circular No. 24/2015 of the Ministry of Information and Communications regulating the management and use of Internet resources, effective from October 10, 2015.

Accordingly, the transfer of a “.vn” domain name registrar can only be carried out with the unanimous agreement of all parties involved in the transfer process. However, the registrar cannot be transferred within 60 days of the new registration date and within 30 days before the domain name expires.

Domain names with a “.vn” that do not pay their maintenance fees within 30 days of temporary suspension will be revoked. Organizations and individuals whose “.vn” domain names have been revoked are prohibited from registering and using that domain name for two years.

The circular also stipulates that licensed general websites and social networks must use a “.vn” domain name and must store information on servers located in Vietnam.

Only one car and one motorbike can be imported as gifts each year.

According to Circular No. 143/2015 of the Ministry of Finance, effective from October 26, 2015, each Vietnamese organization or individual is only allowed to import one automobile and one motorbike annually as gifts.

For imported or temporarily imported motorcycles, they must be 100% new, unused, and comply with national technical standards for quality, safety, and environmental protection as prescribed.

The vehicle must be of a type permitted for registration and circulation in Vietnam, except in cases of import or temporary import without registration or circulation for the purpose of use as a model, display, product introduction, exhibition, research, or testing.

According to VnEconomy