One of the noticeable points of this Law is the supplement of requirement upon formulating industrial parks and plants in the chemical sector.
Accordingly, locations of chemical industrial parks and chemical plants must be appropriate to properties and characteristics of chemicals, chemical production and storage technologies, and natural and socio-economic conditions in order to meet chemical safety requirements
With regard to prohibited acts, this Law supplements the regulation on prohibiting from organizing illegal sports betting and participating in illegal sports betting.
In addition, this Law also supplements business conditions applied to professional sports clubs, sports business requirements applied to enterprises and conditions for sports betting.
Accordingly, sports betting companies are permitted to operate only after obtaining certificate of eligibility for sports betting issued by competent authorities and operate sports included in the list of sports activities permitted for sports betting business.
In addition, this Law also enlarges scope of protection of a denouncer. Accordingly, every denouncer and his/her relative shall be entitled to have protection of his/her information; protection of his/her position, job, life, health, property, honor and dignity.
Time limit for settling denunciations shall be reduced from 60 days to 30 days, from 90 days to 60 days (with regard to a complicated case).
This Law takes effect from January 1st, 2019 and replaces Law on denunciation No. 03/2011/QH13 dated November 11th, 2011.
Accordingly, under Article 8 of this Law, there are many prohibited acts on cyberspace, such as: provision of false information for the purpose of causing public confusion or economic loss, obstructing regulatory bodies or law enforcers, violating lawful rights and interests of other organizations and individuals; enticing, persuading or tempting others to commits crimes; act of cyberattack, cyber terrorism, cyber espionage and cyber crimes; causing breakdown, attacking, infiltrating, overriding, interfering with, disrupting, paralyzing or sabotaging national security information systems; infiltrating a telecommunications network, the Internets, computer network, information systems, etc.
With regard to websites, web portals and social media pages, Article 26 of this Law bans from providing, posting or popularizing information which commits the regulations in Clauses 1, 2, 3, 4 and 5 Article 16 of this Law and other information that violates national security.
Domestic and overseas providers of telecommunications services, internet services and value-added services in Vietnam’s cyberspace have the responsibility to verify users’ information when they open digital accounts; protect confidentiality of users’ information and accounts; provide users’ information for professional cybersecurity forces upon request; stop providing or refuse to provide the aforementioned services for the organizations or individuals that post the violated information, etc.
Especially, Clause 3 Article 6 also requests overseas enterprises that provide telecommunications services, internet services and value-added services in Vietnam’s cyberspace have to open branches or representative offices in Vietnam. Data about private information, relationships of their service users or data created by their service users in Vietnam shall retain such data for a specific period of time defined by the Government.
Accordingly, in comparison with the regulations in the earlier Law, this Law enlarges regulated entities. In particular, apart from enterprises, industry associations, this Law also applies to public sector entities (Article 2).
In addition, this new Law also supplements some agreements which are considered to be anti-competitive agreements such as: agreements on distributing customers; agreements on not trading with enterprises other than the parties to the agreements; agreements on restricting consumption market, sources of supply of goods and services from enterprises other than the parties to the agreements (Article 11).
Relating to criteria for determining an enterprise or a group of enterprises holding a dominant position on the market, apart from market share, this new Law also supplements the criterion “substantial market power”. In particular, it shall base on these factors; financial strength and size of the enterprise; advantages in technology and technical infrastructure; right to own, obtain and assess infrastructure, etc. (Article 26).
This Law takes effect from July 1st, 2019 and replaces the Law on competition No. 27/2004/QH11 dated December 14th, 2004.
8. Law on Thrift Practice and Waste Combat No. 44/2013/QH13;
This Law shall come into force from January 1st, 2019. The regulations of this Law on formulation and appraisal of the national planning, regional planning and regional planning come into force from March 1st, 2018.
“Public debts” comprise government debts, sovereign-guaranteed debts, and provincial debts.
According to Clause 3 Article 36 of this Law, an enterprise is eligible for an on-lent loan when it fulfills the following conditions:
- It has legal status, established lawfully in Vietnam and operated for at least 3 years;
- It has an investment project to be financed by ODA on-lent loans;
- It has a feasible financial plan approved by competent authority;
- Its debt-to-equity ratio does not exceed 3 to 1 according to the last annual financial statement;
- It has not incurred loss for the last 3 consecutive years according to the audit report, except for the loss incurred due to adoption of state policies;
- It has no overdue debt when the application for an on-lent loan is submitted; and the loan has been secured
On-lending interest rate includes external loan interest rate, charges specified in the loan agreement, charges for management of on-lent loans and on-lent loan loss reserves.
In which, the charge for management of on-lent loans is 0.25% per year calculated based on on-lent outstanding debt. The maximum on-lent loan loss reserve must not exceed 1.5% per year based on the outstanding debt.
This Law takes effect from July 1st, 2018 and replaces the Law on public debt management No. 29/2009/QH12.
According to Article 27 of this Law, imported aquatic breeds must be undergone quality inspection and the import of aquatic breeds shall be only allowed if such aquatic breeds are included in the list of aquatic species allowed to be traded in Vietnam.
The import of aquatic breeds for testing, scientific research, display and exhibition shall be licensed by the Ministry of Agriculture and Rural Development.
The export of aquatic breeds included in the list of aquatic breeds banned from export abroad for scientific research and international cooperation shall be also licensed by the Ministry of Agriculture and Rural Development.
This Law takes effect from January 1st, 2019 and replaces the Law on Fisheries No. 17/2003/QH11.
With regard to the suspension of business, it is only required to apply for the permission from the State Bank of Vietnam if the suspension of business prolongs for more than 05 working days. Under the earlier regulations, it is required to apply for the permission from the State Bank of Vietnam if the suspension of business prolong for more than 01 working day.
However, this Law also supplements to the regulations on applying for the permission from the State Bank of Vietnam upon the purchase, sale, transfer of capital contributions of a bank owner.
In addition, the Law also supplements the regulations on prohibition from holding such position as member of the Board of Directors, member of the Board of members, member of the Board of Controllers, Director General (Director), Deputy Director General (Deputy Director) with regard to the person who is in charge of case in which a bank is imposed the highest fine.
The regulations pertaining to the application of early intervention or special control to banks that fail to maintain the solvency ratio are also amended, supplemented.