Vietnam’s new policies, effective from December 2024, include regulations on goods promotion and housing guarantees for future projects, along with changes in trade promotion activities, import-export taxes, disclosure requirements for bond-issuing enterprises, and operating conditions in certain business sectors.
Discounts of up to 100% on Goods
Decree No. 128/2024/NĐ-CP, effective from December 1st, 2024, amends regulations related to promotions. Specifically, the value of promotional goods and services must not exceed 50% of the product’s selling price before the promotional period.
Focused promotional programs can offer a maximum discount of 100%. These focused programs are defined as those organized by state agencies (at both central and provincial levels) through decisions to implement targeted economic development policies of the nation or locality.
New Regulations on Housing Guarantees for Future Projects
From December 10th, 2024, Circular No. 49/2024/TT-NHNN, which amends and supplements Circular No. 11/2022/TT-NHNN on bank guarantees, will take effect. It includes new provisions on housing guarantees for future projects as follows:
The circular stipulates that commercial banks and branches of foreign banks will provide guarantees to investors when they meet the requirements specified in the circular, including having a confirmation letter from the provincial-level state management agency for real estate, stating that the housing project meets the conditions for sale or lease-purchase.
Regarding the implementation process, the bank will appraise and decide on the issuance of the guarantee after receiving a request from the investor or the counter-guaranteeing party. The parties will then sign a guarantee agreement, followed by the bank issuing a guarantee letter to the investor, protecting the rights of homebuyers when signing a sales or lease-purchase contract.
Adjustments to Import and Export Taxes on Certain Commodities
On November 1st, 2024, the government issued Decree No. 144/2024/NĐ-CP, amending and supplementing Decree No. 26/2023/NĐ-CP on adjustments to the Export and Import Tax Preferences. This decree came into effect on December 16th, 2024, for the following commodities:
The import tax on soybean oil residue (code 2304.00.90) has been reduced from 2% to 1%. Export tax rates for certain nitrogen-containing mineral fertilizers, such as urea, ammonium sulfate, and ammonium nitrate, will be adjusted. Specifically, ammonium nitrate with an NH4NO3 content of >98.5% will be exempt from export tax, while other products will be subject to a 5% tax rate.
Bond-Issuing Enterprises Must Disclose Information Through Three Channels
From December 25th, 2024, Circular No. 76/2024/TT-BTC requires enterprises issuing bonds to disclose information through at least one of the following three channels: paper documents, electronic documents sent to the Hanoi Stock Exchange, or posted on the enterprise’s website.
Conditions for Operating a Public Electronic Game Service Provider
Decree No. 147/2024/NĐ-CP, effective from December 25th, 2024, stipulates the conditions for organizations, businesses, and individuals to establish a public electronic game service provider as follows:
Have a registered business for the provision of public electronic game services;
Display a signboard with the words “Public Electronic Game Service Provider,” clearly stating the name, address, and contact number of the establishment. If the provider also operates as an Internet agent, the signboard should include the words “Internet Agent.” If it is also a public Internet access point of an enterprise, the signboard should include the words “Public Internet Access Point”;
Possess fire prevention and control equipment and regulations as stipulated by the Ministry of Public Security.
The Certificate of Eligibility for Operating a Public Electronic Game Service Provider is valid for a period of three years.
Ministry of Finance Revokes Several Circulars in the Finance and Banking Sector
On November 8th, 2024, the Ministry of Finance issued Circular No. 78/2024/TT-BTC to revoke several circulars in the finance and banking sector, effective from December 12th, 2024. Specifically, Circular No. 78/2024/TT-BTC revokes the following circulars:
Circular No. 120/2016/TT-BTC (dated July 14th, 2016) on standards and conditions for the organization and operation of Vietnam Computerized Lottery One-Member Limited Liability Company.
Circular No. 188/2013/TT-BTC (dated December 9th, 2013) guiding financial management and evaluating the performance of the Hanoi Stock Exchange and the Vietnam Securities Depository Center.
Circular No. 127/2012/TT-BTC (dated August 8th, 2012) guiding the standards, conditions, and procedures for recognizing organizations providing enterprise valuation services.
Circular No. 205/2014/TT-BTC (dated December 24th, 2014) amending and supplementing Circular No. 127/2012/TT-BTC.
Circular No. 76/2015/TT-BTC (dated May 19th, 2015) regulating interest rates for state investment and export credit and post-investment interest support.
