Vietnam’s new policies effective from December 2024 cover a range of areas, including promotional regulations for goods, housing guarantees for future projects, trade promotion activities, import-export taxes, disclosure requirements for bond-issuing enterprises, and operating conditions for certain business sectors.
Discounts of up to 100% Allowed for Goods
Decree No. 128/2024/NĐ-CP, effective from December 1, 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 promotion period.
However, concentrated promotion programs can offer a maximum discount of 100%. These programs are defined as those organized by central or provincial state agencies to implement targeted national or local economic development policies.
New Regulations on Housing Guarantees for Future Projects
Effective from December 10, 2024, Circular No. 49/2024/TT-NHNN amends and supplements Circular No. 11/2022/TT-NHNN on bank guarantees, including new provisions for housing guarantees for future projects:
The circular stipulates that commercial banks and branches of foreign banks will provide guarantees to investors who meet the requirements, including a confirmation letter from provincial-level state agencies managing real estate, stating that the housing project meets the conditions for sale or lease-purchase.
Regarding the implementation process, banks will evaluate and decide on the issuance of guarantees upon request from the investor or the counter-guaranteeing party. The parties will then sign a guarantee agreement, after which the bank will issue 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 for Certain Goods
On November 1, 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, which took effect on December 16, 2024, for the following goods:
The import tax on soybean oil residue (code 2304.00.90) was reduced from 2% to 1%. Export tax rates for 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.
Enterprises Issuing Bonds Must Disclose Information Through Three Channels
Effective from December 25, 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 25, 2024, stipulates the following conditions for organizations, businesses, and individuals to establish a public electronic game service provider:
– 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, contact number, and business registration number. 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 firefighting equipment and regulations as per the regulations of the Ministry of Public Security.
The Certificate of Satisfaction of Conditions for Operating a Public Electronic Game Service Provider is valid for 03 years.
Ministry of Finance Abolishes Several Circulars in the Finance and Banking Sector
On November 8, 2024, the Ministry of Finance issued Circular No. 78/2024/TT-BTC to abolish several circulars in the finance and banking sector, effective from December 12, 2024. Specifically, Circular No. 78/2024/TT-BTC abolishes the following circulars:
– Circular No. 120/2016/TT-BTC (dated July 14, 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 9, 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 8, 2012) guiding the standards, conditions, and procedures for recognizing organizations providing enterprise valuation services.
– Circular No. 205/2014/TT-BTC (dated December 24, 2014) amending and supplementing Circular No. 127/2012/TT-BTC.
– Circular No. 76/2015/TT-BTC (dated May 19, 2015) regulating interest rates for state investment and export credit and post-investment interest rate support.
