Summarization of 07 laws in effect as of January 01, 2017

1. Removal of various conditional business lines

The law on amendments to Article 6 and Appendix 4 of the Investment Law on the list of conditional business lines was passed by the National Assembly on November 22, 2016.

The new list consists of 243 conditional business lines instead of 268 at present.

The new regulation, therefore, removes a variety of conditional business lines such as:

- Bidding agency's services;

- Insurance agency training services;

- Medicine testing services;

- Trading in art and photography works;

- Manufacture of gold jewelry and handicrafts;

- Extracurricular tutoring services.

Besides, "trading in disguised devices and software for audiovisual recording and positioning" and “manufacture, assembly and importation of automobiles” are added to the list of conditional business lines as of July 01, 2017.

Moreover, “trading in firecrackers" shall be added to the list of prohibited investments and business lines.

2. New and prominent details of the 2015’s Law of accounting

The 2015’s Law of accounting was passed by the 13th National Assembly on November 20, 2015. New stipulations include:

- Detailed regulation on the provision of accounting services such as registration, business conditions for certification and companies providing accounting services, etc.

- In 24 months from January 01, 2017, the providers of accounting services, already incorporated, have to meet the conditions defined in the 2015’s Law of accounting to obtain the certificate of eligibility for provision of accounting services.

If remaining ineligible pursuant to this Law after the said deadline, their provision of accounting services shall be terminated.

- Prohibited acts in the accounting sector are specified:

+ Rent, borrow, lease and lend, in any manners, the accountant certificate or the certificate of registration of the provision of accounting services.

+ The accountant in collusion with the accounting service provider or in connivance with the client provides or endorse false accounting information and figures.

3. Exemption and reduction of fees and charges from the year of 2017

On November 25, 2015, the National Assembly promulgated the 2015’s Law of fees and charges, which replaces the 2001’s Ordinance on fees and charges.

As of January 01, 2017, fees and charges shall be exempted or reduced for the following individuals:
 
- Children, poor households, elders, the disabled, people with meritorious contributions to the revolution.

- People from ethnic minorities in the communes troubled by extreme economic and social hardship, and special individuals defined in legal regulations.

The authority to regulate the exemption and reduction of fees and charges is also specified:
 
- Standing Committee of the National Assembly defines the individuals for whom court fees and charges are waived and reduced.

- The government defines the individuals for whom fees and charges within its authority are waived and reduced.
 
- Ministry of Finance and provincial People’s Councils define the individuals for whom fees and charges within their authority are waived and reduced.

Moreover, Appendix 2 defines the fees on 17 products and services as service prices at the discretion of the Government: irrigation fee, market fee, ferry fee, vehicle parking fee, etc.

(To be updated)