1. Significant increase in benefits from July 01, 2020
On November 12, 2019, the National Assembly has ratified the Resolution No. 86/2019/QH14 on state budget estimates in 2020, in which the statutory pay rate is increased from VND 1.49 million/month to VND 1.6 million/month.
According to this Resolution, social insurance benefits, monthly benefits and benefits for persons rendering meritorious revolutionary services shall be also increased by an amount equal to the increase in the statutory pay rate.
New statutory pay rate and relevant benefits shall apply from July 01, 2020.
2. 6 types of used ships to be imported for breaking
This content is provided in the Decree No. 82/2019/ND-CP prescribing import and breaking of used ships.
According to this Decree, the following types of used ships are allowed to be imported for breaking:
- Ships carrying dry cargoes, including general cargo, bulk cargo, equipment, wood chips, timber, grains, packaged merchandise, and iron and steel products.
- Container ships.
- Ore carriers.
- Ships carrying liquid cargo, including crude oil, oil products and vegetable oil.
- Ships carrying gases or liquefied gases.
- Ro-Ro ships, passenger ships, sea barges and ferries.
Hence, according to this Decree, the import of the following used ships for breaking, including tension-leg platforms, jack-ups and floating storage units, etc. is no longer be allowed (currently, they are still allowed to be imported for breaking).
The Decree No. 82/2019/ND-CP is coming into force from December 30, 2019 and supersedes the Decree No. 114/2014/ND-CP dated November 26, 2014.
3. Suspension of merchanting trade and temporary import of plywood into Vietnam for re-export to the United States
The Circular No. 22/2019/TT-BCT on suspension of merchanting trade and temporary import of plywood into Vietnam for re-export to the United States officially comes into force from December 27, 2019 to December 31, 2024.
According to this Circular, the merchanting trade and temporary import of plywood products which are classified in heading 44.12 of Vietnam’s nomenclature of exports and imports enclosed with the Circular No. 65/2017 of the Ministry of Finance into Vietnam for re-export to the United States shall be suspended.
The re-export and merchanting trade of plywood shipments of which the customs procedures for temporary import or merchanting trade have been completed before the effective date of this Circular shall be continued in accordance with the Decree No. 69/2018/ND-CP dated May 15, 2018.
4. Warnings imposed on individuals who sell and buy foreign currency worth less tan USD 1,000
This content is provided in the Decree No. 88/2019/ND-CP on penalties for administrative violations in monetary and banking sector.
According to this Decree, individuals who sell and buy foreign currency together shall face penalties and fines corresponding to the value of the sold and bough currency.
To be specific:
A warning shall be imposed if the value of foreign currency sold or bought is less than USD 1,000 (or equivalent value in another foreign currency).
Current regulations stipulate that individuals involving in the selling and buying of foreign currency shall face a fine ranging from VND 40 million to VND 80 million regardless of the value of the sold and bought currency.
The Decree No. 88/2019/ND-CP is coming into force from December 31, 2019 and supersedes the Decree No. 96/2014/ND-CP dated October 17, 2014.
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