Regulations on accounting, banking and culture in effect as of January 01, 2017

1. Regulation on the sequence of actions for accounting journal inspection

Pursuant to the Circular No. 133/2016/TT-BTC on guidelines for small companies’ accounting regimes, the sequence of actions for accounting journal inspection is defined below:

- Inspect the clarity, righteousness and fullness of the entries and elements recorded in the accounting journals.

- Inspect the legitimacy of economic and financial activities recorded in the accounting journals; collate such journals with other relevant documents.

- Inspect the accuracy of the figures and data in the accounting journals.

Besides, the inspection of accounting journals, when exposing violations of governmental policies and regulations on economic and financial management, shall cease then such violations are immediately reported to the leadership of the company concerned for timely solution.

2. Regulation on electronic reporting forms mandatory for credit institutions

Circular No. 35/2015/TT-NHNN , which was promulgated on December 31, 2015, defines the statistical reporting regime applicable to credit institutions and foreign banks' branches.

Credit institutions and foreign banks’ branches shall be obligatorily required to file electronically the following reporting forms defined in Part 3 of Appendix 1 to this Circular:

- Report on credit outstanding balance by economic sector.

- Report on credit outstanding balance by organization model and individual.

- Report on credit outstanding balance by guarantee.

- Report on credit grant and credit debt settlement.

- Report on credit outstanding balance; investment in corporate bonds; loans and investments made under contracts of mandate, and loan interest rate for sectors prioritized for development. 

- Report on credit outstanding balance of non-credit organizations operating in Vietnam.

- Report on credit status of state-owned conglomerates and corporations.

- Report on granting of credit for agricultural and rural sectors.

- Report on granting of credit for trading and service sectors.

- Report on granting of credit for constructional and industrial sectors.

- Report on granting of credit for stock investment and trading.

This Circular replaces the Circular No. 31/2013/TT-NHNN dated December 13, 2013.

3. Extension of effect of the regulation on foreign currency loaning

State Bank, on November 15, 2016, promulgated the Circular No. 31/2016/TT-NHNN on amendment to the Circular No. 24/2015/TT-NHNN on foreign currency loaning by credit institutions and foreign banks’ branches to residents.

The legislative effect, therefore, is extended to December 31, 2017 inclusive in regarding to credit institutions and foreign banks' branches granting the following types of foreign currency loan:

Short-term loans granted for production and trading in exports across Vietnam’s borders, for which borrowers' foreign currency fund gained from their export business suffice for repayment.

The borrowers, upon loan disbursement, have to sell the amount of foreign currency in their possession to the lender on the spot, unless such borrowers apply for the loan to settle payments that are regulated to be made in foreign currency.

Moreover, the Circular defines the new format for Form No. 02 annexed to the Circular No. 24/2015/TT-NHNN dated December 08, 2015.

4. Artistic nude photography allowed

 Such new stipulation is defined in the Circular No. 10/2016/TT-BVHTTDL on amendment to the Circular No. 01/2016/TT-BVHTTDL on art performances, fashion shows, beauty pageants and model contests.

It, therefore, abrogates Article 3 of the Circular No. 01 on action and circulation prohibitions applicable to art performers, fashion models and winners of beauty pageants and model contests.

The following prohibitions are nullified:

- Take photos or shoot videos of individuals who are in nudity or wear offensive costumes or make-up and intentionally or unintentionally circulate such items on a telecommunication network;

- Take photos or make audio or video records of a group of persons or an individual performing contents in violation of Article 6 of the Decree No. 79/2012/ND-CP and intentionally or unintentionally circulate such items on a telecommunication network;

- Act or speak in violation of social ethics, decent and cultural traditions of Vietnam or the laws, and intentionally or unintentionally propagate such actions and spoken lines over the media or publicly, which result in negative effects.