Building plans need financial statements

The Government issued Decree No. 03/2008/ND-CP on January 7 to amend Decree No. 99/2007/ND-CP of last June on controlling the costs of construction projects.

The new decree requires investors to file financial statements for completed projects for investment authority approval. Within six months of approval, project investors must resolve outstanding debts of the project. Projects approved prior to the effective date of the new decree but not yet completed would continue to be governed by Decree No. 162005/ND-CP of 2005 of Government on management of construction projects and subsequent amendments.

Decree specifies Notary Law

The Government issued Decree No. 02/2008/ND-CP on January 4 guiding implementation of the Law on Notary. It contains detailed provisions on notary seals, training of notaries public, State administration of notaries at local levels, location and material facilities of notary offices, and notary fees.

Regulation governs non-bank credit

The State bank issued Decision No. 01/2008/QD-NHNN on January 8 on opening and terminating branch and representative offices of non-bank credit institutions.

In order to open a branch or representative office, a credit institution must have been in operation for at least a year and have sufficient financial capacity, human resources and management systems.

The decision also regulates voluntary termination of licences as well as termination by the State Bank.

New fines set for commercial activities

The Government issued Decree No 06/2008/ND-CP on January 16 setting administrative fines in commercial activities.

The decree applies to violations of business licence conditions; establishment and operation of representative offices and branches by foreign traders; distribution and sale of goods and services; commercial promotion and marketing; import and export of related goods and services; and commercial agency.

Fines will range from VND5mil to VND50mil. The decree replaces Decree No 175/2004/ND-CP of October 2004.

National lawyers federation established

The Prime Minister signed Decision No 76/2008/QD-TTg on January 16, approving the proposal to establish a national lawyers' organisation to be called the Viet Nam Lawyers Federation.

Affiliated with the Fatherland Front, the federation would represent lawyers and local bar associations on the national level. The first congress has been set for July of this year.

Fees set for residency registration

The Ministry of Finance issued Circular No 07/2008/TT-BTC on January 15 stipulating fees for residency registration. The fee for registration of residency in inner districts is VND10,000 per occurrence, excluding fees for issuance of the household registration books, which stand at VND15,000.

Source: Viet Nam News