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Vietnam Today

Legal changes for December

Released at: 15:20, 01/12/2015

Legal changes for December

A number of new laws and regulations are set to take effect this month.

by Ngoc Chi

The following new laws and regulations are to take effect during December.

State-owned enterprises (SOEs) not permitted to contribute capital to real estate, banking and finance

Under Regulation No. 91/2015, effective on December 1, regarding State capital in enterprises and the management of enterprise’s capital and assets, SOEs are not allowed to contribute capital or invest in real estate (except for those where real estate is their main business line), banking, insurance firms, securities firms, venture capital funds, securities investment funds, or securities investment companies, except for special cases agreed to by the Prime Minister.

Passport renewals

Under Decree No. 94/2015, amending and supplementing certain articles of Decree No. 136/2007 on the exit and entry of Vietnamese citizens, diplomatic passports and official passports are valid for five years from the date of issue. Such passports with a validity of less than one year can be extended once. Upon expiration holders of such passports must complete procedures for the issue of a new passport. Ordinary passports are valid for ten years from the date of issue and cannot be extended. The Decree will take effect on December 1.

Directing investors to hand over apartment maintenance fees

Under Decree No. 99/2015, to take effect on December 10, where investors have not handed over apartment management fees within the prescribed time, provincial people’s committees will issue a decision to the investor and credit institutions where investors hold accounts directing that such fees be handed over to the apartment block’s board of management.

Borrowing 80 per cent of value when buying social housing

Under Decree No. 100 on the development and management of social housing, in the purchase or lease of social housing the maximum amount to be borrowed is 80 per cent of the contract value. In the repair or new construction of such housing, the limit is 70 per cent of the capital required and this must not exceed 70 per cent of the value of collateral put forward for the loan. The Decree will take effect on December 10. 

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