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In the Pipeline | Vietnam Law and Legal Forum magazine Vietnam Law & Legal Forum Magazine Regulations on beneficial owners in enterprises to be brought into law A draft revised Law on Enterprises has recently been unveiled with the addition of provisions on beneficial owners of enterprises, which is expected to help Vietnam implement international commitments on anti-money laundering and provide a favorable, secure and trustworthy business environment for businesses and entrepreneurs for development. MOF proposes stricter e-commerce regulations Private data would not be publicized without consent of data subjects: MOPS Vietnam committed to supporting nuclear weapon-free world: Ambassador Vietnam delivers report at session on Convention on the Rights of Persons with Disabilities Party chief’s trip to enhance cooperation with Indonesia, Singapore, ASEAN: official Social housing must be prioritized over commercial accommodation: PM UNICEF hails Vietnam’s public school tuition waiver policy as investment in future Vietnam chairs 75th meeting of Initiative for ASEAN Integration Task Force Nation to link procedures for grant of work permits and criminal record certificates for foreign employees A pilot program on linking procedures for grant of work permits and criminal record certificates for foreign employees would be implemented in Hanoi, Thua Thien Hue and Ba Ria-Vung Tau, according to the latest draft decision proposed by the Ministry of Labor, Invalids and Social Affairs. Draft Law stimulates scientific research and technological development The Ministry of Science and Technology has released a draft Law on Science, Technology and Innovation, focusing on science and technology human resources, incentives for science and technology workers, commercialization of research outcomes, and management of state budget-funded science and technology programs and tasks. Cross-border e-commerce platforms to be required to establish offices in Vietnam Foreign e-commerce platforms providing cross-border services in Vietnam would have to apply for a license and establish their representative offices or designate legal entities to act as their authorized representatives in Vietnam. New-generation cigarette smokers might be fined up to VND 2 million Those who harbor and use heated tobacco products and e-cigarettes would be subject to a fine of VND 1-2 million, according to the latest draft decree designed by the Ministry of Health to replace Decree No. 117 of 2020. Biomass electricity projects to be included in DPPA mechanism The Ministry of Industry and Trade has proposed the inclusion of biomass electricity projects in the direct power purchase agreement mechanism, which currently applies to wind and solar power projects. Draft Law on Excise Tax revises taxable and non-taxable objects The Ministry of Finance has proposed revising the 2008 Law on Excise Tax with a focus on taxable and non-taxable objects to better align tax regulations with policies on protection of people’s health and management of high-end products and services. Draft decree to facilitate foreign investors’ access to Vietnam’s stock market The Ministry of Finance has released a draft decree revising Decree 155 of 2020 with numerous provisions regarding foreign ownership limits in public companies, a move which is expected to remove the current bottleneck for foreign investors to join and contribute to the sustainable upgrading of Vietnam’s stock market. Requirements to set for foreign investors in offshore wind power projects Foreign investors in offshore wind power projects in Vietnam would be required to have implemented at least one offshore wind power project of an equivalent scale in either Vietnam or other countries. Government to determine personal income tax reduction based on family circumstances The Government would be vested with the authority to determine reduction based on family circumstances for personal income taxpayers and their dependants in alignment with the country’s socio-economic development in each period. New regulations on enforcement of civil judgments to be brought into law Involved parties might reach agreement on judgment enforcement, provided that their agreement does not violate legal prohibitions, upholds social morality, neither affects the lawful rights and interests of the State or third parties nor prolongs the enforcement process or evades the obligation to pay enforcement charges. New Law on Water Supply and Drainage proposed to help mitigate urban waterlogging The Ministry of Construction has recently released the draft Law on Water Supply and Drainage so as to develop the country’s water supply and drainage systems and contribute to mitigating waterlogging in urban areas. Protection of personal data in cyber environment to be brought into law Personal data used for registering social media accounts or over-the-top services would be neither allowed to be disclosed nor processed without the consent of data owners, according to the latest draft Law on Personal Data Protection recently released by the Ministry of Public Security. Regulations on reorganization of credit institutions drafted The State Bank of Vietnam has recently unveiled a draft circular proposing five principles in merger and consolidation of credit institutions. MOF proposes two options for land rental reduction In order to help promote production and business activities, the Ministry of Finance has proposed reducing the payable land rental amounts of 2024 for organizations, enterprises, households and individuals that are leased land directly by the State with annual land rental payment. Draft law allows foreign employees to join Vietnamese trade unions Foreign employees who are citizens of foreign countries and currently working in Vietnam under labor contracts with a term of at least 12 months would have the right to join Vietnamese trade unions and engage in trade unions activities at the grassroots level. Central bank drafts circular on foreign indirect investment in Vietnam The State Bank of Vietnam is drafting a circular regulating the opening and use of Vietnamese dong-denominated accounts for foreign investors, in order to conduct foreign indirect investment activities in Vietnam. Railway Law to be revised to better serve the country’s transport needs The Ministry of Transport is gathering public comments on a draft revised Railway Law with a focus on incentives and support for the railway sector; railway infrastructure investment and management; connection of railway transport with other modes of transport; and railway transport activities. Scope of mutual legal assistance in criminal matters to be expanded The Ministry of Justice has proposed a draft Law on Mutual Assistance in Criminal Matters which is expected to provide a wider scope of mutual legal assistance in criminal matters. Central bank specifies cases eligible for zero-interest special loans The State Bank of Vietnam would provide special loans at a zero-percent interest rate and unsecured loans to credit institutions undergoing special control and carrying out restructuring plans, and those facing mass withdrawals, according to the latest draft decision on such loans. Violators of school bus safety regulations to face heavy fines School bus owners and drivers would be subject to a range of hefty fines if violating safety regulations on school bus services, according to the latest draft released by the Ministry of Public Security. Copyright Vietnam Law and Legal Forum magazine, Vietnam News Agency,79 Ly Thuong Kiet St. Hanoi, VietnamLicense No: 172/GP-BTTTT issued by the Ministry of Information and Communications on May17, 2023Deputy Editor-in-Chief: LE HAI TRIEUTel: 04-38248670/Email: [email protected]