LEGAL UPDATE

Effective date: March 5^th, 2021

Accordingly, the State Bank of Vietnam shall supplement instructions to open individual payment accounts electronically. Specifically, banks and foreign bank branches base on technological conditions to assess risks, determine the scope of use and decide to apply transaction limits via customers’ current accounts opened by but must ensure that the total transaction value limit (debit) through the customer’s payment accounts does not exceed VND 100 million/month/customer.

Noticeable, the bank or foreign bank branch may decide a limit on transactions made on the checking account opened online higher than VND 100 million/month/customer in the following cases:

i.    The bank or foreign bank branch collects, checks and verifies the client’s identity during the opening of the checking account through video call which has the same effectiveness as identification and verification of a client’s identity by meeting the client in person. Video call must ensure safety and confidentiality, have high resolution and uninterrupted signal, allow real-time audio-visual contact with the client to ensure the identification of client, and store all sound and image data or recordings/videos during the opening of the checking account;

ii.   The bank or foreign bank branch adopts technologies for checking/comparing the client’s biometric characteristics with the citizen’s biometric data on the citizen identity card database;

iii. After the bank or foreign bank branch has identified and verified the client’s identity by meeting in person with the account holder;

iv. Transactions are made online to transfer money to a saving or term deposit account of the same account holder opened at that bank or foreign bank branch;

v.   Cases where the bank or foreign bank branch is allowed to draw on the client’s checking account according to Point a Clause 1 Article 6 of Circular no. 23/2014/TT-NHNN.”

Effective date: February 1st, 2021

The Decree consists of 11 chapters with 115 articles providing for a number of specific issues 7 contents of the Labor Code 2019 include:

– Labor management according to 3 Article 12;

– Labor contract according to Clause 4 Article 21; Point d Clause 1 Article 35, Point d Clause 2 Article 36, Clause 4 Article 46, Clause 4 Article 47, Clause 3 Article 51;

– Labor outsourcing under Clause 2 of Article 54;

– Organizing dialogue and implementing grassroots democracy at working place according to Clause 4 Article 63;

– Salaries according to Clause 3 Article 92, Clause 3 Article 96, Clause 4 Article 98;

– Working time and rest time comply with Clause 5 Article 107, Clause 7 Article 113, Article 116;

– Labor discipline, material responsibility according to Clause 5 Article 118, Clause 6 Article 122, Clause 2 Article 130 and Article 131;

– Female employees and ensuring gender equality according to Clause 6 Article 135;

– The employee is the housekeeper under Clause 2, Article 161;

– To settle labor disputes according to Clause 2 of Article 184, Clause 6 of Article 185; Clause 2 of Article 209, Clause 2 of Article 210.

As a result, 13 other decrees which provide guidance for the implementation of the  Labor Code 2012 will be invalid.”