LEGAL UPDATE
Most recently legal issuance during February 2021
| Official Letter No. 324 / BKHDT-PC of the Ministry of Planning and Investment to implement the Law on Investment |
| Coming into effect on January 20th, 2021. |
| On January 20, 2021, the Ministry of Planning and Investment issued Official Letter No. 324 / BKHDT-PC guiding some content of the Law on Investment Accordingly, MPI provides additional guidance on a number of application forms for implementing investment procedures while waiting for the issuance of the official Decree on guidance Law on Investment |
| Decree 06/2021/ND-CP of the Government regulating the details of some content on quality control, construction and maintenance of construction works |
| Coming into effect on January 26th, 2021. |
| On January 26, 2021, the Government issued Decree 06/2021 / ND-CP detailing a number of contents on quality control, construction and maintenance of construction works with the following notable points: |
| 1. While Decree 46/2015/ND-CP classify construction works based the utilities, this Decree classify construction works based on the nature of combination into categories (Article 3):
+ House, home configuration combined; + Bridges, roads, tunnels, ports; + Pillars, towers, tanks, silos, barriers, dykes, dams, embankments; + Link pipe format; + Other structure. Based on the capacity of use, construction works are analyzed into categories: + The use of the target target item; + Application for target production industry; + The construction provides the useful technical infrastructure; + Construction services transportation; + Server for agricultural production and rural development; + Use the target for the military, security target. |
| 2. Decree 46/2015 / ND-CP only stipulates that the Ministry of Construction guides detailed guidance on forms of joint venture between contractors. However, this Decree adds more details and specific instructions, in case of applying the form of partnership of contractors, the contractors in the partnership are responsible for the quality of the work they perform as identified in the joint venture agreement; This agreement must clearly define the responsibilities of the head member of the consortium, general responsibilities, individual responsibilities of each joint venture member and clearly define the scope and workload of each joint venture member name; These contents must be specified in the construction contract with the investor. (Article 7 Clause 3). |
| 3. The classification of works according to their use functions are specified in Appendix I attached to this Decree; |
| 4. Adding provisions on the responsibilities of Investors in Article 14 |
| 5.This Decree No. 06/2021 / ND-CP replaces Decree 46/2015 / ND-CP |
| Decree 09/2021/TT-BTC by Ministry of Finance guiding on accountant service inspection |
| Coming into effect on April 01st, 2021 |
| On January 25, 2021, the Ministry of Finance issued a circular guiding the inspection of accounting service activities, adding many new regulations compared to Decision 32/2007 / QD-BTC, including some notable regulations as follows: |
| 1. Time limit for periodical examination (Article 7.1):
+ Directly check every 3 years for the accounting service business that in the 3 preceding years up to the time of the inspection, the accounting service revenue of each year on the financial statements is from 20 billion VND or more and each year there are 100 or more accounting service clients. Revenue from accounting services includes revenue from: accounting services; chief accountant service; financial statement preparation and presentation services and accounting consulting services; + Check directly at least every 5 years for the accounting service business units other than the above subjects. |
| 2. Direct inspection period (Article 8):
+ The periodic direct inspection of the accounting service business is conducted in the third or fourth quarter of each year. The Ministry of Finance shall specifically announce when there is any change in the inspection time mentioned above; + The maximum time for a periodic direct inspection of the accounting service business is 05 working days. When it is necessary to extend the time for an inspection due to a complicated problem, the head of the inspection team reports to the inspection decision-making agency for consideration and decision. + The period of unscheduled inspection of accounting services business is conducted according to the inspection decision. |
| 3. Direct inspection procedure (Article 15):
– Periodic inspection, including 4 phases as follows: + Exam preparation stage; + Examination stage; + End of examination; + Post-examination period. – Unexpected inspection: The inspection team is allowed to apply a periodic inspection process to suit the purpose and requirements of each unexpected inspection. |
| 4. The Decision no. 32/2007/QD-BTC ceases to have effect from the aforementioned effective date of this Circular: |
