New Policies Take Effect This Month

In September 2012, some new policies will come into effect, including those relating foreigners. 

 

Decree 58/2012/NĐ-CP which stipulates the enforcement of the laws on securities will become effective on September 15.

 

This document forbids some internal transactions, such as exploiting internal information to buy stocks; intentionally or unintentionally revealing or providing internal information or helping someone’s stock purchase/sale through using internal information.

 

Some transaction which can manipulate the stock market are also banned, for example using one or many accounts to buy or sell securities in order to create artificial supply-demand changes; continuously buying or selling stock in large numbers at the opening or closing moment of the trading center to create new prices of the stock.

 

Additionally, organizations and individuals are forbidden to directly or indirectly creating untrue information or not publishing necessary information of a stock, therefore making a misunderstanding, then buying or selling the stock for benefit.

 

Also since September 15, the financial mechanism of foreign credit organizations or bank branches will follow Decree 57/2012/NĐ-CP.

 

Accordingly, foreign credit organizations and bank branches are required to secure the real value of their charter capital equivalent to the legal capital stipulated by the. They must immediately publicize any changes of their charter capital.

 

Under the Decree, credit organizations cannot contribute their capital or buy shares in other credit organizations or enterprises which are their shareholders.

 

Since September 27 on, fresh fruits and plants which are imported into Vietnam will be strictly quarantined, under Circular 39 released by the Ministry of Agriculture and Rural Development.

 

The list of objects to be quarantined includes: 1- Plants and their parts which will be cultivated; 2- Fresh fruits; 3- Grass of all kinds and their seeds; 4- Living beings which can harm the fauna; 5- Logs and sawn timber which are not quarantined; 6- Other things as stipulated by Vietnam.

 

Since September 1, second-hand IT products which are not imported into Vietnam include copy-printers, fax-copy-printers; printers of all kinds, fax machines; desktops, notebooks, subnotebooks, tablets, keyboards; telephones with wireless handset, mobile phones and wireless telephones.

 

Old components for these products are also banned from import.