New regulations effective in May

P uong Th ao

Cash withdrawal fee at State

Bank

The governor of the State Bank of Vietnam (SBV) issued Circular 27/2019/ TT-NHNN amending and supplementing a number of articles on fees for withdrawing cash via current accounts at the SBV with effect from 1 May, particularly:

Credit institutions and foreign bank branches are entitled to a waiver of cash withdrawal fees in the month when the value of cash withdrawn via current accounts is less than or equal to the value of money ineligible for circulation submitted to the State Bank with which the account is opened.

Credit institutions and foreign banks will bear a fee of 0.005 percent on the positive difference in the month between the value of cash withdrawn through current accounts less the value of cash ineligible circulation submitted to the State Bank.

Reducing banking licence

50 percent operating fee

Circular 33/2020/TT-BTC dated 5 May 2020 and effective the same day stipulated rates of collection and payment of fees for the establishment and operation licenses for banks and non-bank credit institutions.

Accordingly, from 5 May to the end of 31 December 2020, organisations licensed for the establishment and operation of banks and non-bank credit institutions pay a fee equal to 50 percent of that prescribed at points a and b, Section 1 of the Table of fee rates in Clause 1, Article 4 of the Circular 150/2016/TT-BTC dated 14 October 2016.

four sectors incentives to the list having access to

The government’s Decree 37/2020/ND-CP effective from 15 May 2020 adds four business and investment activities prescribed in the Law on Support for Small and Medium Enterprises to the List of sectors and industries having access to investment incentives including: investment in supply chains of small and medium enterprises; investment in business of incubation of small and medium enterprises; investment in business of technical establishments supporting small and medium enterprises; and co-work spaces for small and medium startup enterprises.

Maximising electronic administrative environment procedures in the

The government has issued Decree 45/2020/ND-CP on the implementation of administrative procedures in the electronic environment with effect from 22 May 2020.

The decree states that maximising the steps of implementing administrative procedures in the electronic environment will save time, costs and effort for organisations, individuals and competent agencies. Administrative procedures implemented in the electronic environment have the same legal validity as other forms.