Policy update
Minh Thu
New regulations effective in September BIDV Review picks up some new regulations which take effect this September including Circular No.60/2021/TT-BTC by the Ministry of Finance and Circular No.06/2021/TT-BLDTBXH by the Ministry of Labor, Invalids and Social Affairs. Conditions to enjoy pension upon decrease in working capacity
Amending the application for valuation practice registration for valuers On 21 July 2021 the Ministry of Finance issued Circular No.60/2021/TT-BTC related to valuation. The circular takes effect on 3 September 2021. According to the Circular, for a valuation enterprise’s valuers being foreigners, certified copies of their work permits issued by competent Vietnamese agencies with the working period conforming with the term of their labor contracts must be included in the valuation enterprise’s application for valuation practice registration for its valuers. Additionally, the application must include a list of at least 10 sets of
valuation certificates and valuation result reports signed by a valuer in the previous year, except the following case: The valuer practicing for less than 06 months in the previous year; the valuer being in the list of valuers fully qualified to practice the valuation in the registration year as announced by the Ministry of Finance, etc. The Ministry of Finance amends regulations on the time limit of achieving valuation dossiers. Specifically, it shall be at least 10 (ten) years from the date of issuance of the valuation certificate. According to the current regulations, such a time limit shall only be applied to paper valuation dossiers; electronic database shall be stored permanently.
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On 7 July 2021, the Ministry of Labor, Invalids and Social Affairs issued Circular No.06/2021/TT-BLDTBXH amending and supplementing a number of articles of the Circular No.59/2015/TTBLDTBXH which details and guides the implementation of a number of articles of the Law on Social Insurance on compulsory social insurance. The Circular takes effect from 1 September 2021. Specifically, from 1 January 2021, the conditions for employees to enjoy pension when working capacity decreases shall comply with the provisions of Article 55 of the Law on Social Insurance as amended and supplemented at Point b, Clause 1, Article 219 of the 2019 Labor Code. The determination of the age threshold for calculating the years of early retirement to serve as a basis for calculating the reduction rate in their pension shall comply with Clause 3, Article 7 of the government’s Decree No. 135/2020/ND-CP.
