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New regulations effective in April
Quang minh
In April, a number of new legal regulations will take effect. Below are two circulars on supervision and evaluation of foreign investment activities, and independent audit of credit institutions, and foreign bank branches.
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The Minister of Planning and Investment issued Circular No.02/2022/TTBKHDT dated 14 February 2022 guiding the supervision and evaluation of foreign investment activities in Vietnam. The circular takes effect on 1 April 2022 and replaces Circular 09/2016/TT-BKHDT dated 30 June 2016.
The circular stipulates the principles for foreign investment management, one of which is not to hinder or affect the normal operations of foreigninvested organisations and projects during the process of supervision and evaluation.
Accordingly, the circular is applicable to state management agencies related to foreign investment activities, including ministries, ministerial-level agencies, provincial-level People's Committees, investment registration agencies, agencies tasked with state management of investment in accordance with legal regulations on investment, foreign-invested economic organisations and projects operating in Vietnam.
The Circular stipulates the contents of the final assessment, including: Progress on capital contribution to the charter capital by foreign-invested economic organizations, legal capital, capital contribution for investment in foreigninvested projects; the mobilization and use of mobilized capital in accordance with the provisions of law; project implementation project progress against the prescribed schedule; the use of land and labor of the project; the compliance with legal regulations on environmental protection; the fulfillment of financial obligations to the state; the implementation of the goals, mobilized resources, implementation progress, and project benefits, etc. The State Bank of Vietnam issued Circular No.24/2021/TT-NHNN dated 31 December 2021 amending and supplementing a number of articles of Circular No. 39/2011/ TT-NHNN dated 15 December 2011, providing for independent audit of credit institutions and foreign bank branches. The circular takes effect on 15 April 2022.
The new circular amends and supplements a number of provisions in order to ensure consistency with the new regulations on the independent audit as stipulated in the amended Law on Credit Institutions and Government’s Decree No. 26/2014/ ND-CP dated 7 April 2014 on the organization and the operations of the Banking Supervision Agency.
The amendments and supplements also aim at addressing the current difficulties and obstacles encountered in the implementation by credit institutions, foreign bank branches, as well as audit firms.
