monthly legal briefing - vir.com.vn · (ii) the foreign lender’s legal and financial capacity;...
TRANSCRIPT
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Monthly Legal Briefing
Edition 1 | December 2013
Banking & Finance | Corporate | Dispute Resolution | Intellectual Property | Real Estate & Infrastructure
Banking & Finance
1. Circular No. 32/2013/TT-NHNN guiding the implementation of regulations on restricting the use of foreign currency in
Vietnam page 3
2. New procedures for export and import of foreign currencies in
cash according to Circular No. 33/2013/TT-NHNN page 3
3. Circular No. 34/2013/TT-NHNN – branches of foreign banks are entitled to issue valuable papers page 4
4. Decree No. 219/2013/ND-CP on the management of non-government guaranteed foreign loans of enterprises and of loan
repayments page 4
5. Decree No. 222/2013/ND-CP on cash payment page 5
Corporate
Corporate / Compliance
1. Circular No. 10/2013/TT-BVHTTDL guiding the Law on
Advertisement page 6
2. Circular No. 160 /2013/TT-BTC dated 14 November 14 guiding the printing, issue, management and use of stamps for
imported wine and domestic wine page 6
3. Official letter No. 7927/TCHQ-TVQT regulating the issue of stamps for imported wine page 7
4. Circular 37/2013/TT-BCT page 8
Key contact
Dr. Net Le
Mr. Huy Do
Key contact
Ms. Quyen Hoang
Mr. Hong Bui
mailto:[email protected]:[email protected]:[email protected]:[email protected]
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Corporate / Employment and Benefit
1. Law on Occupation No. 38/2013/QH13 page 8
2. Circular No. 33/2013/TT-BLDTBXH guiding the
implementation of region-based minimum wage levels page 9
Corporate / Tax
Circular No. 166/2013/TT-BTC on sanctions for tax violations
page 10
Real estate and infrastructure
1. Law on Bid Rigging No. 43/2013/QH13 page 12
2. Law on Land No. 45/2013/QH13 page 12
3. Decree No. 207/2013/ND-CP - New Decree on contracts in
construction activities page 13
Key contact
Mr. Binh Tran
Dr. Net Le
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Banking & Finance
1. Circular No. 32/2013/TT-NHNN guiding the implementation of regulations on restricting the use of foreign currency in Vietnam
On 26 December 2013, the State Bank of Vietnam (“SBV”) passed
Circular No. 32/2013/TT-NHNN guiding the implementation of
regulations on restricting the use of foreign currency in Vietnam (the
“Circular 32”).
In Vietnam, all transactions, payments, listings, advertisements,
quotations, pricings, contract prices, agreements other similar forms
(including conversion or adjustment of prices of goods and services and
the value of contracts and agreements) between residents and non-
residents of the country cannot be conducted in foreign currency, except
for use in the following cases:
Customs agencies, police, border guards and other state agencies at the
border gates of Vietnam and bonded warehouses;
Banks and non-bank credit institutions and branches of foreign banks
licensed to do business and provide foreign exchange services, and other
organizations licensed to provide foreign exchange services under the
permission of the SBV;
Residents contributing capital in foreign currency by transfer in order to
implement foreign investment projects in Vietnam; and
Residents and non-residents using foreign currency in Vietnam under the
conditions otherwise provided by the SBV.
Circular No. 32/2013/TT-NHNN comes into effect on 10 February 2014.
2. New procedures for export and import of foreign currencies in cash according to Circular No. 33/2013/TT-NHNN
On 26 December 2013, the SBV passed Circular No. 33/2013/TT-NHNN
providing guidelines on the procedures for approving activities of
exporting and importing foreign currencies in cash by permitted banks.
Under this Circular, commercial banks and branches of foreign banks
authorized to operate in foreign exchange services may export and
import foreign currencies in cash only through the Noi Bai and Tan Son
Nhat international aviation border gates. Also, each time the authorized
bank or branch wishes to conduct such activities, it must get approval
from the SBV (Hanoi City Branch) for export and import through the
Noi Bai border gate or the SBV (Ho Chi Minh City Branch) for export
and import through the Tan Son Nhat border gates.
Circular No. 33/2013/TT-NHNN comes into effect from 10 February
2014 and will replace Decision No. 19/2001/QD-NHNN dated 12
January 2001, which previously authorized the Director of the SBV (Ho
Chi Minh City Branch) to implement a number of affairs regarding the
control of foreign exchange in the southern provinces and cities.
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3. Circular No. 34/2013/TT-NHNN – branches of foreign banks are entitled to issue valuable papers
On 31 December 2013, the SBV passed Circular No. 34/2013/TT-NHNN
stipulating regulations on the issue of promissory notes, treasury bills,
deposit certificates and domestic bonds by credit institutions and
branches of foreign banks signed by the Governor of the SBV.
Circular No. 34/2013/TT-NHNN provides new regulations on purchasing
bonds – for example, credit institutions and branches of foreign banks
will be allowed to swap bonds in accordance with the regulations of the
SBV. Furthermore, one pre-condition for a bond issue is that the
(audited) business operation results of the preceding year and the
business operation results in the latest quarter must be profitable.
Circular No. 34/2013/TT-NHNN provides two forms of reporting the
issue of valuable papers (Appendix 1) and reporting of repurchasing
bonds (Appendix 2).
Circular No. 34/2013/TT-NHNN carries with it some important changes
compared to its predecessors, Decision No. 07/2008/QD-NHNN and
Circular No. 16/2009/TT-NHNN. Notably branches of foreign banks can
now issue valuable papers;
Circular No. 34/2013/TT-NHNN also no longer distinguishes valuable
papers from short term and long term;
Valuable papers are to be issued and paid in VND, instead of both VND
and foreign currencies as allowed under previous regulations.
Circular No. 34/2013/TT-NHNN will come into effect from 14 February
2014.
4. Decree No. 219/2013/ND-CP on the management of non-government guaranteed foreign loans of enterprises and of loan
repayments
On 26 December 2013, the Government passed Decree No.
219/2013/ND-CP stipulating provisions for controlling foreign loans and
loan repayments of enterprises guaranteed by the Government. Decree
No. 219/2013/ND-CP will replace Decree No. 134/2005/ND-CP and
Decree No. 160/ND-CP.
Under Decree No. 219/2013/ND-CP, the State Bank of Vietnam must
submit the forecasted level of foreign borrowing which is self-borrowed,
self-payable to the Ministry of Finance to allow the establishment of an
overall quota on national foreign commercial borrowing.
Decree No. 219/2013/ND-CP requires the borrower to bear responsibility
for:
(i) using foreign loans for lawful purposes and in accordance
with the law;
(ii) the foreign lender’s legal and financial capacity;
Guidance on procedure
approving export and import of
cash in foreign currency by
permitted bank (04 pages)
Control of foreign loans and
loan repayments of enterprises
not guaranteed by government
(10 Pages)
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(iii) the signing and execution of the agreement on foreign loans
and other related agreements;
(iv) making foreign payments for the commercial loans; and
(v) reporting periodically or suddenly on the status of withdrawal and repayment of foreign loans under the detailed provisions
of the SBV.
Decree No. 219/2013/ND-CP will take effect from 15 February 2014.
5. Decree No. 222/2013/ND-CP on cash payment
On 31 December 2013, the Government passed Decree No.
222/2013/ND-CP on cash payments. Decree No. 222/2013/ND-CP will
replace Decree No. 161/2006/ND-CP.
Decree No. 222/2013/ND-CP prescribes regulations for cash payments
and the State’s management of cash payment in certain transactions in
Vietnam. This includes more prohibitions (compared to Decree No.
161/2006/ND-CP) against cash payments for certain transactions:
First, organizations and individuals are prohibited from making cash
payments for securities transactions on the stock exchange and in
securities transactions registered and transactions of securities which
have been registered and/or deposited at the Securities Depository Centre
other than via the trading system of the Stock Exchange.
Second, enterprises are prohibited from making cash payments in
transactions of capital contribution and purchase, sale and transfer of the
capital contributed into enterprises.
Third, enterprises that are not credit institutions are prohibited from
using cash when borrowing and providing loans with each other.
Decree No. 222/2013/ND-CP will take effect from 1 March 2014.
For more information about any of these legal briefs, please contact the
authors:
Dr. Net Le
Tel: +84 90 9759 699
Emai: [email protected]
Mr. Huy Do
Tel: +84 8 3821 2357
Emai: [email protected]
mailto:[email protected]:%2B84%2083%208212%20357mailto:[email protected]
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Corporate
Corporate – Compliance
1. Circular No. 10/2013/TT-BVHTTDL guiding the Law on
Advertisement
On 06 December 2013, the Ministry of Culture, Sports and Tourism
passed Circular No. 10/2013/TT-BVHTTDL detailing and guiding the
implementation of some articles of the Law on Advertisement and
Decree No. 181/2013/ND-CP.
Circular No. 10/2013/TT-BVHTTDL promulgates details of legitimate
documents for superlative advertisement which is allowed under the Law
on Advertisement and the organization, operation and responsibilities of
the Advertisement Appraisal Council.
Superlative advertisements
Advertisers using the words, "best", “unique”, “number one” or words of
similar meaning, provide documents to support such use from market
research organizations duly established and operating in such business
lines, certificates or equivalent documents in contests, and exhibitions of
a regional or national scale in which the products or services have been
voted and recognized.
The time limit on when these supporting documents can be used is one
year from the date on which the advertisers were recognized under these
documents.
Advertisement Appraisal Council
The Advertisement Appraisal Council will appraise advertisements if
requested by organizations and individuals when (i) the advertisement
includes contents that may be prohibited from being advertised; (ii) the
advertisement is refused for advertising by the advertisement service
provider; or (iii) there are divergent opinions about the contents of the
advertised products between the authorities and the advertisers and other
cases as prescribed by law.
The Advertisement Appraisal Council will be established on case by case
basis by the Minister of Culture, Sports and Tourism.
Circular No. 10/2013/TT-BVHTTDL will take effect from 1 February
2014.
2. Circular No. 160 /2013/TT-BTC dated 14 November 14 guiding the printing, issue, management and use of stamps for imported
wine and domestic wine
On 14 November 2013 the Minister of Finance passed Circular No.
160/2013/TT-BTC guiding the printing, issue, management and use of
stamps for imported wine and domestic wine.
Circular No. 160/2013/TT-BTC will apply to wines produced and sold in
Vietnam from 1 January 2014 and wines that are imported for sale in
Providing guidance on the print,
issue, management and use of
stamps offer importing wine and
wine produced for domestic
consumption (5 pages)
Providing details and guidance
on the implementation of a
number of Articles of Law on
advertising and Decree
181/2013/ND-CP (59 pages)
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Vietnam. However, the following wines are exempt from a affixing a
wine stamp:
(i) Wine produced manually for sale to companies licensed to
produce wine for further processing;
(ii) Wine produced at home for export, introduction, or exhibitions
overseas; and
(iii) Imported wine within the duty-free allowance as prescribed
under the Law on Export and Import Tax and its guiding
regulations.
Stamps for imported wine and domestic wine will only be sent to
organizations and persons with a wine production license or wine
distribution license.
Moreover, imported wine and domestic wine must be packed in bottles,
jars, cans, bags or boxes, with each packaging needing to affix a stamp.
If the packaging is wrapped in a nylon cover, the stamp must be affixed
to the bottle before it is wrapped by the nylon cover.
Circular No. 160/2013/TT-BTC also provides regulations on when the
stamps must be affixed:
(i) For wine bottles imported through border checkpoints, stamps
must be affixed when the goods are undergoing physical
inspection under the supervision of a customs official;
(ii) For imported wine that is bottled in Vietnam, stamps must be
affixed when the wine is bottled before being sold on the market;
and
(iii) For wine produced in Vietnam, organizations and persons with
licenses to produce wine for sale in Vietnam must affix stamps
on wine products at the factory when the wine is bottled and
before the wine is sold on the domestic market.
The General Department of Customs manages imported wine stamps and
the General Department of Taxation manages domestic wine stamps.
Circular No. 160/2013/TT-BTC further regulates stamp designs, stamp
position, stamp management, responsibilities for inspecting and
penalizing violations, budgets for printing stamps and the affixing of
stamps on unsold domestic wine products until 15 December 2013.
Circular No. 160/2013/TT-BTC will take effect from 1 January 2014.
Any regulations that conflict with Circular No. 160/2013/TT-BTC and
are enacted prior to 1 January 2014 will be repealed.
3. Official letter No. 7927/TCHQ-TVQT regulating the issue of stamps for imported wine
On 20 December 2013, the General Department of Customs of the
Ministry of Finance passed Official Letter No. 7927/TCHQ-TVQT
regulating the issue of stamps for imported wine sold in the Vietnamese
market.
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Stamps for imported wine will now be issued at cost of VND 520 per
stamp for enterprises, instead of being issued free of charge as it was
previously.
Any remaining stamps issued in accordance with Circular No.
160/2013/TT-BTC will be consumed until 31 December 2013.
Accordingly, Official Letter No. 7927/TCHQ-TVQT will come into
effect from 1 January 2014.
4. Circular 37/2013/TT-BCT
New Circular on import of tobacco and cigarettes
On 30 December 2013, the Ministry of Trade and Industry (the “DOIT”)
issued Circular No. 37/2013/TT-BCT replacing Joint Circular No.
01/2007/TTLT-BTM-BCN dated 10 January 2007 (“Joint Circular
01/2007”) guiding the import of tobacco and cigarettes (the “Circular”).
Compared to Joint Circular 01/2007, the Circular does not show much
improvement as expected. In particular, this Circular continues to restrict
the import rights of most of tobacco traders participating in the
marketplace as it solely confers this right to Vietnam Tobacco Company
(“VINATABA”). Furthermore, given the fact that tobacco and cigarettes
are classified as products which are discouraged from consumption in
accordance with the Framework Convention on Tobacco Control
(“FCTC”), the import of tobacco and cigarettes is subject to strict
governance and control of the Government
Pursuant to Article 7 of the Circular, imported tobacco and cigarettes
shall be circulated in the marketplace, provided that they would have met
the conditions as follows: being registered for protection of the right to
use product trademark in Vietnam, being stamped in compliance with
regulations of the Ministry of Finance, complying with current laws and
regulations on conformity standard and regulatory proclamation,
complying with current laws and regulations on sales and purchase of
tobacco, complying with legal regulations on product labeling and other
requirements as set forth under Article 7 of the Circular.
The Circular will become effective as from 20 February 2014.
Corporate – Employment and Benefit
1. Law on Occupation No. 38/2013/QH13
On 16 November 2013, the National Assembly passed the Law on
Occupation No. 38/2013/QH13, which regulates employment,
information of the labor market, national trade and professional skills
certificates, organization of employment services and unemployment
insurance.
Some noticeable provisions of the Law on Occupation include:
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1. Compulsory object of employees and employers for unemployment
insurance: (i) the employees extended to the labour with at least 3-
month labour contract and (ii) for employer, the limitation of 10
labors for participating to the unemployment insurance has been
deleted.
2. Conditions for entitlement to unemployment insurance: the Law
gives extension on time of 12 months full-insurance-paid from 24
months to 24 months for case of seasonal or specific job labor
contract.
3. Putting a cap of insurance allowance, particularly, in any case, the
monthly allowance is less 5 times of basic salary for employees
subject to salary regime set by the State or the minimum salary for
other employees subject to salary regime set by employers while the
cap of premium is not mentioned as the former with 20 times of the
minimum salary.
4. For some specific case, such as the insured person finding the new
job, performing military service, the former gives the labour right to
receive one-time for all of payable allowance, meanwhile the Laws
replaced this right by the mechanism of reserving the term of
insurance payment but not receiving allowance.
The Law on Occupation will take effect from 1 January 2015. It will
replace all regulations on unemployment insurance under the Law on
Social Insurance and a part of the Law on Vocational Training regarding
national professional skills certificates.
2. Circular No. 33/2013/TT-BLDTBXH guiding the
implementation of region-based minimum wage levels
On 16 December 2013, the Ministry of Labor, Invalids and Social
Affairs passed Circular No. 33/2013/TT-BLDTBXH guiding the
implementation of region-based minimum wage levels for laborers
working for enterprises, cooperatives, cooperative groups, farms,
household, individuals and other agencies, organizations employing
laborers.
Circular No. 33/2013/TT-BLDTBXH stipulates similar region-based
minimum wage levels to Decree No. 182/2013/ND-CP:
- VND 2,700,000/month for enterprises operating in Region I;
- VND 2,400,000/month for enterprises operating in Region II;
- VND 2,100,000month for enterprises operating in Region III;
- VND 1,900,000/month for enterprises operating in Region IV.
Region-based minimum wage levels will also be applied in specific cases
as follows:
a) For areas that undergo a name change or splits, the region-based minimum wage level for the area prior to the name change or split
is to be applied.
The minimum area wage rates
for employees of enterprises,
co-operatives, co-operative
groups, farms, family
households, individuals and
other agencies and
organizations who hire labor
(4 pages)
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b) Enterprises operating in adjacent areas to the region-based minimum wage level areas must apply the wage level against the
area with the highest region-based minimum wage level.
c) For industrial zones and export processing zones located in areas of various regional minimum wage levels, enterprises in these
zones must apply the highest region-based minimum wage level of
that area.
Wage levels paid to vocational trained laborers (including laborers
trained by enterprises themselves) must be at least 7% higher than
minimum wage levels.
Furthermore, enterprises must not remove or undercut the wage regime
when employees work over-time or work at night. Wages or allowances
for work in heavy and hazardous conditions, regimes for in-kind
allowances for such works and other regimes will follow the applicable
Labor Code.
Circular No.33/2013/TT-BLDTBXH will take effect from 1 February
2014 and it will replace Circular No. 29/2012/TT-BLDTBXH.
Corporate – Tax
1. Circular No. 166/2013/TT-BTC on sanctions for tax violations
On 15 November 2013, the Ministry of Finance passed Circular No.
166/2013/TT-BTC prescribing new regulations and penalties on tax
violations. Circular No. 166/2013/TT-BTC will replace Circular
61/2007/TT-BTC.
Circular No. 166/2013/TT-BTC retains much of the same provisions as
its predecessor, but regulates the following to conform to the Law on Tax
Management and Decree No. 129/2013/ND-CP on tax management:
(i) Applicable time limit for penalties
The time limit for applying penalties for tax violations is now
calculated from the date of violation to the date when a decision on
the penalty is issued by the authorities. This accords with Decree
No. 129/2013/ND-CP and contrasts against the previous method of
calculation, which calculated it from the date of violation until the
date the authorities record the violation in written minutes
(ii) Applicable time limit for recovery of unpaid taxes
The time limit for recovering unpaid taxes has now been set at 10
years, counted retroactively from when the violation was detected
(recorded in written minutes). This applies for circumstances of
underpayment of taxes, overdue taxes, tax evasion and tax fraud,
but not for non-registration (in which case the offender shall still
be required to pay all unpaid taxes). This accords with the Law on
Tax Management and Decree No. 129/2013/ND-CP and contrasts
against the previous law, which did not prescribe a time limit.
Providing detailed regulations
on sanctions for administrative
violations
http://thuvienphapluat.vn/phap-luat/tim-van-ban.aspx?keyword=29/2012/TT-BLDTBXH&area=2&type=0&match=False&vc=True&lan=0
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(iii) Level of monetary fines
As provided under Decree No. 129/2013/ND-CP, the maximum
fine has been doubled from VND 100 million to VND 200 million.
Accordingly, Circular No. 166/2013/TT-BTC has increased the
fine amount for each specific offence. At the same time, the tax
official’s power to impose penalties has also been widened.
(iv) Goods transportation without invoice
The transport of goods without invoices is now classified as an act
of tax evasion or tax fraud (unless the presentation of invoices or
vouchers is delayed). Fines of up to three times the tax amount in
question may be applied. This is a step up from the previous law,
which only classified such omissions as an administrative
violation.
(v) Penalty reduction and waiver
Regulations on penalty reduction and waivers are now prescribed
to reflect the new legal framework under the Law on Tax
Management and Decree No. 129/2013/ND-CP.
(vi) Burden of proof
In accordance with the new Law on Sanctions on Administrative
Violations, the authority now has the burden of proof in the event
of any alleged violations. The taxpayer has the right, but not the
obligation, to prove their innocence.
Tax violations committed prior to 15 December 2013 shall be subject to
the regulations and penalties in force at the time they were committed.
Otherwise, Circular No. 166/2013/TT-BTC comes into effect from 1
January 2014.
For more information about any of these legal briefs, please contact the
authors:
Ms. Quyen Hoang
Tel: +84 909 860 779
Emai: [email protected]
Mr. Hong Bui
Tel: +84 98 38 38 678
Email: [email protected]
mailto:[email protected]:%2B84%20909759699mailto:[email protected]
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Real estate and infrastructure
1. Law on Bid Rigging No. 43/2013/QH13
On 11 November 2013, the National Assembly passed the Law on Bid
Rigging No. 43/2013/QH13, replacing the former Law on Bid Rigging
No. 61/2005/QH11.
The new Law on Bid Rigging provides methods to evaluate bids
according to specific fields, as well as forms of concentration purchases
which will apply widely in bid rigging activity. For bid rigging in the
pharmaceutical sector, this law requires the addition of negotiation and
evaluation forms to the bid package in which there are only one or two
producers, original brand-name drug, rare drug, and drugs during its
copyright and other special cases.
In contrast to the former Law on Bid Rigging (2005), the 2013 law
makes some amendments on provisions concerning the implementation
and management of contracts and defines a package contract as a type of
basic contract. When deciding to apply contracts with a fixed unit price
and adjusted unit price, the person approving the plan of choosing the
bidder must guarantee that type of contract is more suitable than the
package contract. Moreover, the new Law on Bid Rigging further
includes regulations on:
(i) explaining the responsibility of competent people and investors in the organization and selection process of bidders and investors.
(ii) monitoring requirements of the community in the process of selecting contractors and implementing contracts, responsibilities
for supervising the competent state management agencies on bid
rigging, and the responsibilities of individuals for each activity in
the bidding process to enact suitable sanctions corresponding to
each violation; and
(iii) prohibited acts in bid rigging and sanctions for individuals who fail to comply with certain regulations, including publication in mass
media of organizations and individuals that violate the law or
requests for compensation.
This new Law on Bid Rigging is effective from 1 July 2014.
2. Law on Land No. 45/2013/QH13
On 29 November 2013, the National Assembly passed the Law on Land
No. 45/2013/QH13, which governs all state agencies, land users and
other subjects involved in land management and/or land use. This Law
on Land replaces the former Law on Land of 2003. One of the most prominent changes in this law is the added clarity to the
definitions and classifications of land users. After much anticipation, the
Law on Land now recognizes “foreign-invested enterprises” as a
category of land users in place of what was formerly (and broadly)
labelled as “foreign organizations”. The latter definition, which has now
been replaced, previously referred to both offshore entities and foreign-
invested entities. Now, foreign-invested enterprises include 100%
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foreign-invested enterprises, joint-venture companies and Vietnamese
enterprises whose shares or capital contribution is held by foreign
investors in accordance with the provisions of the Law on Investment. The new Law on Land Law now also grants foreign-invested entities
rights and duties in land use based on their proportion of foreign capital.
The relevant laws on investment are referred to for determination.
Therefore, a foreign-invested enterprise may enjoy broad rights and
benefits similar to domestic enterprises if the proportion of foreign
capital falls below the threshold set forth under the relevant laws on
investment. Foreign-invested enterprise can also receive allocated land with land use
fees in order to execute investment projects on the construction of
residential housing for sale or for sale in combination with leasing.
Under the former law, these enterprises could only lease the premises
and then convert them into land use allocation for homebuyers after the
construction and sale is completed. In contrast with the former law, the new Land Law also provides clearer
authority and regulations in relation to the recovery of land for national
defence, security, national interest, public interest and socio-economic
development. The procedures for enforcing land recovery have also been
revised under the new law.
The new Law on Land comes into effect from 1 July 2014.
3. Decree No. 207/2013/ND-CP - New Decree on contracts in
construction activities
On 11 December 2013, the Government issued Decree No.
207/2013/ND-CP to amend and supplement a number of articles of
Decree No. 48/2010/ND-CP dated 07 May 2010 (“Decree 48”) on
contracts in construction activities (“New Decree”).
With regard to principles of signing construction contracts as set forth
under Article 4 of Decree 48, the New Decree supplements a new
principle which states “the construction contract shall be signed only
after the principal has had capital plan to pay for the contractor
according to the payment progress of contract, unless works are build
under urgent”.
Furthermore, with regard to contractual prices, the New Decree stipulates
conditions for application of contractual prices for each type of contracts
(i.e., lump-sum contracts, contracts under a fixed unit price, contracts
under an adjustable unit-price, and contractual price under duration and
percentage).
For securing construction contract performance, the New Decree
imposes on the contractor the responsibility to pay a guarantee for
contract advance payment. In particular, it is stipulated that before the
principal makes a contract advance payment to the contractor, the
contractor shall pay to the principal a guarantee for the contract advance
payment at the value equivalent to the advance amount. In case where
the contractor is a partnership of contractors, each partner shall pay a
guarantee at the value equivalent to the respective advance amount paid
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to it. The term of guarantee for the contract advance payment must be
prolonged until the principal has withdrawn that amount.
The New Decree shall enter into full force and valid on 01 February
2014.
For more information about any of these legal briefs, please contact the
authors:
Mr. Binh Tran
Tel: +84 91 3629 191
Email: [email protected]
Dr. Net Le
Tel: +84 90 9759 699
Emai: [email protected]
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