Banks to loan in foreign currency

Under State Bank of Viet Nam Decision No 09/2008/QD-NHNN, issued on April 10, commercial banks may make loans in foreign currencies to residents and organisations in Vietnam for purposes of making payments under import contracts, repaying foreign loans, or carrying out outbound investments.

Liquor licences required

Under Government Decree No 40/2008/ND-CP of April 7, any company that wishes to produce, do business in, or import liquor must be licensed. Before importation of any product, a test on a sample must be conducted by authorities. Existing companies producing and trading in liquor are required to get relevant licences within six months of the effective date of the decree, which also sets forth detailed conditions and requirements for issuance of licences.

No new regulations have been issued to combat counterfeit or smuggled liquor on the market.

Land use rentals, fees reduced

Government Decree No 44/2008/ND-CP amends Decree No 198 of 2004 on collection of land use rentals and fees. Under the new decree, such rentals and fees shall be reduced 50% for projects in listed special investment promotion sectors and located in areas with difficult socio-economic conditions. These costs shall be reduced 20-30% for projects either falling within the list of investment promotion sectors or located in areas with difficult socio-economic conditions.

More surveillance of securities firms

The State Securities Commission has Issued Official Letter No 617/UBCK-GS requesting securities companies to immediately set up or complete internal audit system as required by law. The commission also urged securities companies to strictly comply with regulations on organisation and operation of securities companies.

The commission has yet to issue a plan of action for organising task forces to audit securities companies despite Increasing numbers of complaints from investors about abuses by securities companies.

(Source: Viet Nam News)