Topic: regulations

Opinions to be sought from experts, people, and businesses.

Minister of Agriculture and Development Rural Development Le Minh Hoan told the “Quality assurance, food safety, and transparency of food origin for Vietnamese consumers” conference in Ho Chi Minh City on October 18 that the ministry will gradually improve regulations, making clean food production mandatory. In the first nine months of this year, 99.5 per cent of production facilities were certified as meeting food safety requirements.

Decree No. 65 on the private placement of bonds, issued by the government on September 16, has many new features and strict regulations on both issuers and investors. It has been supplemented with regulations stating that issuers are required to have credit ratings in certain cases, improving the obligation of issuers to disclose information to investors, and improving the professionalism of investors.

Decree No. 53 detailing a number of articles in the Law on Cybersecurity, including regulations on types of internet data that must be stored in Vietnam, took effect on October 1. Of note, user data is to be stored under the regulations.

A number of new regulations and policies related to the automobile industry will take effect from October, such as abolishing documents regulating the method of determining the localization rate for automobiles and increasing car registration fees.

The Chinese Government is increasingly tightening regulations governing imports and promoting high-quality trade. Despite being a market of potential for Vietnamese agricultural products, China’s regulations force businesses to change their production methods towards safety and have specific standards.

The government has issued Decree No. 65/2022/ND-CP amending and supplementing regulations on the private offering and trading of corporate bonds in the domestic market and sales in the international market. The Decree strengthens the responsibilities and obligations of issuers. The purpose of issuing bonds is to implement investment programs and projects or to restructure the debts of enterprises.

At a conference on administrative reform, Prime Minister Pham Minh Chinh called for regular reviews and the simplifying of regulations relating to business activities, putting people and businesses at the center. It is expected that, by the end of 2023, the ratio of people using online public services will reach 50 per cent.

For the first time in 30 years, southern Dong Nai province has lost its place in the top 5 localities regarding domestic investment and FDI. In the first eight months of the year, domestic investment and FDI in the province equaled just 6.93 per cent and 68 per cent, respectively, of the figures in same period last year. Reasons include bottlenecks in regulations and a limited land fund, resulting in investors moving to other localities.

In order to consolidate and improve the quality of appraisal services and contribute to limiting negativity in the management and use of assets, avoid wasting social resources, and ensure similarity among services, the Ministry of Finance is actively collecting comments on its draft revised Price Law. Many regulations have attracted conflicting opinions, however.