Central Bank widens VND band
The SBV has last week widen the VND fluctuation range from +/-1% to +/-2% of the basic rate in reaction to China’s sudden devaluation of the Yuan. This allows the VND to devalue.
New Bank and Merger
The SBV has issued in-principle approval for CIMB of Malaysia to establish a 100% foreign owned bank in Vietnam. The SBV has also permitted outhern Bank to merge with Sacombank.
Authorised Guarantee Banks
The SBV announced a list of 33 banks that are permitted to provide guarantees to property developers for apartment and villas purchased or leased off- he-plan. The major foreign banks are on the list as are the big four State owned banks.
Government Resolution No. 59/NQ-CP dated 7 August 2015 requires the Ministry of Planning and Investment to complete the draft of the decrees to implement the Law on Investment and Law on Enterprises so that the Government can issue the decrees before 15 September 2015. The MPI is also finalising a list of investment conditions applicable to foreign investors which is also planned to be published at the same time.
MPI Guidance on Investment Licensing
The MPI issued Official Letter No. 5122-BKHDTPC dated 24 July 2015 advising licensing bodies of licensing procedures during the interim period. An IE changing a business line will be issued with a new enterprise registration certificate and details of the business lines in the existing investment certificate is repealed. An FIE changing any details of an investment project will be issued with a new investment registration certificate.
Please click Asia Counsel Insights 17 August 2015 for more information
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