New policies take effect from early July 2023

1. Increase basic salary from July 1, 2023

On May 14, 2023, the Government issued Decree 24/2023/ND-CP regulating the basic salary for cadres, civil servants, public employees and armed forces.

Accordingly, the new basic salary applied from July 1, 2023 is 1,800,000 VND/month.

Basic salary used as basis:

- Calculate salary levels in salary tables, allowance levels and implement other regimes according to the provisions of law for subjects specified in Article 2 of Decree 24/2023/ND-CP;

- Calculate operating and living expenses according to the provisions of law;

- Calculate deductions and benefits based on basic salary.

(Meanwhile, in Decree 38/2019/ND-CP, the basic salary is stipulated as 1,490,000 VND/month.)

2. Personal data protection regulations come into effect from 1/7/2023

From July 1, 2023, Decree 13/2023/ND-CP on personal data protection comes into effect.

Accordingly, personal data protection is carried out according to the following principles:

- Personal data is processed in accordance with the law.

- The data subject is informed about the activities related to the processing of his/her personal data, unless otherwise provided by law.

- Personal data is processed only for the purposes registered and declared by the Personal Data Controller, Personal Data Processor, Personal Data Controller and Processor, and Third Party regarding the processing of personal data.

- Personal data collected must be appropriate and limited in scope and purpose for processing.

Personal data may not be bought or sold in any form, except where otherwise provided by law.

- Personal data is updated and supplemented in accordance with the processing purpose.

- Personal data is protected and secured during processing, including protection against violations of personal data protection regulations and prevention of loss, destruction or damage due to incidents, using technical measures.

- Personal data is only stored for a period consistent with the purpose of data processing, unless otherwise provided by law.

- The Data Controller, the Controller and the Personal Data Processor shall be responsible for complying with the data processing principles set out above and demonstrating its compliance with such data processing principles.

3. Amend 23 forms in business registration

Circular 02/2023/TT-BKHĐT amending Circular 01/2021/TT-BKHĐT guiding on business registration will take effect from July 1, 2023.

Accordingly, 23 forms in business household registration are revised, for example:

- Application for business registration.

- Notice of change of business registration content.

- Notice of change of business owner.

- Notice of temporary suspension of business/resumption of business before the notified deadline of the business household.

- Notice of termination of business activities.

- Application for re-issuance of Business Registration Certificate.

- Application for supplementing and updating business registration information in the business registration information system.

- Certificate of business registration.

- Notification to the tax authority directly managing the business household.

- Notification of tax code and tax authority directly managing the business location of the business household.

4. New regulations on transferring ownership of individual corporate bonds

The content mentioned in Circular 30/2023/TT-BTC guiding the registration, deposit, exercise of rights, transfer of ownership, payment of transactions and organization of the trading market of privately offered corporate bonds in the domestic market takes effect from July 1, 2023.

Accordingly, the Vietnam Securities Depository and Clearing Corporation (abbreviated as VSDC) shall transfer ownership of individual corporate bonds in the cases prescribed in Point a, Clause 4, Article 15 of Decree 153/2020/ND-CP, amended in Clause 12, Article 1 of Decree 65/2022/ND-CP and the following provisions:

VSDC transfers ownership of individual corporate bonds registered at VSDC without going through the individual corporate bond trading system in the following cases:

- Donating and inheriting individual corporate bonds according to the provisions of the Civil Code.

- Dividing, separating, consolidating, merging enterprises; reorganizing public service units; dissolving enterprises, dissolving business households according to the provisions of the Law on Enterprises and other relevant provisions.

- Transfer of ownership according to court judgment, decision, arbitration decision or decision of enforcement agency.

- Transfer of ownership due to handling of secured assets which are individual corporate bonds registered at VSDC and blockade according to the provisions of Point c, Clause 1, Article 23 of Circular 119/2020/TT-BTC.

- Transfer of ownership due to handling of secured assets which are individual corporate bonds registered at VSDC and blockade according to the provisions of Point c, Clause 1, Article 23 of Circular 119/2020/TT-BTC.

- Transfer of ownership of individual corporate bonds due to division of common property of spouses during marriage as prescribed in the Law on Marriage and Family.

- Transfer of ownership of individual corporate bonds when dividing, separating, consolidating, merging, dissolving securities investment funds; establishing, increasing charter capital of individual securities investment companies; increasing, decreasing charter capital of member funds; funds paid by individual corporate bonds in repurchase activities of open-end funds.

- Transfer of ownership of individual corporate bonds arising when the enterprise issues them shall comply with the provisions of Article 1 of Decree 08/2023/ND-CP.