New legislation comes into force from 2019

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A series of polices on statutory pay rate for public officials and public employees social insurance allowance and monthly allowance will come into force since July 2019.

Decree No. 38/2019/ND-CP dated May 9, 2019 on statutory pay rate for public officials and public employees and armed forces’ personnel has taken effect since July 1, 2019. Accordingly, the basic salary will be increased to VND 1,490,000 per month from the current VND 1,390,000.

Circular No. 04/2019/TT-BNV dated May 24, 2019 statutory pay rate for salary and allowance earners in organizations and public service providers of the Communist Party and the Government, and socio-political organizations and associations. This Circular comes into force from July 15, 2019)

Circular No. 48/2018/TT-NHNN dated December 31, 2018 on savings deposits

Circular No. 49/2018/TT-NHNN dated December 31, 2018 on term deposits, This Circular comes into force as of July 5, 2019)

Resolution No. 03/2019/NQ-HDTP dated May 24 2019 on providing guidelines for Article 324 of Criminal Code on money laundering. This Resolution is passed by the Council of Judges of the Supreme People’s Court on May 23 2019 and comes into force from July 7 2019)

The Law on Amendments and Supplements to the Law on Insurance Business and the Law on Intellectual Property passed by the XIVth National Assembly in the 7th meeting held on June 14, 2019. The Law prescribes that individuals may provide consulting services regarding insurance plans, products, management of insurance risks, prevention and limitation of losses if they meet the following requirements:

– Reaching at least 18 years of age and having full civil capacity;

– Holding undergraduate or other higher qualification in the insurance sector or mandatorily holding undergraduate or higher degree in other sectors and certificates of insurance consultancy conferred by training establishments established and operated under law. 

Also, individuals providing insurance consulting services must assume several responsibilities, including:

– Using client’s information for permissible purposes, avoiding providing information for any third party without client’s permission, except as provided in law;

– Obligatorily purchasing professional liability insurance for provision of insurance consulting services.
Contract for provision of insurance consulting services must be made in writing.

Law on Insurance Business and the Law on Intellectual property will be in force from November 1, 2019, except as otherwise prescribed in regulations regarding intellectual property in this Law)