Main content of some new legal documents

1. Seasonal businesses do not have to make business registration

This content is specified in Clause 2 Article 79 of Decree 01/2021 / ND-CP on enterprise registration. Accordingly, the following subjects do not need to register for business:

- Households engaged in agricultural, forestry, fishery production or salt production;

- Street vendors, wholesalers;

- Mobile businesses, seasonal businesses, and low-income services without business household registration, except for conditional business lines.

(Previously, Clause 2, Article 66 of Decree 78/2015 / ND-CP did not mention this content). Decree 01/2021 / ND-CP takes effect from January 4th 2021.

2. Support maximum 2 million VND / person are provided for union members, workers having difficulties due to Covid-19, natural disasters

This is the content of Decision 1921 / QD-TLĐ of Vietnam General Confederation of Labor on the payment of support to union members and employees affected by the Covid-19 and natural disasters in 2020 during Lunar New Year 2021. Accordingly, union members and employees affected by Covid-19 and natural disasters in 2020 during Lunar New Year 2021 are supported as follows:

- Cash allowance: 1,000,000 VND / person.

 - In case of union members and employees in extremely difficult circumstances, seriously affected by Covid-19 or natural disasters, the maximum level of support must not exceed VND 2,000,000 / person.

* Note: One beneficiary receives allowance from only one level of trade union. Decision 1921 / QD-TLĐ takes effect on January 12th 2021.

3. New regulation about limiting debt to securities companies

On December 31st 2020, Ministry of Finance promulgated Circular 121/TTBTC regulating the operation of securities companies. Accordingly, regulations on loan restriction applicable to securities companies are as follows:

- The ratio of total debt to equity of securities companies must not exceed 5 times (currently, Clause 1, Article 42 of Circular 210/2012/TT-BTC stipulate must not exceed 3 times).

- Total value of debt does not include the followings:

+ Deposits of securities transactions of customers;

+ Funds for bonus and welfare;

+ Reserve for employment loss;

+Compensation reserve for damage to investors.

- Short-term debt of securities companies is maximally equal to short-term assets.

Circular 121/TT-BTC takes effect from February 15th 2021.

4. People with meritorious services receive Tet gifts worth VND 600,000 each

Recently, the President signed Decision 07/QD-CTN on giving gifts to people with meritorious services on occasion of Lunar New Year 2021.

Accordingly, the gift value of VND 600,000 is set aside for the following policy people:

(1) People with revolutionary meritorious services are entitled to monthly preferential subsidies including:

- Revolutionary activists before January 1st 1945;

- Revolutionary activists from January 1st 1945 to August 1945;

- Heroic Vietnamese mothers;

- Heroes of People's Armed Forces, Heroes of Labor during resistance wars;

- War invalids and policy beneficiaries such as war invalids, type-B war invalids, and diseased soldiers suffering reduced working capacity by 81% or more;

- Revolutionary activists infected with chemical poisons, with a reduced working capacity of 81% or more;

(2) People with revolutionary assistance are entitled to monthly subsidies.

(3) Relatives of martyrs or relatives of two or more martyrs are entitled to monthly death subsidies. Decision 07/QD-CTN takes effect from January 11th 2021.

Reported by T.Phuong - Translated by Ngoc Huynh