Eleven laws come into force since January 1, 2021

Eleven laws come into force since January 1, 2021. (Source: dantri)

Labor Code 2019

The retirement age of Vietnamese workers in normal working conditions will be raised to 62 for men by 2028 and 60 for women by 2035.

From 2021 and onwards, the retirement age will be increased by three months for a male employee in normal working conditions, and four months for a female employee annually.

Employees will enjoy two fully-paid days off on the Independence Day (September 2).

The Labor Code regulates working hours shall not exceed 8 hours per day or 48 hours per week.

The total normal working hours and the overtime hours shall not exceed 12 hours in a day, less than 40 hours in a month, and not more than 200 hours in a year.

2020 Investment Law

2020 Investment Law contains several significant new regulations, including:

- Business of debt collection services is officially banned.

-The number of conditional business lines is reduced to 227.

- More business lines eligible for investment incentives are added.

- Additional investment incentives are regulated.

- New regulations on special investment incentive and assistance policies are set out;

- List of business lines restricted to foreign investors will be issued.

- Four cases in which investors are exempted from the requirement for placement of deposits as security for project execution obligations.

2020 Law on Enterprises

The 2020 Law on Enterprises officially abolishes regulations regarding the notice of corporate stamp specimens before use.

The Law adds more entities prohibited from establishing businesses, shortens time limit for prior notice of temporary business suspension from 2021 and changes the “state enterprise” definition.

Construction Law 2020

The 2020 Law on Amendments to Construction Law contains some following significant new regulations such as:

-Nine types of construction works are exempted from the construction permit requirement.

-The duration of processing of application for construction permits is shortened to 20 days.

-In order to build homes with seven or more stories in rural areas, application for construction permits is required.

-Regulations on management of investment costs of construction works are amended.

-A lot of new regulations regarding construction permits are set out.

Law on Securities 2019

The 2019 Securities Law consists of several remarkable new regulations mentioned as follows:

-Establishing Viet Nam Securities Depository and Clearing Corporation (formerly, Viet Nam Securities Depositories).

-Supplementing more prohibited acts of services related to securities and securities markets.

-Listing or registering transactions of stocks on stock exchanges after an offering.

-Public companies only allow more public offerings if profits are earned.

2020 Law on Judicial Expertise

The Law includes such new regulations as follows:

- Expanding the scope of judicial expertise

- Supplementing regulations on issuance and revocation of judicial expert’s identity cards and appointment and dismissal of judicial experts

- The Supreme People’s Procuracy can run another additional Criminal Expertise Technology Division

- Requirements for opening of Judicial Expertise Services.

- Maximum time limit for judicial expertise is not over four months.

- Providing more cases of dismissal of judicial experts

- Regulations on judicial expertise conclusions are amended to make them more specific

2020 Law on Mediation or Dialogue at Court

The 2020 Law on Mediation or Dialogue at Court defines requirements for appointment of mediators.

The Law stipulates that the term of office of a mediator is 3 years from the date of appointment.

Seven cases of non-conduct of mediation or dialogue at court and issues relevant to confidentiality are stipulated in the Law.

2020 Youth Law

The 2020 Youth Law, consisting of policies for youngsters aged from 16-18, defines some new regulations, including:

- Rights and obligations of the youth are not regulated in detail as they are also Vietnamese citizens whose rights and obligations are regulated under the Constitution of Viet Nam.

- Clearly regulating seven rules of assurance of rights and obligations of the youth.

- Regulating the Youth's Month which is the March each year for the first time.

- Specifying state policies granted to the youth which are classified by six groups of sectors.

- Adding more regulations on state support policies granted to youth organizations with respect to the participation in construction and implementation of policies and laws applied to the youth.

2020 Law on Public – Private Partnership Investment

The 2020 Law on Public – Private Partnership Investment stipulates new projects that apply BT contracts will be halted in 2021.

2020 Law on Issuance of Legislative Documents

The 2020 Amended Law on Issuance of Legislative Documents contains several significant regulations such as adding more legislative documents to the system; amending regulations on the effective time of legislative documents.

2020 Law on National Assembly Organization

The 2020 amended Law on National Assembly Organization regulates the amalgamation of Offices of National Assembly Delegations and Offices of People’s Councils while Offices of provincial People’s Committees are kept unchanged.

The Law defines seven standards of the National Assembly’s deputies.

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