Series of fresh policies take effect in AugustA string of new policies on tougher fires on transport violations and amendment of labor export regulations shall take effect in August. Tightening operation of foreign exchange agentsCircular 11/2016/TT-NHNN, dated June 29, 2016, of the State Bank of Viet Nam stipulates amendments to a number of legislative documents on provision of foreign currency payment services, and activities of foreign exchange agents and foreign exchange desks. Every company shall set aside a reserve fund for the salary budget of the following year according to their realized payroll. Accordingly, since August 13, an enterprise working as a foreign exchange agent shall have to make procedures for registering with the State Bank’s branch where the certificate of foreign exchange agent registration is issued: name and/or address of the enterprise; address of foreign exchange agent’s office; increase in the number of foreign exchange agents. Setting higher barriers on recruitmentDecree 51/2016/ND-CP providing labor management, wages and bonuses for employees of wholly state-owned one-member limited liability companies came into effect since August 1.

Source: VietNamNet News August 01, 2016 11:37 UTC