The first merged bank began operational, tax rates on hundreds of products are adjusted, automobile registration fees rise in Hanoi, HCM City and six laws take effect are among changes that started as of January 1.
To restrict personal cars, curb traffic jams and increase budget revenues, as of January 1, 2012, car registration fees in HCM City has increased to 15 percent and up to 20 percent in Hanoi for cars of less than 10 seats. Hanoi also raises car number plate fee by 10 times, from VND2 ($100) to VND20 million ($1,000).
2. The first merged bank begins operational
As of January 1, 2012, the Saigon Commercial Bank (SCB), which is merged by three banks of De Nhat, Saigon, Viet Nam Tin Nghia, with the operational duration of 99 years started operations.
The bank’s charter capital is VND10.583 trillion. Its head quarter is based at No. 927 Tran Hung Dao, Ward 1, District 5, HCM City.
The merged bank inherits all branches and transaction bureaus, ATMs, saving funds, etc. of the three former banks.
3. Tax rates on hundreds of products adjusted
As of early 2012, import tax rates on 1,000 products will be changed. Specifically, the tax rates on 945 products are reduced under Vietnam’s WTO commitments. Meanwhile, the tax rates on 157 essential products will increase to protect local production and curb trade deficit, at the level of 1-2 percent up on 108 products. The Ministry of Finance also reduces import tax rates on 87 products which are raw materials, spare parts, etc. that Vietnam cannot produce yet.
4. EVN Telecom merged into Viettel
As of January 1, Viettel has received all assets from EVN Telecom, including land, technology, machinery, equipment, etc.
For personnel, Viettel only recruit staff of the EVN Telecom Company. Those who work at the Electricity of Vietnam (EVN) Group who hold other positions concurrently at EVN Telecom are handed over to EVN.
5. Social insurance premium increases
As of January, social insurance premium will rise to 24 percent of salary, of which 3 percent to contribute to sickness and maternity fund, 1 percent to industrial accident and occupational disease fund and 20 percent to pension fund.
6. Bus fares increases in HCM City
The HCM City Department of Transport decided to raise bus fares as of January 1. Passengers will have to pay VND4,000 ($0.05) for 18km and VND5,000 ($0.04) for over 18km. The monthly ticket price will be unchanged.
7. Parking fees rise in Hanoi
The parking fee in Hanoi’s inlying area has increased from VND20,000 ($1) to up to VND50,000 ($2.5)/time. Monthly fees will rise from VND2-4.5 million ($100-220).
In other districts, the monthly fees will range from VND300,000 to VND1.8 million. The fees for motorbikes and bicycles are unchanged.
8. The six laws that takes effect as of early 2012
Amended Code on Civil Procedure
Law on Human Trafficking Prevention
Law on Independent Audit
Law on Office-holders
Law on Environmental Protection Tariff
Law on Non-agricultural Land Use
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