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FRESH POLICIES TAKE EFFECT IN MARCH
The new regulations are on compulsory civil liability issuance, jobs subject to early retirement, and dimensional poverty line for 2022-2025
Compulsory civil liability issuance for motor vehicle users
The Government issued Decree No. 03/2021/ND-CP dated on January 15, 2021 on compulsory civil liability insurance of motor vehicle users.
The decree, which took effect from March 1, prescribes compulsory civil liability insurance of motor vehicle users.
For motorcycles, motorized tricycles, mopeds (including electric mopeds) and similar vehicles according to Law on Road Traffic, the minimum insurance duration is one year and the maximum insurance duration is three years.
For other motor vehicles, the minimum insurance period is one year and the maximum insurance duration shall conform to valid period of periodic technical safety and environmental protection inspection which has more than 1 year of valid period.
Over 1,800 jobs subject to early retirement
The Ministry of Labor, Invalids and Social Affairs promulgated Circular No. 11/2020/TT-BLDTBXH dated November 12, 2020 on the list of heavy, hazardous, dangerous jobs or occupations and extremely heavy, hazardous, dangerous jobs or occupations.
Under Clause 3, Article 169 of the Labor Code 2019, an employee who is not covered by compulsory social insurance, health insurance or unemployment insurance schemes, the employer is responsible for paying, at the same time, an amount which is equivalent to the employer’s contribution rate of compulsory social insurance, health insurance, unemployment insurance schemes in accordance with provisions of the law on social insurance, health insurance and unemployment insurance, and annual leave payment in accordance with the regulations.
Under Clause 3, Article 169 of the Labor Law 2019, an employee who suffer from work capacity reduction, doing laborious, toxic or dangerous works, working in highly disadvantaged areas may retire up to five years earlier than the normal retirement age.
The Circular came into force from March 1.
New dimensional poverty line for 2022-2025
Decree No. 07/2021/ND-CP of the Government on multidimensional poverty line for the 2022-2025 period is scheduled to take effect from March 15, 2021.
Under the new Decree, a person is considered poor if his/her monthly income is VND 1,500,000 and VND 2,000,000 for rural and urban areas, respectively.
He/she is deprived of access to six basic social services namely job, healthcare, education, housing, clean water and sanitation, and information, up one service from the current norms.
The Decree specifies 12 indicators measuring level of deprivation of access to basic social services: access to job, number of dependents, nutrition, health insurance, education level of adults, school attendance of children, housing quality, average housing area per capita, residential water sources, hygienic latrines and toilets, telecom services; and assets to serve information access.
Nearly 28.85 billion USD in foreign direct investment (FDI) was registered as of November 20, rising 14.8 per cent year on year, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Many large banks are implementing plans to issue shares to pay dividends in the last months of this year. The move is aimed to increase charter capital, improve financial strength, meet the State Bank of Vietnam (SBV)’s capital safety regulations and expand operating scale.
On November 10, BW Industrial Development JSC started construction on Vinh Loc 2, a double-story warehouse in the Mekong Delta province of Long An, its ninth project this year. The facility is set to be completed by the end of 2024 within Vinh Loc 2 Industrial Park (IP).
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Although the financial terms of the transaction were not disclosed, Brooke Miller, Asia Pacific president at Lineage commented that partnering with SK Logistics is a remarkable opportunity for the company to continue delivering its cold storage solutions in the Asia Pacific region.