Summary of new laws and legal documents effective from July 1, 2024
Summary of new laws and legal documents effective from July 1, 2024
1. 10 Laws effective from July 1, 2024
10 Laws effective from July 1, 2024 include:
– Law on Credit Institutions 2024
– Law on Forces Participating in Security and Order Protection at the Grassroots Level 2023
– Law on Identification 2023
– Law on Water Resources 2023
– Law on Telecommunications 2023
– Law on Electronic Transactions 2023
– Law on Civil Defense 2023
– Law on Cooperatives 2023
– Law on Consumer Rights Protection 2023
– Law on Prices 2023
2. 07 Decrees effective from July 1, 2024
07 Decrees effective from 01/7/2024 includes:
– Decree 40/2024/ND-CP guiding the Law on Forces participating in protecting security and order at the grassroots level 2023
– Decree 46/2024/ND-CP amending Decree 99/2013/ND-CP regulating administrative sanctions in the field of industrial property as amended by Decree 126/2021/ND-CP
– Decree 49/2024/ND-CP regulating grassroots information activities
– Decree 52/2024/ND-CP regulating non-cash payments
– Decree 53/2024/ND-CP guiding the Law on Water Resources 2023
– Decree 54/2024/ND-CP regulating the practice of underground water drilling, declaration, registration, licensing, water resource services and fees for granting the right to exploit water resources exploitation
– Decree 55/2024/ND-CP guiding the Law on Consumer Protection 2023
3. Issuance of ID cards from July 1, 2024
From July 1, 2024, the 2023 ID Law will take effect, accordingly, ID cards will be issued to Vietnamese citizens.
– The issued ID card is valid until the expiration date printed on the card. Citizens who have a need can exchange it for an ID card.
– The ID card that is still valid after December 31, 2024 will be valid until December 31, 2024. Legal documents that have been issued using information from the ID card and citizen ID card will retain their validity; State agencies are not allowed to request citizens to change or adjust information on their identity cards or citizen identification cards in issued documents.
4. Official establishment of a force to protect security and order at the grassroots level
The force participating in protecting security and order at the grassroots level is officially established under the Law on Forces Participating in Protecting Security and Order at the Grassroots Level 2023, effective from July 1, 2024.
The force participating in protecting security and order at the grassroots level is a force established by local authorities on the basis of voluntary participation of the people to support the police of communes, wards and towns to help the People’s Committees at the same level in protecting security and order and building a movement for the whole people to protect national security.
5. Promulgation of many Vietnamese valuation standards applicable from July 1, 2024
* Circular 30/2024/TT-BTC promulgates the following 04 valuation standards:
– Vietnamese valuation standards on Code of professional ethics for valuation
– Vietnamese valuation standards on Scope of valuation work
– Vietnamese valuation standards on Valuation value basis
– Vietnamese valuation standards on Valuation dossier
* Circular 31/2024/TT-BTC promulgates Vietnamese valuation standards on Collection and analysis of information on assets to be valued.
* Circular 32/2024/TT-BTC promulgates the following 03 Vietnamese Valuation Standards:
– Vietnamese Valuation Standards on Market Approach
– Vietnamese Valuation Standards on Cost Approach
– Vietnamese Valuation Standards on Income Approach
* Circular 36/2024/TT-BTC promulgates Vietnamese Valuation Standards on Enterprise Valuation.
* Circular 37/2024/TT-BTC promulgates Vietnamese Valuation Standards on intangible asset valuation.
>>> See more: Download 10 Vietnamese price appraisal standards from July 1, 2024 HERE
6. Changes to the list of price-stabilized goods and services from July 1, 2024
The 2023 Price Law, effective from July 1, 2024, has changed the list of price-stabilized goods and services as follows:
– Edible salt and electricity are no longer included in the list of price-stabilized goods and services.
– DAP fertilizer and animal feed, aquatic feed are newly added to the price-stabilized list.
7. New Decree on non-cash payments effective from July 1, 2024
On May 31, 2024, the Government issued Decree 52/2024/ND-CP regulating non-cash payments, effective from July 1, 2024 and replacing Decree 101/2012/ND-CP, Decree 80/2016/ND-CP.
See details in Decree 52/2024/ND-CP.
8. From July 1, 2024, transfers over 10 million must be authenticated by face
On December 18, 2023, the Governor of the State Bank issued Decision 2345/QD-NHNN implementing safe and secure solutions in online payments