The Ministry of Industry and Trade issued Decision No 1380/QD-BCT on March 25, revising the list of goods discouraged for import. 

The list includes 97 discouraged import items, including boilers, machinery and machine parts, electrical equipment and parts, and vehicles, except for railway or electric vehicles or motor vehicles designed primarily for transporting persons. Materials imported for production purposes are not subject to the limitations of Decision No 1380. The decision took effect immediately, superseding Decision No 1899/QD-BCT of April 16, 2010.

Fines for securities

The Ministry of Finance issued Circular No 37/2011/TT-BTC on March 16, guiding the implementation of Government Decree No 85/2010/ND-CP of August 2010 on administrative sanctions for securities law violations. Under the circular, the maximum fine of VND500 million (US$23,923) shall be imposed for organising any place/formula other than official stock exchange/securities trading centre for trading of securities. A fine of VND150-200 million ($7,177-9,569) shall be imposed on entities and individuals who commit fraud or deliberately falsify disclosures. For missing the deadline for registering a public company, a fine of between VND30-50 million ($1,435-2,392) shall be imposed.

Circular 37 also provides that the act of consecutively buying or selling securities at the opening or closing of trading with the intent to manipulate the market price will carry fine of VND200-300 million ($9,569-14,354).

Other acts that constitute manipulation of stock prices include: (i) collusion; (ii) inducing others to consecutively place buy or sell orders of one or more specific shares in order to influence price; (iii) disseminating opinions to the public directly or indirectly via the mass media about a particular share or enterprise aimed at influencing its price; and (v) other acts intended to artificially influence supply and demand.

Circular No 37 takes effect on May 10, replacing Circular No 97/2007/TT-BTC of August 2007.

Import, re-export of goods

The Ministry of Industry and Trade issued Circular No 15/2011/TT-BCT on March 30, providing procedures for registration of lists of imported goods, goods temporarily imported for re-export, and liquidated goods of foreign contractors in the construction sector.

Under the circular, the import, temporary import or liquidation of goods are subject to the following conditions: (i) the foreign contractors must be licensed; (ii) the type, quantity and origin of imported machinery, equipment and materials must be in accordance with the contract; (iii) the investors or project owners must have considered the domestic capacity to supply the needed construction equipment and agreed to the lists of construction equipment to be imported by foreign contractors; (iv) the list must be approved by the Ministry of Industry and Trade; (v) the foreign contractors must make final settlement for the imported equipment or materials upon completion of the work; (vi) the foreign contractor must re-export, sell or destroy unused equipment or materials after settlement; (vii) goods must be used for their intended purposes; and (viii) registration of the list must be made annually or for the entire project in accordance with the progress of construction.

Circular No 15 takes effect on May 15 and replaces Decision No 3806/QD-BCT of the Ministry of Industry and Trade dated July 29, 2009.

Source: VNS