The Ministry of Science and Technology issued Circular No 01/2011/TT-BKHCN on March 16 guiding the establishment and operation of so-called "Science and Technology Organisations (STOs) with foreign-owned capital, as well as representative offices or branches of foreign STOs in Viet Nam.

STOs include scientific universities, colleges and research institutes.

Under the circular, domestic individuals or organisations must hold no less than 10 per cent and no less than VND100 million of the registered capital in an STO established as a joint venture with foreign ndividuals or organisations. The Ministry of Science and Technology must approve the establishment and the application for a Science and Technology Activities Registration Certificate. STOs with foreign-owned capital in operation before the circular takes effect must register for re-issuance of the certificate, while representative offices and branches of foreign-invested STOs may continue operation without further procedures.

Assets of State firms

The Prirme Minister signed Decision No 352 on March 10 to organise a pilot scheme for inventory and appraisal of the assets and capital of a number of State-owned enterprises, effective July 1.

Under the decision, enterprises to undergo appraisals shall be affiliates of State-owned Groups and Corporations in which (i) the main business line of the enterprise is consistent with the main business line of the Group or Corporation, (ii) the total asset value of the enterprise is significant, and (iii) book values of assets are inconsistent with market values.

The appraisals shall be guided by the ministry supervising the sector in which the firm operates, e.g., Ministries of Finance, Construction, Industry and Trade, etc.

Customs regulations

The Ministry of Finance issued Circular No 36/2011/TT on March 16 prescribing conditions for registration for and operation of customs procedures in import/export and transfer of goods through border gates by logistics services. The circular takes effect on April 30 and will replace Government Decision No 93/2008/QD-BTC of November 2008.

Electronic invoices

The Ministry of Planning and Investment issued Circular No 32/2011/TT-BTC on March 14, regulating the use of electronic invoices

Accordingly, organisations which opt to use electronic invoices must: (i) apply to the competent tax agency before creating electronic invoices; (ii) send a notification on issuance of electronic invoices to the competent tax agency before using electronic invoice; (iii) post the notification at headquarters or on the website of the organisation using the electronic invoices; and (iv) sign a model electronic invoice and send it to the tax agency electronically.

Source: VNS