Draft law on electronic transactions

Transit-Oriented Development (TOD) is vital to the Capital Region's sustainable development. As the draft of the amended Capital Law covers the development of the capital region, experts have written to The Hanoi Times to contribute to the early finalization of the draft. Assoc. Prof. Dr. To Van Hoa, Vice Rector of Hanoi Law University: T he Capital Region as a sustainable foundation for the capital and surrounding areas The Capital Region is what Hanoi aspires to grow into. The development of the Capital Region must facilitate the sustainable growth of the surrounding areas. The Thang Long Boulevard connects Hanoi with the provinces in the west and northwest. Photo: Pham Hung/The Hanoi Times The establishment of the capital region must attract the interest of neighboring provinces and cities, and the draft law must show them their potential benefits in participating in the socio-economic growth of the capital region. The draft of the … [Read more...] about Amended Capital Law: perfecting rules to boost Capital Region development

Hanoi should be empowered to stipulate regulations about its development. Dinh Tien Dung, Secretary of the Hanoi Party Committee, proposed that the revised Capital Law give Hanoi the power to set standards in line with practice in certain areas to ensure long-term security and safety. Secretary of the Hanoi Party Committee Dinh Tien Dung at the session. Photo: Quochoi Dung made the statement on September 20 at the session of the National Assembly Standing Committee in response to last week's tenement fire in Hanoi's Thanh Xuan District that claimed dozens of lives. Hanoi needs to be empowered At the session, Chairman of the National Assembly Vuong Dinh Hue said that the law is particularly important for the development of Hanoi . Therefore, it is necessary to continue to review and research to fully institutionalize policies for Hanoi's development as set out in the resolutions of the Politburo. Emphasizing that this is a law on decentralization of … [Read more...] about Amended Capital Law: Hanoi needs more power

Legal experts said the law should be more specific in areas that are unclear to ensure transparency in mobilizing financial resources. How can Hanoi strengthen its ability to manage its finances and budget while attracting investment capital to develop the capital? It’s a question raised during the drafting of the revised Capital Law. The law has a chapter on finance and resources for the capital city’s development. The Hanoi Times has an interview with some experts on the issue. Paying tax at Thanh Xuan District, Hanoi. Photo: Thai San/The Hanoi Times Associate Prof. Bui Huu Duc, Chairman of the School Council of Thuongmai University, Hanoi: Establish a system that allows the capital to have resources for investment and development. I supported allowing Hanoi to keep more of the revenues it collects for its development. Specifically, in Article 37 of the revised Capital Law , Hanoi is allowed to keep all money it collects from its … [Read more...] about Amended Capital Law: Efficient resource mobilization needed

To further bolster its appeal, Hanoi should establish regulations that provide favorable living, working, and educational conditions for investors' family members. The draft amended Capital Law should broaden and enhance opportunities for strategic investors, including large domestic and multinational corporations, to come to Hanoi, according to the President of the Foreign Trade University, Bui Anh Tuan. Electronics production at an FDI company in Hanoi. Photo: Nguyen Minh/The Hanoi Times "To bolster its appeal, additional regulations should be put in place to facilitate favorable living, working, and educational conditions for relatives of investors in the Capital. This will contribute to establishing Hanoi as the preferred headquarters for both domestic and multinational corporations," said Tuan. … [Read more...] about Capital Law should help Hanoi attract multinationals: Expert

View of the conference. — Photo dangcongsan.vn The Vietnam Banks Association (VNBA) and Vietnam Blockchain Association on Wednesday jointly organised a conference to promote legal regulations on anti-money laundering in cryptocurrency transactions. Addressing the conference, Nguyễn Quốc Hùng, Vice President and General Secretary of the Vietnam Banks Association (VNBA), said the Law on Anti-Money Laundering was passed by the National Assembly and has taken effect since March 2023. The Government and the State Bank of Vietnam also issued Decree 19/2023/NĐ-CP and Circular No. 09/2023/TT-NHNN to guide the implementation of the law. According to Hùng, the law, decree and circular were issued with many contents suitable to practice so that relevant organisations and individuals can implement them effectively. However, Hùng said, under the context of increasingly deep integration and the explosion of information technology, Việt Nam has to face many forms, methods, and tricks of … [Read more...] about Agencies promote anti-money laundering in cryptocurrency transactions

The new regulation is yet another setback for TikTok, which has faced intense scrutiny in the United States and other nations in recent months over users' data security and the company's alleged ties to Beijing. Indonesia is one of the world's biggest markets for TikTok Shop and was the first to pilot the app's e-commerce arm, but the Chinese-owned app said it would comply with the new regulation from Wednesday evening. "Our priority is to remain compliant with local laws and regulations," TikTok Indonesia said in a statement on Tuesday. "As such, we will no longer facilitate e-commerce transactions in TikTok Shop Indonesia," it said. Calls have grown in recent months for a regulation governing social media and e-commerce, with offline sellers seeing their livelihoods threatened by the sale of cheaper products on TikTok Shop and other platforms. Indonesian Trade Minister Zulkifli Hasan said firms who did not comply with the ban on goods transactions would first be warned and … [Read more...] about TikTok to stop sales in Indonesia after social media transaction ban

The task force's primary responsibility is to advise Hanoi leaders in collaboration with central agencies to refine the draft amended Capital Law. Chairman of the Hanoi People’s Committee Tran Sy Thanh has signed off decision No.4430 on the establishment of a task force responsible for drafting the amended Capital Law. Hanoi from above. Photo: The Hanoi Times As per the decision, the task force comprises 20 members, including Le Hong Son, the Permanent Vice Chairman of the Hanoi People's Committee, who serves as the Team Leader, and Ngo Anh Tuan, Director of the Hanoi Department of Justice, acts as the Deputy Team Leader. … [Read more...] about Hanoi sets up task force to draft amended Capital Law

The amendment of the 2012 Capital Law becomes imperative to introduce innovative and groundbreaking mechanisms, pool all available resources, and harness potential and strengths effectively for the development of Hanoi. Amended Capital law should include fields that could spur Hanoi’s development in the long term, Vice Minister of Justice Dang Hoang Anh shared the view during a meeting discussing the amended Capital Law on August 16. Vice Chairman of the Hanoi People's Committee Le Hong Son (l) and Deputy Minister of Justice Dang Hoang Anh (r). Photos: Thai San/The Hanoi Times A report from the Ministry of Justice noted the 2012 Capital Law serves as a significant legal framework that delineates the position, roles, responsibilities, and policies governing the construction, development, and safeguarding of the capital. The specific policies outlined in this law have facilitated the establishment of a relatively comprehensive set of legal tools in Hanoi for … [Read more...] about Amended Capital Law urged to promote priority fields essential for Hanoi’s development

Decentralization is key for local governments to be able to fulfill their tasks. The draft of the amended Capital Law has raised public concerns about the development of cities within a city. The Hanoi Times has received expert feedback on the issue. Architect Dao Ngoc Nghiem, Vice Chairman of the Vietnam Association for Urban Planning and Development: Special mechanism needed for city-within-a-city model Hanoi aims to urbanize five rural districts to make them urban districts by 2025 and two more later. Now, the concept of the city-within-city model is being introduced by urban developers. Previously, there was no city subordinate to a first-tier city. The law stipulated that only a province has its subordinate cities. In 2016, the first city-within-city was established, Thu Duc, a submunicipal unit of Ho Chi Minh City, one of the nation's five first-tier cities. An urban residential area in Hanoi. … [Read more...] about Amended Capital Law to govern the city-within-a-city model

The country is embroiled in the global integration of digital currencies and the resultant technological explosion, and is fervently crafting a legal pathway to combat money laundering and other high-tech financial crimes. Refined laws required to combat laundering, photo Le Toan The approved Law on Anti-Money Laundering, which came into effect in March, has spurred the government and the State Bank of Vietnam to enact deployment regulations and guidelines, tailoring provisions to sync with prevailing realities, according to Nguyen Quoc Hung, general secretary of the Vietnam Banking Association, at a seminar on regulations on anti-money laundering in cryptocurrency transactions last week. However, he also warned that the landscape of digital and cryptocurrencies, where legal structures are yet unrefined, presents advanced and intricate challenges, especially with criminals employing increasingly sophisticated methods. Cryptocurrency, while used for transactions, does … [Read more...] about Refined laws required to combat laundering