HÀ NỘI - National Assembly deputies stressed the need to clarify responsibilities in the management of public assets when discussing the revised draft law on managing and using State assets yesterday. Finance minister Đinh Tiến Dũng presented the draft amended Law on management and use of public assets, which included new regulations on the construction, purchasing and usage of public assets. Deputy Hồ Đức Phớc of Nghệ An province, also State Auditor General, said that the definition of public asset should be expanded to include assets belonging to State reserves and databases. "The amended law should create tighter management and usage of public assets and avoid waste, corruption and other violations. It should also help use state assets effectively, contributing to developing the economy" Dũng said. The amended law proposed allocating the State budget for public housing, public cars and phones for business purposes. "Budget allocation should be the preferred method when using … [Read more...] about NA wants to reform use of public assets
Liability definition law
HÀ NỘI - The National Assembly's Judicial Committee yesterday convened its third session with discussions focused on the adjustment of the Penal Code 2015. This vital law will have major effects on national socio-economic development and will attract public concern, said Chairwoman of the NA's Judicial Committee Lê Thị Nga. Presenting a submission to the Government on the amendment and supplement of the Penal Code No 100/2015/QH13, Deputy Minister of Justice Đinh Trung Tụng said the current Penal Code was approved by the 12th National Assembly and was effective since July this year. However, Tụng said, during implementation, authorities discovered several errors, including some regulations that could be unsuitable for reality. Deputy Justice Minister Tung revealed there were two views on the amendment and supplement for the Penal Code. The first was determining the amendment and supplement to the Penal Code based on review of the law but without effecting macro policies mentioned … [Read more...] about NA Judicial Committee discusses Penal Code
Stalemate between Britain and the European Union over what happens next following Britons' referendum vote to leave has opened up a host of possible scenarios. Here are some that are (in some cases, barely) conceivable: 1. BY THE BOOK Prime Minister David Cameron, who said he will resign after losing his gamble to end British ambivalence about staying in, agrees with the EU establishment that the only legal way to leave is to use Article 50 of the EU's Lisbon Treaty to negotiate a withdrawal. He wants to leave triggering the process to his successor, who may not be chosen by the Conservative party until October. EU leaders want him to do it now, or at least as soon as possible, but they lack the legal power to force him. In the most amicable divorce scenario, Britain would trigger Article 50, possibly (though unlikely now) as early as Tuesday when Cameron meets the other 27 EU leaders at a Brussels summit, or via a formal letter later from Cameron or his successor. That sets a two-year … [Read more...] about Factbox: 10 ways to leave EU lover; scenarios for Brexit
(VOVworld) -National Assembly's full-time deputies on Friday discussed the draft law on public investment with a hope that, once it's approved, it will reduce patchy investment and wastefulness in public investment projects. Many deputies said the law needs to clarify the definition of public investment, and the liability of individuals whose bad decisions cause losses. The bill needs to supplement regulations on public monitoring of investment projects to increase project efficiency and strengthen public trust. Ngo Van Minh, a NA deputy from Quang Nam province, said: "We need stricter regulations on a mechanism for the public to monitor investment projects. The work requires the Vietnam Fatherland Front and other socio-political organizations to get involved." … [Read more...] about Draft Law on Public Investment focuses on public monitoring
With the increasing mergers & acquisitions (M&A) trend, the term "transfer of business" may commonly and widely been used in daily business lives around the world. Vietnam is no exception - we can easily find this term everyday in business, in legal and commercial documents and the public media. So, let's examine closely what a transfer of business is. KPMG tax partner Ninh Van Hien and KPMG tax director Tran Thi Tuyet Nhung explain. Decree 108 implementing the Law on Investment provides that, amongst other forms of green-field investment, investors are allowed to make investment in other forms such as capital contributions, purchasing stocks, consolidating and acquiring businesses. The same decree also allows for a transfer of project which can take the form of either "capital assignment" in case the project company is not to be liquidated or "business acquisition" in case the company holding the project is to be liquidated. Capital assignment - a share or an … [Read more...] about Transfer of business – an asset or share deal?