Letter Of Quick Legal Update 20191121

1| New regulations on import and dismantlement of used ships

On November 12th, 2019, the Government issued the Decree No. 82/2019/ND-CP to regulate the import and dismantlement of used ships.

In according to Decree 82/2019/ND-CP, the conditions to import and dismantle the used ships are:

• The enterprises which import the used ships to dismantle have to (i) have a 100% Vietnamese charter capital; and (ii) be the owners or managers or operator of the ship demolition facility that has been put into operation in accordance with the laws;
• Used ships imported to dismantle must meet the conditions;
  • To be in one of the following cases: Dry cargo ship; container ship; ore carrier; liquid cargo ships, including: crude oil, product oil, vegetable oil; gas and liquefied gas tankers; or Ro-Ro ship, passenger ship, barge, sea ferry;
  • The shipowner has to have written confirmation and be responsible for the commitment that the ship is not in mortgage or maritime claim;
  • Not to convert, upgrade, change the purpose and not to transfer, buy, resell.

• Commercial banks: 3,000 billions Dongs;
• Policy banks: 5,000 billions Dongs;
• Cooperation banks: 3,000 billions Dongs;
• Branches of foreign banks: 15 millions US Dollars;
• Financial companies: 500 billions Dongs;
• Financial leasing companies: 150 billions Dongs;
• Microfinance institutions: 05 billions Dongs;
• People’s credit funds operate in a commune or a town: 0.5 billions Dongs;
• People’s credit fund operating in one ward; People’s credit funds operating in inter-commune, and inter-ward areas: 01 billions Dongs.

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