News

The Government abrogates many business conditions managed by Ministry of Industry and Trade

Summary

The Government issued a Decree No. 08/2018/NĐ-CP about adjustment of some Decrees regarding to business investment conditions under state management by the Ministry of Industry and Trade.

Updated on : 02-02-2018

The Government issued a Decree No. 08/2018/NĐ-CP about adjustment of some Decrees regarding to business investment conditions under state management by the Ministry of Industry and Trade. 

Enterprises are satisfied to the abrogation of many business conditions. Source: Internet.

 

Typically, in the field of petroleum, the Government has abrogated some articles and clauses of Decree No. 83/2014 / ND-CP dated 3/9/2014 of the Government on petroleum business.

Specifically, the Article 5 (development of petroleum trading system) is abrogated; the Clause 6 of Article 7 (conditions applicable to petrol and oil traders engaged in exporting and importing petrol, and conditions in line with the planning on traders engaged in exporting and importing petrol); the Article 10 (conditions for petrol production); the Clause 1 of Article 24 (conditions applicable to petrol retail shops, abandoning location conditions which must be in line with the plan approved by competent authorities); the Clause 5 of Article 41 (the existing petrol establishments which have not yet complied with the plan already approved by competent authorities must carry out the roadmap for upgrading and ensuring their compatibility with the plan according to regulations of state management authorities).

Besides that, some contents in Article 7 on the conditions for traders importing and exporting petrol are also abrogated. Specifically, abrogating the following content in paragraph 3: "After three years from the date of issuance of the import and export petrol license, the ownership or co-ownership shall have a minimum capital contribution of 51% for the warehouse system and must meet at least one third of the traders' reserve requirements as prescribed in Clause 1, Article 31 of this Decree. "

To abrogate the following contents in Clause 4: "Within 2 years after being granted import and export petrol licenses, ownership or co-ownership with a minimum capital contribution of 51% of Domestic petroleum transportation vehicle with a total capacity of at least 3,000 m3. "

To abrogate the following contents in Clause 5: "Each year, since the date of issuance of import and export petrol licenses, they must own or co-own at least 4 petrol retail shops, until there are at least 100 gasoline retailers in the trader's distribution network. "

In addition, the Government also decided to abrogate many contents and regulations in the fields of: tobacco, electricity, franchising, e-commerce, chemicals, industrial explosives, food business under the specialized management of the Ministry of Industry and Trade.

The Decree is valid on 15/1/2018.

Source:  Vietnam Customs News