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“The New GLPX Rules: Effective June 1st on VNeID”

"As of June 1st, 2024, a series of new regulations have come into effect, revolutionizing the landscape for drivers. One of the key changes is the introduction of online traffic theory exams, offering a convenient and modern approach to testing. Additionally, the integration of driver's licenses with the VNeID platform adds a layer of legitimacy and security. However, be warned; lending your license to others could result in its revocation. It's time to embrace the future of driving with these updated rules and regulations."

Administrator

11 July, 2024

The Ministry of Transport’s Circular 5/2024, effective from June 1, 2024, further elaborates on driving licenses and driver training. Notable new features include the use of VNeID-integrated driving licenses as valid identification, online theory learning, and license revocation for lending your license to others. Let’s explore these changes together!

1 Online Theory Learning

The Ministry of Transport’s Circular 5/2024 introduces a notable change regarding theory learning for driving licenses in categories B2, C, D, E, and F. According to the new regulations, trainees can now opt for online theory learning (remote learning) alongside traditional learning methods such as attending classes at a training facility or a combination of both.

However, for in-depth theoretical content on vehicle construction and routine maintenance, fire prevention and fighting skills, rescue skills, and driving techniques, trainees are still required to attend focused training sessions at the training facility.

This new regulation marks an important shift in driver training, offering flexibility and convenience to trainees. Online theory learning allows trainees to save time and travel costs while enabling them to arrange their study schedules according to their preferences.

However, trainees should note to select reputable training institutions with comprehensive curricula and quality online teaching methods to ensure effective learning. Additionally, active participation, revision, and adequate practice are crucial for achieving the best results in the assessment.

Online Theory Learning

2 Night Driving Training

Previously, Circular 4/2022 of the Ministry of Transport stipulated that trainees must have a minimum of four hours of night driving practice without providing specific timing guidelines.

However, Circular 5/2024 of the Ministry of Transport clearly defines the night driving training period as between 6:00 PM of the previous day and 5:00 AM of the following day.

Night Driving Training

3 VNeID-Integrated Driving License as Valid Identification

As of June 1, 2024, when Circular 05/2024/TT-BGTVT officially takes effect, a driving license made of PET material and verified on VNeID, the electronic identification application of the Department of Public Security Administration on Social Order (Ministry of Public Security), will be considered a valid license with the same value as the physical license.

During the integration process of the driving license into the VNeID application, many people encountered an error message stating: “Citizen’s driving license information is not available on the system of the Ministry of Transport.”

The reason for this issue is that individuals are using the old-style driving license, which lacks detailed information such as date of birth and CCCD number, making it incompatible with the national population data. Alternatively, individuals may still be using their driving license linked to their old 9-digit identification card, which has not been updated to the new 12-digit CCCD, preventing information verification.

To resolve this problem, individuals need to switch to the new PET-type driving license and/or update their 12-digit CCCD.

VNeID-Integrated Driving License as Valid Identification

4 Six Cases of Driving License Revocation

Circular No. 05/2024 of the Ministry of Transport has outlined six cases that result in driving license revocation, which include:

Drivers who engage in deceptive practices to obtain a driving license;
Drivers who erase, alter, or manipulate information on their driving license;
Individuals who allow others to use their driving license;
Issuance of a license to an individual who does not meet the requirements by an authorized agency;
Inaccurate information on the license regarding name, date of birth, nationality, residence, license category, validity, exam date, or signatory;
Detection of narcotic substances in the driver’s body during health examinations, excluding cases handled according to regulations specified in points c and d of Clause 10, Article 5; points h and i of Clause 8, Article 6 of Decree No. 100/2019/ND-CP dated December 30, 2019.

Six Cases of Driving License Revocation

This concludes the latest information on Circular No. 05/2024 of the Ministry of Transport, effective from June 1, 2024. We hope you found this information helpful!

Frequently asked questions

The new GLPX rules, effective June 1st, are a set of guidelines introduced by VNEID to regulate the Global Listed Private Equity (GLPX) sector. These rules aim to provide a more transparent and efficient trading environment for investors and issuers.

The rules bring about several changes that impact both investors and issuers. For investors, there is now a minimum investment amount of VND 1 billion, and they must also meet certain eligibility criteria. Issuers, on the other hand, are required to provide more detailed and transparent disclosures, ensuring better information for potential investors.

Issuers now have to provide more comprehensive disclosures, including details on their investment strategies, performance track records, and fees. They must also ensure that their fund managers have the necessary qualifications and experience. Additionally, issuers are required to obtain a certificate of eligibility from VNEID and regularly report any changes in their disclosed information.

By implementing these rules, VNEID aims to provide investors with more transparent and detailed information about the GLPX funds they are considering. The eligibility criteria for investors also help ensure that those participating in the market have a certain level of financial sophistication and capacity to bear potential risks.

Yes, the new rules introduce a T+3 settlement cycle, which means that trades are settled three business days after the transaction date. This is a standard settlement cycle used in many other markets and is designed to reduce settlement risk.