What does the dossier for shutdown of the operating office of a foreign investor to a business cooperation contract in Vietnam include?
What does the dossier for shutdown of the operating office of a foreign investor to a business cooperation contract in Vietnam include?
Under Article 50 of the Investment Law 2020, the regulation is as follows:
Shutdown of operating office of foreign investor to business cooperation contract
1. Within 07 working days from the day on which the decision to shut down the operating office is issued, the foreign investor shall send a folder to the investment registration authority of the area where the operating office is located.
2. The folder consists of:
a) A decision to shut down the operating office in the case of shutdown of the operating office ahead of schedule;
b) A list of creditors and amount of debts which have been paid;
c) A list of employees and their benefits provided;
d) A tax authority’s certification of fulfillment of tax liability;
dd) A social security authority’s certification of fulfillment of social insurance obligations;
e) The certificate of operating office registration;
g) A copy of the investment registration certificate;
h) A copy of the business cooperation contract.
3. Within 15 days from the receipt of the application prescribed in Clause 2 of this Article, the investment registration authority shall issue the decision to shut down the operating office.
The dossier for shutdown of the operating office of a foreign investor to a business cooperation contract in Vietnam includes:
- A decision to shut down the operating office in the case of shutdown of the operating office ahead of schedule;
- A list of creditors and amount of debts which have been paid;
- A list of employees and their benefits provided;
- A tax authority’s certification of fulfillment of tax liability;
- A social security authority’s certification of fulfillment of social insurance obligations;
- The certificate of operating office registration;
- A copy of the investment registration certificate;
- A copy of the business cooperation contract.
Note: Within 07 working days from the day on which the decision to shut down the operating office is issued, the foreign investor shall send a folder to the investment registration authority of the area where the operating office is located.
What does the dossier for shutdown of the operating office of a foreign investor to a business cooperation contract in Vietnam include?
What are the regulations regarding the operating offices of foreign operators in Vietnam?
Under Article 38 of the Petroleum Law 2022, the regulations are as follows:
Operating offices of foreign operators in petroleum contracts
1. Foreign operators must establish operating offices in Vietnam to execute petroleum contracts. The operating offices must have their seals, accounts and must be permitted to recruit employees and fulfill rights and obligations within the authorization prescribed in the petroleum contracts and operating agreements of contractors and under Vietnamese laws.
2. A foreign operator may use an operating office in Vietnam for management of petroleum operations of one or multiple petroleum contracts in Vietnam. Management costs for each petroleum contract must be separately allocated and entered in the accounts.
3. In case of change of operating office address or change of the head of operating office or receipt of operating office due to change of the operator, the operator must send a written notice to an investment registration agency where the operating office is located.
4. Upon termination of operating office’s operations, the operator must send a notice of termination to an investment registration agency where the operating office is located.
5. The Government shall issue regulations on documents and procedures for establishment and termination of operating office’s operations and change for the cases prescribed in Clause 3 of this Article.
The regulations regarding the operating offices of foreign operators in Vietnam are specified as follows:
- The operating offices must have their seals, accounts and must be permitted to recruit employees and fulfill rights and obligations within the authorization prescribed in the petroleum contracts and operating agreements of contractors and under Vietnamese laws.
- A foreign operator may use an operating office in Vietnam for management of petroleum operations of one or multiple petroleum contracts in Vietnam.
- Management costs for each petroleum contract must be separately allocated and entered in the accounts.
- In case of change of operating office address or change of the head of operating office or receipt of operating office due to change of the operator, the operator must send a written notice to an investment registration agency where the operating office is located.
- Upon termination of operating office’s operations, the operator must send a notice of termination to an investment registration agency where the operating office is located.
Can foreigners enter into petroleum contracts in Vietnam?
Under clause 1, Article 38 of the Petroleum Law 2022, the regulation is as follows:
Operating offices of foreign operators in petroleum contracts
1. Foreign operators must establish operating offices in Vietnam to execute petroleum contracts. The operating offices must have their seals, accounts and must be permitted to recruit employees and fulfill rights and obligations within the authorization prescribed in the petroleum contracts and operating agreements of contractors and under Vietnamese laws.
Foreigners are permitted to enter into petroleum contracts in Vietnam. However, to be eligible, the foreign operator must establish an operating office in Vietnam.
Petroleum Law 2022 will take effect from July 1, 2023.
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