Documents for determining the location for implementing overseas petroleum projects in Vietnam from December 5, 2024

Documents for determining the location for implementing overseas petroleum projects in Vietnam from December 5, 2024 (Image from Internet)

On October 15, 2024, the Government of Vietnam promulgated Decree 132/2024/ND-CP specifying regulations on outward investment capital in petroleum activities.

1. Document for determining the location for implementing overseas petroleum projects in Vietnam from December 5, 2024

According to the provisions of Article 6 Decree 132/2024/ND-CP on documents determining the location for implementing overseas petroleum projects in Vietnam:

- Overseas oil and gas projects must have documents identifying the implementation location.

- The document determining the location of the overseas oil and gas project includes one of the following types of papers, with content identifying the location:

+ A permit or equivalent documentation from the host country;

+ An oil and gas contract or investment agreement with a foreign partner, or a document regarding the transfer of participation rights or the acquisition of part or all of the contributed capital of the economic organization conducting oil and gas activities overseas;

+ A land assignment, land lease contract, or land assignment, land lease decision from the competent authority in the host country;

+ A notification of successful bidding for participation in the overseas oil and gas project or an equivalent document from the host country.

2. Document determining the form of outward investment capital in petroleum activities in Vietnam from December 5, 2024

The document determining the form of overseas investment; the language used in the dossier for outward investment capital in petroleum activities; reception and processing of procedures related to outward investment capital in petroleum activities; handling of falsified dossiers are specified in Article 7 Decree 132/2024/ND-CP as follows:

- The document determining the form of overseas investment is implemented according to Article 74 Decree 31/2021/ND-CP, including:

+ For overseas investment activities in the form of contracts specified in point b clause 1 Article 52 Investment Law 2020, the investor submits an agreement, contract with the foreign partner regarding the investment or other equivalent documents alongside the legal status documents of the foreign partner.

+ For overseas investment activities by contributing capital, buying shares, purchasing capital contributions of economic organizations overseas to participate in the management of those economic organizations, the investor submits an agreement, contract, or other documents verifying the capital contribution, share purchase, or capital contribution acquisition along with the legal status documents of the overseas economic organization that the investor contributes capital, buys shares, or buys capital contributions.

+ For overseas investment activities in other forms according to the laws of the host country specified in point dd clause 1 Article 52 Investment Law 2020, the investor submits documents identifying the form of that investment according to the laws of the nation or territory receiving the investment.

- The language used in the dossier for outward investment capital in petroleum activities is implemented according to Article 5 Decree 31/2021/ND-CP.

- Reception and processing of procedures related to outward investment capital in petroleum activities are implemented according to Article 6 Decree 31/2021/ND-CP.

- Handling of falsified dossiers is conducted according to Article 7 Decree 31/2021/ND-CP.

More details can be found in Decree 132/2024/ND-CP which takes effect in Vietnam from December 5, 2024, replacing Decree 124/2017/ND-CP of the Government of Vietnam regulating outward investment capital in petroleum activities.

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