Vietnam: Conditions for investors to transfer investment capital abroad to make investment in petroleum industry
On November 15, 2017, the Government of Vietnam issued Decree No. 124/2017/NĐ-CP on outward investment in petroleum industry.
Article table of contents
According to Decree No. 124/2017/NĐ-CP of Vietnam’s Government, the investor may transfer investment capital abroad to make investment after satisfying the following conditions:
- The investor shall be issued with the outward investment registration certificate, except for the case prescribed in Clauses 1 and 4, Article 5 of this Decree;
- The petroleum project has been approved by a competent authority of the host country in accordance with regulations of laws of the host country; If the host country’s law does not cover investment licensing or approval, the investor shall provide documents proving his/her right to invest in that country;
- The investor must have a capital account as prescribed in Article 63 of the Law on Investment;
- The investor shall bear responsibility for transferring investment capital abroad for right purposes, on schedule and comply with regulations of the petroleum agreement, share purchase agreement, etc.;
- The investor shall transfer the outward investment capital through the outward investment capital account after the State Bank of Vietnam certifies the registration of outward investment-related forex transactions as prescribed in Article 21 of this Decree.
View more details at Decree No. 124/2017/NĐ-CP of Vietnam’s Government, effective from January 01, 2018.
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- Decree No. 124/2017/NĐ-CP
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