Legal Counselling

Vietnam: Which entities shall set aside provision funds for environmental risks and damage compensation?

10:45, 25/06/2016

This is a notable content stipulated in Circular No. 86/2016/TT-BTC of the Ministry of Finance of Vietnam guiding a number of contents relating to the provision fund for environmental risks and damage compensation regulated in the Decree No. 19/2015/ND-CP of Vietnam’s Government.

According to Circular No. 86/2016/TT-BTC of the Ministry of Finance of Vietnam, the entities carrying out the following production or business activities or services shall set aside provision funds for environmental risks and damage compensation:

- Petroleum activities include the search, exploration and development of oilfields, and extraction of petroleum, including activities directly serving the said activities;

- Production and trading of chemicals, petrol and oil;

- Use of specialized ship for transport of petroleum, petroleum products or other dangerous goods within sea ports and coastal waters of Vietnam;

- Storage, transport and treatment of dangerous waste or transport of dangerous goods.

Note: Entities that have bought insurance against compensation for environmental damage, and enterprises that are governed by regulations on centralized environment funds shall not be governed by Circular No. 86/2016/TT-BTC.

View full text at Circular No. 86/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from August 05, 2016.

- Thanh Lam -

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