Documents and procedures for assessment, approval of petroleum contract

Documents for assessment, approval of petroleum contract in Vietnam

Pursuant to Clause 1, Article 21 of Decree 45/2023/ND-CP, documents for assessment, approval of petroleum contract in Vietnam include:

- Written request for approval of petroleum contracts;

- Draft petroleum contracts agreed upon by the PVN and contractors; written presentation for difference between draft petroleum contracts under bidding documents or shopping documents or request for proposals and agreed draft petroleum contracts;

- Certified true copies of certificate of operation registration in case of organization participants in petroleum contracts; certified true copies of ID Cards or Citizen ID Cards or passports in case of individual participants in petroleum contracts;

- Letter of guarantee for fulfillment of contractual obligations of contractors or each contractor in contractor consortium issued by credit institutions, foreign bank branches, or parent companies of contractors, or each contractor in contractor consortium at request of the PVN on the basis of the contractors’ financial statement evaluation results;

- Documents of contractors or each contractor in contractor consortium, including: company charters, financial statements of the last 3 years, and other relevant legal documents serving as the basis for petroleum contract negotiation, copies of declaration of tax obligation of the latest year if regulated by Vietnamese tax laws.

- Other relevant documents.

Documents and procedures for assessment, approval of petroleum contract in Vietnam (Internet image)

Procedures for assessment, approval of petroleum contract in Vietnam

Pursuant to Article 21 of Decree 45/2023/ND-CP, the order and procedures for appraisal and approval of the contents of a petroleum contract are as follows:

- Within 30 days from the date on which petroleum contract negotiation concludes, the PVN shall submit 2 sets of documents (1 set of original documents and 1 set of copies) to the Ministry of Industry and Trade directly or via post service to request approval for petroleum contracts. 

- Within 5 working days from the date on which adequate documents are received, the Ministry of Industry and Trade shall send written request to the Ministry of Planning and Investment, Ministry of Finance, Ministry of Justice, Ministry of National Defense, Ministry of Foreign Affairs, Ministry of Public Security, Committee for Management of State Capital at Enterprises (if PVN participates in petroleum contracts as contractors), and relevant ministries, central departments to provide feedback.

- Within 15 days from the date on which written request for feedback sent by the Ministry of Industry and Trade is received, ministries and central departments must send written feedback within their competence to the Ministry of Industry and Trade.

- Within 45 days from the date on which adequate documents are received, the Ministry of Industry and Trade shall assess petroleum contracts and request the Prime Minister to approve. The documents consist of:

+ Written presentation of assessment results and request for approval of petroleum contracts to be sent to the Prime Minister;

+ Documents under Clause 1 of Article 21 of Decree 45/2023/ND-C;

+ Consolidated report on acknowledgement and presentation of feedback of ministries, central departments, and copies of written feedback of ministries and central departments.

- Within 5 working days from the date on which written approval for petroleum contracts is received, the PVN and contractors shall sign petroleum contracts.

Mai Thanh Loi

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