The DECREE regulates foreign direct investment in the oil and gas activity _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ the GOVERNMENT pursuant to the law on organization of the Government of 25 December 2001;
Pursuant to the law on investment of 29 November 2005;
Considering the recommendation of the Minister of industry, the DECREE: chapter I GENERAL PROVISIONS article 1. Scope 1. This Decree regulates the direct investment abroad of the investors in Vietnam in the petroleum activities.
2. where the international treaties to which Vietnam is a member have other regulations with the provisions of this Decree shall apply according to the provisions of international treaties.
3. Investors in Vietnam to conduct direct overseas investments in oil and gas activities must comply with the provisions of this Decree, regulations on foreign investment and the other provisions of the relevant laws. The case of the provisions of this Decree other than the provisions of other relevant decrees shall apply the provisions of this Decree.
Article 2. The object of this Decree apply apply to investors in Vietnam (hereinafter investors) include: 1. limited liability companies, joint stock companies, partnerships, private enterprises granted certificate of business registration in accordance with the corporate law.
2. enterprises established under the law on State enterprises have yet to re-register under the enterprise law.
3. Enterprise with foreign capital established by the law on foreign investment have yet to re-register under the enterprise law and investment law.
4. the political organization of businesses, social-political organizations have yet to re-register under the enterprise law.
5. Cooperative, the cooperative association is established under the law on cooperatives.
6. individual business households of Vietnam.
Article 3. Explanation of terms In this Decree, the terms below are interpreted as follows: 1. the oil and gas activity is the activity of establishment and operation of the project on oil and gas exploration, mine development, oil and gas extraction, including active transportation by pipeline, processing of crude petroleum and other activities serve directly for these activities.
2. oil and gas contract is signed between the text represented the oil and gas resource owners with investors or partners with whom the investor then the assignee of the rights involved in the oil and gas contracts.
3. oil and gas assets is the value or the products are created in the process of investment in petroleum projects.
4. The total investment of the project is the whole cost of petroleum formation and project implementation according to the classification and form the project stipulated in article 4 of this Decree.
Article 4. Formation and classification of oil and gas projects 1. Oil and gas projects are formed through one of the following forms: a) oil and gas contracting;
b) the assignee of the rights involved in the oil and gas contracts;
c) the assignee a portion or the entire company.
2. petroleum project include: a) project exploration, development and extraction is performed starting from the exploration phase;
b) project development, extraction is performed starting from the development phase, the exploitation of oil and gas.
Article 5. Applied investment incentive 1. Case law, the new policy has issued preferential benefits, higher than the benefits, incentives that investors are entitled to under the provisions of the certificate of the investment, the investors enjoy the benefits, incentives under new rules from the date of the law, the new policy is in effect.
2. where the benefits, incentives in investment certificates or text allows foreign direct investment in the oil and gas activities has grant investors a higher preference level than the benefits, incentives that investors are entitled to under the current rules, then that investors are continuing to enjoy the benefits , incentives have been recorded in the investment certificates or text allows foreign direct investment in the oil and gas activities.
Article 6. Activity formation and oil and gas projects 1. Activities form the oil and gas project led by the investor conducted abroad or in Vietnam to support directly or indirectly to the formation of oil and gas projects abroad, including: a) market research and investment opportunities;
b) surveys;
c) research materials;
d) gather and purchase document, information that is related to the selection of projects;
DD) General, reviews, due diligence, including the hiring of consultants to assess, appraise;
e) join, organize workshops, conferences;
g) activity of the representative office, Liaison Office, branch offices of overseas investors related to the formation of oil and gas projects;
h) participate in the international bidding;
I) petroleum contract negotiations;
k) other necessary activities.
2. oil and gas projects including the implementation of projects under the work program and budget was approved on the basis of the petroleum contract or written agreement with investment partners or text agreement on the transfer of rights to participate or transfer of part or the entire company was granted the certificate of investment.
Chapter II JURISDICTION to APPROVE the INVESTMENT and PROCEDURES level, ADJUST the INVESTMENT CERTIFICATE article 7. Investment approval authority 1. Prime investment approvals for oil and gas projects have used state capital from 1,000 billion of capital or economic components from 3,000 billion.
2. oil and gas projects not subject to the provisions in clause 1 of this article by the owner or representative of investors decide.
Article 8. Investment certificate 1. Oil and gas projects were approved in the form of investment certificates by the Ministry of planning and investment.
2. The certificate of investment for oil and gas projects are carried out according to one of the two following procedures: a) register, the certificate of the investment project for the capital scale under 15 billion;
b) verification, certification for investment projects with capital investments of 15 billion or more.
Article 9. Registration documents, certificate of registration, investment certificates of investment include: 1. registration documents, certificate of investment according to the model by the Ministry of planning and investment.
2. certified copies of certificates of investment for the investor invested abroad; Business registration certificate or decided to set up the business for domestic investors is held; The paper identification or passport for personal investors.
For investors in foreign-invested investment license granted before 1 July 2006 but did not register again or switch the investment according to the law, they must have a copy of the investment license.
3. offshore investment decisions of the authority as specified in paragraph 2 to article 7 of this Decree.
4. oil and gas contracts or written agreements with partners, or writing the agreement on the participation rights of the assignee or assignee of part or the entire company.
Registration documents, investment certificates are filed at the Ministry of planning and investment, including 3 suites, including 1 the root.
Article 10. Registration process, investment certificates 1. The Ministry of planning and investment to review the validity of the registration documents, investment certificates as defined in article 9 of this Decree.
Case should clarify some of the content relates to the registration documents, certificate of investment, within 3 working days from the date of receiving the application, the Ministry of planning and investment has asked investors to text explanations.
2. Within 15 working days from receipt of valid records, the Ministry of planning and investment granted investment certificates to investors.
Case records registered, investment certificates is not approved, the Ministry of planning and investment announced in writing, stating the reasons for not accepting the certificate of investment. Investors have the right to appeal the disapproval of investment certificates in accordance with the law.
3. Ministry of planning and investment stars send investment certificate to the Ministry of industry, Ministry of finance, the State Bank of Vietnam, the provincial people's Committee where investors business registration (for institutional investors) or permanent residence (for individual investors, Vietnam).
Article 11. Profile assessment, certification verification record investment levels, investment certificates include: 1. The text proposed, investment certificates according to the model by the Ministry of planning and investment.
2. certified copies of certificates of investment for the investor invested abroad; Business registration certificate or decided to set up the business for domestic investors is held; The paper identification or passport for personal investors.
For investors in foreign-invested investment license before 1st July, 2006 but did not register again or switch the investment according to the law, they must have a copy of the investment license.
3. explanatory text about the feasibility of the projects, including the contents of the target, place, scale, sources of capital, the progress made and the economic efficiency of the project.
4. The report by the financial capability to invest and take responsibility.
5. offshore investment decisions of the authority as specified in paragraph 2 to article 7 of this Decree.
6. oil and gas contracts or written agreements with partners, or writing the agreement on the participation rights of the assignee or assignee of part or the entire company.
Profile assessment, investment certificates are filed at the Ministry of planning and investment, including 8 suites, including 1 the root.
Article 12. Assessment process, investment certificates 1. Content verification certificates, investment include: a) the legal status of investors;
b) the legitimacy of the capital;
c) the progress of the project (for project development, extraction).
2. within 10 working days from the date of the profile assessment, certification of valid investment, Ministry of planning and investment to send comments to the ministries concerned.

3. within 10 working days of receipt of the record, the ministries submit comments in writing to the Ministry of planning and investment. So the time limit on, if the Agency does not have the written opinion shall be considered agreed with the recommendations in an investigation of investment certificates to investors.
4. within 25 working days from the date of receipt of a valid application, the Ministry of planning and investment to conduct petroleum project verification and certification of the investment.
5. where the assessment profile, investment certificates is not approved, the Ministry of planning and investment announced in writing, stating the reasons for not accepting the certificate of investment. Investors have the right to appeal the disapproval of investment certificates in accordance with the law.
6. for projects approved under the authority of the Prime Minister, within the time limit of 20 working days from the date of receipt of a valid application, the Ministry of planning and investment, the Prime Minister reported the results verified with the opinions of the ministries and to propose responses to the approved certificate of investment.
Within 5 working days from the date of approval by the Prime Minister, the Ministry of planning and investment granted investment certificates.
7. Ministry of planning and investment stars send investment certificate to the Ministry of industry, Ministry of finance, the State Bank of Vietnam, the provincial people's Committee where investors business registration (for institutional investors) or permanent residence (for individual investors, Vietnam).
Article 13. Shorten the time limit for assessment, certification of investment in petroleum projects case requires urgent deadlines, investors have written explanation why Please shorten the time limit for submitting The assessment planning and investment and the ministries concerned with records as defined in article 11 of this Decree. Within 5 working days from receipt of valid records, the Ministry of planning and investment, chaired meetings with the ministries concerned to verify, investment certificates without going through the procedure of consultation such as specified in the item 2 and 3 article 12 of this Decree.
For the oil and gas project led by the Prime Minister approved investments as specified paragraph 1 article 7 of this Decree, within 3 working days from the date of completion of the investigation, the Ministry of planning and investment, the Prime Minister reported the results verified.
Within 2 working days from the day the Prime Minister approved the investment, the Ministry of planning and investment granted investment certificates.
Article 14. Adjust the investment certificate 1. When wishing to regulate oil and gas projects have been granted investment certificates regarding the form of investment, the duration of the project, or the total investment of the project after the tune has changed to 30% compared to total investment recorded in the investment certificates an investor must make the adjustment procedure of investment certificates.
2. The adjustment of petroleum project was done under one of the following procedures: a) registered investment certificates, adjust;
b) verified, certified investment adjustments.
Article 15. Conditions and registration process, the certification of investment adjustment 1. In an oil and gas project registration, certificate of investment adjustment is controlled, projects of investment form, the duration of the project, or the total investment of the project after the tune has changed to 30% compared to total investment recorded in the investment certificates but the new total investment does not exceed 15 billion.
2. Registration documents, certificate of investment adjustment include: a) text recommended certification model adjusted according to investment by the Ministry of planning and investment issued;
b) decide to adjust the project authority's gas oil as defined in paragraph 2 article 7 of this Decree;
c) report the situation to the operations of oil and gas projects until the time of the proposed adjustment of investment certificates;
d) certified copy of the certificate of investment.
3. Registration documents, certificate of investment adjustment is filed at the Ministry of planning and investment to include 3 sets of which 1 the root.
Case should clarify some of the content relates to the registration documents, certificate of investment to adjust, within 3 working days from the date of the application, the Ministry of planning and investment has asked investors to text explanations.
4. Within 15 working days from receipt of valid records, the Ministry of planning and investment granted investment certificates for investors.
Case registration documents, certificate of investment adjustment is not approved, the Ministry of planning and investment announced in writing, stating the reason for non-acceptance of investment certificates. Investors have the right to appeal the disapproval of investment certificates adjusted in accordance with the law.
5. Ministry of planning and investment stars send investment certificate adjust to the Ministry of industry, Ministry of finance, the State Bank of Vietnam, the provincial people's Committee where investors business registration (for institutional investors) or have permanent residence (for individual investors, Vietnam).
Article 16. Conditions and assessment process, the certification of investment adjustment 1. Oil and gas project in an inspection, the certificate of the investment project are the adjustment after adjustment has a total investment of 30 percent change total investment recorded in the investment certificates and exceeded 15 billion.
2. inspection records, investment certificate adjust include: a) the suggested text, assessment of investment certificates to adjust according to the model by the Ministry of planning and investment issued;
b) decide to adjust the project authority's gas oil as defined in paragraph 2 article 7 of this Decree;
c) report the situation to the operations of oil and gas projects up to suggest adjustments;
d) certified copies of certificates of investment;
DD) explanation about the content of the tune.
3. process of certification, assessment of investment adjustment: a) assessment records, certificates of investment adjustment is filed at the Ministry of planning and investment, including 12 sets of which 1 the root.
 b) within 3 working days from the date of receipt of a valid application, the Ministry of planning and investment to send verification of investment certificates, adjust the opinions the ministries concerned;
c) within 15 working days from the date of the profile assessment, investment certificates, the ministries have written comments submitted to the Ministry of planning and investment. So the time limit on, if the Agency does not have comments then regarded as agreed with the recommendations in the investigation records, investment certificates to investors;
d) for oil and gas projects in the Authority's decision to represent owner or investor, the Ministry of planning and investment to conduct interrogation records and certificates of investments adjusted within 30 working days from the date of the application;
DD) for oil and gas projects in the authority approved investment of Prime or oil and gas project after the adjustment, the total investment has used state capital from 1,000 billion of capital or economic components from 3,000 billion or more, within 25 working days from the date of receipt of a valid application The Ministry of planning and investment, the Prime Minister reported the results verified with the opinions of the ministries concerned and proposes ideas for enabling adjustment of investment certificates.
Within 5 working days from the date of approval by the Prime Minister, the Ministry of planning and investment granted investment certificate tuning.
e) case investigation records, certificates of investment adjustment is not approved, the Ministry of planning and investment announced in writing, stating the reason for non-acceptance of investment certificates. Investors have the right to appeal the disapproval of investment certificates adjusted in accordance with the law.
4. Ministry of planning and investment stars send investment certificate adjust to the Ministry of industry, Ministry of finance, the State Bank of Vietnam, the provincial people's Committee where investors business registration (for institutional investors) or have permanent residence (for individual investors, Vietnam).
Chapter III IMPLEMENTATION article 17 OIL and GAS PROJECTS. Notice 1 oil and gas project. Within a period of 60 days from the day the oil and gas project to be approved under the provisions of the law of the country receiving the investment, investors must have written notice of the implementation of the projects included a copy of the text approved projects or writing legal value equivalent to send The : Planning and investment, finance, trade, industry, Foreign Affairs, the State Bank of Vietnam and the people's committees of provincial level where investors business registration (for institutional investors) or have permanent residence (for individual investors, Vietnam).
2. Written notice of the project include the following oil and gas: a) name, head office address of the legal person established abroad (if any); name, address, branch, Representative Office (if available);
b) objectives and areas of investment;
c) capital of the enterprises established abroad, the capital participation of investors;
d) information about the representative investor and business representatives abroad include: full name, permanent address (in Vietnam and abroad), position, identity card or passport number.
3. where there is a change in the content of the provisions in paragraph 2 of this article, within a period of 30 days from the date of the change, the investor has a text message about the content change sent the Ministry of planning and investment.
Article 18. The term petroleum project 1. Within a period of 12 months from the date of certification of that investment projects are not the country receiving the investment approval or within a period of 6 months from the day the oil and gas projects are the country receiving the investment approvals that the project not be implemented, the investor must have text stating the reasons and proposed extending the time limit for the project or recommend termination of oil and gas projects sent the Ministry of planning and investment.

2. Within 15 working days of receiving a written proposal extends the time limit for implementing projects or terminate projects, Ministry of planning and investment has written approval or disapproval of the proposal outlined above, and send the Ministry of finance , Trade, industry, Foreign Affairs, the State Bank of Vietnam and the people's committees of provincial level where investors business registration (for institutional investors) or have permanent residence (for individual investors, Vietnam).
3. The renewal of the oil and gas project be done consistent with the oil and gas contracts or written agreements with partners, or writing the agreement on the participation rights of the assignee or assignee of part or the entire company.
Article 19. The new entity established To prepare investment or perform operations forming oil and gas projects or to develop oil and gas projects, investors are allowed to establish or participate in the establishment of new businesses in Vietnam, in the receiving country or in third countries in accordance with the relevant legislation.
Article 20. Annual report mode, within a period of 6 months from the end of the financial year of the country receiving the investment, investors must submit a report on the State of activity and financial reports certified by the auditor or the competent authorities of the receiving country for investment : Planning and investment, industry, finance and State Bank of Vietnam and the business registration agency.
Article 21. Termination and liquidation petroleum project termination activities of oil and gas projects be made consistent with the provisions of the petroleum contracts and the law of the country receiving the investment.
Article 22. Assignment of oil and gas projects when the transfer of a portion of oil and gas projects, or transfer the entire oil and gas projects but investors still benefit the project, investors made the registration of investment certificates are adjusted according to the provisions of articles 14, 15 and 16 of this Decree. The case of the transfer of oil and gas projects generated profits, investors make tax obligations prescribed by tax law.
Article 23. Costs are not likely to recover in the case of oil and gas projects do not have the ability to recover costs, investors are allowed to allocate a portion of the fee to the cost of production and business of investors in time not exceeding 5 years from the date of the end of oil and gas projects.
Article 24. Use the profits to invest abroad 1. After the completion of obligations under the rules of the law of the country receiving the investment and Vietnam law, investors are holding back overseas profits of oil and gas projects serve the following purposes: a) reinvestment for oil and gas projects have been granted investment certificates;
b) investment for other oil and gas projects in the country receiving the investment of the investor has been granted investment certificates.
2. Investors use the profits of oil and gas projects as defined in paragraph 1 of this article must be registered with the State Bank of Vietnam and the annual report to the Ministry of planning and investment on the situation to use the profit to reinvest.
Article 25. Turning a profit of 1. Within a period of 6 months from the date have tax or legal value text equivalent under the provisions of the law of the country receiving the investment, investors must transfer the entire profit about Vietnam except the profits are retained in accordance with paragraph 1 article 24 of this Decree.
2. in case of need of extending the time limit specified in paragraph 1 of this article, the investor must have text stating the reason, the State Bank of Vietnam to review the decision. The renewal is made not more than 2 times, each time not more than 6 months.
Article 26. Investor accounting was allowed to apply the accounting system for oil and gas projects in accordance with the provisions of the petroleum contracts. Investors are responsible for The financial statements the accounting system applied.
Article 27. Investors trade be conducted tender operations services, materials and equipment procurement, means to serve the oil and gas projects in accordance with the provisions of the petroleum contracts.
Article 28. Export and import in Vietnam 1. Investors in compliance with the provisions of the law on the export, Vietnam imported when the import-export of equipment, machinery, supplies, raw materials, fuel and catering to oil and gas projects. The absence of commercial contracts or contracts of the oil and gas investment certificate is used instead of the import-export records.
2. Investors in compliance with the provisions of the law of Vietnam about export, import when importing exploiting crude oil from petroleum projects are owned by investors. Investors are import and re-export of technical documents, tapes, samples for the purpose of research, analysis.
3. Investors are applying temporary import, re-export regimes with regard to materials and equipment, specimens and other materials, equipment for research, processing, intelligent solution, built to serve the oil and gas projects.
Article 29. Tax 1. When determining the number of corporate income tax payable in Vietnam for overseas oil and gas projects, the investors are business income tax already paid abroad or was the country receiving the investment paid instead (with valid documentation), but the corporate income tax be deducted does not exceed the number of enterprise income tax calculated according to the tax regulations in the law corporate income tax.
2. Individuals working for oil and gas projects to file income tax for high income earners under the provisions of the law of Vietnam. When determining the number of income tax for high income earners to pay at Vietnam, personal income tax of individuals have filed abroad or was the country receiving the investment paid instead (with valid documentation), but the tax deduction does not exceed the number of income tax to be paid for with higher-income people as prescribed by law for tax Vietnam currency Enter for high income people.
3. equipment, vehicles, supplies, raw materials, fuel, subject to export tax and taxable value by investors for export abroad to make oil and gas projects are tax free export and apply value added tax to zero (0%).
4. Samples, technical documents (paper tape, tape and other materials) imported for the purpose of research, analysis to oil and gas projects are exempt from import tax and not subject to value added tax.
5. The equipment, materials for oil and gas activities in the country have not produced, when imported temporarily to machining, processing, then re-export to oil and gas projects are free of import tax, export tax and not subject to value added tax.
Article 30. Transfer of capital abroad 1. Investors are shifting capital abroad to perform investment activities after satisfying the following conditions: a) has been granted investment certificates;
b) oil and gas project has been the competent State organs of the country receiving the investment approved in accordance with the law of the country receiving the investment.
2. The transfer of foreign currency abroad before being granted investment certificates for study, preparation of projects implemented under the provisions of the law on Foreign Exchange Management and provisions of relevant laws.
3. The transfer of capital abroad must comply with the provisions of the law on Foreign Exchange Management, export, technology transfer and other provisions of the relevant laws.
Chapter IV ADMINISTRATION of FOREIGN DIRECT INVESTMENT in the OIL and GAS ACTIVITIES article 31. Powers and responsibilities of the State administration ministries, ministerial agencies, government agencies, people's committees of provinces and cities under central, Vietnam diplomatic representative offices abroad implement state management functions on offshore investments in the oil and gas activities as defined in chapter IV of Decree 78/2006/ND-CP dated 9 August 2006 the Government's regulations on foreign direct investment.
Article 32. The responsibility of the Ministry of industry in collaboration with the Ministry of planning and investment in building policies and planning related to foreign direct investment in the oil and gas activities; Join comments on issues in the field of governance are assigned upon request of the Prime Minister or the proposal of the Ministry of planning and investment; implementation of the monitoring and inspection of foreign direct investment in the oil and gas activities from when oil and gas projects granted investment certificates until the termination of the validity of the certificate of investment.
Article 33. Handle violation of individual organization violates the provisions of this Decree will be dealt with according to the provisions of the law.
Chapter V ENFORCEMENT PROVISIONS Article 34. Effective enforcement of this Decree has effect after 15 days from the date The report.
Article 35. Responsibility 1. The Ministry of planning and investment, Ministry of industry, the Ministry of finance is responsible for guiding the implementation of this Decree.
2. Ministers, heads of ministerial agencies, heads of government agencies, the Chairman of the provincial people's Committee, the central cities is responsible for the implementation of this Decree.