On Oct. 16, VIE GVT issued decree on overseas investment in energy.
VIE GVT issued decree no. 132/2024/ND-CP on overseas investment in oil, gas sector.
Decree Overview
The decree applies to investors, agencies, organizations and individuals involved in foreign investment in petroleum activities and projects carried out abroad.
The activities include petroleum exploration and prospecting, oil and gas field development, oil and gas exploitation, oil and gas facility clearance, related activities.
It stipulates the source of capital for foreign investment in petroleum activities.
Namely, source includes money and other legal assets of investors, i.e. equity capital, loans in Vietnam transferred abroad, recovered costs, profits and other amounts distributed from overseas petroleum projects retained for overseas investment.
Specified procedures for issuing certificates of overseas investment registration.
Plus, oil and gas project implementation that covers establishment of operating company, transfer of investment capital abroad, procedures to register forex transactions for project after granting registration certificate for overseas investment.
Vietnam investors can mobilize capital from financial institutions to the projects.
Investors are responsible to transfer capital recovery from the projects to Vietnam within 6 months from the date of tax settlement report or relevant documents.
Covers financial obligations in Vietnam, accounting, taxation, reporting requirement.
Effectiveness
The decree will be effective from Dec. 5, 2024.
Regulators
VIE GVT
Entity Types
Corp
Reference
Dec 132/2024/ND-CP, PR, 10/16/2024; Rpl 124/2017/ND-CP, 11/15/2017;
