Decree 132/2024/ND-CP prescribing offshore investment in oil and gas activities

DECREE

Providing offshore investment in oil and gas activities^[1]

Pursuant to the June 19, 2015 Law on Organization of the Government; and the November 22, 2019 Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration;

Pursuant the June 17, 2020 Investment Law;

Pursuant to the November 26, 2014 Law on Management and Use of State Capital Invested in Production and Business at Enterprises;

Pursuant to the June 17, 2020 Law on Enterprises;

At the proposal of the Minister of Industry and Trade;

The Government promulgates the Decree providing offshore investment in oil and gas activities.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Decree provides offshore investment in the forms specified at Points a, b, c and dd, Clause 1, Article 52 of the Investment Law for participation in the implementation of overseas oil and gas activities and oil and gas projects (below referred to as offshore investment in oil and gas activities).

2. Offshore investment in the form of contribution of capital to, or purchase of shares or purchase of capital contributions from, overseas economic organizations for performance of oil and gas activities in Vietnam must comply with the Government’s Decree No. 31/2021/ND-CP of March 26, 2021, detailing and guiding the implementation of a number of articles of the Investment Law (below referred to as Decree No. 31/2021/ND-CP).  

Article 2. Subjects of application

This Decree applies to investors, agencies, organizations and individuals related to offshore investment in oil and gas activities.

Article 3. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Oil and gas project means an investment project formed under one or more than one oil and gas contract or license for performance of overseas oil and gas activities.

2. License or equivalent document means a document issued by a host country to an investor or a legal person established by an investor in accordance with law for performance of overseas oil and gas activities.

3. Overseas oil and gas activities means activities of oil and gas prospecting and exploration, oil field development, oil and gas exploitation, oil and gas structure clearance and other related activities carried out overseas in accordance with laws of host countries, oil and gas contracts, or licenses.

4. Oil and gas contract means a written agreement signed between a representative of an oil and gas resource owner and an investor or a legal person established by an investor in accordance with law of the host country for performance of overseas oil and gas activities.

5. Profit of an investor means a share received by an investor after subtraction of all expenses, charges and taxes in accordance with the oil and gas contract and law of the host country.

Article 4. Offshore investment capital in oil and gas activities

1. Offshore investment capital sources in oil and gas activities include money amounts and other lawful assets of investors, including equity, loan amounts borrowed in Vietnam and transferred abroad, recovered expenses, profits, and amounts divided from overseas oil and gas projects and retained for performance of offshore investment.

2. Money amounts and other lawful assets mentioned in Clause 1 of this Article include:

a/ Foreign-currency amounts available on accounts at licensed credit institutions or purchased from licensed credit institutions in accordance with law;

b/ Vietnam-dong amounts in accordance with Vietnam’s law on foreign exchange management;

c/ Machinery, equipment, supplies, raw materials, fuels, and goods being finished products or semi-finished products;

d/ Value of intellectual property rights, technologies, brands, and rights to assets;

dd/ Shares, capital contributions and projects of investors that are swapped at economic organizations in Vietnam and overseas economic organizations as specified in Clause 4 of this Article;

e/ Other lawful assets as specified by the civil law.

3. Offshore investment capital amounts used to contribute capital, pay for shares or capital contributions, or perform arising underwriting obligations (if any) and other financial obligations of investors in accordance with laws of host countries, oil and gas contracts, licenses, and other relevant agreements for implementation of overseas oil and gas activities or oil and gas projects from the formation until the completion of such projects and fulfillment of all obligations under regulations. Capital amounts already transferred abroad, when being recovered and remitted home, shall no longer be regarded as capital amounts already transferred abroad.

4. Vietnamese investors may use their own shares, capital contributions or investment projects in Vietnam to pay or swap for the purchase of shares, capital contributions or oil and gas projects of overseas economic organizations. In this case, Vietnamese investors shall carry out procedures for grant of offshore investment registration certificates first, then foreign investors shall carry out procedures for investment in Vietnam in accordance with law.

Article 5. Offshore investment by foreign-invested economic organizations in Vietnam

Offshore investment by foreign-invested economic organizations in Vietnam must comply with Article 70 of Decree No. 31/2021/ND-CP.

Article 6. Documents indicating locations for implementation of overseas oil and gas projects

1. Overseas oil and gas projects shall be accompanied by documents indicating their implementation locations.

2. The document indicating the implementation location of an overseas oil and gas project is one of the following documents, which has a content on location indication:

a/ License or equivalent document issued by the host country;

b/ Oil and gas contract or written investment agreement with foreign partner(s) or written agreement on acquisition of the right to participate or acquisition of part or the whole of the capital contribution by the economic organization carrying out overseas oil and gas activities;

c/ Land allocation or land lease contract or land allocation or land lease decision issued by a competent agency or organization in the host country;

d/ Notice of bid winning for participation in the overseas oil and gas project or equivalent document issued by the host country.

Article 7. Documents identifying forms of offshore investment; languages used in dossiers for offshore investment in oil and gas activities; receipt of dossiers and settlement of procedures related to offshore investment in oil and gas activities; handling of forged dossiers 

1. Documents identifying forms of offshore investment must comply with Article 74 of Decree No. 31/2021/ND-CP.

2. Languages used in dossiers for offshore investment in oil and gas activities must comply with Article 5 of Decree No. 31/2021/ND-CP.

3. Receipt of dossiers and settlement of procedures related to offshore investment in oil and gas activities must comply with Article 6 of Decree No. 31/2021/ND-CP.

4. Handling of forged dossiers must comply with Article 7 of Decree No. 31/2021/ND-CP.

Chapter II

PROCEDURES FOR GRANT AND MODIFICATION OF OFFSHORE INVESTMENT REGISTRATION CERTIFICATES

Article 8. Dossiers, order and procedures for grant of offshore investment registration certificates for oil and gas projects subject to approval of offshore investment policy

1. A dossier for grant of an offshore investment registration certificate for an oil and gas project subject to approval of offshore investment policy must comprise:

a/ The documents specified at Points a, b, c, d, dd and e, Clause 1, Article 57 of the Investment Law;

b/ For the document specified at Point c, Clause 1, Article 57 of the Investment Law, the investor shall fully assess technical, economic and investment environment risks in the host country and other risks as appropriate to characteristics of the project or its phases;

c/ For the document specified at Point dd, Clause 1, Article 57 of the Investment Law, in case the investor has submitted a written commitment on self-balancing of foreign-currency sources, the document of the licensed credit institution certifying the balance of the investor’s foreign-currency account is required;

d/ The tax agency’s document certifying the performance of the investor’s tax obligation under Clause 5, Article 60 of the Investment Law;

dd/ The document certifying the project’s implementation location as specified in Article 6 of this Decree;

e/ The document identifying the form of offshore investment, for the case specified in Clause 1, Article 7 of this Decree;

g/ The report on provision of loans (if any) to the overseas economic organization for carrying out overseas oil and gas activities, containing the following information: name of the borrower; total loan amount; lending purpose and conditions; disbursement plan; debt recovery plan, asset security interest(s), and method of handling of security interest(s) (if any); plan on balancing of foreign-currency sources for loan provision; evaluation of the borrower’s financial capacity; risk level, and projected risk prevention measures for such loan amount.

h/ The document determining the performance of arising underwriting obligations, in case the project has a content on the investor’s provision of underwriting for the overseas economic organization to borrow loans for project implementation;

i/ Other relevant documents.

2. The order and procedures for grant of offshore investment registration certificates for oil and gas projects subject to approval of offshore investment policy must comply with Article 76 of Decree No. 31/2021/ND-CP.

Article 9. Dossiers, order and procedures for modification of offshore investment registration certificates for oil and gas projects subject to approval of offshore investment policy

1. A dossier for modification of an offshore investment registration certificate for an oil and gas project subject to approval of offshore investment policy must comply with Clause 1, Article 77 of Decree No. 31/2021/ND-CP and Point b, Clause 1, Article 8 of this Decree.

2. The order and procedures for modification of offshore investment registration certificates for oil and gas projects subject to approval of offshore investment policy must comply with Clauses 2 and 3, Article 77 of Decree No. 31/2021/ND-CP.

Article 10. Dossiers, order and procedures for grant of offshore investment registration certificates for oil and gas projects not subject to approval of offshore investment policy

Dossiers, order and procedures for grant of offshore investment registration certificates for oil and gas projects not subject to approval of offshore investment policy must comply with Article 78 of Decree No. 31/2021/ND-CP.

Article 11. Dossiers, order and procedures for modification of offshore investment registration certificates for oil and gas projects not subject to approval of offshore investment policy

Dossiers, order and procedures for modification of offshore investment registration certificates for oil and gas projects not subject to approval of offshore investment policy must comply with Article 79 of Decree No. 31/2021/ND-CP.

Chapter III

IMPLEMENTATION OF OIL AND GAS PROJECTS

Article 12. Establishment of executive companies

1. In order to carry out the formulation or implementation of an overseas oil and gas project, an investor may establish or jointly establish an executive company in Vietnam, the host country or a third country in accordance with law of the host country and an oil and gas contract.

2. In case an investor decides to establish an executive company for the latter to act on its behalf to participate in or implement an overseas oil and gas project, the names of such executive company and the investor shall be written in the offshore investment registration certificate. The executive company may use the offshore investment registration certificate for activities related to the implementation of the oil and gas project.

3. An investor may use one executive company to manage and execute one or more than one overseas oil and gas project in compliance with regulations of the host country. Expenses for each oil and gas project shall be independently distributed and accounted.

Article 13. Outbound transfer of investment capital

1. An investor may transfer capital abroad to carry out overseas oil and gas activities under Article 66 of the Investment Law.

2. An investor may transfer foreign currencies, goods, machinery and equipment abroad before being granted an offshore investment registration certificate in order to cover expenses for the formulation of an overseas oil and gas project, including:

a/ Study of the market and investment opportunities;

b/ Field survey;

c/ Study of documents;

d/ Collection and purchase of documents and information related to project selection;

dd/ Summarization, evaluation and appraisal, including also selection and hiring of experts and consultants to approach, evaluate and appraise the project;

e/ Organization of scientific seminars and conferences;

g/ Establishment and operation of overseas liaison offices related to project formulation;

h/ Contract negotiations;

i/ Purchase or rent of assets and services to support project formulation;

k/ Participation in international bidding, payment of deposits or escrow accounts or other forms of financial underwriting, and payment of expenses and fees at the request of the bid solicitor and the host country related to the conditions for bidding participation and project implementation;

l/ Participation in company merger or acquisition, payment of deposits or escrow accounts or other forms of financial underwriting, and payment of expenses and fees at the request of the company seller or in accordance with law of the host country.

3. The maximum foreign-currency amount to be transferred abroad for the cases specified at Points a, b, c, d, dd, e, g, h and i, Clause 2 of this Article must not exceed USD 500,000; the maximum foreign-currency amount to be transferred abroad for the cases specified at Points k and l, Clause 2 of this Article must not exceed USD 2 million. For an investor being a state enterprise, the performance of transactions of a value exceeding the maximum amount specified in this Clause shall be decided by the company’s Members’ Council or Board of Directors after obtaining opinions of the owner’s representative agency within 15 days from the date of receipt of the investor’s opinion solicitation document and notified to the State Bank of Vietnam for monitoring according to its competence. For an investor other than a state enterprise, the performance of transactions of a value exceeding the maximum amount specified in this Clause shall be decided by the investor and notified to the State Bank of Vietnam for monitoring according to its competence.

4. Investors shall take responsibility before law for foreign-currency amounts transferred abroad to cover expenses for the activities specified in Clause 2 of this Article and ensure proper use of such amounts on the basis of producing all valid papers and documents in accordance with regulations of licensed credit institutions upon outbound transfer of foreign currencies; and take responsibility before law for the authenticity of the papers and documents produced to licensed credit institutions.

5. Foreign-currency amounts transferred abroad to cover expenses for the activities specified in Clause 2 of this Article shall be accounted into the total offshore investment capital.

6. Outbound transfer of foreign currencies before and after offshore investment registration certificates are granted must comply with the law on foreign exchange management and this Decree.

Article 14. Principles of outbound transfer of foreign currencies before offshore investment registration certificates are granted

1. Outbound transfer of foreign-currency amounts by an investor before it/he/she is granted an offshore investment registration certificate shall be carried out through a pre-investment foreign-currency account opened at a licensed credit institution in Vietnam. All revenue and expenditure transactions related to the outbound transfer of foreign currencies before the offshore investment registration certificate is granted shall be carried out through such account.

2. When conducting transactions of outbound transfer of foreign currencies before offshore investment registration certificates are granted for investors, licensed credit institutions shall request such investors to provide appropriate dossiers and documents for checking, examination and archiving, ensuring such transactions are conducted to cover expenses for investment preparation activities of investors in accordance with the Investment Law and this Decree; and report on such transactions to the State Bank of Vietnam.

3. After offshore investment registration certificates are granted for oil and gas projects, the above-mentioned pre-investment foreign-currency accounts may be used as investment capital accounts and shall be registered with the State Bank of Vietnam in accordance with law.

Article 15. Dossiers, order and procedures for registration of foreign exchange transactions related to offshore investment in oil and gas activities after offshore investment registration certificates are granted

1. A dossier for registration of foreign exchange transactions must comprise:

a/ An application for registration of foreign exchange transactions, made according to Form No. 01 provided in the Appendix to this Decree;

b/ A certified copy or a copy enclosed with the original of the investment license or offshore investment certificate or offshore investment registration certificate for collation. In case the investor submits a copy enclosed with the original for collation, the collator shall certify the authenticity of the copy against the original.

c/ Foreign-language copies and Vietnamese translations (bearing the investor’s certification of authenticity of copies and accuracy of translations) of the written approval or investment license granted by the competent authority of the host country or the document proving the right to carry out investment activities in the host country in accordance with regulations of the host country;

d/ The original of the licensed credit institution’s written certification of opening of the investor’s investment capital account, clearly stating the account number and kind of foreign currency;

dd/ The original of the licensed credit institution’s written certification of the money amount transferred abroad by the investor before being granted the offshore investment registration certificate, in case the investment capital has been transferred abroad before the offshore investment registration certificate is granted.

e/ Written explanations about the demand for outbound transfer of Vietnam-dong investment capital, in case the transfer is made in Vietnam dong.

2. Procedures for registration of foreign exchange transactions with the State Bank of Vietnam

a/ An investor shall send 1 dossier for registration of foreign exchange transactions (by hand-delivery or by post or via the electronic network) as specified in Clause 1 of this Article to the State Bank of Vietnam;

b/ In case the dossier is incomplete, the State Bank of Vietnam shall, within 5 working days after receiving the dossier, request in writing the investor to supplement the dossier;

c/ Within 10 working days after receiving a complete dossier, the State Bank of Vietnam shall certify or refuse to certify the transaction registration. In case of refusal to certify the transaction registration, the State Bank of Vietnam shall notify such in writing to the investor, clearly stating the reason.

Article 16. Registration or notification of changes in foreign exchange transactions related to offshore investment in oil and gas activities after modified offshore investment registration certificates are granted 

1. An investor shall register a change in foreign exchange transactions with the State Bank of Vietnam after being granted a modified offshore investment registration certificate or when a change arises in contents of the State Bank of Vietnam’s written certification of foreign exchange transaction registration in the following cases:

a/ Change of the Vietnamese investor implementing the overseas oil and gas project;

b/ Change of the kind of foreign currency on the investment capital account or change of the credit institution where the investment capital account is opened;

c/ Change in the offshore investment capital amount in cash (except the case of use of profits from offshore investment or recovered capital amounts for further contribution of offshore investment capital if the investor’s contributed capital amount is smaller than the registered amount or the investor increases offshore investment capital under Points a and b, Clause 1, Article 67 of the Investment Law and Clause 3, Article 18 of this Decree);

d/ Change in the progress of outbound transfer of investment capital in cash by the investor in case the money amount transferred abroad in the period is larger than that registered with and certified by the State Bank of Vietnam.

2. A dossier for registration of a change in foreign exchange transactions must comprise:

a/ An application for registration, made according to Form No. 02 provided in the Appendix to this Decree;

b/ The original of the written certification of account balance, given by the licensed credit institution where the investor’s investment capital account is opened; and the money amount transferred abroad and money amount remitted to Vietnam by the time the change arises;

c/ A certified copy or a copy enclosed with the original of the modified offshore investment registration certificate for collation. In case the investor submits a copy enclosed with the original for collation, the collator shall certify the authenticity of the copy against the original.

3. Within 30 days after an investor has its offshore investment registration certificate modified by the Ministry of Planning and Investment and before realizing the change in foreign exchange transactions in the case specified at Point b, c or d, Clause 1 of this Article, the investor shall register such change with the State Bank of Vietnam according to the following procedures:

a/ The investor shall send 1 dossier for registration of the change in foreign exchange transactions (by hand-delivery or by post or via the electronic network) as specified at Point a of this Clause to the State Bank of Vietnam;

b/ In case the dossier is incomplete, the State Bank of Vietnam shall, within 5 working days after receiving the dossier, request in writing the investor to supplement the dossier;

c/ Within 10 working days after receiving a complete registration dossier, the State Bank of Vietnam shall certify or refuse to certify the change in foreign exchange transactions for the investor. In case of refusal to certify the change in foreign exchange transactions, the State Bank of Vietnam shall notify such in writing to the investor, clearly stating the reason.

4. For a change other than that specified in Clause 1 of this Article (including change in the name of the Vietnamese investor implementing the overseas oil and gas project, change in the name of the offshore investment project, change in the name of the foreign economic organization (if any), change of the investment form, change of the investment capital source or investment capital form, change of the location for carrying out investment activities for investment projects requiring specific investment locations, change of major objectives of offshore investment activities, use of profits from offshore investment or recovered capital amounts for further contribution of offshore investment capital in case the investor’s contributed capital amount is smaller than the registered amount or the investor increases offshore investment capital under Points a and b, Clause 1, Article 67 of the Investment Law and Clause 3, Article 18 of this Decree, or change in the account number, except the case specified at Point b, Clause 1 of this Article), within 30 days after the change occurs, the investor shall send a notice of the change, enclosed with a copy of the modified offshore investment registration certificate (if any) or a document evidencing the updating of the change to the National Investment Information System, to the State Bank of Vietnam and the licensed credit institution where the investor’s investment capital account is opened, upon the occurrence of the changes specified in Clause 2, Article 63 of the Investment Law.

 Article 17. Mobilization of capital for overseas oil and gas projects and guarantee for borrowing of loans for project implementation

1. Vietnamese investors may authorize their executive companies to mobilize capital from (foreign or domestic) financial and credit institutions  for implementation of overseas oil and gas projects in proportion to their ratios of investment in such projects in accordance with relevant laws.

2. For overseas oil and gas projects involving establishment of executive companies and in case financial and credit institutions request pledge or mortgage of project assets for loans, investors may carry out legal procedures for their executive companies to borrow such loans.

3. In case financial and credit institutions request guarantee of investors, Vietnamese investors shall provide guarantee in proportion to their ratios of investment in projects in accordance with relevant laws.

Article 18. Recovery of capital (expenses) from overseas oil and gas projects

1. An investor shall remit recovered capital amounts (expenses) from an overseas oil and gas project back to Vietnam within 6 months after the tax finalization report or a legally equivalent document is issued in accordance with law of the host country, except the case specified in Clause 3 of this Article.

2. Within the time limit specified in Clause 1 of this Article, if failing to remit recovered capital amounts (expenses) from overseas oil and gas projects back to Vietnam, investors shall send a notice thereof in advance to the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Industry and Trade, the State Bank of Vietnam, and the owner’s representative agency for monitoring and management within the ambit of their assigned functions and tasks. When expiring, the time limit for remittance of recovered capital amounts (expenses) back to the country specified in Clause 1 of this Article may be extended for no more than 6 months.

3. In case an investor’s total amount of offshore investment capital is smaller than the registered capital level or in case an investor increases the offshore investment capital under a project, the investor may retain recovered capital amounts (expenses) for investment in such project if such is stated in the offshore investment certificate or the modified offshore investment certificate or the offshore investment certificate registration certificate or the modified offshore investment certificate registration certificate.

Article 19. Transfer of overseas oil and gas projects

1. An investor may transfer part or the whole of an overseas oil and gas project in accordance with the oil and gas contract, relevant agreement(s) and license(s), laws of the host country and related countries, and this Decree. Authorities competent to decide on investment in overseas oil and gas projects have the competence to decide on project transfer.

2. In case of transfer of the whole of overseas oil and gas projects to domestic investors, the investors as transferors shall carry out procedures for modification of offshore investment registration certificates under Article 63 of the Investment Law. In case of transfer of the whole of overseas oil and gas projects to foreign investors, the investors as transferors shall carry out procedures for invalidation of offshore investment registration certificates under Article 64 of the Investment Law.       

3. In case the transfer of overseas oil and gas projects is profitable, investors shall perform their financial obligations in Vietnam in accordance with the tax laws, relevant laws and Agreements for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and property between Vietnam and foreign countries and territories.

Article 20. Handling of expenses of unsuccessful overseas oil and gas projects

Expenses of unsuccessful overseas oil and gas projects shall be handled in accordance with law and financial management regulations of enterprises.

Article 21. Accounting

1. Investors may apply the accounting system to their overseas oil and gas projects in accordance with oil and gas contracts, licenses and regulations of host countries.

2. The accounting and monitoring of investment expenses in accounting books of investors must comply with the accounting law of Vietnam.

Article 22. Financial obligations in Vietnam

1. Investors shall fully perform their financial obligations related to their overseas oil and gas activities and oil and gas projects toward the Vietnamese State in accordance with the tax laws, relevant laws, and Agreements for the avoidance of double taxation and the prevention of fiscal evasion with respect to income and property between Vietnam and foreign countries and territories.

2. For oil and gas contracts and overseas oil and gas projects under which investors’ revenues (divided amounts) are not identified as their recovered capital amounts and incomes, the investors shall additionally register with the Ministry of Finance the mechanism for identification of revenues of investors to serve state management work and fulfillment of financial obligations in Vietnam (if any).

3. The exemption from import duty and export duty for capital amounts in the form of goods, machinery and equipment transferred abroad for performance of investment activities and those remitted from abroad to Vietnam must comply with the law on import duty and export duty.

Article 23. Sending of Vietnamese workers to work at overseas oil and gas projects and stabilization of policies toward workers participating in the implementation of overseas oil and gas projects

1. Investors may only send Vietnamese workers to work at overseas oil and gas projects after being granted offshore investment registration certificates and satisfying requirements of the labor laws of Vietnam and host countries.

2. Investors shall fully comply with the provisions of the Law on Vietnamese Guest Workers regarding sending of Vietnamese workers to work at overseas oil and gas projects and relevant regulations.

3. Workers who are assigned by investors to work on a regular basis at organizations implementing overseas oil and gas projects under written agreements between investors and their partners and for whom salaries, bonuses and other allowance and insurance regimes are accounted as tax calculation expenses of such projects before being transferred to investors to pay to such workers will be entitled to salaries, bonuses and allowances under labor contracts and agreements with investors (employers). Investors may apply foreign-currency salary tables to workers as a basis for the performance of social insurance, health insurance and unemployment insurance obligations and making of other compulsory social contributions as specified by Vietnam’s law.

4. For workers who are assigned by investors to work on a regular basis at organizations implementing overseas oil and gas projects and for whom allowances and compulsory insurance premiums are paid in accordance with Vietnam’s law but not accounted as tax calculation expenses of overseas oil and gas projects, investors may deduct certain amounts from their production and business expenses and contributions of workers from their personal incomes for performance of social insurance, health insurance and unemployment insurance obligations and making of other compulsory social contributions for workers in accordance with Vietnam’s law.

5. Social insurance, health insurance and unemployment insurance premiums and other compulsory social contributions as specified by Vietnam’s law for workers who are assigned by investors to work on a regular basis at organizations implementing overseas oil and gas projects are the same as those for holders of similar titles in Vietnam.   

Article 24. Reporting on offshore investment in oil and gas activities

The regime of reporting on offshore investment in oil and gas activities must comply with Article 83 of Decree No. 31/2021/ND-CP.

Article 25. Termination of offshore investment in oil and gas activities and dossiers, order and procedures for invalidation of offshore investment registration certificates

1. The termination of offshore investment in oil and gas activities must comply with Article 86 of Decree No. 31/2021/ND-CP.

2. Dossiers, order and procedures for invalidation of offshore investment registration certificates must comply with Article 87 of Decree No. 31/2021/ND-CP.

3. Investors may transfer abroad money amounts for performance of their financial obligations toward host countries and their partners in accordance with oil and gas contracts, licenses or agreements and other relevant legal documents after producing papers and documents required by licensed credit institutions upon outbound transfer of foreign currencies. Investors shall be held responsible before law for authenticity of papers and documents produced to licensed credit institutions.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 26. Effect 

1. This Decree takes effect on December 5, 2024, and replaces the Government’s Decree No. 124/2017/ND-CP of November 15, 2017, providing offshore investment in oil and gas activities.

2. In case the legal documents referred to in this Decree are amended and supplemented or superseded, the amending and supplementing or superseding legal documents shall prevail. 

Article 27. Implementation responsibility

1. State management of offshore investment activities

a/ Ministries, ministerial-level agencies, government-attached agencies, provincial-level People’s Committees, and overseas Vietnamese representative missions shall perform the function of state management of offshore investment in oil and gas activities in accordance with the Investment Law and Article 99 of Decree No. 31/2021/ND-CP;

b/ In addition to the tasks specified at Point a, Clause 1 of this Article, the Ministry of Industry and Trade shall give its opinions on issues in the fields under its state management as assigned upon receiving requests of the Prime Minister or proposals of the Ministry of Planning and Investment;

c/ Owners’ representative agencies shall manage, inspect and monitor the use of state capital amounts for offshore investment by state enterprises in accordance with law; formulate their internal regulations on appraisal, approval of offshore investment policy, and decision on offshore investment, for oil and gas projects of state enterprises, and perform the tasks specified in Clauses 2 and 3, Article 71 of Decree No. 31/2021/ND-CP, for overseas oil and gas projects of state enterprises.

2. Ministers, heads of ministerial-level agencies, heads of government-attached agencies, and chairpersons of provincial-level People’s Committees shall implement this Decree.

Article 28. Transitional provisions 

From the effective date of this Decree, for valid dossiers which were received but for which no processing results are notified though the time limit for dossier processing has expired, Investment Law No. 61/2020/QH14 shall still apply.

On behalf of the Government
For the Prime Minister
Deputy Prime Minister
BUI THANH SON

* The Appendix to this Decree is not translated.