Decision 317/QD-TTg 2022 approve adjustment of offshore investment policy for Project on MB Bank in Cambodia

DECISION

Approving the adjustment of the offshore investment policy for modification of the offshore investment registration certificate for the Project on the Military Commercial Joint Stock Bank - Cambodia-based branch

THE PRIME MINISTER

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 to the June 17, 2020 Law on Investment;

Pursuant to the Government’s Decree No. 31/2021/ND-CP of March 26, 2021, detailing and guiding a number of articles of the Law on Investment;

At the proposal of the Ministry of Planning and Investment in Report No. 639/BC-BKHDT of January 26, 2022; and based on opinions of related agencies,

DECIDES:

Article 1. To approve the adjustment of the offshore investment policy for modification of the offshore investment registration certificate of the Project on the Military Commercial Joint Stock Bank - Cambodia-based branch (below referred to as the Project) of the investor being the Military Commercial Joint Stock Bank (MB) at the request of the Ministry of Planning and Investment in the aforementioned document with the following adjusted contents:

1. The branch’s overseas head office address is adjusted as follows:

Head office address: No. 146, Preah Norodom Boulevard, Tonle Basak ward, Chamkar Mon district, Phnom Penh, the Kingdom of Cambodia.

2. The total offshore investment amount is adjusted as follows:

The investor’s offshore investment amount is USD 76,552,197 (Seventy-six million, five hundred and fifty-two thousand, and one hundred and ninety-seven US dollars), equivalent to KHR 306,310,000,000 (Three hundred and six billion, three hundred and ten million Cambodia riels), or equivalent to VND 1,742.7 billion (one thousand seven hundred and forty-two and seven tenths billion Vietnam dong), in cash, which is the investor’s equity, in which:

- The capital amount transferred abroad from Vietnam: USD 75,000,000 (Seventy-five million US dollars);

- The Project’s capital amount from the cumulative retained profit through 2019: USD 1,552,197 (One million, five hundred and fifty-two thousand, and one hundred and ninety-seven US dollars).

Article 2. The Ministry of Planning and Investment shall take full responsibility for the contents and figures in the report on the result of appraisal of the offshore investment policy for modification of the offshore investment registration certificate for the MB’s Project; perform procedures for modification of the offshore investment registration certificate under regulations; and, within the scope of its state management competence, monitor and supervise the implementation of the Project in accordance with the law on investment.

Article 3. The State Bank of Vietnam shall, within the scope of its state management competence, supervise the transfer of investment capital amounts abroad and transfer of earned profits back to the country in accordance with law; and supervise the MB in guaranteeing capital adequacy ratio under regulations and ensuring financial capacity when increasing capital for its Cambodia-based branch.

Article 4. The MB shall take full responsibility before the Prime Minister, inspection and examination agencies, and related agencies for the accuracy and truthfulness of information in the dossier of request for adjustment of the offshore investment registration certificate and for the efficiency of the Project, guarantee the MB’s financial capacity when increasing capital for its Cambodia-based branch, implement the Project in conformity with the modified offshore investment registration certificate, comply with Vietnam’s law, the law of the Kingdom of Cambodia, and relevant regulations (including regulations on offshore investment, foreign exchange management, limits of capital contribution and share purchase, and assurance of capital adequacy ratio).

Article 5. This Decision takes effect on the date of its signing.

The Ministers of Planning and Investment; Finance; and Labor, Invalids and Social Affairs; the Governor of the State Bank of Vietnam, the Chairperson of the Hanoi Municipal People’s Committee, the Chairperson of the Board of Directors of the MB, and heads of related agencies and units shall implement this Decision.-

For the Prime Minister

Deputy Prime Minister

PHAM BINH MINH