| THE GOVERNMENT | SOCIALIST REPUBLIC OF VIET NAM |
| No. 17/2009/ND-CP | Hanoi, February 16, 2009 |
DECREE
AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF DECREE NO. 121/2007/ND-CP OF JULY 25, 2007, PROVIDING FOR OFFSHORE DIRECT INVESTMENT IN PETROLEUM ACTIVITIES
THE GOVERNMENT
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the November 29, 2005 Investment Law;
At the proposal of the Minister of Industry and Trade,
DECREES:
Article 1. To amend and supplement a number of articles of Decree No. 121/2007/ND-CP of July 25, 2007, providing for offshore direct investment in petroleum activities as follows:
1. To add the following Clause 5 to Article
"5. Executive means an enterprise established by the investor under Clause 14, Article 1 of this Decree, for implementing an offshore petroleum project."
2. To amend and supplement Clause 1, Article 6 as follows:
"1. Activities of formulating a petroleum project are carried out by an investor in a foreign country or in Vietnam to directly or indirectly support the formulation of an offshore petroleum project, including:
a/ Researching into markets and investment opportunities;
b/ Conducting field surveys;
c/ Reviewing documents;
d/ Collecting and purchasing documents and information relating to the selection of the petroleum project;
e/ Conducting synthesization, assessment and evaluation of the project, including selecting and hiring consultants for project assessment and evaluation;
f/ Organizing and participating in organizing seminars and symposiums;
g/ Establishing and operating enterprises under Clause 14, Article 1 of this Decree, operating overseas representative offices, liaison offices, branches and executive offices of the investor related to the formulation of the petroleum project;
h/ Participating in international bidding; paying deposits, security or other financial guarantees as a bidding condition at the request of bid solicitors and investment-receiving countries;
i/ Negotiating petroleum contracts;
j/ Purchasing and hiring assets for the formulation of the offshore petroleum project;
k/ Other necessary activities."
3. To amend and supplement Article 7 as follows:
"Article 7. Competence to approve investment
1. The Prime Minister shall approve investment in the following petroleum projects:
a/ Petroleum projects formed under a petroleum contract funded with state capital of VND 3 trillion or more or with other economic sectors' capital of VND 5 trillion or more.
b/ Petroleum projects formed through transferring benefits earned from petroleum contract participation or transferring part or the whole of a company funded with state capital of VND 5 trillion or more or with other economic sectors' capital of VND 8 trillion or more.
2. For petroleum projects other than those defined in Clause 1 of this Article, their owner representatives or investors shall decide on the adjustment of their total investment in accordance with Article 16 of Decree No 121/2007/ND-CP."
4. To add the following Clause 5 to Article 9:
"5. An authenticated copy of the business registration certificate or enterprise founding decision of the executive, and the authorization contract between the investor and executive, in case the executive participates in the petroleum project."
5. To add the following Clause 7 to Article 11:
"7. An authenticated copy of the business registration certificate or enterprise founding decision of the executive, and the authorization contract between the investor and executive, in case the executive participates in the petroleum project."
6. To amend and supplement Point a, Clause 1, Article 12 as follows:
"a/ The legal status of the investor and executive;"
7. To amend and supplement Clauses 4, 5 and 6, Article 12 as follows:
"4. For petroleum projects falling within the investment-deciding competence of owner representatives or investors, within 25 working days after receiving a complete and valid dossier, the Ministry of Planning and Investment shall verify the petroleum project and grant an investment certificate.
5. For petroleum projects formed under petroleum contracts and falling within the approving competence of the Prime Minister, within 20 working days after receiving a complete and valid dossier, the Ministry of Planning and Investment shall submit to the Prime Minister a verification report and opinions of concerned ministries and branches, and suggestions on the project.
Within 5 working days after getting the Prime Minister's investment approval, the Ministry of Planning and Investment shall grant an investment certificate.
6. If finding through verification that the project is ineligible for an investment certificate, the Ministry of Planning and Investment shall notify such in writing, stating the reasons for disapproval. The investor may lodge a complaint about such disapproval in accordance with law."
8. To amend and supplement Article 13 as follows:
"Article 13. Shortening of the verification time limit for the grant of investment certificates
Petroleum projects formed through transferring benefits earned from petroleum contract participation or transferring part or the whole of a company, and other petroleum projects for which the investors can justify the request for urgent shortening of the verification time limit shall be verified and granted investment certificates as follows:
1. The investor shall send to the Ministry of Planning and Investment and concerned ministries and branches a request for shortening the verification time limit, enclosed with the dossier as prescribed in Article 11 of Decree No. 121/2007/ND-CP and Clause 5, Article 1 of this Decree.
2. Within 5 working days after receiving a valid dossier, the Ministry of Planning and Investment shall hold a meeting with concerned ministries and branches to conduct verification and grant an investment certificate instead of consulting ministries and branches under Clauses 2 and 3, Article 12 of Decree No. 121/2007/ND-CP.
