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Revised regulations for BOT, BTO, BT projects   2009-01-14 - Viet Nam News

The Ministry of Planning and Investment has submitted to the Government a draft decree revising Decree No 78/2007/ND-CP of May 11, 2007, on investment in the form of build-operate-transfer (BOT), build-transfer-operate (BTO) or build-transfer (BT) contracts.

The decree would further encourage the execution of these forms of contracts for infrastructure projects such as roads, railways, airports, seaports, water treatment plants, power plants and power transmission lines.

The draft decree would go further than Decree No78/2007/ND-CP in providing for investment incentives for BOT, BTO and BT projects. BOT and BTO enterprises would be entitled to corporate income tax incentives applicable to projects on the list of domains eligible for special investment incentives. They would be also exempted from import duties and land-use levies and rents on areas allocated by the State throughout the duration of the project. BT enterprises would be exempted from paying import duties on equipment and materials imported for the project.

The draft decree also relaxes some financial requirements on investors. For projects worth less than VND1.5 trillion (US$85.7 million), the required rate of investors’ equity capital would be lowered from 20-30 per cent as currently to 15 per cent, while the completion guarantee would be fixed at 2 per cent of total investment capital.

The draft decree would also allow subcontracting or transferability of project contracts upon approval by competent state agencies.

Draft circular clears up investment hurdles

Investment licensing agencies would not be required to refer to regulations issued by ministries, branches or localities to decide on the grant of investment licences, under a draft circular from the Ministry of Planning and Investment to guide implementation of Government Decree No 108/2006/ND-CP of September 22, 2006.

Under the draft paper, licensing agencies would be able to base decisions solely on investment conditions specified in laws or regulations. Licensing agencies would also be forbidden to require investors to submit any documentation other than that prescribed by law.

Under the draft circular, foreign investors would be free to contribute capital to or purchase shares from a Vietnamese enterprise in accordance with international commitments and laws, unless the enterprise is engaged in a line of business subject to investment restrictions or capital contribution caps.

The draft circular also contains provisions on the structure, organisation and operation of foreign-invested enterprises.

Customs procedures circular released

Under Ministry of Finance’s Circular No 116/2008/TT-BTC of December 4, processing contracts signed with foreign traders must be made by processors in writing or in such forms as telegraph, telex, facsimile and data message. All supplements and modifications to these contracts must be incorporated in contract annexes to be registered with customs offices before or simultaneously with carrying out procedures for export or import of the first goods lot under these contract annexes.

A processing contract of a term of over one year may be split up into several annexes for performance. Each annex must be completely realised within one year.

The value of raw materials and supplies imported for processing can be accepted by customs offices only if indicated by commercial invoices included in the import dossiers.

For raw materials and supplies purchased by foreign traders and delivered to processors by third parties, customs dossiers for imported lots of these materials and supplies must also contain notices for processors to receive them from the third parties.

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