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LAW ON FOREIGN INVESTMENT IN VIETNAM

 

CHAPTER III

 

Investment Guarantee Measures

Article 20

The State of the Socialist Republic of Vietnam shall guarantee that foreign investors investing in Vietnam are treated fairly and equitably.

Article 21

During the course of investment in Vietnam, capital and other lawful assets of foreign investors shall not be requisitioned or expropriated by administrative measures, and enterprises with foreign owned capital shall not be nationalized.

The State of the Socialist Republic of Vietnam shall protect industrial property rights and shall guarantee the legal interests of foreign investors in respect of technology transfers into Vietnam.

Where the interests of a licensed enterprise with foreign owned capital or of the parties to a licensed business co-operation contract are adversely affected by a change in the law of Vietnam, the State shall take appropriate measures to protect the interests of the investors.

Article 22

Foreign investors investing in Vietnam shall have the right to transfer abroad:

1. Their profits derived from business operations;

2. Payments received from the provision of technology and services;

3. The principal of and interest on any foreign loan obtained during the course of operation;

4. The invested capital;

5. Other sums of money and assets lawfully owned.

Article 23

Foreigners working in Vietnam for enterprises with foreign owned capital or for parties to business co-operation contracts shall, after payment of income tax as stipulated by law, be permitted to transfer abroad their lawful incomes.

Article 24

Any dispute between the parties to a business co-operation contract, between the parties to a joint venture contract, or between enterprises with foreign owned capital or parties to a business co-operation contract and Vietnamese enterprises must firstly be resolved by negotiation and conciliation.

Where the parties fail to settle the dispute by way of conciliation, the dispute shall be referred to a Vietnamese arbitration body or a Vietnamese court in accordance with the law of Vietnam.

With respect to disputes between parties to a joint venture enterprise or a business co-operation contract, the parties may agree in the contract to appoint another arbitration body to resolve the dispute.

Any disputes arising from a Build-Operate-Transfer, a Build-Transfer-Operate or a Build-Transfer contract shall be resolved in accordance with the dispute resolution mechanism agreed by the parties and stated in the contract.

 

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