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  Policy & Strategy

New regulations on foreign enterprises

Foreign insurance and insurance-brokering enterprises that wish to open their representative offices in Viet Nam must send dossiers of application for permission to the Ministry of Finance (MoF), according to the ministry’s new circular. Within 30 days of receiving the dossiers, the MoF will grant permits.

In the case of a permit refusal, the ministry must clearly state the reasons in writing. Within seven days of being granted permits, the enterprises must pay a processing fee of VND1 million.

When wishing to change their names or nationalities, the names of their representative offices, or representative offices’ operations, the enterprises must send written requests to the MoF for amendment and/or supplementation of the permits. Within seven days of receiving the requests, the MoF will reply to the enterprises in writing. In the case of an increase or decrease of the number of foreigners working at the offices, or relocation of the offices, the enterprises must immediately notify the MoF in writing.

Thirty days before the permits expire, if the enterprises wish to have their representative offices’ operation extended, they must submit dossiers of application for extension to the MoF. The MoF will approve or refuse the extension in writing within 30 days of receiving the dossiers.

Representative offices will terminate their operation in the following situations:

- Where the enterprises so request;

- Where the enterprises terminate their operation;

- Where competent State bodies issue decisions on withdrawal or cancellation of the permits.

(The Finance Ministry’s Circular No 98/2004/TT-BTC of October 19, 2004 guiding the implementation of the Government Decree No 42/2001/ND-CP of August 1, 2001 that details a number of articles of the Business Insurance Law)

Establishment of new State companies

A new decree from the Government stipulates that new State companies (independent State companies and State corporations) may be established only in several branches, domains and geographical areas, including:

- The national electric transmission system;

- National and international information networks;

- Production of cigarettes;

- Water drainage in large urban centres;

- Urban lighting;

- Processing of petroleum;

- Management and maintenance of the national railway system as well as large scale airports and seaports, as well as those in important locales.

Ministers, heads of Government-attached agencies or presidents of provincial/municipal People’s Committees may apply for the establishment of new State companies.

Newly-established State companies must have a charter capital of no less than VND30 billion for independent State companies, and VND500 billion for State corporations.

(The Government Decree No 180/2004/ND-CP of October 28, 2004 on establishment, re-organisation and dissolution of State companies)

Prepared by Viet Nam Law and Legal Forum

Vietnam Economic Review - (12/11/2004)

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