Headlines 11/01/2019 09:00 SA

Using public property as payments to investors under BT contracts is now regulated

Kim Tâm

The Government has promulgated the Resolution No. 160/NQ-CP on using public property for paying investors implementing construction projects under Build - Transfer contracts (BT contracts). The Resolution sets out the following provisions:

- As for BT contracts signed before January 1, 2018 in compliance with laws, if payments have not been completely made, the remaining payments must proceed.

- As for BT contracts signed as from January 1, 2018 under which public property is used for payments:

+ If payments conform to provisions of the 2017 Law on Management and Use of Public Property, legislation on state budget and other relevant laws, payments must be made under terms and conditions of these contracts;

+ Otherwise, negotiations must be held in accordance with regulations so as to make any necessary modification.

- As for projects in which selection of investors was completed before December 28, 2018, but BT contracts have not been concluded yet, competent regulatory authorities will enter into negotiations and conclude BT contracts in accordance with regulations in force.

The Resolution No. 160/NQ-CP is set to take effect on December 28, 2018.

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