GOVERNMENT
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No.
29/CP
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Hanoi,
May 27th, 1993
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DECREE
OF
THE GOVERNMENT ON THE MEASURES ENCOURAGING THE OVERSEAS VIETNAMESE TO INVEST IN
VIETNAM
THE GOVERNMENT
Pursuant to the Law of the
organization of the Government of September 30th, 1992;
Pursuant to the Law on foreign Investment in Vietnam of December 29th, 1987,
the Law on some amendments to the Law on foreign Investment in Vietnam of June
30th, 1990 and the Law on some amendments to the Law on foreign Investment in
Vietnam of Dec ember 23rd, 1992;
In view of encouraging and facilitating the overseas Vietnamese to invest in
Vietnam and to contribute to national development;
In accordance with the proposals of the Minister Chairman of the State
Committee for Cooperation and Investment, and of the Head of the Central
Committee for Overseas Vietnamese,
DECIDES
Article 1.
The present
Decree sets forth the provisions regulating the privileges of the Overseas Vietnamese
investing in Vietnam, besides those common ones of the foreign investors that
had been regulated in other legal writings on foreign investment in Vietnam.
Article 2.
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Article 3.
Overseas
Vietnamese investing in Vietnam in those sectors and in those forms being
stipulated in the Law on foreign Investment in Vietnam shall enjoy the
protection of their property rights on their invested capital and all legal
assets; of their rights to transfer and to get heritage of assets, capital,
profits to Vietnamese citizens; of their legal rights and interests under the
laws of Vietnam.
Article 4.
Overseas
Vietnamese shall have right to made capital contribution to Vietnamese business
establishments forming the Vietnamese party in the investment cooperation with
the foreign party or parties.
Article 5.
Overseas
Vietnamese investors in Vietnam shall enjoy a diminution of 20% of income tax
that they have to pay under the Articles 66, 67 of the Decree No.18-CP of April
16th, 1993 of the Government. In case of having enjoyed the income tax rate of
10% of profits, they shall not enjoy this privilege.
Article 6.
Overseas
Vietnamese investors in Vietnam shall pay tax on their remittance of profits
abroad at a rate of 5% of the remitted profits.
Article 7.
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Article 8.
The
enterprises having the investment of and the business cooperation on contract
basis with the Overseas Vietnamese shall have right to buy, to sell foreign
currencies at foreign currency transaction Centers of State Bank to cove r
rational demands for foreign currencies to carry out the production of the
enterprises.
Article 9.
Overseas
Vietnamese entering Vietnam for preparation for their eventual investment shall
be granted multiple entry-exit visas valid for a period of from three (3) to
six (6) months and renewable each six months.
Overseas
Vietnamese entering Vietnam for execution of their works in accordance with
their investment or business licenses shall be granted multiple entry-exit
visas valid for a period of one year and perhaps for a longer one depending on
the concrete circumstances.
Article
10.
Overseas
Vietnamese shall enjoy a diminution in applying some requirements in comparison
with the currently valid regulations of the Government in considering
applications and issuing permits to them for the establishment of their
representative's office in Vietnam to promote their business investment.
Article
11.
The present
Decree shall become valid from the signing date. The Minister Chairman of the
State Committee for Cooperation and Investment, the Head of the Central
Committee for Overseas Vietnamese and the Ministers of the Ministries of Trade,
of Interior Affairs, of foreign Affairs shall issue detailed provisions and shall
guide for the implementation of the present Decree.
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Ministers,
Heads of ministry level organizations, Chairmen of People's Committees of
provinces, of cities under direct central management are responsible for the
implementation of the present Decree.
FOR
THE GOVERNMENT
VICE PRIME MINISTER
Phan Van Khai.