Amend and supplement the law to attract foreign investment in the field of oil and gas in Vietnam

In the context of the world economy and politics greatly affecting oil and gas activities, the Draft Law on Petroleum (amended) has reduced, supplemented, and inherited some basic contents. The amendment law creates favorable conditions for foreign enterprises to invest in the field of oil and gas in Vietnam.

Amend the law to improve the attractiveness of the investment environment in the field of oil and gas

Stemming from the situation of law management and enforcement in the current context, the construction of the Petroleum Law (amended) to replace the 1993 Petroleum Law, in 2000, 2008 was very necessary. The purpose is to enhance the effectiveness, as well as the effect in state management, eliminate barriers, create a favorable legal corridor for investors, contribute to improving the attractiveness of the investment environment in the investment environment in Petroleum sector.

After researching and receiving the opinions of the verification agency and the Standing Committee of the National Assembly, the Vice Chairman of the National Assembly proposed the Government to complete the PetroVietnam Law project. To ensure validity, create favorable business conditions for businesses in all economic sectors in the field of oil and gas, it is necessary to specify oil and gas activities, strengthen the assignment and decentralization of state management from central to local.

It is necessary to avoid understanding is the law for Vietnam Oil and Gas Group, requesting the review, innovation of approaches, and restructuring the law project to comprehensively cover the oil and gas industry. Developing the oil and gas industry for economic development but closely associated with the protection of Vietnam’s rights and legitimate interests at sea is the principle of throughout the construction of law and need to be unified.

At the same time, the state’s policies on oil and gas also need to be reviewed. Activities such as conducting basic surveys on oil and gas, oil and gas activities, regulations on access, use of available infrastructure in the oil and gas industry… will be guaranteed specifically and feasible. In the provisions of the state’s incentive policies for Vietnamese organizations and individuals and foreign investment,

Along with that, oil and gas contracts are guaranteed to be tight, clear, specific, and feasible. The contract specifies the mechanism of management, use of assets, and receiving all the benefits from foreign contractors withdrawing from oil and gas contracts for special reasons.

Regulations on preferential subjects, preferential policies, special incentives, conditions for the application of preferentials in the field of oil and gas, water surface and sea surface for exploitation, exploration, and processing of oil and gas are an indispensable part in the process of reviewing and reviewing. The law must be reasonable, specific, clear, feasible, and unified with tax laws and other laws.

At the same time, in remote areas, offshore areas, potential areas requiring a specific mechanism to attract foreign investment into domestic oil and gas development, facilitating the exploitation of new energy in the field of oil and gas.

The need for separate regulations on bidding to ensure national defense and security, sovereignty over sea and islands

With the characteristics of investor selection and those related to natural resources, defense, security, and sovereignty of the sea and islands, the Chairman of the Economic Committee agrees and emphasizes that there must be separate regulations in Petroleum Law on bidding for contractor selection of oil and gas contracts (oil and gas investors).

In a discussion on the project to amend the Petroleum Law, the specific contents in the field of oil and gas were thoroughly examined to ensure feasibility and effectiveness, and to thoroughly overcome the current problems emphasized by the delegates needed by the delegates were full, specific, and detailed regulations.

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