Chương 12 Nghị định 24/2000/NĐ-CP: Bảo đảm đầu tư và xử lý tranh chấp

Chapter XII

INVESTMENT SECURITY AND DISPUTE HANDLING

Article 120.- Investment security

1. The Vietnamese Government assures the equal and satisfactory treatment for foreign investors investing in Vietnam under the Foreign Investment Law. Where the international agreements which the Socialist Republic of Vietnam has signed or acceded to contain provisions different from those of this Decree and other legal documents, the provisions of such international agreements shall apply.

2. The signing of agreements on or the application of measures for, investment security or guaranty shall apply only to particularly important projects of investment under the Government’s programs in the field of infrastructure, investment projects under BOT, BTO or BT contracts and a number of other particularly important projects.

Article 121.- Investment security in case of legal changes

1. In cases where the changes of Vietnamese law provisions cause damage to the interests of foreign-invested enterprises and business cooperation parties, such foreign-invested enterprises and business cooperation parties shall be entitled to enjoy the preferences prescribed in the investment licenses or the satisfactory settlement by the State according to the following measures:

a) Changing the operation objectives of the projects;

b) Tax reduction and exemption according to the provisions of law;

c) The damage suffered by foreign-invested enterprises and/or business cooperation parties shall be deducted from their taxable incomes;

d) Being considered for satisfactory compensation in a number of necessary cases.

With regard to projects licensed by the provincial-level People’s Committees or the Industrial Parks Management Board, before deciding to apply the above-said measures, the provincial-level People’s Committees or the Industrial Parks Management Board shall have to consult with the Ministry of Planning and Investment and the Finance Ministry.

3. The more preferential provisions promulgated after the granting of investment licenses shall automatically be applied in replacement of the previous corresponding regulations. If the application of new law provisions requires the adjustment of investment licenses, the investment licensing agencies shall adjust the investment licenses.

Article 122.- Handling of disputes

1. Disputes between joint-venture parties or between business cooperation parties; or disputes between foreign-invested enterprises and foreign organizations and/or individuals; or disputes between foreign parties to joint-ventures or to business cooperation and Vietnamese economic organizations must, first of all, be settled through negotiations and reconciliation among the disputing parties.

In case of reconciliation failure, the disputing parties may come to agreement on one of the following handling modes:

a) Vietnamese courts;

b) Vietnamese arbitrators; or foreign arbitrators, international arbitrators;

c) Arbitration set up upon the agreement reached between the parties.

2. Disputes among foreign-invested enterprises or between foreign-invested enterprises and Vietnamese economic organizations shall be settled at Vietnamese arbitrators or courts according to Vietnamese laws.

3. Disputes between foreign investors and competent State bodies, which arise from BOT, BTO or BT contracts; disputes between BOT enterprises and Vietnamese economic organizations shall be settled by modes agreed upon by the parties in the contracts in conformity with the Government’s Regulation on investment under BOT, BTO and BT contracts, applicable to foreign investment in Vietnam.