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Vietnam has issued new regulations on EPC engineering contra

  According to the Vietnam news on February 22, the Vietnamese government recently issued the edicts on EPC engineering contracts, government-guaranteed loans and land management to improve the domestic business environment, as follows:

  EPC contract.Vietnam's construction ministry issued on December 30, 2016/2016 / TT 30 - BXD announcement, design, procurement and construction contract (i.e. the EPC contract, is suitable for the period should be shortened or have high technical specification requirements engineering or construction package) the contractor shall have completed the EPC contract task of qualified experience, financial capacity, professional qualifications and construction skills.EPC contractors shall not subcontract more than 60% of the EPC contract workload to other subcontractors.The announcement took effect on feb 20, 2017.

  Government guaranteed loans.On January 16, 2017, the Vietnamese government issued government order no. 04/2017/ nd-cp, which stipulates that the government guarantee amount shall not exceed 70% of the total investment capital for projects approved by the congress or the government or projects requiring urgent implementation.For projects approved by the prime minister of Vietnam with a total investment of more than 2.3 trillion dong, the government guarantee amount shall not exceed 60% of the total investment;For other projects, the amount of government guarantee shall not exceed 50% of the total investment.The decree has been in effect since March 1, 2017 and supersedes government order no. 15/2011/ nd-cp of 2011.

  Land management.On January 6, 2017, the Vietnamese government issued government order no. 01/2017/ nd-cp, which stipulates that the government will take back the land if the land user who fails to fulfill the obligation of paying the land use fee or land rent still fails to pay the relevant land fee after being warned.If the investor still USES the land for up to 24 months after the termination of the investment project and the investor is not granted the right to use the land or the right to sell the property on the land within that period, the land will be repossessed by the government.When the state reclaims the leased or guaranteed land due to national defense, security and public interest or the violation of land management regulations by the investor, the relevant land lease contract and the land use right guarantee contract will terminate simultaneously.In addition, if the state reclaims land for use by other parties, the party receiving the land shall provide economic compensation to the party receiving the land for the residual value of the property on the land.The decree has been in effect since March 3, 2017.

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