VIETNAM – THE NATIONAL ASSEMBLY INCORPORATED DUANE MORRIS’S RECOMMENDATIONS INTO VIETNAM’S FIRST EVER LAW ON INVESTMENT IN THE FORM OF PUBLIC-PRIVATE PARTNERSHIP (PPP)
VIETNAM – THE NATIONAL ASSEMBLY INCORPORATED DUANE MORRIS’S RECOMMENDATIONS INTO VIETNAM’S FIRST EVER LAW ON INVESTMENT IN THE FORM OF PUBLIC-PRIVATE PARTNERSHIP (PPP)
VIETNAM – THE WORLD BANK GROUP IS ASKING DUANE MORRIS ABOUT PUBLIC PROCUREMENTDr. Oliver Massmann
The document provides information about a case study involving a public road resurfacing project in Vietnam. It describes the project, assumptions about the bidding company BidCo, and phases of the procurement process. The World Bank Group is asking Duane Morris for information about Vietnam's public procurement laws and practices as they relate to this case study.
LAWYER IN VIETNAM - VIETNAM - Mergers & Acquisitions Country Comparative GuideDr. Oliver Massmann
There are three key points in the document:
1. There is no single law regulating M&A in Vietnam. Relevant rules are contained in several laws governing corporate, investment, and securities issues enforced by various regulatory authorities.
2. Vietnam remains an attractive market for foreign investment. Major sectors of M&A activity recently include manufacturing, energy, and consumer retail. Privatization of state-owned enterprises and trade liberalization are driving factors.
3. Acquiring a publicly traded company in Vietnam typically involves purchasing shares, a merger, or asset acquisition. There are disclosure and approval requirements, including reviews by regulatory authorities.
VIETNAM – INVESTMENT IN THE HEALTHCARE AND MEDICAL DEVICE SECTORSDr. Oliver Massmann
Vietnam's healthcare sector has great potential for development as improvements attract foreign investment and boost small- and medium-sized enterprises. However, limited hospital capacity and high treatment costs burden patients. Developing home care programs could help reduce costs and complications by allowing professional monitoring of chronic illnesses outside hospitals. To implement expanded homecare, Vietnam needs a transparent legal framework to incentivize investment and streamlined administration. Major trade agreements like the CPTPP and EVFTA aim to improve medical device and technology trade by eliminating tariffs and increasing transparency, which could lower treatment costs over time. Foreign investors are also provided strong protections under agreements like the EVIPA.
The document discusses renewable energy opportunities in Vietnam, specifically wind and solar power projects. It provides background on Vietnam's economy and energy sector, current government policies supporting wind and solar, and recommendations for foreign investors. The key points are that Vietnam aims to significantly increase renewable energy production by 2030. The government offers financial incentives for wind and solar projects and has feed-in tariffs, but is transitioning to an auction system for determining power purchase agreements.
VIETNAM – THE WORLD BANK GROUP IS ASKING DUANE MORRIS ABOUT PUBLIC PROCUREMENTDr. Oliver Massmann
The document provides information about a case study involving a public road resurfacing project in Vietnam. It describes the project, assumptions about the bidding company BidCo, and phases of the procurement process. The World Bank Group is asking Duane Morris for information about Vietnam's public procurement laws and practices as they relate to this case study.
LAWYER IN VIETNAM - VIETNAM - Mergers & Acquisitions Country Comparative GuideDr. Oliver Massmann
There are three key points in the document:
1. There is no single law regulating M&A in Vietnam. Relevant rules are contained in several laws governing corporate, investment, and securities issues enforced by various regulatory authorities.
2. Vietnam remains an attractive market for foreign investment. Major sectors of M&A activity recently include manufacturing, energy, and consumer retail. Privatization of state-owned enterprises and trade liberalization are driving factors.
3. Acquiring a publicly traded company in Vietnam typically involves purchasing shares, a merger, or asset acquisition. There are disclosure and approval requirements, including reviews by regulatory authorities.
VIETNAM – INVESTMENT IN THE HEALTHCARE AND MEDICAL DEVICE SECTORSDr. Oliver Massmann
Vietnam's healthcare sector has great potential for development as improvements attract foreign investment and boost small- and medium-sized enterprises. However, limited hospital capacity and high treatment costs burden patients. Developing home care programs could help reduce costs and complications by allowing professional monitoring of chronic illnesses outside hospitals. To implement expanded homecare, Vietnam needs a transparent legal framework to incentivize investment and streamlined administration. Major trade agreements like the CPTPP and EVFTA aim to improve medical device and technology trade by eliminating tariffs and increasing transparency, which could lower treatment costs over time. Foreign investors are also provided strong protections under agreements like the EVIPA.
The document discusses renewable energy opportunities in Vietnam, specifically wind and solar power projects. It provides background on Vietnam's economy and energy sector, current government policies supporting wind and solar, and recommendations for foreign investors. The key points are that Vietnam aims to significantly increase renewable energy production by 2030. The government offers financial incentives for wind and solar projects and has feed-in tariffs, but is transitioning to an auction system for determining power purchase agreements.
Vietnam has significant natural gas reserves and is seeking to increase investment in liquefied natural gas (LNG) infrastructure to meet its growing energy needs and transition to cleaner sources of energy. The government has set targets to increase gas and oil in the energy mix and import between 1 to 10 billion cubic meters of LNG annually by 2035 through new LNG terminals, pipelines, and gas-fired power plants. Foreign investors can own up to 100% of LNG projects in Vietnam and benefit from various tax incentives. However, the legal and regulatory framework is still developing, and projects require navigating several approval processes across development, construction, and operation.
The document is a presentation by Dr. Oliver Massmann on investing in Myanmar under the new investment laws. It provides an overview of the investment climate and opportunities in Myanmar, including key sectors such as oil and gas, power, and manufacturing. It discusses the lifting of US sanctions on Myanmar and the new government. The presentation also outlines the new Myanmar Investment Law of 2017, which provides tax incentives to foreign investors and guarantees against nationalization. It notes some challenges to foreign direct investment in Myanmar but argues the country remains one of the last untapped markets in Asia.
VIETNAM – LOCAL REGULATION COULD LEAD TO EU-VIETNAM TRADE HINDRANCEDr. Oliver Massmann
Vietnam's Circular No.28/2012 and Document No. QCVN 19:2019 require that all LED lighting products undergo certification and assessment of standard conformity by local certification bodies prior to market circulation. This can cost importers up to USD $1,500 per product model. Importers argue this hinders EU-imported products and violates the EU-Vietnam Free Trade Agreement (EVFTA). While the EVFTA prohibits technical barriers to trade, the Comprehensive Trans-Pacific Partnership allows for verification of foreign conformity assessments. Affected importers should voice concerns to the EVFTA and CPTPP contact points to work with governments in accordance with the agreements.
LAWYER IN VIETNAM DR. OLIVER MASSMANN - VIETNAM – CHALLENGES IN SOLAR PROJECT...Dr. Oliver Massmann
Duane Morris is an international law firm with offices around the world including Vietnam. The firm advises clients on legal issues related to electricity generation, transmission, and consumption. In Vietnam, there are challenges for developing solar projects including non-negotiable power purchase agreements that do not guarantee compensation if the power grid is unable to receive the electricity. Grid connection issues can also delay projects if transmission capacity is exceeded. However, trade agreements like the EU-Vietnam FTA provide investor protections and a direct power purchase mechanism now being piloted may help address issues facing renewable projects.
Lawyer in Vietnam Dr. Oliver Massmann DOING BUSINESS IN VIETNAMDr. Oliver Massmann
This document provides an overview of Duane Morris, a law firm with offices around the world including Vietnam, and discusses investing and Vietnam's legal system. It summarizes Vietnam's economy in 2018, the forms of investing in Vietnam including establishing entities and business cooperation contracts, and provides highlights of Vietnam's tax system and incentives for foreign investment.
Feed in-tariff regulations and getting wind power projects done (en)Dr. Oliver Massmann
The document discusses wind power development in Vietnam. It provides a snapshot of Vietnam's wind power potential and status of existing projects. It then examines regulations around feed-in tariffs and whether wind power can be profitable under current tariffs. It also discusses negotiations with electricity companies over tariffs and challenges with obtaining necessary permits in a timely manner due to complex administrative procedures.
VIETNAM – THE LATEST DRAFT DECREE ON PROVISION OF INTERNET SERVICES AND CROSS...Dr. Oliver Massmann
The document summarizes key provisions from the latest draft decree in Vietnam regarding the provision of internet services and cross-border information. Some of the notable provisions include: 1) Aggregate information websites will need a license and can only republish content 30 minutes after it was originally published; 2) Social networks with over 1 million interactions or 10,000 users per month will need a license; 3) Online game providers will need licenses for different types of games and payment systems must be located in Vietnam. The draft decree aims to better regulate these sectors but some provisions may hamper business growth and freedom.
Lawyer in Vietnam Oliver Massmann - Investing in Solar Energy - How To Do I...Dr. Oliver Massmann
The document discusses opportunities for investing in solar energy projects in Vietnam. It provides an overview of Vietnam's energy sector and the government's policies supporting renewable energy such as solar power. Specifically, it outlines the potential for solar energy development in Vietnam, incentives available for solar projects, and recommendations for international developers looking to enter the Vietnamese solar market, including using a build-operate-transfer model for power projects.
LAWYER IN VIETNAM OLIVER MASSMANN VIETNAM M&A IN 2016 AND 2017 OUTLOOKDr. Oliver Massmann
This document summarizes Oliver Massmann's presentation on M&A trends in Vietnam in 2016 and the outlook for 2017. Some key points from the presentation include:
- Major foreign investors in Vietnamese M&A deals in 2016 came from Thailand, Japan, Korea, the US and Europe as they prepared for new trade agreements.
- Retail and real estate were the most active sectors in terms of deal value. Notable M&A deals included Central Group's acquisition of Big C Vietnam and TTC Holdings' acquisition of Metro Vietnam.
- Drivers of M&A activity in Vietnam in 2016 included the new Investment Law, Enterprise Law and implementing decrees which simplified procedures, as well as new trade agreements like the
Lawyer in Vietnam Oliver Massmann Investing in Solar Energy in Vietnam How to...Dr. Oliver Massmann
The document discusses investing in solar energy projects in Vietnam. It provides background on Vietnam's energy sector and regulatory framework for renewable energy. Solar potential is high but current usage is low. The document outlines Vietnam's power development plan, which prioritizes renewable energy and sets targets for solar power. Key challenges are identified with the current PPA template and EVN as the sole purchaser. The best investment form is identified as BOT projects, and incentives are outlined. Steps for project planning, licensing and operations are also summarized.
Lawyer in Vietnam Dr. Oliver Massmann - Vietnam - Wind Investment GuideDr. Oliver Massmann
Vietnam has significant wind energy potential and the government has set a target of 19 GW of installed wind capacity by 2030. This investment guide explores opportunities and challenges in Vietnam's wind energy market from commercial, legal, and regulatory perspectives. Key challenges include terms of the standard power purchase agreement that allocates risks unfavorably to investors, lack of grid infrastructure, and complex regulatory approval processes. However, Vietnam also offers incentives like tax exemptions and land lease fee waivers to attract investment in wind energy development.
This document provides an overview of doing business in Vietnam. It discusses how to access the Vietnamese market through establishing a corporate entity or partnership. It also covers understanding state-owned enterprises like PVN, dealing with corruption, intellectual property issues, and competition law compliance. The document recommends foreign companies partner with well-connected local firms, take advantage of trade agreements, and pressure Vietnam to improve transparency in government procurement to help mitigate challenges in the market.
Lawyer in Vietnam Dr. Oliver Massmann - VIETNAM - INFRASTRUCTURE CRITERIA FOR...Dr. Oliver Massmann
Lawyer in Vietnam Dr. Oliver Massmann - VIETNAM - INFRASTRUCTURE CRITERIA FOR SUSTAINABLE INFRASTRUCTURE DEVELOPMENT AND RAPID GROWTH - HOW THE CPTPP AND THE EUVN FREE TRADE AGREEMENT AND INVESTMENT PROTECTION AGREEMENT CAN CONTRIBUTE
VIETNAM – WATER PROJECTS – LAWS ON PUBLIC PRIVATE PARTNERSHIPS – GLOBAL WATER...Dr. Oliver Massmann
The new PPP law in Vietnam encourages foreign investment in water projects like wastewater treatment in several ways: it protects lenders' rights, provides clear investment incentives like land access, and establishes mechanisms for managing revenue risks and foreign currency. These wastewater treatment projects have been driven by environmental law changes and public needs, as Vietnam's population growth exceeds treatment capacity. Past projects primarily used a build-transfer or build-operate-transfer structure, and future projects are likely to be publicly procured by provincial authorities on that same model according to the expert interviewed.
Vietnam has significant natural gas reserves and is seeking to increase investment in liquefied natural gas (LNG) infrastructure to meet its growing energy needs and transition to cleaner sources of energy. The government has set targets to increase gas and oil in the energy mix and import between 1 to 10 billion cubic meters of LNG annually by 2035 through new LNG terminals, pipelines, and gas-fired power plants. Foreign investors can own up to 100% of LNG projects in Vietnam and benefit from various tax incentives. However, the legal and regulatory framework is still developing, and projects require navigating several approval processes across development, construction, and operation.
The document is a presentation by Dr. Oliver Massmann on investing in Myanmar under the new investment laws. It provides an overview of the investment climate and opportunities in Myanmar, including key sectors such as oil and gas, power, and manufacturing. It discusses the lifting of US sanctions on Myanmar and the new government. The presentation also outlines the new Myanmar Investment Law of 2017, which provides tax incentives to foreign investors and guarantees against nationalization. It notes some challenges to foreign direct investment in Myanmar but argues the country remains one of the last untapped markets in Asia.
VIETNAM – LOCAL REGULATION COULD LEAD TO EU-VIETNAM TRADE HINDRANCEDr. Oliver Massmann
Vietnam's Circular No.28/2012 and Document No. QCVN 19:2019 require that all LED lighting products undergo certification and assessment of standard conformity by local certification bodies prior to market circulation. This can cost importers up to USD $1,500 per product model. Importers argue this hinders EU-imported products and violates the EU-Vietnam Free Trade Agreement (EVFTA). While the EVFTA prohibits technical barriers to trade, the Comprehensive Trans-Pacific Partnership allows for verification of foreign conformity assessments. Affected importers should voice concerns to the EVFTA and CPTPP contact points to work with governments in accordance with the agreements.
LAWYER IN VIETNAM DR. OLIVER MASSMANN - VIETNAM – CHALLENGES IN SOLAR PROJECT...Dr. Oliver Massmann
Duane Morris is an international law firm with offices around the world including Vietnam. The firm advises clients on legal issues related to electricity generation, transmission, and consumption. In Vietnam, there are challenges for developing solar projects including non-negotiable power purchase agreements that do not guarantee compensation if the power grid is unable to receive the electricity. Grid connection issues can also delay projects if transmission capacity is exceeded. However, trade agreements like the EU-Vietnam FTA provide investor protections and a direct power purchase mechanism now being piloted may help address issues facing renewable projects.
Lawyer in Vietnam Dr. Oliver Massmann DOING BUSINESS IN VIETNAMDr. Oliver Massmann
This document provides an overview of Duane Morris, a law firm with offices around the world including Vietnam, and discusses investing and Vietnam's legal system. It summarizes Vietnam's economy in 2018, the forms of investing in Vietnam including establishing entities and business cooperation contracts, and provides highlights of Vietnam's tax system and incentives for foreign investment.
Feed in-tariff regulations and getting wind power projects done (en)Dr. Oliver Massmann
The document discusses wind power development in Vietnam. It provides a snapshot of Vietnam's wind power potential and status of existing projects. It then examines regulations around feed-in tariffs and whether wind power can be profitable under current tariffs. It also discusses negotiations with electricity companies over tariffs and challenges with obtaining necessary permits in a timely manner due to complex administrative procedures.
VIETNAM – THE LATEST DRAFT DECREE ON PROVISION OF INTERNET SERVICES AND CROSS...Dr. Oliver Massmann
The document summarizes key provisions from the latest draft decree in Vietnam regarding the provision of internet services and cross-border information. Some of the notable provisions include: 1) Aggregate information websites will need a license and can only republish content 30 minutes after it was originally published; 2) Social networks with over 1 million interactions or 10,000 users per month will need a license; 3) Online game providers will need licenses for different types of games and payment systems must be located in Vietnam. The draft decree aims to better regulate these sectors but some provisions may hamper business growth and freedom.
Lawyer in Vietnam Oliver Massmann - Investing in Solar Energy - How To Do I...Dr. Oliver Massmann
The document discusses opportunities for investing in solar energy projects in Vietnam. It provides an overview of Vietnam's energy sector and the government's policies supporting renewable energy such as solar power. Specifically, it outlines the potential for solar energy development in Vietnam, incentives available for solar projects, and recommendations for international developers looking to enter the Vietnamese solar market, including using a build-operate-transfer model for power projects.
LAWYER IN VIETNAM OLIVER MASSMANN VIETNAM M&A IN 2016 AND 2017 OUTLOOKDr. Oliver Massmann
This document summarizes Oliver Massmann's presentation on M&A trends in Vietnam in 2016 and the outlook for 2017. Some key points from the presentation include:
- Major foreign investors in Vietnamese M&A deals in 2016 came from Thailand, Japan, Korea, the US and Europe as they prepared for new trade agreements.
- Retail and real estate were the most active sectors in terms of deal value. Notable M&A deals included Central Group's acquisition of Big C Vietnam and TTC Holdings' acquisition of Metro Vietnam.
- Drivers of M&A activity in Vietnam in 2016 included the new Investment Law, Enterprise Law and implementing decrees which simplified procedures, as well as new trade agreements like the
Lawyer in Vietnam Oliver Massmann Investing in Solar Energy in Vietnam How to...Dr. Oliver Massmann
The document discusses investing in solar energy projects in Vietnam. It provides background on Vietnam's energy sector and regulatory framework for renewable energy. Solar potential is high but current usage is low. The document outlines Vietnam's power development plan, which prioritizes renewable energy and sets targets for solar power. Key challenges are identified with the current PPA template and EVN as the sole purchaser. The best investment form is identified as BOT projects, and incentives are outlined. Steps for project planning, licensing and operations are also summarized.
Lawyer in Vietnam Dr. Oliver Massmann - Vietnam - Wind Investment GuideDr. Oliver Massmann
Vietnam has significant wind energy potential and the government has set a target of 19 GW of installed wind capacity by 2030. This investment guide explores opportunities and challenges in Vietnam's wind energy market from commercial, legal, and regulatory perspectives. Key challenges include terms of the standard power purchase agreement that allocates risks unfavorably to investors, lack of grid infrastructure, and complex regulatory approval processes. However, Vietnam also offers incentives like tax exemptions and land lease fee waivers to attract investment in wind energy development.
This document provides an overview of doing business in Vietnam. It discusses how to access the Vietnamese market through establishing a corporate entity or partnership. It also covers understanding state-owned enterprises like PVN, dealing with corruption, intellectual property issues, and competition law compliance. The document recommends foreign companies partner with well-connected local firms, take advantage of trade agreements, and pressure Vietnam to improve transparency in government procurement to help mitigate challenges in the market.
Lawyer in Vietnam Dr. Oliver Massmann - VIETNAM - INFRASTRUCTURE CRITERIA FOR...Dr. Oliver Massmann
Lawyer in Vietnam Dr. Oliver Massmann - VIETNAM - INFRASTRUCTURE CRITERIA FOR SUSTAINABLE INFRASTRUCTURE DEVELOPMENT AND RAPID GROWTH - HOW THE CPTPP AND THE EUVN FREE TRADE AGREEMENT AND INVESTMENT PROTECTION AGREEMENT CAN CONTRIBUTE
Lawyer in Vietnam Dr. Oliver Massmann - VIETNAM - INFRASTRUCTURE CRITERIA FOR...
Similar to VIETNAM – THE NATIONAL ASSEMBLY INCORPORATED DUANE MORRIS’S RECOMMENDATIONS INTO VIETNAM’S FIRST EVER LAW ON INVESTMENT IN THE FORM OF PUBLIC-PRIVATE PARTNERSHIP (PPP)
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The new PPP law in Vietnam encourages foreign investment in water projects like wastewater treatment in several ways: it protects lenders' rights, provides clear investment incentives like land access, and establishes mechanisms for managing revenue risks and foreign currency. These wastewater treatment projects have been driven by environmental law changes and public needs, as Vietnam's population growth exceeds treatment capacity. Past projects primarily used a build-transfer or build-operate-transfer structure, and future projects are likely to be publicly procured by provincial authorities on that same model according to the expert interviewed.
Vietnam is working to develop its infrastructure through public-private partnerships (PPPs). The Ministry of Planning and Investment has drafted a decree replacing previous decrees on PPPs and build-operate-transfer programs. The draft expands eligible sectors for PPP funding and allows the state to contribute up to 49% of investment. However, critics argue it is unclear if state-supported projects can still operate as normal joint ventures, and replacing existing build-operate-transfer regulations before PPPs have a proven track record could negatively impact ongoing projects. Careful consideration is needed to incorporate PPPs into the legal environment and address interim arrangements.
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Vietnam is finalizing an improved legal framework for public-private partnerships (PPP) projects with the goal of revitalizing infrastructure investment. The new PPP Decree and Investor Selection Decree provide more clarity and incentives than previous regulations, including allowing the choice of foreign law and arbitration for disputes. They also establish procedures for investor-proposed projects and require public updates on project status. Proper implementation will be important for the new regulations to attract more private funding for Vietnam's pressing infrastructure needs.
This document provides an overview and framework for Australia's National Public Private Partnership Policy. It discusses the objectives to encourage private investment in public infrastructure where value for money can be demonstrated. It outlines the scope of PPP projects and services, and the process for assessing potential projects, including conducting a procurement options analysis. Key principles for PPPs are that they must provide value for money, be in the public interest, involve optimal risk allocation, have output-oriented specifications, and be transparent and accountable.
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The document discusses Vietnam's efforts to develop a new Public-Private Partnership (PPP) legal framework to attract more private investment in infrastructure projects.
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This document discusses Turkey's approach to public-private partnerships (PPPs). It outlines the Turkish Treasury's role in reviewing PPP projects, providing debt guarantees and investment guarantees, and partially assuming debt in some cases. It provides examples of large transportation PPP projects in Turkey that have received debt assumption commitments from the Treasury. The document also reviews the legal framework for PPPs in Turkey across sectors like energy, highways, and health.
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VIETNAM – THE NATIONAL ASSEMBLY INCORPORATED DUANE MORRIS’S RECOMMENDATIONS INTO VIETNAM’S FIRST EVER LAW ON INVESTMENT IN THE FORM OF PUBLIC-PRIVATE PARTNERSHIP (PPP)
1. VIETNAM – THE NATIONAL ASSEMBLY INCORPORATED DUANE MORRIS’S
RECOMMENDATIONS INTO VIETNAM’S FIRST EVER LAW ON INVESTMENT IN
THE FORM OF PUBLIC-PRIVATE PARTNERSHIP (PPP)
On 13 May this year, Dr. Oliver Massmann discussed about the Draft PPP Law with key personnel of the
National Assembly. On 8 July 2020, Vietnam’s first-ever Law on Investment in the form of Public-
Private Partnership was published, incorporating the following recommendations suggested by Duane
Morris:
1. Clarify the scope and scale of power projects eligible for PPP investment
Article 4 of the PPP Law envisages that 5 sectors eligible for PPP investment include:
a/ Transportation;
b/ Power grids, power plants, except for hydroelectricity power plants and cases of State monopoly in
accordance with Electricity Law;
c/ Irrigation; water supply; drainage, and wastewater treatment; waste treatment;
d/ Healthcare, education, training
dd/ Infrastructure for application of information technology
The PPP law also stipulates the total investment capital requirement for a PPP project. For instance,
excluding Operation & Maintenance Contracts, power projects must have the minimum total invested
capital of VND 200 billions. The figure is lower (VND 100 billions) for projects in areas with difficult
socio-economic conditions.
2. Emphasize the importance of bankable PPP contracts
Duane Morris suggested that the National Assembly should consider providing a bankable PPP contract
template in the Law itself or in its guiding decree/circular. In Article 47 of the PPP law, it was
supplemented that the Government shall regulate the issuance of standard contracts for BOT, BTO, BOO,
O&M, BTL, BLT, BT or mixed contracts projects.
Regarding lenders’ step-in right, PPP Law sets forth that in case of termination of PPP project contract
ahead of the deadline and it is required to select a replacement contractor to ensure the progress of the
project, the lender must coordinate with the State to select the alternative investor.
3. Determine in details investment incentives that investors can enjoy
Article 80 specifies that investors are provided with security regarding land access rights, right to use land
and other public properties, property mortgage right, right to trade the project and its infrastructure
system. PPP project enterprises are also given priority to utilize public services for implementation of the
project, and competent agencies must assist investors in carrying out necessary procedures in order to
optimize this priority.
2. Other notable provisions in the new PPP Law:
1/ Foreign currency balance-ensuring scheme is applicable to projects subject to the National
Assembly or the Prime Minister’s issuance of decision on investment policy. The latter applied for
projects with total invested capital of at least VND 5000 billions, suggesting that all power projects
eligible for PPP investment are automatically eligible for this foreign currency scheme. In addition, there
is a ceiling of 30% to be imposed for all PPP projects.
2/ Revenue risk sharing mechanism
When the actual revenue reaches more than 125% of the revenue in the financial plan of the PPP project
contract, investor to share with the State 50% of the increase between actual revenue and committed
revenue in the contract.
When the actual revenue reaches less than 75% of the revenue in the financial plan of the PPP project
contract, the State to share with investor 50% of the decrease between actual revenue and committed
revenue in the contract. This revenue reduction sharing mechanism is applied when the following
conditions are met:
1. Type of contract: BOT, BTO or BOO;
2. The cause of loss is change in laws and policies;
3. Measures to adjust product and public service prices and contract terms have been implemented but the
total revenue is still less than 75%; and
4. The State Audit has audited the revenue reduction.
3/ Selection of contractors to execute PPP projects
PPP contracts must contain binding content on the contractor’s responsibility if the quality of the project
does not meet the agreed requirements.
Usage of domestic contractors is encouraged for works that can be carried out by them.
4/ Governing laws: PPP contract, its annexes and related documents are to be construed and interpreted
in accordance with Vietnamese laws.
Conclusion
It is our pleasure that the National Assembly took into consideration Duane Morris’ advice and
recommendations. These moves are a step in the right direction.
It remains to be seen whether there will be the political will to fully implement PPP projects regularly and
on large scale.
***
3. Please do not hesitate to contact the author Dr. Oliver Massmann under omassmann@duanemorris.com.
Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC, Member to the Supervisory
Board of PetroVietnam Insurance JSC and the only foreign lawyer presenting in Vietnamese language to
members of the NATIONAL ASSEMBLY OF VIETNAM.