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Moving a BusinessWednesday, 03/23/2005, 03:56

Transfer of Assets in Joint Venture Enterprises

The non-refundable transfer of assets to the Vietnamese party from the foreign party in the foreign-invested joint venture enterprise is based on the voluntary principle and is stipulated in the joint venture agreement and the investment license.
Transfer of Assets in Joint Vent


Transfer of Assets in Joint Venture Enterprises


The non-refundable transfer of assets to the Vietnamese party from the foreign party in the foreign-invested joint venture enterprise is based on the voluntary principle and is stipulated in the joint venture agreement and the investment license. The assets transferred upon termination of the operation of a foreign-invested project must be in normal conditions.

The State Committee for Cooperation and Investment (now the Ministry of Planning and Investment) says in Circular 215UB/LXT dated February 8, 1995 giving guidelines for foreign investment in Vietnam, that for projects where the foreign party has pledged to transfer free its assets to the Vietnamese party upon termination of operation, the committee (now the ministry) will allow the enterprise to enjoy financial incentives as stipulated in current regulations, based on the nature of the project and the time of transfer.

In case the joint venture enterprise is dissolved prior to expiry and the foreign party has recouped capital and earned handsome profit, it still has to transfer free its assets to the Vietnamese party.
 

 


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