GOVERNMENT           SOCIALIST REPUBLIC Of VIETNAM
 NO.29/CP            Independence-freedom-Happiness


                               Hanoi, May 27th, 1993

DECREE Of THE GOVERNMENT ON THE MEASURES ENCOURAGING THE OVERSEAS VIETNAMESE TO INVEST IN VIETNAM

THE GOVERNMENT

Pursuant to the Law of the organization of the Government of September 30th, 1992;

Pursuant to the Law on foreign Investment in Vietnam of December 29th, 1987, the Law on some amendments to the Law on foreign Investment in Vietnam of June 30th, 1990 and the Law on some amendments to the Law on foreign Investment in Vietnam of Dec ember 23rd, 1992;

In view of encouraging and facilitating the overseas Vietnamese to invest in Vietnam and to contribute to national development;

In accordance with the proposals of the Minister Chairman of the State Committee for Cooperation and Investment, and of the Head of the Central Committee for Overseas Vietnamese,

DECIDES

Article 1.

The present Decree sets forth the provisions regulating the privileges of the Overseas Vietnamese investing in Vietnam, besides those common ones of the foreign investors that had been regulated in other legal writings on foreign investment in Vi etnam.

Article 2.

Overseas Vietnamese being referred to in the present Decree include all ones of Vietnamese nationality or Vietnamese of other nationalities (hereinafter being referred to as Overseas Vietnamese). The Overseas Vietnamese individuals and for eign economical organizations being set up with the Vietnamese' capital, shall enjoy the regulations of the present Decree in case of investing in Vietnam.

Article 3.

Overseas Vietnamese investing in Vietnam in those sectors and in those forms being stipulated in the Law on foreign Investment in Vietnam shall enjoy the protection of their property rights on their invested capital and all legal assets; of their rights to transfer and to get heritage of assets, capital, profits to Vietnamese citizens; of their legal rights and interests under the laws of Vietnam.

Article 4.

Overseas Vietnamese shall have right to made capital contribution to Vietnamese business establishments forming the Vietnamese party in the investment cooperation with the foreign party or parties.

Article 5.

Overseas Vietnamese investors in Vietnam shall enjoy a diminution of 20% of income tax that they have to pay under the Articles 66, 67 of the Decree No.18-CP of April 16th, 1993 of the Government. In case of having enjoyed the i ncome tax rate of 10% of profits, they shall not enjoy this privilege.

Article 6.

Overseas Vietnamese investors in Vietnam shall pay tax on their remittance of profits abroad at a rate of 5% of the remitted profits.

Article 7.

Overseas Vietnamese investors in Vietnam shall have right to delegate resided inland or abroad Vietnamese to participate in the Board of management in their place.

Article 8.

The enterprises having the investment of and the business cooperation on contract basis with the Overseas Vietnamese shall have right to buy, to sell foreign currencies at foreign currency transaction Centers of State Bank to cove r rational demands for foreign currencies to carry out the production of the enterprises.

Article 9.

Overseas Vietnamese entering Vietnam for preparation for their eventual investment shall be granted multiple entry-exit visas valid for a period of from three (3) to six (6) months and renewable each six months.

Overseas Vietnamese entering Vietnam for execution of their works in accordance with their investment or business licenses shall be granted multiple entry-exit visas valid for a period of one year and perhaps for a longer one depending on the c oncrete circumstances.

Article 10.

Overseas Vietnamese shall enjoy a diminution in applying some requirements in comparison with the currently valid regulations of the Government in considering applications and issuing permits to them for the establishment of their representati ve's office in Vietnam to promote their business investment.

Article 11.

The present Decree shall become valid from the signing date. The Minister Chairman of the State Committee for Cooperation and Investment, the Head of the Central Committee for Overseas Vietnamese and the Ministers of the Ministries of Tr ade, of Interior Affairs, of foreign Affairs shall issue detailed provisions and shall guide for the implementation of the present Decree.

Article 12.

Ministers, Heads of ministry level organizations, Chairmen of People's Committees of provinces, of cities under direct central management are responsible for the implementation of the present Decree.

for The Government
Vice Prime Minister

PHAN VAN KHAI.