The Prime Minister has recently issued a decision to clarify procedures for grant of objection letters and no-objection letters about international financial institutions' activities in the private sector in Vietnam.
The Prime Minister has recently issued a decision to clarify procedures for grant of objection letters and no-objection letters about international financial institutions’ activities in the private sector in Vietnam.
Decision 22 defines an objection letter or a no-objection letter as the express of objection or no objection of Vietnam to international financial institutions’ activities in the private sector at the time the letter is granted.
Worthy of note, a no-objection letter is regarded as neither an investment license or written approval of investment policy nor Vietnam’s sponsorship for activities of international financial institutions in the private sector. Grant of no-objection letters gives rise to no responsibility or obligation of the Vietnamese State or state agencies in accordance with international law and Vietnam’s law.
Upon obtaining no-objection letters, international financial institutions and other stakeholders in Vietnam have to comply with international commitments and relevant laws and agreements.
Regarding procedures for grant of no-objection letters, a responsible agency will receive, summarize and evaluate a no-objection letter application submitted by an international financial institution. In case the application is valid, the responsible agency will consult relevant ministries and agencies which will give their opinions in writing regarding the application within 10 working days after the written request is sent. Based on such opinions, the responsible agency will decide to grant the no-objection letter to the international financial institution.
(Source:VLLF)
