The government has issued Decree 29 dated 26 March 2009 providing regulations on the registration, acquisition and sale of sea-going vessels. Decree 29 replaces Decree 49 of the government dated 18 May 2006 on the same subject.
Under the replaced Decree 49, the acquisition of a seagoing vessel had to comply with the Investment Law and thus the relevant entities needed to follow the investment procedures set out in the Investment Law. This required the relevant entities to obtain an investment certificate from the licensing authority approving the ‘investment project’.
To simplify the purchase of sea-going vessels in Vietnam, Decree 29 specifies that as long as the capital used to acquire the vessel is less than 30 per cent funded by the state, the relevant entity, in its own discretion, can decide on the acquisition of sea-going vessels without requiring an approval from any state body.
Under Decree 29 only transactions of vessels that are more than 30 per cent funded by state capital will continue to be subject to tendering regulations.