On April 14th 2014, the Vietnamese Government promulgated the Decree No.30/2014/NĐ-CP on conditions for sea shipping and sea shipping support service business, taking effect from July 1st 2014 and replacing Decree No.115/2007/ND-CP dated July 5, 2007 of the Government on conditions for sea shipping service business.
The new Decree tightens the conditions for sea shipping business comparing to the old one. According to new regulations, enterprises will only be entitled to conduct sea shipping business after having been granted with Licenses for sea shipping business (LSB) by the Vietnam Maritime Administration. In order to get the LSB, enterprises must have registered sea shipping business as well as persons who are appointed to hold positions in charge of operating seagoing vessels must have bachelor degrees in one of maritime, foreign trade, commercial or economic specialties and must have at least 03 years of experience in the field of seagoing vessel operation. Also, enterprises must have capitals and other assets which are equal to at least 20 (twenty) billions Dong if conducting international sea shipping business and 05 (five) millions Dong if conducting inland sea shipping business.
In respect of the sea shipping support services business, the new Decree does not only restrict the capital contribution of foreign investors on such business at maximum 49% but also supplements more specific conditions to entitle the business.
Please see the full version of this Decree here.
Nam Trung – IPC Danang
