Country Report
Vietnam upstream fiscal summary
Report summary
All licences are governed by production sharing contracts (PSCs) of several vintages, with the most recent 2013 PSC covered in this analysis. National oil company, PetroVietnam, has the right to take an equity stake in each contract area; recent contract awards suggest up to 20-50% under a joint operating company structure. Royalty rates and profit sharing splits are based on production rates. Various fees, export duty on crude oil, petroleum income tax and oil surcharge (additional profits tax) are also payable. Bonuses, cost recovery ceilings and profit splits are negotiable. In designated frontier areas, investors can benefit from lower royalty, oil surcharge and petroleum income tax, and higher cost recovery ceilings and profit splits under the 'petroleum investment promotion' scheme.
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Export duty
- PSC cost recovery
- PSC profit sharing
- Additional petroleum taxes
- Oil surcharge
- Corporate income tax
- Fiscal treatment of decommissioning
- Product pricing
- Summary of modelled terms
- Recent history of fiscal changes
- Stability provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes 32 images and tables including:
- Timeline
- Timeline details
- Split of Barrel - oil
- Split of barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate and minimum state share - onshore/shelf, oil
- Effective royalty rate and minimum state share - onshore/shelf, gas
- Effective royalty rate and minimum state share - deepwater, oil
- Effective royalty rate and minimum state share - deepwater, gas
- Maximum government share and maximum state share - onshore/shelf, oil
- Maximum government share and maximum state share - onshore/shelf, gas
- Maximum government share and maximum state share - deepwater, oil
- Maximum government share and maximum state share - deepwater, gas
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates - oil
- Royalty rates - gas
- Royalty rates - oil
- Royalty rates - gas
- Contractor profit share - oil
- Contractor profit share - gas
- Contractor profit share - oil
- Contractor profit share - gas
- Oil surcharge rates
- Oil surcharge rates
- Assumed terms by location - oil
- Assumed terms by location - Gas
What's included
This report contains:
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