[MHM: Please note that foreign exch

[MHM: Please note that foreign exchange control regulations of Vietnam prohibit the listing price, denomination of contractual price, payment in a foreign currency (except for the limited exception cases). The Rent and Maintenance Fee under this agreement must be denominated in VND and paid in VND. Any reference and adjustment of the Rent and Maintenance Fee based on an exchange rate USD/VND is not allowed. We however understand that as a matter of practice some lessors still insist on the denomination of leasing fees in USD. This is a legal risk that Nomura Trading should challenge and seek a guarantee from Lessor to protect Lessee from any penalty of breach of foreign exchange regulations if Nomura Trading accepts this commercial term.] [MHM TO VILAF: What would be the actual risks for Nomura trading on this point? Would Nomura (not only Lessor) be subject to any sanction? Actually, it seems that Nomura already agreed with the Lessor that the actual rent is USD 3.25/m2 and the actual maintenance fee is USD 0.45/m2 , both in US, and they would like to convert it into VND when the Lessor actually issue the invoice at the then applicable exchange rate.]

[VILAF: According to Articles 3.3(b) and 24.6(c) of Decree 96 of the Government dated 17 October 2014 on the administrative sanction in monetary and banking areas, denomination of the lease agreement in US$ may be subject to an administrative fine of up to VND 500 million. In practice, as a real estate company with frequent activities on real estate business, the Lessor is more exposed to the risk of administrative fine due to having a real estate lease agreement denominated in foreign currency. However, there remains a theoretical risk that as a party involving in the violated transaction, Nomura may also be subject to the administrative transaction because (1) the administrative sanction under Decree 96 is stated to be applicable to the violated acts without indicating any specific violator, and (2) according to Article 3 of the Law on Handling Administrative Violations dated 20 June 2012, if many persons commit the same act of administrative violation, each of the violators shall be sanctioned. There have been two court cases involving contract denominated in US$ and paid in VND. In these cases, the courts did not invalidate the whole contract but only converted the contract price from US$ to VND using different exchange rate. Please see a blog post about this issue at http://vietnam-business-law.info/blog/2015/6/17/validity-of-a-contract-denominated-in-us-and-settled-in-vnd . Court precedents are not binding in Vietnam but these cases can provide some limited indication as to how the courts will decide in the future.]

Kết quả (Việt) 1:

[MHM: xin vui lòng lưu ý rằng quy định kiểm soát ngoại hối của Việt Nam cấm các giáo phái của hợp đồng giá, danh sách giá, thanh toán bằng ngoại tệ (ngoại trừ các trường hợp ngoại lệ hạn chế). Thuê và lệ phí bảo trì theo thỏa thuận này phải được thanh toán bằng đồng bằng VND và trả bằng VND. Bất kỳ tài liệu tham khảo và điều chỉnh của các thuê và lệ phí bảo trì dựa trên một tỷ USD/VND là không được phép. Tuy nhiên chúng tôi hiểu rằng như là một vấn đề của thực tế một số lessors vẫn còn nhấn mạnh vào mệnh giá thuê lệ phí bằng USD. Đây là một rủi ro pháp lý rằng Nomura kinh doanh nên thách thức và tìm kiếm một bảo lãnh từ Lessor để bảo vệ đồng từ bất kỳ hình phạt vi phạm quy định nước ngoài trao đổi nếu Nomura thương mại chấp nhận thuật ngữ thương mại này.] [MHM đến như: điều gì sẽ là những rủi ro thực tế cho Nomura kinh doanh vào thời điểm này? Nomura (không chỉ Lessor) sẽ bị xử phạt bất kỳ? Trên thực tế, nó có vẻ rằng Nomura đã đồng ý với Lessor rằng thực tế tiền thuê nhà là 3,25 USD/m2 và chi phí bảo trì thực tế là USD 0,45/m2, cả hai ở Mỹ, và họ sẽ muốn chuyển đổi nó thành đồng khi Lessor thực sự vấn đề hóa đơn tại sau đó áp dụng tỷ giá hối đoái.][VILAF: According to Articles 3.3(b) and 24.6(c) of Decree 96 of the Government dated 17 October 2014 on the administrative sanction in monetary and banking areas, denomination of the lease agreement in US$ may be subject to an administrative fine of up to VND 500 million. In practice, as a real estate company with frequent activities on real estate business, the Lessor is more exposed to the risk of administrative fine due to having a real estate lease agreement denominated in foreign currency. However, there remains a theoretical risk that as a party involving in the violated transaction, Nomura may also be subject to the administrative transaction because (1) the administrative sanction under Decree 96 is stated to be applicable to the violated acts without indicating any specific violator, and (2) according to Article 3 of the Law on Handling Administrative Violations dated 20 June 2012, if many persons commit the same act of administrative violation, each of the violators shall be sanctioned. There have been two court cases involving contract denominated in US$ and paid in VND. In these cases, the courts did not invalidate the whole contract but only converted the contract price from US$ to VND using different exchange rate. Please see a blog post about this issue at http://vietnam-business-law.info/blog/2015/6/17/validity-of-a-contract-denominated-in-us-and-settled-in-vnd . Court precedents are not binding in Vietnam but these cases can provide some limited indication as to how the courts will decide in the future.]