INVESTOR STATE DISPUTE SETTLEMENT ON THE FAIR AND EQUITABLE TREATMENT STANDARD AND LESSONS FOR VIETNAM

MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS INVESTOR-STATE DISPUTE SETTLEMENT ON THE FAIR AND EQUITABLE TREATMENT STANDARD AND LESSONS FOR VIETNAM Major: International Economics Specialization: International Trade Policy and Law Code: 8310106 Full name: Truong Thi Kim Xuyen Supervisor: Dr Vo Sy Manh Hanoi - 2019 ii Table of Contents STATEMENT OF AUTHORSHIP V ACKNOWLEDGEMENTS VI ABBREVIATIONS VII LIST OF FIGURES IX SUMMARY OF THESIS RESEARCH RESULTS X ABSTRACT XI INTRODUCTION XII BACKGROUND OF THE STUDY XII LITERATURE REVIEW XIII OBJECTS AND SCOPE OF THE STUDY XVIII OBJECTIVES OF THE STUDY XIX METHODOLOGY OF THE STUDY XX EXPECTED CONTRIBUTION OF THE THESIS XX STRUCTURE OF THE THESIS XX CHAPTER AN OVERVIEW OF THE INVESTOR-STATE DISPUTE SETTLEMENT AND THE FAIR AND EQUITABLE TREATMENT STANDARD 1.1 AN OVERVIEW OF INVESTOR-STATE DISPUTE SETTLEMENT 1.1.1 DEFINITION OF INVESTOR-STATE DISPUTE SETTLEMENT 1.1.2 THE SPECIFIC FEATURES OF INVESTOR-STATE DISPUTE SETTLEMENT 1.2 AN OVERVIEW OF FAIR AND EQUITABLE TREATMENT 1.2.1 THE LITERAL MEANING OF FAIR AND EQUITABLE TREATMENT 1.2.2 SPECIFIC FEATURES OF FAIR AND EQUITABLE TREATMENT SUMMARY 11 CHAPTER REGULATION AND APPLICATION OF THE FAIR AND EQUITABLE TREATMENT 12 2.1 REGULATION OF FAIR AND EQUITABLE TREATMENT IN INTERNATIONAL INVESTMENT AGREEMENTS 12 2.1.1 NO FAIR AND EQUITABLE TREATMENT STANDARD 2.1.2 FAIR AND EQUITABLE TREATMENT AS AN UNQUALIFIED STANDARD 2.1.2.1 Stand-alone Fair and Equitable Treatment Standard 14 14 14 iii 2.1.2.2 Fair and Equitable Treatment combined with other standards 15 2.1.2.3 FET standard with an open-ended list of State obligations 20 2.1.3 FAIR AND EQUITABLE TREATMENT AS A QUALIFIED STANDARD 21 2.1.3.1 Fair and Equitable Treatment with references to Minimum Standard of Treatment 21 2.1.3.2 Fair and Equitable Treatment with references to international law 22 2.1.3.3 Fair and Equitable Treatment with references to international law 22 2.1.3.4 Fair and Equitable Treatment with “exhaustive list” of State obligations 23 2.2 APPLICATION OF FAIR AND EQUITABLE TREATMENT BY ARBITRAL TRIBUNALS 25 2.2.1 AN OVERVIEW OF FAIR AND EQUITABLE TREATMENT IN ARBITRAL TRIBUNALS 25 2.2.2 INTERPRETATION OF FAIR AND EQUITABLE TREATMENT STANDARD BY ARBITRAL TRIBUNALS 26 2.2.2.1 Interpretation of “No Fair and Equitable Treatment Clause” 26 2.2.2.2 Interpretation of Unqualified Fair and Equitable Treatment 28 2.2.2.3 Interpretation of the Qualified Fair and Equitable Treatment 34 2.3 FAIR AND EQUITABLE TREATMENT CASES OF VIETNAM 37 2.3.1 2.3.2 2.3.3 2.3.4 MICHAEL LEE MCKENZIE V THE SOCIALIST REPUBLIC OF VIETNAM DIALASIE SAS V THE SOCIALIST REPUBLIC OF VIETNAM RECOFI V THE SOCIALIST REPUBLIC OF VIETNAM TRINH VINH BINH V THE SOCIALIST REPUBLIC OF VIETNAM 38 40 42 45 SUMMARY 47 CHAPTER INVESTOR-STATE DISPUTE SETTLEMENT ON THE FAIR AND EQUITABLE TREATMENT ON THE PERSPECTIVE OF THE HOST STATE AND LESSONS FOR VIETNAM GOVERNMENT 50 3.1 THE REFORM OF THE FAIR AND EQUITABLE TREATMENT IN INTERNATIONAL INVESTMENT AGREEMENTS 50 3.1.1 OPTIONS FOR REFORM OF THE FAIR AND EQUITABLE TREATMENT CLAUSE 51 3.1.1.1 The FET standard with reference to the minimum standard of treatment under customary international law 51 3.1.1.2 The Fair and Equitable Treatment clause with an open-ended list of obligations 53 3.1.1.3 The Fair and Equitable Treatment clause with an “exhaustive list” of obligations 54 iv 3.1.1.4 Omitting the FET clause 56 3.1.2 OTHER PROVISIONS LINKING TO FAIR AND EQUITABLE TREATMENT CLAUSE 57 3.1.2.1 Exception Provision 57 3.1.2.2 Most-Favoured Nation Treatment Provision 59 3.2 LESSONS FOR VIETNAM GOVERNMENT IN RESOLUTION OF INVESTOR-STATE DISPUTES ON THE FAIR AND EQUITABLE TREATMENT 61 3.2.1 THE CIRCUMSTANCES OF VIETNAM IN THE FAIR AND EQUITABLE TREATMENT CLAIMS 3.2.2 THE INVESTOR’S OBLIGATIONS IN THE FAIR AND EQUITABLE TREATMENT CLAIMS 62 63 3.3 LESSONS FOR VIETNAM GOVERNMENT IN PREVENTION OF INVESTOR-STATE DISPUTES ON THE FAIR AND EQUITABLE TREATMENT 66 SUMMARY 68 CONCLUSION 70 BIBLIOGRAPHY 73 APPENDIX: LIST OF FORMULATIONS OF FET CLAUSES IN INTERNATIONAL INVESTMENT AGREEMENTS OF VIETNAM 82 A LIST OF FORMULATIONS OF FET CLAUSES IN BILATERAL INVESTMENT TREATIES OF VIETNAM 82 B LIST OF FORMULATIONS OF FET CLAUSES IN TREATIES WITH INVESTMENT PROVISIONS OF VIETNAM 86 v STATEMENT OF AUTHORSHIP I, Truong Thi Kim Xuyen hereby declare, in fulfilment of the requirements of the Foreign Trade University that the thesis is my original work under the supervision of Dr Vo Sy Manh vi ACKNOWLEDGEMENTS Firstly, I would like to express my gratitude to my supervisor Dr Vo Sy Manh who gives me guidance, support and encouragement to complete this thesis Secondly, I am also grateful to the Foreign Trade University for providing a wonderful environment for whole my period time of study Finally, a special thanks goes to Dr Cao Thi Hong Vinh for all her prompt and enthusiastic responses and support during my course vii ABBREVIATIONS AANZFTA ASEAN-Australia-New Zealand Free Trade Agreement ACIA ASEAN Comprehensive Investment Agreement ASEAN Association of Southeast Asian Nations BIT Bilateral Investment Treaty CBDR Common but Differentiated Responsibility CIL Customary International Law COMESA Common Market for Eastern and Southern Africa CPTPP Comprehensive and Progressive Agreement for Trans-Pacific Partnership DPI Department of Planning and Investment ECJ European Court of Justice ECT Energy Charter Treaty FCN Friendship, Commerce and Navigation FDI Foreign Direct Investment FET Fair and Equitable Treatment FPS Full Protection and Security FTA Free Trade Agreement GATT General Agreement on Trade and Tariffs ICJ International Court of Justice ICSID International Center for Settlement of Investment Disputes IIA International Investment Agreement IMS International Minimum Standard IPA Investment Protection Agreement viii ISDS Investor-State Dispute Settlement LCIA London Court of International Arbitratio MFN Most-Favoured Nation Treatment MPI Ministry of Planning and Investment MST Minimum Standard of Treatment NAFTA North American Free Trade Agreement NT National Treatment OECD Organization for Economic Cooperation and Development PCA Permanent Court of Arbitration SCC Stockholm Chamber of Commerce SFC South Fork Company SFT Swiss Federal Tribunal SPC Supreme People’s Court TIP Treaty with Investment Provision UNCITRAL United Nations Commission on International Trade Law UNCTAD United Nations Conference on Trade and Development VIAC Vietnam International Arbitration Center WTO World Trade Organization ix LIST OF FIGURES Figure 1.1 Known ISDS cases filed by arbitral rules, from 1987 to 31 July 2017 (Per cent) Number and share of BITs with unqualified, Figure 2.1 qualified and no FET clause, signed between 1959 and 2016 13 x SUMMARY OF THESIS RESEARCH RESULTS Being an attractive investment destination with a huge number of international investment agreements (IIAs) signed with other member states, apart from the economic benefits achieved, Vietnam has to face more legal risks arising from the claims of foreign investors on the ground of the IIAs, and one of the most concern is the breach of FET clause The study provides the legal risks arising from the unqualified FET clauses in most IIAs of Vietnam To have such conclusion, the research firstly examines the formulations of the FET in IIAs and then make a comparison between the thresholds of investors’ protection regarding to these formulations The study also examines the investor-state dispute settlement (ISDS) cases on the FET claims, specifically four cases in which Vietnam government was a respondent and the provides the elements that Vietnam government should take them into account when being sued by the foreign investors on the ground of the FET standard The thesis also goes further by analyzing the reform of FET clauses in new-generation IIAs which is one of the most important goals in World Investment Forum in 2018 As a result, the study then argues the advantages and disadvantage of each formulation of FET so that Vietnam government can easily make a comparison and consideration between these formulations of FET when it comes to negotiating and signing new IIAs Last but not least, the study provides the Vietnamese authorities lessons and recommendations for better practice in prevention the disputes with foreign investors regarding to FET claims as well 74 12 Marc Jacob, Stephan Schill, Fair and Equitable Treatment: Content, Practice, Method, Amsterdam Law School Research Paper, 24/2017, pp.700-763 13 Mayeda Graham, Playing Fair: The Meaning of Fair and Equitable Treatment in Bilateral Investment Treaties, Journal of World Trade, Vol 41, 2/2007, pp 273-291 14 Muchlinski, Peter ‘Caveat Investor’? 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Foreign Investment: What is the Current Standard at International Law, International Trade and Business Law Review Annual Vol XIV, 2011, pp.414-421 21 Rumana Islam, Fair and Equitable Treatment (FET) Standard in Arbitral Practice: Sustainable Development in Context, Bangladesh Journal of Law, 1/2016, pp 21-68 22 Sadiq L.O, Variability of fair and equitable treatment standard according to the development, Journal of International Commercial Law and Technology Vol.9, 4/2014, pp 229-235 75 23 Small Yannaca, Fair and Equitable Treatment Standard: Recent Developments, Standards of Investment Protection, Oxford University Press, 2008, pp.111-131 24 Srilal M Perera, Equity-Based Decision-Making and the Fair and Equitable Treatment Standard: Lessons from the Argentine Investment Disputes – Part I & Part II, The Journal of World Investment & Trade Vol 13, 3/2012, pp.482485 25 Subedi Surya P., International Investment Law: Reconciling Policy and Principle, Hart Publishing, Oxford and Portland, 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Malik, Fair and Equitable Treatment, 2009, at https://www.iisd.org/pdf/2009/best_practices_bulletin_3.pdf, Accessed on 21/12/2018 Nguyen, Dang, Luan, The International Arbitration Review, 2018, at https://thelawreviews.co.uk/edition/the-international-arbitration-reviewedition-9/1171773/vietnam , Accessed on 05/01/2019 OECD, OECD Investment Policy Reviews: Viet Nam 2018, at https://read.oecd-ilibrary.org/finance-and-investment/oecd-investmentpolicy-reviews-viet-nam-2017_9789264282957-en , Accessed on 05/01/2019 Oxford Dictionaries, definition of https://en.oxforddictionaries.com/definition/us/april , “fair”, at Accessed on 12/11/2018 Rouse, The EVFTA: A Breakthrough for Vietnam – EU Relations, Lexology, 2015, at www.lexology.com/library/detail.aspx?g=d3bb2a3a-8c92-409b- bd3e-ac3ee2f9c26c, Accessed on 21/12/2018 10 Szolnoki Leo, Vietnam Faces New Treaty Claim, 2014, at http://globalarbitrationreview.com/news/article/32414/vietnam-faces-newtreaty-claim/, Accessed on 05/01/2019 11 Thai S., 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https://www.vietnamplus.vn/toa-an-la-haye-phan-quyet-chinh-phuviet-nam-thang-kien-vu-dialasie/299733.vnp, Accessed on 05/01/2019 16 Vo Anh T., A central state organ for coordifation og international investment disputes (in Vietnamese: Cần quan điều phối tranh chấp đầu tư quốc tế cấp trung ương), at http://baophapluat.vn/tu-phap/can-mot-co-quan-dieuphoi-tranh-chap-dau-tu-quoc-te-cap-trung-uong-399285.html , Accessed on 05/02/2019 17 Weil, P., “The State, the Foreign Investor, and International Law: The No Longer Stormy Relationship of a Menage a Trois”, ICSID Review Foreign Investment Law Journal, 401/2000, pp.401- 416 D Legislation Decision No 04/2014/QD-TTg on Promulgation of the Regulation on Coordination in Resolution of International Investment Disputes Swiss Private International Law Act in 1987 Vietnamese Law on Foreign Investment in 1987 Vietnamese Law on Foreign Investment in 2014 79 E Cases Alpha Projektholding GMBH v Ukraine, Award, ICSID Case No ARB/07/16, IIC 464, 20 October 2010 American Manufacturing & Trading, Inc v Republic of Zaire, ICSID Case No ARB/93/1, 21 February, 1997 ATA Construction, Industrial and Trading Company v The Hashemite Kingdom of Jordan, ICSID Case No ARB/08/2 Azurix v Argentina, ICSID Case No ARB/01/12, Final Award, 14 July 2006 Bayindir Insaat Turizm Ticaret ve Sanayi AS v Islamic Republic of Pakistan, ICSID No ARB/03/29, Decision on Jurisdiction , 14 November 2005 Biwater v.Tanzania, ICSID Case No.ARB/05/22 and Vivendiv.Argentina, ICSID Case No.ARB/97/3 Bryan Cockrell v The Socialist Republic of Viet Nam, PCA Case No 201503, 2014 Cervin Investissements S.A and Rhone Investissements S.A v Republic of Costa Rica (ICSID Case No ARB/13/2), Award, March 2017 CMS v Argentine Republic, ICSID Case No ARB/01/8, Award, 12 May 2005 10 ConocoPhillips and Perenco v The Socialist Republic of Viet Nam, UNCITRAL, 2017 11 Desert Line Projects v Yemen, ICSID Case No ARB/05/1 12 Deutsche Bank AG v Democratic Socialist Republic of Sri Lanka, 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and MTD Chile S.A v Republic of Chile, ICSID Case No ARB/01/7 26 Occidental Petroleum Corporation and Occidental Exploration and Production Company v The Republic of Ecuador, ICSID Case No ARB/06/11 27 Parkerings-Compagniet AS v Lithuania, ICSID Case No ARB/05/8, Award, 11 September 2007 28 Power Group L.C and New Turbine, Inc v Ecuador, ICSID Case No ARB/03/6, Award, 31 July 2007 29 PSEG Global Inc and others vs Turkey Award, 19 January 2007 30 RECOFI v The Socialist Republic of Vietnam, UNCITRAL, 2013 31 Saluka Investments BV v Czech Republic, Saluka Investments BV v Czech Republic, Partial Award, ICGJ 368 (PCA 2006), 17th March 2006, Permanent Court of Arbitration 32 Sekozi v The Socialist Republic of Vietnam, 2016 33 Sempra Energy International vs Argentine Republic Award, September 28, 2007 34 Shin Dong Baig v The Socialist Republic of Vietnam, ICSID Case No.ARB(AF)/18/2, 2018 81 35 Siemens AG v Argentina, ICSID Case No ARB/02/8, Award, February 2007 36 Técnicas Medioambientales Tecmed, S.A v The United Mexican States, ICSID Case No ARB (AF)/00/2 37 Tokios Tokelės v Ukraine, ICSID Case No ARB/02/18 38 Trinh Vinh Binh and Binh Chau Joint Stock Company v The Socialist Republic of Vietnam, UNCITRAL (agreed to settle), 2004 39 Trinh Vinh Binh v The Socialist Republic of Vietnam, ICC, 2014 40 United Parcel Service of America Inc vs Canada, ICSID Case No UNCT/02/1 41 Waste Management, Inc v United Mexican States (“Number 2”), ICSID Case No ARB(AF)/00/3, Final Award, 30 April 2004 42 Wena Hotels Ltd vs Arab Republic of Egypt, Award, December 2000 43 Wintershall Aktiengesellschaft v Argentina, ICSID Case No ARB/04/14, Award Dec 8, 2008 82 APPENDIX: LIST OF FORMULATIONS OF FET CLAUSES IN INTERNATIONAL INVESTMENT AGREEMENTS OF VIETNAM A LIST OF FORMULATIONS OF FET CLAUSES IN BILATERAL INVESTMENT TREATIES OF VIETNAM No Partners Date of Date of Formulations of signature entry into FET clauses force Algeria 21/10/1996 Signed (not Not mapped* in force) Argentina 03/06/1996 01/06/1997 Unqualified FET Armenia 01/02/1993 28/04/1993 Not mapped* Australia 05/03/1991 11/09/1991 Not mapped* Austria 27/03/1995 01/10/1996 Unqualified FET Bangladesh 01/05/2005 Signed (not Not mapped* in force) Belarus 08/07/1992 24/11/1994 Not mapped* BLEU (Belgium- 24/01/1991 11/06/1999 Qualified FET Luxembourg Economic Union) Bulgaria 19/09/1996 15/05/1998 Unqualified FET 10 Cambodia 01/09/2001 24/10/2005 Unqualified FET 11 Chile 16/09/1999 Signed (not Not mapped* in force) 12 China 02/12/1992 01/09/1993 Unqualified FET 13 Cuba 12/10/1995 01/10/1996 Unqualified FET 14 Czech Republic 25/11/1997 09/07/1998 Unqualified FET 15 Denmark 23/07/1993 07/08/1994 Unqualified FET 83 16 Egypt 06/09/1997 04/03/2002 Unqualified FET 17 Estonia 24/09/2009 11/02/2012 Unqualified FET 18 Finland 21/02/2008 04/06/2009 Unqualified FET 19 France 26/05/1992 10/08/1994 Qualified FET 20 Germany 03/04/1993 19/09/1998 Unqualified FET 21 Greece 13/10/2008 08/12/2011 Unqualified FET 22 Hungary 26/08/1994 16/06/1995 Unqualified FET 23 Iceland 20/09/2002 10/07/2003 Unqualified FET 24 India 08/03/1997 01/12/1999 Unqualified FET 25 Iran, Islamic 23/03/2009 19/03/2011 Not mapped* Republic of 26 Italy 18/05/1990 06/05/1994 Unqualified FET 27 Japan 14/11/2003 19/12/2004 Unqualified FET 28 Kazakhstan 15/09/2009 07/04/2014 Not mapped* 29 Korea, Dem 02/05/2002 Not mapped* People's Rep of 30 Korea, Republic of 15/09/2003 05/06/2004 Unqualified FET 31 Kuwait 23/05/2007 16/03/2011 Not mapped* 32 Lao People's 14/01/1996 23/06/1996 Unqualified FET Democratic Republic 33 Latvia 06/11/1995 20/02/1996 Unqualified FET 34 Lithuania 27/09/1995 24/04/2003 Unqualified FET 35 Malaysia 21/01/1992 09/10/1992 Unqualified FET 36 Mongolia 17/04/2000 13/12/2001 Unqualified FET 37 Morocco 15/06/2012 Signed (not Qualified in force) FET 29/05/2007 Not mapped* 38 Mozambique 16/01/2007 84 39 Myanmar 15/02/2000 Signed (not Not mapped* in force) 40 Namibia 30/05/2003 Signed (not Not mapped* in force) 41 Netherlands 10/03/1994 01/02/1995 Unqualified FET 42 North Macedonia 15/10/2014 11/01/2016 Unqualified FET 43 Oman 10/01/2011 Signed (not Unqualified FET in force) 44 Philippines 27/02/1992 29/01/1993 Unqualified FET 45 Poland 31/08/1994 24/11/1994 Unqualified FET 46 Romania 15/09/1994 16/08/1995 Unqualified FET 47 Russian Federation 16/06/1994 03/07/1996 Not mapped* 48 Singapore 29/10/1992 25/12/1992 Unqualified FET 49 Slovakia 17/12/2009 18/08/2011 Not mapped* 50 Spain 20/02/2006 29/07/2011 Qualified FET 51 Sri Lanka 22/10/2009 Signed (not Not mapped* in force) 52 Sweden 08/09/1993 02/08/1994 Unqualified FET 53 Switzerland 03/07/1992 03/12/1992 Unqualified FET 54 Taiwan Province of 21/04/1993 23/04/1993 Not mapped* 19/01/1999 Signed (not China 55 Tajikistan in force) Unqualified FET 07/02/1992 Qualified FET 56 Thailand 30/10/1991 57 Turkey 15/01/2014 58 Ukraine 08/06/1994 08/12/1994 Not mapped* 59 United Arab 16/02/2009 Signed (not Unqualified FET Emirates Not mapped* in force) 60 United Kingdom 01/08/2002 01/08/2002 Unqualified FET 61 Uruguay 12/05/2009 09/09/2012 Unqualified FET 85 62 Uzbekistan 28/03/1996 06/03/1998 63 Venezuela, 20/11/2008 17/06/2009 Bolivarian Republic of Not mapped*: The full text of the BIT is not available Not mapped* Unqualified FET 86 B LIST OF FORMULATIONS OF FET CLAUSES IN TREATIES WITH INVESTMENT PROVISIONS OF VIETNAM No Name Parties Date of Date of signature entry into force Formulations of FET clauses Comprehensive Australia, Bru 08/03/201 30/12/201 Qualified and Progressive nei FET Agreement for Darussalam, Trans-Pacific Canada, Chile Partnership , Japan, Mala (CPTPP) (2018) ysia, Mexico, 8 New Zealand, Peru , Singapore ASEAN - Hong Hong Kong, 12/11/201 Signed Qualified Kong, China China SAR FET SAR Investment (not in force) Agreement (2017) Trans-Pacific Australia, 04/02/201 Signed Qualified Partnership Brunei FET (2016) Darussalam, Canada, Chile , Japan, Mala ysia, Mexico, New Zealand, Peru , Singapore, (not in force) 87 United States of America Eurasian Eurasian Economic Union Economic - Viet Nam FTA 29/05/201 05/10/201 Qualified FET Union (2015) Korea, Republic Korea, 05/05/201 20/12/201 Qualified of - Viet Nam Republic of FET India 12/11/201 Signed Qualified FET Free Trade Agreement (2015) ASEAN - India Investment Agreement (not in force) (2014) ASEAN-China China Investment 15/08/200 01/01/201 Qualified FET Agreement ASEAN-Korea Korea, 02/06/200 01/09/200 Qualified Investment Republic of FET Agreement Australia, Ne 27/02/200 10/01/201 Qualified Establishing the w Zealand FET ASEAN Brunei 26/02/200 24/02/201 Qualified Comprehensive Darussalam FET Investment Cambodia Agreement ASEANAustralia-New Zealand Free Trade Area 10 88 Agreement Indonesia (2009) Lao People's Democratic Republic Malaysia Myanmar Philippines Singapore Thailand Vietnam 11 12 ASEAN-EU EU 07/03/198 01/10/198 Unqualified Cooperation (European FET Agreement Union) EU-Viet Nam EU Expected Qualified Free Trade (European to be FET Agreement Union) signed ... INVESTOR- STATE DISPUTE SETTLEMENT ON THE FAIR AND EQUITABLE TREATMENT ON THE PERSPECTIVE OF THE HOST STATE AND LESSONS FOR VIETNAM GOVERNMENT 50 3.1 THE REFORM OF THE FAIR AND EQUITABLE TREATMENT. .. environment for the investors That is the best way to prevent the investor- state disputes on the FET claims 1 Chapter AN OVERVIEW OF THE INVESTOR- STATE DISPUTE SETTLEMENT AND THE FAIR AND EQUITABLE. .. RESOLUTION OF INVESTOR- STATE DISPUTES ON THE FAIR AND EQUITABLE TREATMENT 61 3.2.1 THE CIRCUMSTANCES OF VIETNAM IN THE FAIR AND EQUITABLE TREATMENT CLAIMS 3.2.2 THE INVESTOR S OBLIGATIONS