Two multinational oil companies, ConocoPhillips and Perenco, have launched a pre-emptive legal strike, seeking to stop Vietnam from collecting taxes on the profits made in a major oil deal. An investigation by Finance Uncovered has found that ConocoPhillips and Perenco will attempt to stop the Vietnamese government from levying an estimated $179m (£140m) in taxes on the profits made from the sale of oilfields in the country. A spokesman for ConocoPhillips said: “The sale was between two UK-incorporated and resident entities with no taxable presence in Vietnam. The target companies are also UK companies. As a result, no taxes were owed on the sale in Vietnam.” The dispute will be heard at a secretive international court, managed by the UN, little known outside privileged legal circles. The result could mark a significant shift in the way multinationals attempt to avoid paying taxes to poorer countries.

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