Investment projects need get investment policy approval from the Provincial People’s Committee in Viet Nam
Investment projects need get investment policy approval from the Provincial People’s Committee in Viet Nam
The original article Investment projects need get investment policy approval from Provincial People’s Committee in Viet Nam
Today, business investment plays a very important role in the economy. Therefore, in order to ensure that business investment activities are managed by the State, in line with the country’s main strategy, the procedure for approving investment policy (or formerly the procedure for deciding on investment policy) has a crucial meaning.
In addition, the Law on Investment 2020 was announced officially, in use from January 1, 2021, with important reforms regulating the investment field. That is, the field of procedures for approving investment policies also has changes and supplements. To learn more about the approval of investment policies, as well as the list of investment projects that must be approved by the Provincial People’s Committee, let’s join Nghiep Thanh Law in reading the following article.
What is an approval of investment policy?
Law on Investment 2020, officially changed the name of the procedure “decision of investment policy” to “approval of investment policy”. Specifically, the Approval of investment policy means the competent state agencies’ approval of the project’s objectives, location, scale, schedule, and duration to carry out the project, investor or ways to choose investor, and special mechanisms and policies to carry out investment projects[1].
List of investment projects applying for investment policy approval from the Provincial People’s Committee:
Currently, the authority to approve investment policies belongs to 03 main agencies, namely the National Assembly, the Prime Minister and the Provincial People’s Committee. In addition to the list of important investment projects that need approval of investment policies from the National Assembly and the Prime Minister[2], some investment projects need to apply for approval of investment policies from the Provincial People’s Committee. Specifically:
1. The investment project has requested the State to allocate or lease land without auction, bidding/receipt of transfer, and the investment project has requested permission to change the land use purpose (except in the case of allocating, leasing land, permitting to change the purpose of land use of households, individuals that are not required to obtain the written approval from Provincial’s People’s Committee.)
2. Investment projects to build houses and urban areas in the following cases:
+ An investment project with a land area used less than 50 hectares and a population of fewer than 15,000 people in an urban area.
+ An investment project with a land area used less than 100 hectares and a population of fewer than 10,000 people in non-urban areas.
+ An investment projects regardless of land area scale, population in restricted development areas or historic inner cities (determined in urban planning projects) of special urban areas.
3. Investment projects on construction and business of golf courses.
4. Investment projects of foreign investors and foreign-invested economic organizations implemented on islands and border communes, wards and towns; coastal communes, wards and towns; other areas affecting national defense and security.
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Translator: Le Khanh Linh
Content writer: Le Tien Thanh
Instructor: Nguyen Linh Chi
Admin: Lawyer Thuan
[1] Article 3.1 Law on Investment 2020.
[2] Article 30 and Article 31 Law on Investment 2020.
