Procedures for investment policy approval of Provincial People’s Committees in Viet Nam
Procedures for investment policy approval of Provincial People’s Committees in Viet Nam
The original article Procedures for investment policy approval of Provincial People’s Committees in Viet Nam
In the context of business and investment activities constantly developing, the number of investment projects that need to carry out procedures for approval of investment policies from competent state agencies is becoming more and more common. Meanwhile, the Law on Investment 2020 has many amendments in the order and procedures for approving investment policies, making it difficult for investors to prepare dossiers as well as apply for investment policy approval. The following article, Nghiep Thanh Law with you clarifies issues related to the current Investment Policy Approval Procedures of the Provincial People’s Committee.
Which agency has the authority to approve the investment policy?
The National Assembly, the Prime Minister, and the Provincial People’s Committee are the three main agencies with the authority to approve investment policies. In addition, in some special cases, the Management Board of industrial zones, export processing zones, high-tech zones and economic zones also have the authority to approve investment policies.
Regarding the list of investment projects that need to apply for approval of investment policies of the Provincial People’s Committee, you can refer to the article: Investment projects that need to apply for investment policy approval of the Provincial People’s Committee in Viet Nam
Dossier of application for approval of investment policies:
The investor needs to prepare a dossier including:
– A written request for the implementation of the investment project and commitment to bear the costs and risks, made according to the form No. A.I.1[1]. Form A.I.1
– Documents proving legal capacity.
– Documents proving financial capacity (one of the following documents: financial statements of the most recent 2 years; Commitment to financial support of the parent company; Guarantee of financial capacity; Other documents to prove financial capacity)
– Proposing investment projects according to the form A.I.3 or pre-feasibility studies for construction investment projects. Form A.I.3
– A copy of the land use right document or other document determining the land use right in case the investment project does not request the State to allocate or lease land or permit the change of the purpose of land use.
– Explain of technology for projects subject to appraisal and collection of opinions on technology.
– Business Cooperation Contract (BCC Contract) for investment projects in the form of BCC contract.
Procedures for approval of investment policy by the Provincial People’s Committee[2]:
Step 1: Submit 04 prepared sets of dossiers to the provincial investment registration agency
Step 2: Appraise the documents:
Within 25 days from the date of receipt of valid dossiers, the investment registration agency shall make an appraisal report and submit it to the Provincial People’s Committee.
Step 3: Review and approve the investment policy
Within 07 working days from the date of receipt of the appraisal report, the Provincial People’s Committee will consider and issue a decision to approve the investment policy
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Translator: Le Khanh Linh
Content writer: Le Tien Thanh
Instructor: Nguyen Linh Chi
Admin: Lawyer Thuan
[1] Attached to Circular 03/2021/TT-BKHDT.
[2] Article 36 Law on Investment 2020 and Article 33.4 Decree 31/2021/ND-CP.
