Abstract: Foreign-invested project includes investment projects which need approval for investment guidelines and those do not need approval for investment guideline. Application to apply for Investment Registration Certificate in each case may be different and Viet Anh Law will provide you with some basic information as follows:
Key words: application; foreign-invested project.
The power to issue Investment Registration Certificate
- Management boards of industrial parks, export-processing zones, hi-tech zones and economic zone shall issue investment registration certificates with regard to the investment projects located therein.
- Provincial Departments of Planning and Investment shall issue, adjust and revoke investment registration certificates with respect to the investment projects outside industrial parks, export-processing zones, hi-tech zones and economic zones.
For investment projects which do not need approval for investment guidelines
Application includes:
- An application form for execution of the investment project, including a commitment to incur all costs and risks if the project is not approved;
- A document about the investor’s legal status;
- Documents proving the financial capacity of the investor includes any of the following documents: the investor’s financial statements for the last two years; commitment of a parent company to provide financial support; commitment of a financial institution to provide financial support; guarantee for the investor’s financial capacity;
- Proposal of investment project;
- A copy of the document regarding the land use rights or other document identifying the right to use the investment location if the project does not require the State to allocate or lease out land or to permit land repurposing;
- Explanation for the technology used in investment project if the project requires appraisal and collection of opinions on the technology in accordance with the Law on Technology Transfer;
- BBC contract if investment project is executed under a business cooperation contract;
- Other documents related to investment project.
Duration: within 15 days from the date of receiving valid application.
For investment projects which need approval for investment guidelines
The National Assembly’s power to approve investment guidelines
The National Assembly shall grant approval for investment guidelines of the following investment projects:
- Investment projects that exert great effects or potentially serious effects on the environment;
- Investment projects that require repurposing of land meant for wet rice cultivation during with 02 or more crops of at least 500 hectares;
- Investment projects that require relocation of 20,000 people or more in mountainous areas or 50,000 people or more in other areas;
- Investment projects that require application of a special mechanism or policy that needs to be decided by the National Assembly.
* Application for approve investment guidelines of The National Assembly
The same documents as investment projects which do not need approval for investment guidelines shall be submitted to the Ministry of Planning and Investment.
* Procedure:
- Within 15 days from the date on which the sufficient application is received, the Ministry of Planning and Investment shall submit a report to the Prime Minister and request establishment of a State Appraisal Council.
- Within 90 days from the date of its establishment, the State Appraisal Council shall organize appraisal of the application, then submit report to the Government.
- At least 60 days before the opening of the meeting of the National Assembly, the Government shall prepare an application for investment guideline approval and submit it to the National Assembly’s agency presiding over validation.
- The National Assembly shall consider passing a Resolution on approval for investment guidelines.
* Duration for issuance of Investment Registration Certificate: 05 working days from the receipt of the written approval for investment guidelines and the written approval for investor with respect to the investment project.
The Prime Minister’s power to approve investment guidelines
The Prime Minister shall grant approval for investment guidelines of the following investment projects:
- Investment projects regardless of capital sources;
- Foreign investors’ investment projects in the following fields: provision of telecommunications services with network infrastructure; afforestation; publication, press;
- Investment projects which at the same time fall within the power of at least two provincial People’s Committees to grant approval for investment guidelines;
- Other investment projects subject to approval for their investment guidelines or subject to investment decision by the Prime Minister as prescribed by law.
* Application for approve investment guidelines of The Prime Minister
The same documents as investment projects which do not need approval for investment guidelines shall be submitted to the Ministry of Planning and Investment.
* Procedure:
- Within 03 working days from the date on which the sufficient application is received, the Ministry of Planning and Investment shall send relevant documents to relevant regulatory agencies to seek their opinions.
- Within 15 days from receipt of the written request for opinions, the requested agencies shall send their appraisal opinions on the contents under their management to the Ministry of Planning and Investment.
- Within 40 days from the receipt of the application, the Ministry of Planning and Investment shall appraise it and prepare an appraisal report and then submit it to the Prime Minister for investment guidelines approval.
- The Prime Minister shall consider granting investment guideline approval.
* Duration for issuance of Investment Registration Certificate: 05 working days from the receipt of the written approval for investment guidelines and the written approval for investor with respect to the investment project.
The power of provincial People’s Committees to approve investment guidelines
The provincial People’s Committees shall grant approval for investment guidelines of the following investment projects:
- Investment projects that request the State to allocate or lease out land without auction or bidding for or receipt of land use rights, and investment projects that request permission to repurpose land;
- Projects on construction of residential housing (for sale, lease or lease purchase) and urban areas that use less than 300 hectares of land with a population of less than 50.000 people;
- Projects on investment in golf course construction and business;
- Investment projects of foreign investors and foreign-invested business organizations executed on islands or in border or coastal communes; in other areas affecting national defense and security.
* Application for approve investment guidelines of The Prime Minister
The same documents as investment projects which do not need approval for investment guidelines shall be submitted to the Ministry of Planning and Investment.
* Procedure:
Within 35 days from the receipt of the application, the investment registration authority shall notify results to the investor.
* Duration for issuance of Investment Registration Certificate: 05 working days from the receipt of the written approval for investment guidelines and the written approval for investor with respect to the investment project.
Viet Anh Legal & Investment
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