Phuoc & Partners – Vietnam Company Law

PROCEDURES FOR APPROVAL OF INVESTMENT POLICY BY PROVINCIAL PEOPLE’S COMMITTEES

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As prescribed by laws, approval of investment policy is the approval of the project implementation’s objectives, location, scale, schedule and duration by a competent state agency; investor or investor selection form and special mechanisms and policies (if any) to implement investment projects. Investment projects specified in Article 32 of Law on Investment, amended and supplemented by Article 3.2 of Law amending Law on Public Investment, Law on Investment in the form of public-private partnership, Law on Investment, Law on Housing, Law on Bidding, Law on Electricity, Law on Enterprises, Law on Special Consumption Tax and Law on Civil Judgment Enforcement must follow the procedures for approval of investment policy by provincial People’s Committees.

  1. File requesting approval of investment policy

According to the legal provisions of law on investment, a file requesting approval of investment policies proposed by investors includes:

In case the law on construction requires formulation of a pre-feasibility study reports, the investor may submit pre-feasibility study reports instead of investment project proposals.

  1. Sequence and procedures for approval of investment policy by provincial People’s Committees

Article 36 of Law on Investment and Article 33 of Decree 31/2021/ND-CP stipulates the procedures for approval of investment policy by provincial People’s Committees as follows:

Within 15 days from the date of receipt of the file, the agency which is asked for the opinion shall provide its appraisal opinion on the contents under its scope of state management to the IRA;

In addition, investors also need to research and evaluate information about supporting policies of government, legal provisions relating to licenses and projects as well as contracts related to investment projects. All information will support investors in carrying out the procedures for approval of investment policy by provincial People’s Committees.  Furthermore, in order to ensure that the form and contents of the file relating to the procedures for approval of investment policy by the provincial People’s Committee are complete and compliant with the law, the investors need the advice and assistance of law firms with a team of lawyers specialising in investment.

Phuoc & Partners is a legal consulting firm established in Vietnam and currently has nearly 100 members working in three offices in Ho Chi Minh City, Hanoi and Danang. Phuoc & Partners is also rated as one of the leading consulting firms specializing in business law in Vietnam that has leading practice areas in the legal market such as Labour and Employment, Taxation, Merger and acquisition, Litigation. We are confident in providing customers with optimal and effective service.

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