APPROVAL PROCESS

OF INVESTMENT POLICY

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  As for the approval procedure of investment policy, at present, this procedure depends on each project but falls under the jurisdiction of the National Assembly, the Prime Minister or the People's Committee of the province. There will be different order and procedures for approving investment policies to correspond with the competence of the Government, specifically as follows:

• Order and procedures for approving the investment policy of the National Assembly:

1. The investor prepares a complete dossier and sends it to the Ministry of Planning and Investment. For details on the composition of the application file, you can refer to the article on the application for approval of the investment policy.

2. Within 15 days after receiving the complete dossier, the Ministry of Planning and Investment shall report to the Prime Minister to establish the State Appraisal Council.

3. Within 90 days from the date of establishment, the State Appraisal Council shall organize the appraisal of the dossier and make an appraisal report for submission to the Government.

4. At least 60 days before the opening date of the National Assembly session, the Government shall prepare and send a dossier of request for approval of investment policies to the agency in charge of verification of the National Assembly.

5. Dossier of application for approval of investment policy includes:

1. 1. 1. Government's report;
      2. Dossier specified in Section 1 of this Article;
      3. Appraisal report of the State Appraisal Council;
      4. Other relevant documents.

6.Contents of verification of application for approval of investment policy include

1. 1. 1. The satisfaction of criteria for determining investment projects falls under the National Assembly's competence to approve investment policies;
      2. The need to implement investment projects;
      3. The conformity of the investment project with the national strategy, planning, regional planning, provincial planning, urban planning and special administrative-economic unit planning (if any);
      4. Objectives, scale, location, time, implementation progress of investment projects, land use needs, plans for site clearance, migration and resettlement, options for selecting key technologies, solutions environmental protection;
      5. Total investment capital and capital sources;
      6. Assessment of socio-economic efficiency, defense and security assurance and sustainable development of investment projects;
      7. Mechanisms, special policies, incentives, investment support and conditions for application (if any).

7.The Government and relevant agencies, organizations and individuals are responsible for providing sufficient information and documents to serve the verification; explain issues related to the investment project's contents at the request of the agency in charge of verification of the National Assembly.

8. The National Assembly considers and approves a resolution on approval of investment policies, including the objectives, location, scale, progress and duration of the project; investor or investor selection form and special mechanisms and policies (if any) to implement investment projects.

Order and procedures for accepting investment policies.

• Order and procedures for approving the investment policy of the Prime Minister:
  1. Investors prepare complete documents and send them to the Ministry of Planning and Investment. For details on the composition of the application file, you can refer to the article on the application for approval of the investment policy.
  2. Within 03 working days from the date of receipt of complete dossiers, the Ministry of Planning and Investment shall send the dossiers for appraisal opinions of relevant state agencies related to the appraisal contents.
  3. Within 15 days from the day on which the application is received, the consulted agency shall give its opinion on the contents under its state management and send it to the Ministry of Planning and Investment.
  4. Within 40 days from the date of receipt of the dossier, the Ministry of Planning and Investment shall organize the appraisal of the dossier and make an appraisal report and submit it to the Prime Minister for approval of the investment policy.
  5. The Prime Minister considers and approves the investment policy including the objectives, location, scale, progress and duration of the project; investors or the form of investor selection and special mechanisms and policies (if any) for the implementation of investment projects;
  6. For an investment project that is concurrently under the investment policy approval competence of two or more provincial-level People's Committees, the Prime Minister shall designate the investment registration agency of a province or centrally run city. The central government issues the Investment Registration Certificate for the entire project.
• Order and procedures for approval of investment policies by the People's Committee of the province:
  1. The investor prepares a complete application and sends it to the investment registration agency. For details on the composition of the application file, you can refer to the article on the application for approval of the investment policy.
  2. Within 35 days since the date of receipt of the application, the investment registration agency must notify the investor of the result.
  3. Within 03 working days from the date of receipt of a complete dossier, the investment registration agency shall send the dossier to obtain appraisal opinions of relevant state agencies related to the appraisal contents.
  4. Within 15 days from the day on which the application is received, the consulted agency shall give its opinion on the contents under its state management and send it to the investment registration agency.
  5. Within 25 days from the day on which the application is received, the investment registration agency shall make an appraisal report, including the appraisal contents, and submit it to the People's Committee of the province.
  6. Within 07 working days since the date of receiving the application and appraisal report, the provincial People's Committee shall approve the investment policy. In case of refusal, it must notify in writing and clearly state the reason.
  7. Provincial-level People's Committees shall consider and approve the investment policies, including the objectives, location, scale, progress and duration of the project; investor or investor selection form and special mechanisms and policies (if any) to implement investment projects.

More articles:
➤ Regulations on determining the value of investment capital.
➤ Regulations on ensuring the implementation of investment projects.
➤ Regulations on the implementation of investment projects.
➤ Regulations on revocation of Investment Registration Certificate.

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