When operating a project, there might be a few unavoidable adjustments to carry on the project smoothly. Yet, the procedure for adjusting investment projects in Vietnam may sound confusing to foreign investors. Because of that, in this article, LSX will provide you the necessary details on the issue.
Legal grounds
- 2020 Investment Law
- Decree 31/2021/ND-CP
Dossier for adjusting investment projects
Hence the regulation in Clause 1, Article 44, Decree 31/2021/ND-CP; a dossier for adjusting investment projects will contain the following documents:
- Request for adjustment of investment project
- Report on the implementation of investment projects up to the time of adjustment
- Investor’s decision on adjustment of investment project for institutional investors
- Explain or provide documents related to the adjustment of the contents of the application for approval of the investment policy of the project proposed by the investor (if any).
Procedure for adjusting investment projects
Accordingly, the procedure may vary depending on the competent State agencies. In fact, 03 agencies responded to the issue of adjusting investment projects.
Investment projects under the competence of the Prime Minister
In case the investment projects stay under the competence of the Prime Minister; the procedure will involve 02 steps:
Step 1: Submit the dossier
Firstly, the applicant shall prepare 08 dossiers for the procedure. Then, they could submit it to the Ministry of Planning and Investment.
Within 03 working days from the date of receiving the valid dossier, the Ministry of Planning and Investment shall send the dossier to the competent state agency; in order to get opinions on the contents of adjustment of investment projects.
Step 2: Evaluate the adjustment contents and send the results
Subsequently, within 15 days from the date of receipt of valid dossiers, the agencies shall comment on the content of project adjustment within the scope of their state management.
Within 35 days from the date of receipt of a valid dossier, the Ministry of Planning and Investment shall make a report on the appraisal of the adjusted contents of the investment project to submit to the Prime Minister.
Lastly, under 5 working days after receiving the Ministry of Planning and Investment appraisal report, the Prime Minister shall decide to approve the adjustment of investment policies. The decision approving the adjustment of investment policies shall be sent to the Ministry of Planning and Investment, the investment registration agency and investors, the ministries and agencies involved in the implementation of the investment project, the investment approval of investors (if any)
Investment projects under the competence of the province-level People’s Committee
On the condition that the investment projects fall under the competence of the province-level People’s Committee; the procedure must carry as follow:
Step 1: Submit the dossier
Initially, the applicant shall prepare 04 dossiers for the procedure and submit them to the Investment registration agency.
Within 03 working days from the date of receiving the valid dossier, the Investment registration agency shall send the dossier to the competent state agency to get opinions on the contents of adjustment of investment projects.
Step 2: Evaluate the adjustment contents and send the results
Within 15 days from the date of receipt of valid dossiers; the agencies shall comment on the content of project adjustment within the scope of their state management.
Then, under 25 days from the day on which the valid application is received; the investment registration authority shall make a report on the appraisal of the adjusted investment project contents to submit it to the People’s Committee of the province.
Within 07 working days from the date of receipt of the application and appraisal report from the Investment Registration Authority; the People’s Committee of the province shall decide to approve the adjustment of investment policies. The decision approved adjusting the investment policy be sent to the competent authorities.
Investment projects under the investment policy approval authority of the Management Board of industrial parks, export processing zones, high-tech zones, economic zones
Similar to the other procedure, this one also contains 02 steps:
Step 1: Submit the dossier
Firstly, the investor submits 04 dossiers to the Management Board of industrial parks, export processing zones, hi-tech zones, and economic zones.
Within 03 working days, the Management Board of industrial parks, export processing zones, hi-tech zones, economic zones shall send the dossiers to competent state agencies; in order to to get opinions on the contents of adjustment of investment projects.
Step 2: Evaluate the adjustment contents and send the results
Within 15 days from the date of receipt of valid dossiers; the agencies shall comment on the content of project adjustment within the scope of their state management.
At last, within 25 days from the date of receipt of a valid dossier; the Management Board of industrial parks, export processing zones, hi-tech zones and economic zones shall decide to approve the adjustment of investment policies. The decision shall be sent to the investor and the agency related to the implementation of the investment project.
Thank you for paying attention. Hope this article could help you solve your problem. If you have any questions, please contact Lawyer X for quick and best legal services: 0833102102.
Foreign investment means that organizations and individuals of one country bring capital in different forms into another country to conduct business activities for profit. Foreign investment is made in the form of direct investment or indirect investment.
Foreign investor means an individual with foreign nationality or an organization established under foreign law that conducts business investment activities in Vietnam.
Conclusion: So the above is Procedure for adjusting investment projects in Vietnam. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
