Instructions on procedures for shutting down investment projects in Vietnam
Along with the opening to attract foreign investment; Investment projects in Vietnam are increasing day by day. However, due to the impact of the epidemic; Many projects encounter difficulties and are forced to transfer investment projects or stop operating investment projects. So, is the procedure for decommissioning an investment project complicated or not? Let’s find out with Lawyer X about this issue!
Legal grounds
Law on Investment 2020
In which cases is it allowed to stop operating an investment project?
An investment project may be completely or partially stopped operating in the following specific cases:
State agencies decide to stop the operation of investment projects
In some cases, state agencies will issue decisions to stop all or part of an investment project, to:
Implement measures to ensure occupational safety at the request of the state agency in charge of labor.
According to the judgment, the decision of the Court, arbitral award.
Protect relics, relics, antiquities, and national treasures by the Law on Cultural Heritage.
Overcome violations of the law on environmental protection at the request of the state management agency in charge of the environment.
Because the investor did not comply with the content of approving the investment policy; the Investment certificate has been sanctioned for administrative violations but continues to violate.
If falling into one of these cases, the investment project is forced to stop operating; if they do not stop operating according to the decision of the State, it will fine according to the provisions of law.
The Prime Minister decided to suspend the operation of investment projects
The Prime Minister also has the authority to issue a decision to stop the whole thing; or stop part of the operation of the investment project when the implementation of the investment project causes damage or is at risk of harming national defense and security at the request of the MPI.
The investor decides to stop operating the investment project
The shutdown of investment projects; Investors can also decide to stop operating on their own.
In case of shutdown due to force majeure, the investor is exempted from land rent by the State; reduce the land use fee during the shutdown period to overcome the consequences caused by force majeure.
When shutting down investment projects; investors prepare all documents and dossiers by the provisions of the Law on Investment 2020 and proceed with the decommissioning procedure of the project.
Procedures for decommissioning of investment projects
The specific steps are as follows:
Step 1: The investor shall notify in writing the Department of Planning and Investment of the cessation of operation of the investment project.
Next, step 2: Prepare documents and submit them to the Center for Public Administration to transfer to the Department of Planning and Investment.
Step 3: The Department of Planning and Investment receives the investor’s notice of shutdown of the investment project; and records the operational status of the investment project.
Dossier of decommissioning of investment projects
The application for decommissioning an investment project is quite simple with the following documents:
Notice of decommissioning of investment project (according to form).
Authorization to suspend the operation of investment projects (if not self-implemented).
Minutes after the meeting decided to stop the operation of the investment project.
Related article:
Service of applying for an investment registration certificate in Vietnam
Procedures for project land allocation and project land lease
Frequently asked questions
According to regulations, the total time to suspend investment projects is 12 months. Except for the case of shutdown due to a decision of a court or a state management agency in charge of investment, the duration of suspension is determined according to a judgment or decision of a competent authority.
Cases of termination of operation of an investment project, including:
First is, according to the decision of the investor or according to the contract, the charter of the enterprise.
Second, according to the decision of the investment registration agency.
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