Chapter 6
DIRECT INVESTMENT ACTIVITIES
SECTION 1. INVESTMENT PROCEDURES
Article 45 Procedures for registration of investment in respect of domestic investment projects
1. With respect to domestic investment projects which have an invested capital of below fifteen (15) billion Vietnamese dong and which are not included in the list of sectors of investment subject to conditions, the investors shall not be required to perform the procedures for investment registration.
2 With respect to domestic investment projects which have an invested capital of between fifteen (15) billion Vietnamese dong and below three hundreds (300) billion Vietnamese dong and which are not included in the list of sectors of investment subject to conditions, the investors shall perform the procedures for investment registration in the [prescribed] form at a provincial State administrative body for investment.
Where investors request that investment certificates be issued, the provincial State administrative body for investment shall issue an investment certificate.
3. Contents of investment registration shall comprise the following:
(a) Legal status of the investor;
(b) Objectives, sale and location for implementation of the investment project;
(c) Invested capital, project implementation schedule;
(d) Land use requirements and undertakings on environmental protection;
(dd) Proposal for investment incentives (if any);
4. The investor shall carry out the investment registration prior to implementation of its investment project.
Article 46 Procedures for registration of investment in respect of foreign invested projects
1. With respect of foreign invested projects which have an invested capital of below three hundred (300) billion Vietnamese dong and which are not included in the list of sectors of investment subject to conditions, the investors shall perform the procedures for investment registration at a provincial State administrative body for investment for issuance of an investment certificate.
2. The file for investment registration shall comprise:
(a) Document on the items stipulated in article 45.3 of this Law;
(b) Report on financial ability of the investor;
(c) Joint venture contract or business co-operation contract and charter of the enterprise (if any).
3. The provincial State administrative body for investment shall issue an investment certificate within a time-limit of fifteen (15) days from the date of receipt of the complete and valid file for investment registration.
Article 47 Evaluation of investment projects
1. With respect to domestic investment projects or foreign invested projects which have an invested capital of three hundred (300) billion Vietnamese dong or more and projects on the list of sectors of investment subject to conditions, the procedures for evaluation must be performed for issuance of an investment certificate.
2. The time-limit for evaluation of investment shall not exceed thirty (30) days from the date of receipt of a complete and valid file. In necessary cases, the above time-limit may be extended, but not beyond forty five (45) days.
3. With respect to important national projects, the National Assembly shall decide on the policy for and shall provide regulations on the criteria for these projects, and the Government shall provide regulations on the order and procedures for evaluation and for issuance of investment certificates.
4. The Government shall provide regulations on the State body which has authority to evaluate investments and issue investment certificates.
Article 48 Procedures for evaluation with respect to projects which have an invested capital of three hundred (300) billion Vietnamese dong or more and which are not included in the list of sectors of investment subject to conditions
1. The project file shall comprise:
(a) Written request for issuance of an investment certificate;
(b) Document certifying the legal status of the investor;
(c) Report on financial ability of the investor;
(d) Economic-technical explanatory statement containing the items in relation to objectives and location of the investment, land use requirement; investment scale; ; invested capital; project implementation schedule, technological or environmental solutions;
(dd) With respect to foreign investors, [in addition to the above documents] the file shall include the joint venture contract or the business co-operation contract, and the charter of the enterprise (if any);
2. Items to be evaluated shall comprise:
(a) Compliance with master planning/zoning for technical infrastructure, master planning/zoning for land use, master planning for construction, master planning for utilization of minerals and other natural resources;
(b) Land use requirements;
(c) Project implementation schedule;
(d) Environmental solutions.
Article 49 Procedures for evaluation in respect of projects on the list of sectors of investment subject to conditions
1. Procedures for evaluation with respect to projects with an invested capital of below three hundred (300) billion Vietnamese dong and on the list of sectors of investment subject to conditions shall be stipulated as follows:
(a) The project file shall comprise the explanatory statement of conditions which the investment project must satisfy; the contents of investment registration stipulated in article 45.3 of this Law in the case of domestic projects or article 46.2 of this Law in the case of projects with foreign owned capital;
(b) Items to be evaluated shall comprise the conditions which the investment project must satisfy.
2. Procedures for evaluation with respect to projects with an invested capital of three hundred (300) billion Vietnamese dong or more and on the list of sectors of investment subject to conditions shall be stipulated as follows:
(a) The project file shall comprise the explanatory statement of conditions which the investment project must satisfy; the items of the evaluation file stipulated in article 48.1 of this Law;
(b) Items to be evaluated shall include the conditions which the investment project must satisfy and the items stipulated in article 48.2 of this Law.
Article 50 Procedures for investments involving establishment of economic organization
1. Foreign investors investing in Vietnam for the first time must have an investment project and perform the procedures for investment registration or evaluation of investment at the State administrative body for investment in order to be issued with an investment certificate. The investment certificate shall also be the business registration certificate.
2. Where an economic organization with foreign invested capital which has been established in Vietnam has a new investment project, it shall be permitted to conduct procedures to implement such investment project without the requirement to establish a new economic organization.
3. Where domestic investors with an investment project associated with the establishment of an economic organization, it shall perform the business registration in accordance with the Law on Enterprises and relevant laws and carry out the investment procedures in accordance with this Law.
Article 51 Amendment of investment projects
1. When there is a need to amend an investment project relating to the objective, scale, location, form, capital or duration of a project, the investor shall conduct the following procedures:
(a) With respect to projects for which investment is registered, the investor shall make their own decisions on items to be amended and register them with the provincial State administrative body for investment within a time-limit of ten (10) days from the date of the decision on adjustment;
(b) With respect to projects which are evaluated for investment, the investor shall submit an application for amendment of the investment project to the competent State administrative body for investment for consideration of the amendment.
The application for amendment of an investment project shall comprise contents on implementation of the project, reasons for amendment; changes compared with the evaluated items.
3. The State administrative body for investment shall notify the investor of the amendment of the investment certification within a time-limit of fifteen (15) days from the date of receipt of a complete and valid application file.
4. An amendment of an investment project shall be implemented in the form of an amendment of and/or addition to the contents of the investment certificate.
Article 52 Operational duration of foreign invested projects
The operational duration of a foreign invested project shall be commensurate with the requirements for operation of the project and shall not exceed fifty (50) years. Where necessary, the Government shall decide on a longer duration for each project, but the maximum duration shall not exceed seventy (70) years.
The operational duration of a project shall be recorded in the investment certificate.
Article 53 Responsibilities for project formulation, making investment decisions and evaluating investments
1. Investors shall make their own decisions on investment projects; and they shall be responsible for the accuracy and truthfulness of the contents of their registered investment, for their investment project application files and for implementing their investment undertakings as registered.
2. Organizations and individuals authorized to formulate projects, make investment decisions, to evaluate and/or to certify investments shall be liable before the law for their proposals and for their decisions.
Article 54 Selection of investor for project where a number of investors show interest
Where two or more investors show interest in an important project identified in master planning for an industry, selection of the investor to implement the project must be conducted by way of tendering in accordance with the laws on tendering.
SECTION 2. COMMENCEMENT OF IMPLEMENTATION OF INVESTMENT PROJECTS
Article 55 Land lease, hand-over and receipt of land for implementation of investment projects
1. For investment projects requiring land, the investor shall contact the relevant land management body in the location where the project is to be implemented in order to carry out procedures for allocation or lease of land.
The order and procedures for allocation or lease of land shall be implemented in accordance with the law on land.
2. Where land has already been handed over to an investor which fails to proceed with implementation of the project within the stipulated time-limit or which uses the land for an incorrect purpose, the land shall be recovered in accordance with the Law on Land and the investment certificate of the investor shall be withdrawn.
Article 56 Preparation of construction sites
1. Where land is recovered by the State in accordance with the law on land, the State shall be responsible to recover the land, to pay compensation and to clear the site prior to allocation or lease of the land to the investor.
The recovery of land, payment of compensation and site clearance shall be carried out in accordance with the law on land.
2. Where an investor sub-leases land from a land user to which the State allocates or leases land, the investor shall be responsible to itself arrange payment of compensation and site clearance.
Where the investor has agreed with the land user on the compensation and site clearance but the land user fails to perform the obligations as agreed, the competent people’s committee where the investment project is situated shall be responsible for conducting the site clearance prior to hand-over of the site to the investor in accordance with law.
3. In the case of an investment project which complies with the land use zoning approved by the competent State body, the investor shall be permitted to accept an assignment of the land use right or of the lease of the land use right, or to receive capital contribution by way of the land use right from an economic organization, family household or individual in accordance with the law on land without having to carry out procedures for land recovery.
Article 57 Procedures for implementing investment projects involving mining and use of natural resources and minerals
Investment projects involving mining and use of natural resources and minerals shall be implemented in accordance with the law on natural resources and minerals.
Article 58 Implementation of investment projects involving construction
1. With respect to investment projects involving construction, the formulation, evaluation and approval of the technical design, estimates and total estimated budget shall be carried out in accordance with the law on construction.
2. The investor shall be responsible for the quality of the construction works and for protection of the environment.
Article 59 Evaluation of machinery and equipment
Investors shall be liable for inspection of the value and quality of machinery and equipment imported in order to form fixed assets [and] to implement an investment project.
Article 60 Sale of products in Vietnamese market
1. Investors shall be permitted to sell their products in Vietnam directly or by way of selling agents without any restriction on the geographical area of sales; and shall be permitted to act as selling agents for the products of other organizations or individuals having similar types of products made in Vietnam.
2. Investors may make their own decision on the selling price of products they produce and of services they provide. In the case of goods and services for which the State controls prices, the selling price shall be in accordance with the price framework announced by the competent State body.
Article 61 Foreign currency accounts and Vietnamese dong accounts
1. Investors shall be permitted to open foreign currency accounts and Vietnamese dong accounts with banks authorized to operate in Vietnam. Investors may also open accounts with overseas banks with approval from the State Bank of Vietnam.
2. The opening, use and closing of bank accounts with domestic and overseas banks shall be implemented in accordance with regulations of the State Bank of Vietnam.
Article 62 Insurance
Investors shall take out property insurance and other types of insurance on the basis of insurance contracts entered into with insurance enterprises engaged in insurance business activities in Vietnam in accordance with the law on insurance.
Article 63 Hire of management organizations
1. Investors shall be permitted to hire a management organization(s) to manage its investments and the business operation of its investment projects in those sectors in which in-depth management skills are required.
2. Investors shall be liable before the law of Vietnam for all of the operations of its management organization with respect to the management activities stipulated in the management contract.
3. The management organization shall be liable to the investor for management of its investments and the business operation of its investment projects, and must comply with the law of Vietnam during the exercise of rights and obligations in accordance with the provisions of the management contract and shall be liable directly before the law of Vietnam for any activities beyond the scope of the management contract.
Article 64 Temporary postponement of projects; revocation of investment certificates
1. If an investor postpones temporarily an investment project, the investor must report to the State administrative body for investment for verification of any grounds for a consideration of exemption or reduction of land rent during the period for which the project is temporarily postponed.
2. With respect to investment projects which have been issued with an investment certificate, if after twelve (12) months the investor has failed to proceed with implementation of the project in accordance with the schedule undertaken without a legitimate reason, the issued investment certificate shall be revoked.
Article 65 Termination of operation of investment projects
The operation of an investment project shall be terminated in any one of the following cases:
1. Upon expiry of the duration of operation as stipulated in the investment certificate.
2. In accordance with the conditions which will result in termination as stipulated in the contract, charter of the enterprise or agreement or undertakings of investors about the project implementation schedule.
3. Where the investor decides to terminate the operation of the project.
4. The operation is terminated in accordance with the decision of the State administrative body for investment or a judgement or decision of the court or arbitration due to a breach of law.
Article 66 State guarantee for number of works and important projects
Based on the principles stipulated in this Law, the Government shall decide on important projects and provision of guarantees for loans, supply of raw materials, sale of products, payment and guarantee for performance of other contractual obligations to projects; and shall also make a decision on the competent State body to represent the Government in acting as guarantor.
Tìm kiếm
Luật đầu tư 2005 (Bản Pdf)
Luật đầu tư 2005 (Bản Word)
