Chapter VI
STATE MANAGEMENT OF INVESTMENT
Article 67. Contents of state management of investment
1. Promulgate, disseminate, and organize implementation of legislative documents on investment.
2. Develop and organize implementation of strategies, plannings, plans, and policies for investments in Vietnam and outward investments.
3. Assess the developments and macroeconomic effects of investment activities.
4. Develop, manage, and operate National Investment Information System.
5. Issue, adjust, revoke Certificates of investment registration, Certificates of outward investment registration, decisions on investment policies, and decisions on outward investment policies in accordance with this Law.
6. Perform state management tasks pertaining to industrial parks, export-processing zones, hi-tech zones, and economic zones.
7. Organize and implement investment promotion.
8. Inspect and supervise investment activities; coordinate investment management tasks.
9. Instruct, support investors and resolve their difficulties in making investment; resolve complaints, denunciations; decide commendation and disciplinary actions.
10. Negotiate and conclude international agreements on investments.
Article 68. Responsibilities of regulatory bodies for investment management
1. The government shall promulgate uniform regulations on management of investments in Vietnam and outward investments.
2. The Ministry of Planning and Investment shall assist the Government in promulgating uniform regulations on management of investments in Vietnam and outward investments.
3. The Ministry of Planning and Investment has the following responsibilities and rights:
a) Request the Government and the Prime Minister to consider approving strategies, plannings, plans, and policies for investments in Vietnam and outward investments;
b) Promulgate or request competent authorities to promulgate legislative documents on investments in Vietnam and outward investments;
c) Provide forms of documents serving procedures for investments in Vietnam and outward investments;
d) Provide instruction, organize, supervise, inspect, and assess the implementation of legislative documents on investments;
dd) Assess and report the developments of investments in Vietnam and outward investments;
e) Develop, manage, and operate National Investment Information System;
g) Take charge and cooperate with relevant agencies in supervising, assessing, and inspecting investments in Vietnam and outward investments;
h) Request competent authorities to decide the suspension of projects that are approved or adjusted ultra vires or against regulations of law on investment;
i) Perform state management tasks pertaining to Industrial parks, export-processing zones, economic zones;
k) Perform state management tasks pertaining to investment promotion in Vietnam and overseas;
l) Negotiate and conclude international agreements on investments;
m) Other responsibilities and rights pertaining to investment management given by the Government and the Prime Minister.
4. Responsibilities, rights of other Ministries and ministerial agencies:
a) Cooperate with the Ministry of Planning and Investment, other Ministries and ministerial agencies in formulating laws and policies on investments;
b) Take charge and cooperate with other Ministries and ministerial agencies in formulating laws, policies, standards, technical regulations, and instructions;
c) Impose and request Government to promulgate conditions for making investment in the business lines mentioned in Article 7 of this Law;
d) Take charge and cooperate with the Ministry of Planning and Investment in formulating planning and compiling a list of projects attracting investments; carry out investment promotion;
dd) Participating in appraisal of projects subject to issuance of decisions on investment policies as prescribed in this Law;
e) Carry out supervision, assessment, and inspection of the fulfillment of investment conditions of the projects under their management;
g) Take charge and cooperate with the People’s Committees of provinces, other Ministries and ministerial agencies in resolving difficulties of investment projects in state management; provide guidance on distribution of powers and authorize management boards of industrial parks, export-processing zones, hi-tech zones, and economic zones to perform state management tasks therein;
h) Carry out periodic assessments of socio-economic effects of projects under their management and send reports to the Ministry of Planning and Investment;
i) Maintain and update management information systems under their management; integrate them into the National Investment Information System.
5. Responsibilities and rights of the People’s Committees of provinces, the Services of Planning and Investment, management boards of industrial parks, export-processing zones, hi-tech zones, economic zones:
a) Cooperate with Ministries, ministerial agencies in compiling and issuing Lists of local projects attracting investments;
b) Follow procedures issuance, adjustment, and revocation of Certificates of investment registration;
c) Exercise the rights of regulatory bodies to projects under their management;
d) Resolve investors' difficulties or request competent authorities to do so;
dd) Carry out periodic assessments of effectiveness of local projects and send reports to the Ministry of Planning and Investment;
e) Maintain, update National Investment Information System within their competence;
g) Provide instructions on organization, supervisions, and assessment of reporting.
6. Vietnam’s representative bodies overseas are responsible for monitoring, providing support, protecting the lawful rights and interests of Vietnamese investors in the host countries.
Article 69. Supervision and assessment of investment
1. Supervision and assessment of investment include:
a) Supervision and assessment of investment project;
b) Supervision and assessment of investment on an overall scale.
2. Responsibility for supervision and assessment of investment:
a) The National Assembly and the People’s Councils shall exercise their rights to supervise investment as prescribed by law;
b) Investment authorities and specialized authorities shall carry out supervision and assessment of investment on an overall scale and each project under their management;
c) Register offices shall supervise and assess the investment projects to which they grant Certificates of investment registration;
d) Vietnamese Fatherland Front shall supervise community investments within their competence.
3. Supervision and assessment of investment projects:
a) With regard to projects funded by state capital, investment authorities and specialized authorities shall carry out supervision and assessment according to the contents of the decisions on investment;
b) With regard to projects funded by other sources, investment authorities and specialized authorities shall supervise and assess the conformity of the planning and investment policies approved by competent authorities, the investment schedule, fulfillment of environmental protection requirements, use of land and other resources as prescribed by law;
c) Registry offices shall assess the adherence to Certificates of investment registration and decisions on investment policies.
4. Contents of overall supervision and assessment of investment:
a) Promulgation of legislative documents on guidelines for regulations of law on investment;
b) Progress of project execution;
c) Assessment of investment result nationwide, of Ministries, ministerial agencies, local authorities, and investment projects under their management;
d) Propose solutions for difficulties and actions against violations to regulatory agencies at the same level and investment authorities.
5. The organizations and agencies shall carry out assessment themselves or hire capable experts or advisory organizations to do so.
6. The Government shall elaborate this Article.
Article 70. National Investment Information System
1. National Investment Information System consists of:
a) National Information System for Domestic Investment;
b) National Information System for Inward and Outward Investments.
2. The Ministry of Planning and Investment shall take charge and cooperate with relevant agencies in developing and operating National Investment Information System, assess the operation of such system by central and local investment authorities.
3. Investment authorities and investors shall promptly and accurately update information on National Investment Information System.
4. Information about investment projects in National Investment Information System is considered original and lawful information.
Article 71. Reports on investment in Vietnam
1. Reporting entities:
a) Ministries, ministerial agencies, the People’s Committees of provinces;
b) Registry offices;
c) Investors and business organizations executing projects as prescribed in this Law.
2. Periodic reports:
a) Investors and business organizations executing investment projects shall submit monthly, quarterly, and annual reports to registry offices and local statistical agencies on the project execution, which specify: capital, investment results, employees, payment to government budget, investment in R&D, environmental protection, and other professional indicators;
b) Register offices shall submit monthly, quarterly, and annual reports to the Ministry of Planning and Investment and the People’s Committees of provinces on receipt of applications, issuance, adjustment, and revocation of Certificates of investment registration, and the operation of projects under their management;
c) The People’s Committees of provinces shall submit quarterly and annual reports on local investments to the Ministry of Planning and Investment;
d) Ministries and ministerial agencies shall submit quarterly and annual reports on issuance, adjustment, and revocation of Certificates of investment registration and equivalent papers under their management, and the operation of projects under their management to the Ministry of Planning and Investment. Then, the Ministry of Planning and Investment shall submit a summary report to the Prime Minister;
dd) The Ministry of Planning and Investment shall submit quarterly and annual reports to the Prime Minister on investments nationwide and adherence to regulations on investment reporting of the entities mentioned in Clause 1 of this Article.
3. Agencies, investors, and business organizations shall make reports in writing via National Investment Information System.
4. Agencies, investors, and business organizations mentioned in Clause 1 of this Article shall make unscheduled reports at the request of competent authorities.
5. If a project is exempt from Certificate of investment registration, the investor shall submit a report to the registry office before commencement of the project execution.
Article 72. Reports on overseas investment
1. Reporting entities:
a) Ministries, ministerial agencies, the People’s Committees of provinces;
b) Registry offices where outward investments are registered;
c) Investors executing projects as prescribed in this Law.
2. Regulations on reporting applied to Ministries, ministerial agencies, the People’s Committees of provinces:
a) Ministries, ministerial agencies, the People’s Committees of provinces shall submit biannual and annual reports on state management of outward investments within their competence to the Ministry of Planning and Investment and the Prime Minister;
b) The Ministry of Planning and Investment shall submit biannual and annual reports on investments nationwide and adherence to regulations on investment reporting of the entities mentioned in Clause 1 of this Article to the Prime Minister.
3. Reporting regulations applied to investors:
a) Within 60 days from the day on which the project is approved or licensed as prescribed by law of the host country, the investor shall send a written notification of overseas investment enclosed with a copy of the written approval for the project or a document proving the right to make direct investment in the host country to the Ministry of Planning and Investment, the State bank of Vietnam, and a diplomatic mission of Vietnam in the host country;
b) The investor shall submit quarterly and annual reports on the operation of the project to the Ministry of Planning and Investment, the State bank of Vietnam, and a diplomatic mission of Vietnam in the host country;
c) Within 06 months from the day on which the annual tax declaration or an equivalent document is available as prescribed by the host country’s law, the investor shall submit a report on the operation of the project enclosed with the financial statement, annual tax declaration, or an equivalent document prescribed by the host country’s law to the Ministry of Planning and Investment, the State bank of Vietnam, the Ministry of Finance, a diplomatic mission of Vietnam in the host country, and a competent authorities prescribed in this Law and relevant laws;
d) If the outward investment project is funded by state capital, apart from complying with regulations in Points a, b, and c of this Clause, the investor shall make reports in accordance with regulations of law on management and investment of state capital in other businesses.
4. The reports mentioned in Clause 2 and Clause 3 of this Article shall be made in writing via National Investment Information System.
5. The agencies, organizations, and investors in Clause 1 of this Article shall make unscheduled reports at the request of competent authorities.
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