Công văn 4366/BKHDT-PC

The Law on Investment No. 67/2014/QH13 (hereinafter referred to as the Law on Investment) is passed by the 13^th the National Assembly on November 26, 2014 during the 8th session and comes into effect from July 1, 2015.

Currently, the Ministry of Planning and Investment has submitted the Draft of Decree on guidelines for implementation of the Law on Investment to the Government. While the aforesaid Decree has not been promulgated, the Ministry of Planning and Investment requests relevant agencies and organizations to strictly comply with the Law on Investment and perform following tasks:

1. Procedures for decisions on investment policies:

a) With regard to investment projects under the Prime Minister’s authority to issue decision on investment policies, investors shall send documents prescribed in Article 34 of the Law on Investment to the Service of Planning and Investment and the Management boards of the industrial parks, processing zones, high-tech parks, and economic zones (hereinafter referred to as the registry offices) where their investment projects are intended to be located. Procedures and contents of the decision on investment policies shall be in accordance with Article 34 of the Law on Investment.

b) With regard to investment projects under the People Committee of province’s authority to issue decisions on investment policies, investors shall send documents as prescribed in Clause 1 Article 33 of the Law on investment. Procedures and contents of the decisions on investment policies shall be in accordance with Article 33 of the Law on Investment.

2. Procedures for receipt, issuance and adjustment to Certificates of investment registration:

a) Agencies in charge of receipt, issuance and adjustment to Certificates of investment registration:

From July 1, 2015, the power to receive, issue, and adjust Certificates of investment registration shall comply with Article 38 of the Law on Investment.

b) Documents and procedures for issuing Certificates of investment registration:

- Application for Certificates of investment registration applicable to projects subject to investment policy decisions shall comply with Clause 1 Article 33, Clause 1 Article 34 or Clause 11 Article 35 of the Law on Investment, equivalent to each type of investment project.

- Regarding projects not subject to investment policy decisions, each investor shall submit 01 application prescribed in Point a Clause 2 Article 37 of the Law on Investment.

- Procedures for issuance of Certificates of investment registration shall comply with Article 37 of the Law on Investment.

3. Procedures for establishment of business organizations of foreign investors:

Each foreign investor shall establish business organizations in Vietnam following procedures below:

a) Procedures for issuance of Certificates of investment registration prescribed in Clause 1 Article 22 of the Law on Investment.

b) Procedures for registration of business organization establishment in accordance with law on enterprises and regulations of law after receiving Certificates of investment registration. The holdings of the foreign investors in the business organizations shall be prescribed in Clause 3 Article 22 of the Law on Investment.

After receiving Certificate of business registration or equivalent documents, the foreign investor shall carry out the project by establishing a business organization as prescribed in Clause 2 Article 22 of the Law on Investment.

4. Procedures for investment made by contributing capital, buying shares, buying capital contributions, or making investments under contracts:

a) Every foreign investor who contributes capital, buys shares, buy capital contributions as prescribed in legislation on securities shall comply with Clause 2 Article 4 of the Law on Investment.

b) Every foreign investor who contributes capital, buys shares, buy capital contributions not in accordance with legislation on securities shall comply with Articles 24, 25 and 26 of the Law on Investment.

5. Conditions of and procedures for investment applicable to foreign-invested business organizations:

Conditions of and procedures for investment applicable to foreign-invested business organizations shall comply with Clauses 1, 2 and 3 of the Law on Investment.

6. Running projects of domestic investors:

Regarding projects issued Investment certificate of domestic investors as prescribed in the Law on Investment dated 2005, the investors shall keep carrying out the projects according to the issued Investment certificate or keep carrying out the project and return the Investment certificate to the registry office.

In an investor applies for an Certificate of investment registration as prescribed in the Law on Investment, the registry office shall instruct the investor to follow investment procedures as prescribed in the Law on Investment and use the National information system on foreign investment to create the project code and issue the Certificate of investment registration.

7. Forms of investment activities and project codes:

The Ministry of Planning and Investment has sent Official Dispatch No. 4326/BKHDT-DTNN dated June 30, 2015 to the agency.

The forms of investment activities and project codes shall comply with Official Dispatch No. 4326/BKHDT-DTNN dated June 30, 2015 of the Ministry of Planning and Investment.

8. Processing of documents on investment project received before the effective date of the Law on investment:

a) In cases where an investor has submitted documents on investment projects before July 1, 2015 and it has not been issued the Investment certificate until July 1, 2015, but the deadline for consideration of issuance or adjustment to the Investment certificate has not expired as prescribed in Decree No. 108/2006/NĐ-CP dated September 22, 2006 of the Government on guidelines for the Law on Investment, the registry office shall instruct the investor to adjust the documents on investment projects (if any) and follow procedures for issuance or adjustment to the Certificate of investment registration as prescribed in the Law on Investment.

b) In cases where an investor has submitted satisfactory documents on investment projects before July 1, 2015 and the deadline for consideration of issuance or adjustment to the Investment certificate has expired as prescribed in Decree No. 108/2006/NĐ-CP but it has not been issued the Investment certificate, the registry office shall encourage the investor to adjust the documents on investment projects to be issued the Certificate of investment registration as prescribed in the Law on Investment.

If the investor applies for issuance or adjustment to Investment certificate according to the submitted documents on investment project as prescribed in the Law on Investment dated 2005, the registry office shall send reports to the Ministry of Planning and Investment for guidance.

c) Every project whose investment policies are decided by the competent agency or permitted to carry out the investment project before the effective date of the Law on Investment, the investor shall be exempt from re-follow procedures for decision on investment policies as prescribed in the Law on Investment.

d) During the process of making decision on investment policies or issuing Certificate of investment registration, competent agency shall not consider, assess or approve the same contents of investment policies or investment registration.

The difficulties that arise during the implementation must be reported to the Ministry of Planning and Investment for consideration./.