INVESTMENT 2014 EN – MP Law Firm

Law No. 67/2014/QH13 of November 26, 2014, on investment

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THE NATIONAL ASSEMBLY ——–	SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness —————
Law No. 67/2014/QH13	Hanoi, November 26, 2014

LAW

ON INVESTMENT

Pursuant to Constitution of Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Investment.

Chapter I

GENERAL PROVISIONS

Article 1. Scope
This Law deals with business investments in Vietnam and outward business investments.
Article 2. Regulated entities
This Law applies to investors, other organizations and individuals (hereinafter referred to as entities) involved in business investment.
Article 3. Interpretation of terms
In this Law, the terms below are construed as follows:

Register office means the regulatory body competent to issue, adjust, and revoke Certificates of investment registration.
Investment project means a collection of proposal to make midterm or long-term capital investment in business in a particular administrative division over a certain period of time.
Expansion project means a project to make investment to expand the scale, improve the capacity, apply new technologies, reduce pollution or improve the environment.
New investment project means a project that is executed for the first time or a project independent from any other running project.
Business investment means an investor’s investing capital to do business by establishing a business organization; making capital contribution, buying shares or capital contributions to a business organization; making investments in the form of contracts or execution of investment projects.
Certificate of investment registration means a paper or electronic document bearing registered information about the investment project of the investor.
National investment database means a system of professional information meant for monitoring, assessment, and analysis of investments nationwide in order to serve state management tasks and support for investors’ investment making process.
Public-Private Partnership contract (hereinafter referred to as PPP contract) means a contract between a competent authority and an investor or project management enterprise to execute an investment project as prescribed in Article 27 of this Law.
Business cooperation contract means a contract between investors for business cooperation and distribution of profits, products without establishment of a new business organization.
Export-processing zone means an industrial park specialized in manufacturing of exported products or provision of services for manufacturing of exported products and export.
Industrial park means an area with a defined geographical boundary specialized in industrial production and provision of services for industrial production.
Economic zone means an area with a defined geographical boundary which consists of multiple sectors and is meant to attract investments, develop socio-economic, and protect national defense and security.
Investor means an organization or individual that makes business investments. Investors include Vietnamese investors, foreign investors, and foreign-invested business organizations.
Foreign investor means an individual holding a foreign nationality or an organization established under foreign laws an making business investment in Vietnam.
Vietnamese investor means an individual holding Vietnamese nationality or a business organization whose members or shareholders are not foreign investors.
Business organization means an organization established and run in accordance with Vietnam’s laws. Business organizations include companies, cooperatives, cooperative associations, and other organizations that make business investments.
Foreign-invested business organization means a business whose members or shareholders are foreign investors.
Capital means money and other assets used invested in business.

Article 4. Application of the Law on Investment, relevant laws and international agreements

Investments made within Vietnam’s territory must comply with this Law and relevant laws.
Where regulations on banned business lines, conditional business lines, or investment procedures in this Law and other laws are inconsistent, regulations of this Law shall apply, except for investment procedures prescribed in the Law on Securities, the Law of credit institution, the Law on Insurance, and the Law on Petroleum.
Where regulations of this Law and those of an international agreement to which the Socialist Republic of Vietnam is a signatory are inconsistent, the latter shall apply.
With regard to any contract to which at least a party is a foreign investor or a business organization defined in Clause 1 Article 23 of this Law, the parties to which may reach an agreement on whether to apply foreign laws or international practice if such agreement does not contravene Vietnam’s laws.

Article 5. Policies on business investment

Investors are entitled to make investments in the business lines that are not banned in this Law.
Investors may decide their business investments on their own in accordance with this law and relevant laws; may access and make use of loan capital, assistance funds, land, and other resources as prescribed by law.
The ownership of assets, capital, income, another the lawful rights and interests of investors are recognized and protected by the State.
The State shall treat investors equitably; introduce policies to encourage and enable investors to make business investment and to ensure sustainable development of economic sectors.
International agreements on business investment to which Socialist Republic of Vietnam is a signatory are upheld by the State.

Article 6. Banned business lines

The investments in the activities below are banned:
a) Trade in the narcotic substances specified in Appendix I hereof;
n) Trade in the chemicals and minerals specified in Appendix I of this Law;
c) Trade in specimens of wild flora and fauna specified in Appendix 1 of Convention on International Trade in Endangered Species of Wild Fauna and Flora; specimens of rare and/or endangered species of wild fauna and flora in Group I of Appendix 3 hereof;
d) Prostitution;
dd) Human trafficking; trade in human tissues and body parts;
e) Business pertaining to human cloning.
The Government’s regulations shall apply to production and use of products mentioned in Points a, b, and c Clause 1 of this Article during analysis, testing, scientific research, medical research, pharmaceutical production, criminal investigation, national defense and security protection

Article 7. Conditional business lines

Conditional business lines are the business lines in which the investment must satisfy certain conditions for reasons of national defense and security, social order and security, social ethics, or public health.
The List of conditional business lines is provided in Appendix 4 hereof.
Conditions for making investments in the business lines mentioned in Clause 2 of this Article are specified in the Laws, Ordinances, Decrees, and the international agreements to which the Socialist Republic of Vietnam is a signatory. Ministries, ministerial agencies, the People’s Council, People’s Committees, and other entities must not issue regulations on conditions for making business investments.
Conditions for making business investments must be appropriate for the objectives in Clause 1 of this Article, ensure transparency, objectivity, not wasting time or money of investors.
The conditional business lines and the corresponding conditions shall be posted on the National Company Registration Portal.
The Government shall elaborate the announcement and control of conditions for business investments.

Article 8. Amendments to the Lists of banned business lines and the List of conditional business lines
Depending on the socio-economic conditions and state management requirements in each period, the Government shall review the banned business lines, conditional business lines and propose amendments to Article 6 and Article 7 to the National Assembly.
Chapter II
INVESTMENT ASSURANCE
Article 9. Assurance of asset ownership

Lawful assets of investors shall not be nationalized or confiscated by administrative measures.
Where an asset is bought or commandeered by the State of reasons of national defense and security, national interests, state of emergency, prevention or recovery of natural disaster, the investor shall be reimbursed or compensated in accordance with regulations of law on property commandeering and relevant regulations of law.

Article 10. Assurance of business investment

Investors are not required by the State to satisfy the following requirements:
a) Give priority to buying, using domestic goods/services; or only buy, use goods/services provided by Vietnamese producers/service providers;
b) Achieve a certain export target; restrict the quantity, value, types of goods/services that are exported or produced/provided in Vietnam;
c) Import a quantity/value of goods that is equivalent to the quantity/value of goods exported; or balance foreign currencies earned from export to meet import demands;
d) Reach a certain rate of import substitution;
dd) Reach a certain level/value of domestic research and development;
e) Provide goods/service at a particular location in Vietnam or overseas;
g) Have the headquarter situated at a location requested by a competent authority.
Depending on the orientation of socio-economic development, foreign exchange management policies, and the ability to balance foreign exchange in each period, the Prime Minister shall decide the assurance of fulfillment of demands for foreign currencies of investment projects the investment policies subject to issuance of decisions on investment policies by the National Assembly, the Prime Minister, and other important projects of investment in infrastructural development.

Article 11. Assurance of transfer of foreign investors’ assets to abroad
After all financial obligations to Vietnamese government are fulfilled, foreign investors are permitted to transfer the following assets to abroad:

Capital and liquidations;
Income from business investment;
Money and other assets under the lawful ownership of the investors.

Article 12. The Government’s guarantee for some important projects

The Prime Minister shall decide the provision of guarantees for contract execution by competent authorities or state-owned companies participating in investment projects subject to issuance of decisions on investment policies by the National Assembly, the Prime Minister, and other important projects of investment in infrastructural development.
The Government shall elaborate this Article.

Article 13. Assurance of business investment upon changes of laws

Where a new law that provides more favorable investment incentives that those currently enjoyed by investor is promulgated, investors shall enjoy the new incentives for the remaining period of the incentive enjoyment of the project.
Where a new law that provides less favorable investment incentives that those currently enjoyed by investor is promulgated, investors shall keep enjoying the current incentives for the remaining period of the incentive enjoyment of the project.
The regulations in Clause 2 of this Article do not apply if regulations of law are changed for reasons of national defense and security, social order and security, social ethics, public health, or environmental protection.
Where an investor is no longer eligible for investment incentives prescribed in Clause 3 of this Article, one or some of the following solutions shall be adopted:
a) Deduct the damage actually suffered by the investor from the investor’s taxable income;
b) Adjust the objectives of the investment project;
c) Assist the investor in recovery from damage.
With regard to the investment assurance measure in Clause 4 of this Article, the investor shall make a written request within 03 years from the effective date of the new law.

Article 14. Settlement of disputes over business investment

Disputes over business investments in Vietnam shall be settled through negotiation and conciliation. If the dispute settlement cannot be reached through negotiation and conciliation, the dispute shall be resolved by arbitration or by the court in accordance with Clauses 2, 3, and 4 of this Article.
Every dispute between a Vietnamese investor and a foreign-invested business organization, or between a Vietnamese investor, a foreign-invested business organization and a regulatory body over business investments within Vietnam’s territory shall be settled by Vietnam’s arbitration or court, except for the cases in Clause 3 of this Article.
Every dispute between investors, one of which is a foreign investor or a business organization defined in Clause 1 Article 23 of this Law, shall be settled by one of the following agencies/organizations:
a) Vietnam’s court;
b) Vietnam’s arbitration;
c) Foreign arbitration;
d) International arbitration;
dd) An arbitral tribunal established by the parties in dispute.
Every dispute between a foreign investor and a regulatory body over business investments within Vietnam’s territory shall be settled by Vietnam’s arbitral tribunal or Vietnam’s court, unless otherwise agreed or prescribed by an international agreement to which the Socialist Republic of Vietnam is a signatory.

Chapter III
INCENTIVES AND SUPPORT FOR INVESTMENT
Section 1: INVESTMENT INCENTIVES
Article 15. Forms and beneficiaries of investment incentives

Forms of incentives:
a) Application of a lower rate of corporate income tax for a certain period of time or throughout the project execution; exemption, reduction of corporate income tax;
b) Exemption or reduction of import tax on goods imported as fixed assets; raw materials, supplies, and parts used for the project;
c) Exemption, reduction of land rents, land levy.
Beneficiaries of investment incentives:
a) Projects of investment in the business lines given investment incentives specified in Clause 1 Article 16 of this Article;
b) Investment projects in the administrative divisions given investment incentives specified in Clause 2 Article 16 of this Article;
c) Any project in which the capital investment is at least VND 6,000 billion, or at least VND 6,000 billion is disbursed within 03 years from the day on which the Certificate of investment registration or decision on investment policies is issued;
d) Any investment project in a rural area that employ at least 500 workers;
dd) High-tech companies, science and technology companies, and science and technology organizations.
Investment incentives shall be given to new investment projects and expansion projects. The level of each type of incentives shall be specified by regulations of law on taxation and land.
Regulations in Points b, c, and d Clause 2 of this Article do not apply to mineral extraction projects; projects to manufacture/sale of goods/services subject to special excise tax according to the Law on special excise tax, except for car manufacturing.

Article 16. Business lines and administrative divisions given investment incentives

Business lines given investment incentives:
a) High-tech activities, high-tech ancillary products; research and development;
b) Production of new materials, new energy, clean energy, renewable energy; productions of products with at least 30% value added; energy-saving products;
c) Production of key electronic, mechanical products, agricultural machinery, cars, car parts; shipbuilding;
d) Production of ancillary products serving textile and garment industry, leather and footwear industry, and the products in Point c of this Clause;
dd) Production of IT products, software products, digital contents;
e) Cultivation, processing of agriculture products, forestry products, aquaculture products; afforestation and forest protection; salt production; fishing and ancillary fishing services; production of plant varieties, animal breads, and biotechnology products;
g) Collection, treatment, recycling of waste;
h) Investment in development, operation, management of infrastructural works; development of public passenger transportation in urban areas;
i) Preschool education, compulsory education, vocational education;
k) Medical examination and treatment; production of medicines, medicine ingredients, essential medicines, medicines for prevention and treatment of sexually transmitted diseases, vaccines, biologicals, herbal medicines, orient medicines; scientific research into preparation technology and/or biotechnology serving creation of new medicines;
l) Investment in sport facilities for the disabled or professional athletes; protection and development of cultural heritage;
m) Investment in geriatric centers, mental health centers, treatment for agent orange patients; care centers for the elderly, the disabled, orphans, street children;
n) People’s credit funds, microfinance institutions
Administrative divisions given investment incentives:
a) Administrative divisions in disadvantaged area or extremely disadvantaged areas;
b) Industrial parks, export-processing zones, hi-tech zones, economic zones.
According to regulations of Clause 1 and Clause 2 of this Article, the Government shall compile and adjust the List of business lines given investment incentives and the List of administrative divisions given investment incentives.

Article 17. Procedures for investment incentives

If the project has been granted a Certificate of investment registration, the registry office shall write the investment incentives, bases, and conditions for provision of investment incentives on the Certificate of investment registration.
If a Certificate of investment registration is not required, the investor shall be given investment incentives if the conditions for investment incentives are satisfied without having to apply for a certificate of investment. In this case, the investor shall determine the investment incentives and follow procedures for investment incentives at the tax authority, finance authority, or customs authority according to the conditions for investment incentives in Article 15 and Article 16 of this Law.

Article 18. Expansion of investment incentives
The government shall request the National Assembly to decide provision of investment incentives other than those in this Law and other laws when the development of some especially important field or administrative – economic units is necessary.
Section 2: INVESTMENT SUPPORT
Article 19. Forms of investment support

Forms of investment support:
a) Support for development of technical infrastructure, social infrastructure, and beyond the perimeter of the project;
b) Support for training and development of human resources;
c) Credit support;
d) Support for access to business premises; support for relocation of manufacturing facilities from urban areas;
dd) Support for scientific & technological research, technology transfers;
e) Support for market development, information provision;
g) Support for research and development.
The Government shall specify the form investment support in Clause 1 of this Article which is provided for medium and small companies, high-tech companies, science and technology companies, and science and technology organizations, companies investing in agriculture and rural areas, companies investing in education, dissemination of laws, and other beneficiaries in conformity with socio-economic development in each period.

Article 20. Support for development of infrastructure of industrial parks, export-processing zones, hi-tech zones, economic zones

Pursuant to the approved master plan for development of industrial parks, export-processing zones, hi-tech zones, economic zones, ministers, ministerial agencies, the People’s Committees of provinces shall make development investment plans and organize the construction of technical infrastructure, social infrastructure beyond industrial parks, export-processing zones, hi-tech zones, and specialized sectors of economic zones.
The State shall provide support for part of the capital investment in development from the state budget and concessional loan capital in order to synchronously develop the technical infrastructure, social infrastructure within and beyond the perimeter of industrial parks in disadvantaged areas or extremely disadvantaged areas.
The State shall provide support for part of the capital investment in development from the state budget, concessional loan capital, and employ other capital mobilization methods to develop the technical infrastructure, social infrastructure in economic zone and hi-tech zones.

Article 21. Development of housing, public facilities and amenities for workers in industrial parks, hi-tech zones, and economic zones

Pursuant to the master plan for development of industrial parks, hi-tech zones, and economic zones approved by competent authorities, the People’s Committees of provinces shall make planning and prepare land for development of housing, public facilities and amenities for workers in industrial parks, hi-tech zones, and economic zones.
If there are difficulties in provision of land for development of housing, public facilities and amenities for workers in industrial parks, hi-tech zones, and economic zones, competent authorities shall adjust industrial park planning in order to use part of the land area for development of housing, public facilities and amenities.

Chapter IV
INVESTMENT IN VIETNAM
Section 1: FORMS OF INVESTMENT
Article 22. Investment in establishment of a business organization

Investors may establish business organizations in accordance with law. Before establishing a business organization, the foreign investor must have an investment project and apply for a Certificate of investment registration following the procedures in Article 37 of this Law, and satisfy the following conditions:
a) The investor’s charter capital satisfies the requirements in Clause 3 of this Article;
b) The form of investment, operating scope, Vietnamese partners, and other aspects are conformable with the international agreements to which the Socialist Republic of Vietnam is a signatory.
Every foreign investor shall execute the investment project via a business organization established in accordance with Clause 1 of this Article, except for the case in which investment is made by contributing capital, buying shares, buying capital contributions, or making investments under contracts.
Foreign investors may own an indefinite amount of charter capital invested in business organizations, except for the following cases:
a) The holdings of the foreign investors at listed companies, public companies, securities-trading organizations, and securities investment funds are conformable with regulations of law on securities;
b) The holdings of the foreign investors at state-owned companies that have been equitized or converted are conformable with regulations of law on equitization and conversion of state-owned companies;
c) With regard to holdings of the foreign investors in other cases than those mentioned in Point a and Point b of this Clause, relevant regulations of law and the international agreements to which the Socialist Republic of Vietnam is a signatory shall apply.

Article 23. Investments made by foreign-invested business organizations

When establishing business organizations, contributing capital, buying shares or capital contributions of business organizations; making investments under business cooperation contracts in one of the following cases, the foreign investor must satisfy the conditions and follow investment procedures applied to foreign investors:
a) 51% of charter capital or more is held by foreign investors, or the majority of the general partners are foreigners if the business organization is a partnership;
b) 51% of charter capital or more is held by the business organizations mentioned in Point a of this Clause;
c) 51% of charter capital or more is held foreign investors and the business organizations mentioned in Point a of this Clause.
Foreign-invested business organizations in other cases than those mentioned in Points a, b, and c of this Clause shall satisfy conditions and follow investment procedures applied to Vietnamese investors when establishing business organization, when making investment by contributing capital, buying shares, buying capital contribution of business organizations, when making investments under business cooperation contracts.
If a foreign-invested business organization that is established in Vietnam has a new investment project, procedures for such investment project shall be followed without having to establish a new business organization.
The government shall specify the procedures for establishing business organizations to execute investment projects of foreign investors and foreign-invested business organizations.

Article 24. Making investment by contributing capital, buying shares, or buying capital contributions of business organizations

Investors are entitled to contribute capital, buy shares, or buy capital contributions of business organizations.
Foreign investors making investment by contributing capital, buying shares, buying capital contribution of business organizations shall comply with regulations in Article 25 and Article 26 of this Law.

Article 25. Methods and conditions for making capital contributions to business organizations, buying shares or capital contributions of business organizations

Foreign investors may contribute capital to business organizations in the following manners:
a) Buy shares of joint-stock companies through IPOs or additional issuance;
b) Contribute capitals to limited liability companies and partnerships;
c) Contribute capital to other business organizations not mentioned in Point a and Point b of this Clause.
Foreign investors shall buy shares or capital contributions of business organization in the following manners:
a) Buy shares of joint-stock companies from the companies or their shareholders;
b) Buy capital contributions to limited liability companies by their members and become members of limited liability companies;
c) Buy capital contributions to partnerships by partners and become partners;
d) Buy capital contributions to business organizations other than those mentioned in Points a, b, and c of this Clause from their members.
The contribution of capital, purchase of shares or capital contributions of foreign investors in the manners in Clause 1 and Clause 2 of this Article must satisfy the conditions in Point a and Point b Clause 1 Article 22 of this Law.

Article 26. Procedures for making investment by contributing capital, buying shares, or buying capital contributions

An investor shall follow the register the capital contribution, purchase of shares, or capital contributions in the following cases:
a) The investor contributes capital, buy shares or capital contributions of business organizations engaged in business lines subject to conditions applied to foreign investors.
b) 51% of charter capital of the business organization or more is held by foreign investors and/or business organizations mentioned in Clause 1 Article 23 of this Law after the capital is contributed, or shares/capital contributions are purchased.
An application for registration of capital contribution or purchase of shares/capital contribution:
a) A written for registration of capital contribution or purchase of shares/capital contributions, which specify information about the business organization to which investment is made; the holding of the foreign investor after making investment;
b) A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).
Procedures for registration of capital contribution or purchase of shares/capital contributions:
a) The investor shall submit the application prescribed in Clause 2 of this Article at the Service of Planning and Investment of the province where the headquarter of the business organization is situated;
b) If the contribution of capital, purchase of shares/capital contributions satisfies the conditions in Point a and Point b Clause 1 Article 22 of this Law, the Service of Planning and Investment shall send a written notification to the investor within 15 days from the day on which the satisfactory application is received in order for the investor to follow procedures for changing shareholders/members as prescribed by law. If conditions are not satisfied, the Service of Planning and Investment shall notify the investor in writing and provide explanation.
Investors other than those mentioned in Clause 1 of this Article shall follow procedures for changing shareholders/members as prescribed by law when contributing capital, buying shares/capital contributions of business organizations. If such investors wish to register the capital contribution or purchase of shares/capital contributions, regulations in Clause 3 of this Article shall be followed.

Article 27. Investment under PPP contracts

Investors and project management companies shall sign PPP contracts with competent authorities to execute an investment project to build new infrastructural works, to improve, upgrade, expand, manage, and operate infrastructural works, or to provide public services.
The Government shall specify the fields, conditions, and procedures for executing investment projects under PPP contracts.

Article 28. Investment under business cooperation contracts

Business cooperation contracts signed between Vietnamese inventors are executed in accordance with civil laws.
Procedures for issuance of Certificates of investment registration in Article 37 of this Law shall apply to business cooperation contracts signed between a Vietnamese investor with a foreign investor, or between foreign investors.
Parties to a business cooperation contract shall establish a steering board to execute BBC. Functions, tasks, powers of the steering board shall be agreed by the parties.

Article 29. Contents of a business cooperation contract

A business cooperation contract shall contain:
a) Names, addresses, authorized representatives of parties to the contract; business address or project address;
b) Objectives and scope of business;
c) Contributions by parties to the contract and distribution of profits;
d) Schedule and duration of the contract;
d) Rights and obligations of parties to the contract;
e) Adjustment, transfer, termination of contracts;
g) Responsibilities for breaches of contract; method of dispute settlement.
During the execution of a business cooperation contract, parties may reach an agreement on using assets derived from the business cooperation to establish a company in accordance with regulations of law on companies.
Parties to a business cooperation contract may reach other agreements that do not contravene law.

Section 2: PROCEDURES FOR DECISION ON INVESTMENT POLICIES
Article 30. The National Assembly’s authority to issue decisions on investment policies
Except for the projects subject to issuance of decisions on investment policies by the National Assembly according to regulations of law on public investment, the National Assembly shall issue decisions on investment policies of the following projects:

Projects that have significant effects on the environment or potentially have seriously affect the environment, including:
a) Nuclear power plants;
b) Projects that change purposes of land in national parks, wildlife sanctuaries, landscape sanctuaries, experimental forests of 50 hectares or larger; headwaters protective forests of 50 hectares or larger; protection forests meant for protection against wind, sand, waves, land reclamation, environmental protection of 500 hectares or larger, production forests of 1,000 hectares or above;
Projects that change purposes of land meant for rice cultivation with two or more crops of 500 hectares or larger;
Projects that require relocation of 20,000 people or more in highlands; 50,000 people or more in other areas;
Projects that require special policies decided by the National Assembly.

Article 31. The Prime Minister’s authority to issue decisions on investment policies
Except for the projects subject to issuance of decisions on investment policies by the Prime Minister according to regulations of law on public investment and the projects mentioned in Article 30 of this Law, the Prime Minister shall issue decisions on investment policies of the following projects:

The following projects regardless of capital sources:
a) Projects that require relocation of 10,000 people or more in highlands; 20,000 people or more in other areas;
b) Construction and operation of airports; air transport;
c) Construction and operation of national seaports;
d) Petroleum exploration, extraction, and refinery;
dd) Betting and casino services;
e) Cigarette production;
g) Development of infrastructure of industrial parks, export-processing zones, and specialized sectors in economic zone;
h) Construction and operation of golf courses;
Projects not mentioned in Clause 1 of this Article in which investment is VND 5,000 billion or above;
Projects of investment of foreign investors in sea transport, provision of telecommunications services with network infrastructure; afforestation, publishing, journalism, establishment of wholly foreign-invested science and technology organizations or science and technology companies;
Other projects subject to issuance of decisions on investment policies by the Prime Minister as prescribed by law.

Article 32. Authority to issue decisions on investment policies of the People’s Committees of provinces

Except for the projects subject to issuance of decisions on investment policies by the People’s Committee of the provinces according to regulations of law on public investment and the projects mentioned in Article 30 and Article 31 of this Law, the People’s Committees of provinces shall issue decisions on investment policies of the following projects:
a) Projects that use land allocated or leased out by the State without auction or bidding or transfer; projects that require changes of land purposes;
b) Projects that use technologies on the List of technologies restricted from transfer prescribed by regulations of law on technology transfers.
The investment policies of investment projects in Point a Clause 1 of this Article executed at industrial parks, export-processing zones, hi-tech zones, and economic zones in conformity with planning approved by competent authorities are not subject to approval of the People’s Committees of provinces.

Article 33. Documents and procedures for decision on investment policies by the People’s Committees of provinces

A project dossier consists of:
a) A written request for permission for execution of the investment project;
b) A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).
c) An investment proposal that specifies: investor(s) in the project, investment objectives, investment scale, investment capital, method of capital rising, location and duration of investment, labor demand, requests for investment incentives, assessment of socio-economic effects of the project;
d) Copies of any of the following documents: financial statements of the last two years of the investor; commitment of the parent company to provide financial support; commitment of a financial institutions to provide financial support; guarantee for investor’s financial capacity; description of investor’s financial capacity;
dd) Demand for land use; if the project does not use land allocated, leased out by the State, or is not permitted by the State to change land purposes, then a copy of the lease agreement or other documents certifying that the investor has the right to use the premises to execute the project shall be submitted;
e) Explanation for application of technologies to the project mentioned in Point b Clause 1 Article 32 of this Law, which specifies: names of technologies, origins, technology process diagram, primary specifications, conditions of machinery, equipment and primary technological line;
g) The business cooperation contract (if the project is executed under a business cooperation contract).
7. The investor shall submit the dossier specified in Clause 1 of this Article to the registry office.

Within 35 days from the day on which the project dossier is received, the registry office shall notify the investor of the result.

Within 03 working days from the day on which the satisfactory dossier is received, the registry office shall send written requests for opinions from the regulatory agencies as prescribed in Clause 6 of this Article.
Within 15 days from the receipt of the project dossier, the inquired agencies shall send written responses to the registry office.
The land authority shall provide copies of maps, the planning authority shall provide information about planning as the basis for making appraisal as prescribed in this Article within 05 working days from the receipt of the registry office’s request.
Within 25 days from the day on which the investment project dossier is received, the registry office shall make and submit an appraisal report to the People’s Committee of the province. The report shall contain:
a) Information about the project: information about the investor, objectives, scale, location, and duration of the project;
b) Assessment of the foreign investor’s fulfillment of investment conditions (if any);
c) Assessment of conformity of the investment project with the master socio-economic development planning, industrial planning, and land planning; assessment of socio-economic effects of the project;
d) Assessment of investment incentives and fulfillment of conditions for investment incentives (if any);
dd) Assessment of legal basis of investor’s rights to use investment premises If a request for allocation of land, lease of land, or change of land purposes is made, the investor’s fulfillment of conditions for using land, land allocation, land lease, and change of land purposes shall be assessed in accordance with regulations of law on land;
e) Assessment of technologies applied to the investment project (if the project is one of those mentioned in Point b Clause 1 Article 32 of this Law).
Within 07 working days from the receipt of the project dossier and appraisal report, the People’s Committee of the province shall issue the decision on investment policies. In case of rejection, a written response providing explanation shall be made.
The decision on investment policies made by the People’s Committee of the province shall specify:
a) Name of the investor in the project;
b) Name, objectives, scale, investment capital, and duration of the project;
c) Location of the project;
d) Schedule for project execution: schedule for capital contribution and capital raising; schedule for infrastructural development and inauguration (if any); schedule of each stage (if the project is divided into multiple stages);
dd) Applied technologies;
e) Investment incentives, support, and conditions (if any);
g) Effective period of the decision on investment policies.
The government shall specify the documents and procedures for appraising investment projects of which investment policies are decided by the People’s Committees of provinces.

Article 34. Documents and procedures for decision of investment policies by the Prime Minister

The investor shall submit the project dossier to the local registry office. The dossier consists of:
a) The documents mentioned in Clause 1 Article 33 of this Law;
b) Land clearance and relocation plan (if any);
c) Preliminary assessment of environmental impacts and environmental protection measures;
d) Assessment of socio-economic effects of the project.
Within 03 working days from the day on which the satisfactory dossier is received, the registry office shall send it to the Ministry of Planning and Investment and send written requests for opinions from the regulatory agencies as prescribed in Clause 6 of this Article.
Within 15 days from the receipt of the request, the inquired agencies shall send written responses to the registry office and the Ministry of Planning and Investment.
Within 25 days from the day on which the project dossier is received, the registry office request the People’s Committee of the province to appraise the project dossier and send it to the Ministry of Planning and Investment.
Within 15 days from the receipt of the documents mentioned in Clause 4 of this Article, the Ministry of Planning and Investment shall appraise the project dossier and make an appraisal reports as prescribed in Clause 6 Article 33 of this Article, the request the Prime Minister to issue decisions on investment policies.
The Prime Minister shall consider deciding investment policies as prescribed in Clause 8 Article 33 of this Law.
The government shall specify the documents and procedures for appraising investment projects of which investment policies are decided by the Prime Minister.

Article 35. Documents and procedures for issuance of decision on investment policies by the National Assembly

The investor shall submit the dossier to the local registry office. The dossier consists of:
a) The documents mentioned in Clause 1 Article 33 of this Law;
b) Land clearance and relocation plan (if any);
c) Preliminary assessment of environmental impacts and environmental protection measures;
d) Assessment of socio-economic effects of the project;
dd) Proposed special policies (if any).
Within 03 working days from the day on which the satisfactory dossier is received, the registry office shall send the project dossier to the Ministry of Planning and Investment, and then the Ministry of Planning and Investment shall send a report to the Prime Minister and request an establishment of an Appraisal Council.
Within 90 days from its establishment, the Appraisal Council shall appraise the project dossier and make a report in accordance with Clause 5 Article 33 of this Law, then submit it to the Prime Minister.
At least 60 days before the opening of the General Meeting of the National Assembly, the Government shall submit the decision on investment policies to the agency in charge of appraisal of the National Assembly.
The decision on investment policies shall be enclosed with:
a) The Government’s report
b) The project dossier prescribed in Clause 1 of this Article;
c) The appraisal report made by the Appraisal Council;
d) Relevant documents.
Appraisal contents:
a) Fulfillment of the criteria for identification of a project subject to issuance of decisions on investment policies by the National Assembly;
b) Necessity of the project;
c) Conformity of the project with the master socio-economic development planning, industrial planning, and land and other resources planning;
d) Objectives, scale, location, time, schedule for project execution; demand for land use, land clearance and relocation plan, selection of primary technologies, environmental protection solutions;
dd) Capital investment and capital raising plan;
e) Assessment of socio-economic effects;
g) Special policies; Investment incentives, support, and conditions (if any).
The Government and relevant entities are responsible for providing sufficient information and documents serving the appraisal; provide explanation for the project contents at the request of the agency in charge of appraisal of the National Assembly.
The National Assembly shall consider passing a Resolution on investment policies, which consists of:
a) Name of the investor in the project;
b) Name, objectives, scale, investment capital, duration of the project, capital contribution and capital raising schedule;
c) Location of the project;
d) Schedule of the project: schedule of infrastructural development and inauguration (if any); schedule of achievements of primary targets and items; targets, duration, and operations of each stage (if the project is divided into multiple stages);
dd) Applied technologies;
e) Special policies; Investment incentives, support, and conditions (if any);
g) Effective period of the Resolution on investment policies.
The Government shall specify documents and procedures for appraisal of project dossiers by Appraisal Council.

Section 3: PROCEDURES FOR ISSUANCE, ADJUSTMENT, AND REVOCATION OF CERTIFICATE OF INVESTMENT REGISTRATION
Article 36. Cases in which the Certificate of investment registration is required

The Certificate of investment registration is required in the following cases:
a) Investment projects of foreign investors;
b) Investment projects of the business organizations mentioned in Clause 1 Article 23 of this Article.
Cases in which the Certificate of investment registration is not required:
a) Investment projects of Vietnamese investors;
b) Investment projects of the business organizations mentioned in Clause 2 Article 23 of this Article;
c) Investment is made by contributing capital, buying shares, or buying capital contributions of business organizations.
Vietnamese investors and the business organizations mentioned in Clause 2 Article 23 of this Article shall execute the projects mentioned in Article 30, Article 31, and Article 32 of this Law after their investment policies are decided.
Any investor that wishes to obtain a Certificate of investment registration for a project prescribed in Point a or Point b Clause 2 of this Article shall follow the procedures in Article 37 of this Article.

Article 37. Procedures for issuance of Certificate of investment registration

If the project is subject to issuance of a decision on investment policies as prescribed in Article 30, Article 31, and Article 32 of this Law, the registry office shall issue the Certificate of investment registration to the investor within 05 working days from the receipt of the decision on investment policies.
If the project it not subject to issuance of a decision on investment policies as prescribed in Article 30, Article 31, and Article 32 of this Law, the investor shall follow the procedures below:
a) The investor shall submit the documents mentioned in Clause 1 Article 33 of this Law to the registry office;
b) Within 15 days from the receipt of sufficient documents, the registry office shall issue the Certificate of investment registration. In case of rejection, the investor must be notified in writing and provided with explanation.

Article 38. Competence to issue, adjust, and revoke Certificates of investment registration

Management boards of industrial parks, export-processing zones, hi-tech zones, economic zones shall receive, issue, adjust, and revoke Certificates of investment registration of the investment projects located therein.
The Services of Planning and Investment shall zones shall receive, issue, adjust, and revoke Certificates of investment registration of the investment projects outside industrial parks, export-processing zones, hi-tech zones, economic zones, except for the case in Clause 3 of this Article.
The Service of Planning and Investment of the province where the investor intends to place the head office or operating office to execute the investment project shall receive, issue, adjust, and revoke Certificates of investment registration of:
a) Any investment project that spreads over multiple provinces;
b) Any investment project executed both inside and outside industrial parks, export-processing zones, hi-tech zones, and economic zones;

Article 39. Contents of Certificate of investment registration

Code of the project.
Name and address of the investor.
Name of the project.
Location and area of the project.
Objectives and scale of the project.
Capital investment in the project (including the investor’s capital and raised capital), capital contribution and capital raising schedule.
Duration of the project.
Project execution schedule: schedule of infrastructural development and inauguration (if any); schedule of achievements of primary targets and items; targets, duration, and operations of each stage (if the project is divided into multiple stages);
Investment incentives, support, and conditions (if any).
Conditions applied to the investor (if any).

Article 40. Adjusting the Certificate of investment registration

When the Certificate of investment registration has to be adjusted, the investor shall follow the procedures for adjusting the Certificate of investment registration.
An application for adjustment to the Certificate of investment registration consists of:
a) A written request for adjustment to the Certificate of investment registration;
b) A report on project execution up to the date of project adjustment;
c) A decision on adjustments to the investment project;
d) Documents mentioned in Points b, c, d, dd and e Clause 1 Article 33 of this Article relevant to the adjustments.
Within 10 working days from the day on which the satisfactory application is received as prescribed in Clause 1 of this Article, the registry office shall adjust the Certificate of investment registration. In case of rejection, the investor must be notified in writing and provided with explanation.
If the project is subject to issuance of a decision on investment policies, the registry office shall follow the procedures for issuance of a decision on investment policies before adjusting the Certificate of investment registration if the adjustments are pertaining to the objectives, targets, primary technologies of the project, increase or decrease of capital investment by more than 10%, project duration, changes of investors or conditions applied to investors (if any).
If the adjustment to the Certificate of investment registration makes the project subject to issuance of a decision on investment policies, the registry office shall follow the procedures for issuance of a decision on investment policies before adjusting the Certificate of investment registration.

Article 41. Revoking the Certificate of investment registration

The registry office shall revoke the Certificate of investment registration in case a project is terminated as prescribed in Clause 1 Article 48 of this Law.
The Government shall specify the procedures for revoking the Certificate of investment registration.

Section 4: PROJECT EXECUTION
Article 42. Assurance of project execution

The investor shall pay a deposit for assurance of project execution if his/her project uses land allocated or leased out by the State, or is permitted by the State to change land purposes.
The deposit is equal to 1% – 3% of the capital investment, depending on the scale, characteristics, and execution schedule of the project.
The deposit shall be returned to the investor according to the project schedule, except for the case in which it is not returned.
The Government shall elaborate this Article.

Article 43. Durations of investment projects

The duration of an investment project inside an economic zone shall not be longer than 70 years.
The duration of an investment project in outside an economic zone shall not be longer than 50 years. The duration of a project in an disadvantaged area or extremely disadvantaged area or a project with slow rate of capital recovery may be longer but not extending 70 years.
If a project uses land allocated or leased by the State, but the transfer of land is delayed, the delay shall not be included in the project duration.

Article 44. Assessment of machinery, equipment and technological line

The investor is responsible for quality of machinery, equipment and technological line used for the project as prescribed by law.
Where it is necessary for state management of science and technology or determination of tax basis, competent regulatory bodies shall request independent assessment of quality and value of machinery, equipment and technological line.

Article 45. Project transfer

The investor is entitled to transfer part or all of the project to another investor when the following conditions are satisfied:
a) The project is not terminated in the cases as prescribed in Clause 1 Article 48 of this Law;
b) Investment conditions applied to foreign investors are satisfied in case the foreign investor receives a project of investment in conditional business lines;
c) Regulations of law on law, real estate trading is complied with if the project transfer is associated with transfer of land;
d) Conditions in the Certificate of investment registration or relevant regulations of law are complied with.
Where transferring a project subject to issuance of the Certificate of investment registration, the investor shall submit the documents mentioned in Clause 1 Article 33 of this Law and the project transfer contract in order to change the investor.

Article 46. Extension of project schedule

If the Certificate of investment registration or decision on investment policies has been issued, the investor shall submit written proposals to the registry office when extending the capital contribution schedule, construction schedule, and inauguration schedule (if any); schedule for target achievements.
Contents of the proposal:
a) The progress of the project and fulfillment of financial obligation to the State since the issuance of the Certificate of investment registration or decision on investment policies up to the extension date;
b) Explanation and length of extension;
c) Plan for carrying on the project, including capital contribution plan, infrastructural development schedule, and inauguration schedule;
d) The investor’s commitment to carry on the project.
The extension shall not exceed 24 months. In force majeure events, the time for recovery shall not be included in the extension.
Within 15 days from the receipt of the proposal, the registry office shall offer its opinions in writing.

Article 47. Project suspension and termination

When suspending the project, the investor must notify the registry office in writing. If the project has to be suspended in a force majeure event, the investor shall be exempt from paying land rents for the suspension period, which is necessary for recovery from the event.
The investment authority shall decide to suspend part or all of the project in the following cases:
a) For protection of historical remains, relics, antiques, national treasures according to the Law on Cultural heritage;
b) For environmental recovery at the request of a environment authority;
c) For implementation of occupational safety measures at the request of an labor authority;
d) The project is suspended under the decision or judgment of the court or arbitral tribunal;
dd) The investor fails to adhere to the Certificate of investment registration and recommits administrative violations after incurring penalties.
The Prime Minister shall decide to suspend part or all of a project if the project execution threatens to affect national security at the request of the Ministry of Planning and Investment.

Article 48. Project termination

A project shall be terminated in the following cases:
a) The investor decides to terminate the project;
b) The project has to be terminated according to the regulations of the contract or company’s charter;
c) The project duration is over;
d) The investor fails to overcome the difficulties that lead to project suspension in the cases mentioned in Clause 2 and Clause 3 Article 47 of this Law;
dd) The land of the project is withdrawn by the State, or the investor is not permitted to keep using the premises and fails to complete procedures for change of project location within 06 months from the day on which the decision on land/premises withdrawal is issued;
e) The registry office cannot contact the investor or the investor’s legal representative after 12 months from the date of suspension of the project;
g) The investor fails to execute or is not able to execute the project after 12 months according to the schedule registered with the registry office and is not permitted to extend the project execution schedule as prescribed in Article 46 of this Law;
h) The project is terminated under a decision of the Court or arbitral tribunal.
The registry office shall decide project termination in the cases mentioned in Points d, dd, e, g, and h Clause 1 of this Article.
The investor shall liquidate the project in accordance with regulations of law on asset liquidation when terminating the project.
In case the project land is withdrawn by the State but the investor fails to liquidate assets on land within 12 months from the withdrawal date, the agency that issues the decision on land withdrawal shall liquidate such assets.

Article 49. Establishment of foreign investor’s operating office under business cooperation contract

Foreign investors under a business cooperation contract may establish an operating office in Vietnam to execute the contract. The location of the operating office shall be decided by the foreign investors.
The operating office of a foreign investor in a business cooperation contract has its own seal; the foreign investor may open an account, hire employees, sign contracts, and do business under the business cooperation contract and Certificate of registration of operating office.
The foreign investor shall submit the application for registration of operating office to the registry office where the operating office is intended to be located.
An application consists of:
a) An application form which specifies the name and address of the representative office in Vietnam (if any) of the foreign investor; name, address of the operating office; contents, duration, and operating scope of the operating office; full name, residence, ID number or passport number of the head of the operating office;
b) The foreign investor’s decision to establish an operating office;
c) A copy of the decision to appoint the head of the operating office;
d) A copy of the business cooperation contract.
Within 15 working days from the receipt of the application prescribed in Clause 4 of this Article, the registry office shall issue the Certificate of registration of operating office to the foreign investor.

Article 50. Shutdown of foreign investor’s operating office under business cooperation contracts

Within 07 working days from the day on which the decision to shut down the operating office is issued, the foreign investor shall send a folder to the registry office where the operating office is located.
The folder consists of:
a) A decision to shut down the operating office ahead of schedule;
b) A list of creditors and settled debts;
c) A list or employers and employers’ benefits provided;
d) A tax authority’s certification of fulfillment of tax liability;
dd) A social insurance authority’s certification of fulfillment of social insurance obligations;
e) A police authority’s certification of seal destruction;
g) The certificate of operating office registration;
h) A copy of the Certificate of investment registration;
i) A copy of the business cooperation contract.
Within 15 working days from the day on which sufficient documents, the registry office shall issue the decision to shut down the operating office.

Chapter V
OUTWARD INVESTMENT
Section 1: GENERAL PROVISIONS
Article 51. Rules for making outward investments

Investors are encouraged by the State to make outward investment in order to expand the market, improve the export of goods/services, and receipt of foreign currencies; improve access to modern technologies, raise the managerial capability and develop resources for socio-economic development.
Investors making overseas investments shall comply with this Law, other regulations of law, laws of the countries or territories in which investments are made (hereinafter referred to as host countries), and the international agreements to which the Socialist Republic of Vietnam is a signatory, and take responsibility for overseas investments they make.

Article 52. Forms of outward investment

Outward investments in the following forms:
a) Establishing a business organization in accordance with the law of the host country;
b) Execute a business cooperation contract overseas;
c) Purchase part or all of charter capital of an overseas business organization to participate in the management and business investment overseas;
d) Trading in securities, valuable papers, or making investments via securities investment funds and other intermediate financial institutions overseas;
dd) Other forms of investments prescribed by law of the host country.
The Government shall elaborate the forms of investments mentioned in Point d Clause 1 of this Article.

Article 53. Sources of capital for outward investment

The investor shall invest and raise capital to make investments overseas. Conditions and procedures for taking foreign currency loans and transferring foreign currency capital must comply with regulations of law on banking, credit institutions, and foreign currency management.
According to targets of monetary policies, foreign currency management polices in each period, the State bank of Vietnam shall promulgate regulations on credit institutions and branches of foreign banks in Vietnam that grant foreign currency loans as prescribed in Clause 1 of this Article to make outward investment.

Section 2: PROCEDURES FOR DECISION OF OUTWARD INVESTMENT POLICIES
Article 54. Competence to issue decisions on outward investment policies

The National Assembly shall issue decisions on outward investment policies of:
a) Projects with outward investment capital of VND 20,000 billion or above;
b) Projects that require special policies decided by the National Assembly.
Except for the cases in Clause 1 of this Article, the Prime Minister shall issue decisions on outward investment policies of:
a) Banking, insurance, securities, journalism, broadcasting, and telecommunications projects with outward investment capital of VND 400 billion or above;
b) Projects not mentioned in Clause a of this Article with outward investment capital of VND 800 billion or above.

Article 55. Documents and procedures for The Prime Minister to issue decisions on outward investment policies

The investor shall submit the project dossier to the Ministry of Planning and Investment. The dossier consists of:
a) An outward investment registration form;
b) A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).
c) Project proposals: objectives, scale, form, and location of the project; initial capital, capital raising plan, capital structure, project execution schedule, investment stages (if any); and preliminary analysis of the project effectiveness;
d) Copies of any of the documents proving the investor’s financial capacity: financial statements of the last two years of the investor; commitment of the parent company to provide financial support; commitment of a financial institution to provide financial support; guarantee for investor’s financial capacity; other documents proving the investor’s financial capacity;
dd) A commitment to balance foreign currency sources, or a commitment of a permitted credit institution to provide foreign currencies for the investor;
e) The decision on outward investment as prescribed in Clause 1 and Clause 2 Article 57 of this Law;
g) With regard to a project of outward investment in banking, securities, science and technology, the investor shall submit a written certification of the investor’s fulfillment of conditions for outward investment issued by a competent authority in accordance with the Law on credit institutions, the Law on Securities, the Law on science and technology, and the Law on Insurance Business.
Within 03 working days from the day on which the project dossier is received, the Ministry of Planning and Investment shall send the dossier to relevant regulatory bodies for opinions.
Within 15 days from the receipt of the project dossier, the inquired agencies shall offer their opinions.
Within 30 days from the day on which the project dossier is received, the Ministry of Planning and Investment shall carry out an appraisal and submit a report to the Prime Minister. The report shall contain:
a) Conditions for issuance of the Certificate of registration of outward investment prescribed in Article 58 of this Law;
b) The investor’s legal status;
c) Necessity of the outward investment;
d) Conformity of the project with Clause 1 Article 51 of this Law;
dd) Project contents: scale, form of investment, location, duration, execution schedule, capital, and capital sources;
e) Reassessment of risks at the host country.
The Prime Minister shall consider deciding outward investment policies, including:
a) The investor;
b) Objectives and location of the project;
c) Capital and capital sources; capital contribution and capital raising schedule; overseas investment schedule;
d) Investment incentives and support (if any).

Article 56. Documents and procedures for National Assembly to issue decisions on outward investment policies

The investor shall submit the documents mentioned in Clause 1 Article 55 of this Law to the Ministry of Planning and Investment.
Within 05 working days from the day on which the satisfactory dossier is received, the Ministry of Planning and Investment shall request the Prime Minister to establish an Appraisal Council.
Within 90 days from its establishment, the Appraisal Council shall carry out an appraisal and make a report in accordance with Clause 4 Article 55 of this Law.
At least 60 days before the opening of the General Meeting of the National Assembly, the Government shall submit the decision on outward investment policies to the agency in charge of appraisal of the National Assembly. The dossier consists of:
a) The Government’s report;
b) The project dossier prescribed in Clause 1 Article 55 of this Law;
c) The appraisal report made by the Appraisal Council;
d) Relevant documents.
The National Assembly shall consider passing a Resolution on outward investment policies, the contents of which are specified in Clause 5 Article 55 of this Law.

Section 3: PROCEDURES FOR ISSUANCE, ADJUSTMENT, AND REVOCATION OF CERTIFICATE OF OUTWARD INVESTMENT REGISTRATION
Article 57. Competence to decide outward investment

State-owned companies shall decide outward investments in accordance with regulations of law on management and investment of state capital in other businesses.
Outward investment in cases other than those specified in Clause 1 of this Article shall be decided by investors in accordance with this Law, Company law, and relevant regulations of law.
The investor and the agency that represents state capital at other businesses mentioned in Clause 1 and Clause 2 of this Article shall be responsible for the decision on outward investment.

Article 58. Requirements for issuance of Certificate of registration of outward investment

The outward investment must comply with the rules in Article 51 of this Law.
The outward investment is not made in the banned business lines as prescribed in Article 6 of this Law.
The investor or a permitted credit institution has made a commitment to prepare foreign currencies or outward investment; if a capital in foreign currency of at least VND 20 billion is transferred overseas and does not belong to the project as prescribed in Article 54 of this Law, the Ministry of Planning and Investment shall request the State bank of Vietnam to provide opinions in writing.
There is a decision on outward investment as prescribed in Clause 1 and Clause 2 Article 57 of this Law.
There is a certification of the investor’s fulfillment of tax obligation up to the date of submission of the project dossier.

Article 59. Procedures for issuance of Certificate of registration of outward investment

If the project is subject to the issuance of a decision on outward investment policies, the Ministry of Planning and Investment shall issue the Certificate of outward investment registration to the investor within 05 working days from the day on which the decision on investment policies is received.
If cases other than the case in Clause 1 of this Article, the investor shall submit an application for Certificate of investment registration to the Ministry of Planning and Investment. The application consists of:
a) An outward investment registration form;
b) A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).
c) The decision on outward investment as prescribed in Clause 1 and Clause 2 Article 57 of this Law;
d) A commitment to balance foreign currency sources, or a commitment of a permitted credit institution to provide foreign currencies for the investor as prescribed in Clause 3 Article 58 of this Law;
dd) With regard to a project of outward investment in banking, securities, science and technology, the investor shall submit a written certification of the investor’s fulfillment of conditions outward investment issued by a competent authority in accordance with the Law on credit institutions, the Law on Securities, the Law on science and technology, and the Law on Insurance Business.
Within 15 working days from the receipt of the application prescribed in Clause 2 of this Article, the Ministry of Planning and Investment shall issue the Certificate of outward investment registration. If the application is rejected, the investor must be notified in writing and provided with explanation.
The government shall elaborate the procedures for appraisal of outward investment projects; issuance, adjustment, invalidation of the Certificate of outward investment registration.

Article 60. Contents of Certificate of registration of outward investment

Code of the investment project.
Name and address of the investor.
Name of the investment project.
Objectives and location of the project.
Capital and capital sources; capital contribution and capital raising schedule; overseas investment schedule;
Rights and obligations of the investor.
Incentives and support (if any).

Article 61. Adjusting Certificate of registration of outward investment

Where it is necessary to make changes to an outward investment project in terms of the investor, location, objectives, scale, capital, capital sources, investment schedule, investment incentives, use of profit for overseas project execution, the investor shall submit an application for adjustments to the Certificate of outward investment registration to the Ministry of Planning and Investment.
An application for adjustments to Certificate of registration of outward investment consists of:
a) A written request for adjustments to the Certificate of outward investment registration;
b) A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).
c) A report on operation of the project up to the date of submission of the application for adjustments to Certificate of registration of outward investment;
d) A decision on changes to the outward investment project as prescribed in Clause 1 and Clause 2 Article 57 of this Law;
dd) A copy of the Certificate of outward investment registration;
e) There is a certification of the investor’s fulfillment of tax obligation up to the date of submission of the project dossier.
The Ministry of Planning and Investment shall adjust the Certificate of outward investment registration within 15 working days from the receipt of the satisfactory application prescribed in Clause 2 of this Article.
If the project is subject to issuance of a decision on outward investment policies, the Ministry of Planning and Investment shall follow procedures for issuance of a decision on outward investment policies before adjusting the Certificate of outward investment registration as prescribed in Clause 1 of this Article.
If the investor’s request for adjustments to the Certificate of outward investment registration makes the project subject to issuance of a decision on investment policies, the Ministry of Planning and Investment shall follow the procedures for issuance of a decision on investment policies before adjusting the Certificate of outward investment registration.

Article 62. Termination of an outward investment project

A outward investment project shall be terminated in the following cases:
a) The investor decides to terminate the project;
b) The project duration is over;
c) The project is terminated according to the regulations of the contract or company’s charter;
d) The investor transfers all of overseas capital to a foreign investors;
dd) The project is not approved by the host country after 12 months from the date of issue of the Certificate of outward investment registration, or the project is not commenced after 12 months from the day on which it is approved by a competent authority of the host country;
e) The investor fails to execute the project or is not able to execute the project according to the registered schedule after 12 months from the date of issue of the Certificate of investment registration, and does not adjust the investment schedule;
g) The investor fails to submit a written report on the operation of the project after 12 months from the day on which the annual tax declaration or an equivalent document is available as prescribed by the host country’s law;
h) The overseas business organization is dissolved or goes bankrupt as prescribed by the host country’s law;
i) The project is terminated under the decision or judgment of the court or arbitral tribunal.
The Ministry of Planning and Investment shall invalidate the Certificate of outward investment registration in the cases in Clause 1 of this Article.

Section 4: COMMENCEMENT OF OVERSEAS INVESTMENT
Article 63. Opening an account of outward investment capital
Transfer of money from Vietnam to abroad and from abroad to Vietnam pertaining to outward investment must be made via a separate account opened at a permissible credit institution in Vietnam and registered at the State bank of Vietnam in accordance with regulations of law on foreign exchange management.
Article 64. Transfer of outward investment capital

An investor may transfer outward investment when the following conditions are satisfied:
a) The Certificate of outward investment registration is granted, except for the case in Clause 3 of this Article;
b) The investment has been approved or licensed by a competent authority of the host country. If the host country’s law does not cover investment licensing or approval, the investor must provide documents proving his/her right to make investment in that country;
c) There is a capital account as prescribed in Article 63 of this Law.
The transfer of outward investment capital Outward must comply with regulations of law on foreign exchange, export, technology transfers, and relevant regulations of law.
Investors may transfer foreign currencies, goods, machinery and equipment to abroad to serve market survey, research, and other investment preparation prescribed by the Government.

Article 65. Transferring profit to Vietnam

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 transfer the entire profit and other incomes derived from overseas investment to Vietnam, unless profit is used for overseas investment as prescribed in Article 66 of this Law.
If the profit and other incomes are not transferred to Vietnam within the time limit prescribed in Clause 1 of this Article, the investor shall submit a written report to the Ministry of Planning and Investment and the State bank of Vietnam. The deadline for transferring profit to Vietnam shall be extended not more than twice, each extension shall not exceed 06 months and must be approved in writing by the Ministry of Planning and Investment.

Article 66. Use of profit for overseas investment

The investor that uses profit derived from overseas investment to increase capital, expand overseas investment shall follow procedures for adjusting the Certificate of outward investment registration and submit a report to the State bank of Vietnam.
If profit derived from the overseas project is used for another overseas project, the investor shall follow procedures for the Certificate of outward investment registration of such project, register a capital account and monetary capital transfer schedule with the State bank of Vietnam.

Chapter VI
STATE MANAGEMENT OF INVESTMENT
Article 67. Contents of state management of investment

Promulgate, disseminate, and organize implementation of legislative documents on investment.
Develop and organize implementation of strategies, plannings, plans, and policies for investments in Vietnam and outward investments.
Assess the developments and macroeconomic effects of investment activities.
Develop, manage, and operate National Investment Information System.
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.
Perform state management tasks pertaining to industrial parks, export-processing zones, hi-tech zones, and economic zones.
Organize and implement investment promotion.
Inspect and supervise investment activities; coordinate investment management tasks.
Instruct, support investors and resolve their difficulties in making investment; resolve complaints, denunciations; decide commendation and disciplinary actions.
Negotiate and conclude international agreements on investments.

Article 68. Responsibilities of regulatory bodies for investment management

The government shall promulgate uniform regulations on management of investments in Vietnam and outward investments.
The Ministry of Planning and Investment shall assist the Government in promulgating uniform regulations on management of investments in Vietnam and outward investments.
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.
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.
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.
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

Supervision and assessment of investment include:
a) Supervision and assessment of investment project;
b) Supervision and assessment of investment on an overall scale.
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.
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.
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.
The organizations and agencies shall carry out assessment themselves or hire capable experts or advisory organizations to do so.
The Government shall elaborate this Article.

Article 70. National Investment Information System

National Investment Information System consists of:
a) National Information System for Domestic Investment;
b) National Information System for Inward and Outward Investments.
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.
Investment authorities and investors shall promptly and accurately update information on National Investment Information System.
Information about investment projects in National Investment Information System is considered original and lawful information.

Article 71. Reports on investment in Vietnam

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.
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.
Agencies, investors, and business organizations shall make reports in writing via National Investment Information System.
Agencies, investors, and business organizations mentioned in Clause 1 of this Article shall make unscheduled reports at the request of competent authorities.
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

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.
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.
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.
The reports mentioned in Clause 2 and Clause 3 of this Article shall be made in writing via National Investment Information System.
The agencies, organizations, and investors in Clause 1 of this Article shall make unscheduled reports at the request of competent authorities.

Chapter VII
IMPLEMENTATION
Article 73. Actions against violations

Any entity that violates this Law shall face disciplinary actions, administrative penalties, or criminal prosecution depending on nature and severity of the violations, and pay compensation for any damage caused.
Any person that misuse his/her power to obstruct investment activities, harass investors, or fails to perform their duties as prescribed by law shall face disciplinary actions or criminal prosecution depending on nature and severity of the violations.

Article 74. Transition

Any investor granted the investment license or Certificate of investment before this Law takes effect may keep executing their investment project according to the investment license or Certificate of registration granted. The registry office shall replace it with the Certificate of investment registration if requested by the investor.
Any investor that has been executing a project before this Law takes effect, which is subject to issuance of a Certificate of investment registration or decision on investment policies as prescribed by this Law is not required to follow procedures for the Certificate of investment registration or decision on investment policies. Any investor that wishes to obtain a Certificate of investment registration shall follow the procedures in this Law.
Conditions for business investment in legislative documents promulgated before the effective date of this Law that contravene Clause 3 Article 7 of this Law are annulled form July 01, 2016.
The Government shall elaborate Clause 1 and Clause 2 of this Article.

Article 75. Amendments to Clause 1 Article 18 of the Law on High technology No. 21/2008/QH12
Clause 1 Article 18 of the Law on High technology No. 21/2008/QH12 is amended as follows:
“1. A high technology must satisfy the following criteria:

a) Producing hi-tech products on the List of hi-tech products given priority prescribed in Article 6 of this Law;
b) Applying eco-friendly, energy-saving solutions to manufacturing and quality control in accordance with Vietnam’s technical regulations and standards (or international standards if no Vietnam’s technical regulations and standards are available);
c) Other criteria established by the Prime Minister.”.

Article 76. Effect

This Law takes effect on July 01, 2015.
The Law on Investment No. 59/2005/QH11 and the National Assembly’s Resolution No. 49/2010/QH12 on projects and works of national importance subject to decision of the National Assembly are annulled from the effective date of this Law.
The Government and competent authorities shall elaborate the Articles and Clauses assigned.

This Law is passed by the 13^th National Assembly of Socialist Republic of Vietnam on November 26, 2014 during the 8^th session.

PRESIDENT OF THE NATIONAL ASSEMBLY
Nguyen Sinh Hung

APPENDIX 1
LIST OF NARCOTIC SUBSTANCES BANNED FROM INVESTMENT

No.	Name of substance	Scientific name	CAS code
1	Acetorphine	3-O-acetyltetrahydro – 7 – α – (1 – hydroxyl -1 – methylbutyl) – 6, 14 – endoetheo – oripavine	25333-77-1
2	Acetyl-alpha– methylfenanyl	N– [1 – (α – methylphenethyl) – 4 – piperidyl] acetanilide	101860-00-8
3	Alphacetylmethadol	α – 3 – acetoxy – 6 – dimethylamino – 4,4 – diphenylheptane	17199-58-5
4	Alpha-methylfentanyl	N– [ 1 – (α – methylphenethyl) – 4 – piperidyl] propionanilide	79704-88-4
5	Beta-hydroxyfentanyl	N– [ 1 – (β – hydroxyphenethyl) – 4 – piperidyl] propionanilide	78995-10-5
6	Beta-hydroxymethyl-3 – fentanyl	N– [1 – (β – hydroxyphenethyl) – 3 – methyl – 4 – piperidyl] propinonardlide	78995-14-9
7	Brolamphetamine (DOB)	2,5 – dimethoxy – 4 – bromoamphetamine	64638-07-9
8	Marijuana And Derivatives		8063-14-7
9	Cathinone	(-) – α – aminopropiophenone	71031-15-7
10	Desomorphine	Dihydrodeoxymorphine	427-00-9
11	DET	N, N– diethyltryptamine	7558-72-7
12	Delta-9-tetrahydrocanabinol và các đồng phân	(6aR, 10aR) – 6a, 7, 8, 10a– tetrahydro – 6,6,9 – trimethyl – 3 – pentyl – 6H– dibenzo [b,d] pyran -1 – ol	1972-08-3
13	DMA	(±) – 2,5 – dimethoxy – α – methylphenylethylamine	2801-68-5
14	DMHP	3 – (1,2 – dimethylheptyl) -1 – hydroxy – 7, 8, 9, 10 – tetrahydro – 6,6,9 – trimethyl – 6H- dibenzo [b,d] pyran	32904-22-6
15	DMT	N, N– dimethyltryptamine	61-50-7
16	DOET	(±) – 4 – ethyl – 2,5 – dimethoxy -α- phenethylamine	22004-32-6
17	Eticyclidine	N– ethyl -1 – phenylcylohexylamine	2201-15-2
18	Etorphine	Tetrahydro -7α – (1 – hydroxy – 1 – methylbutyl) – 6,14 – endoetheno – oripavine	14521-96-1
19	Etryptamine	3 – (2 – aminobuty) indole	2235-90-7
20	Heroine	Diacetylmorphine	561-27-3
21	Ketobemidone	4 – meta – hydroxyphenyl – 1 – methyl – 4 – propionylpiperidine	469-79-4
22	MDMA	(±) – N – α – dimethyl – 3,4 – (methylenedioxy) phenethylamine	42542-10-9
23	Mescalin	3,4,5 – trimethoxyphenethylamine	54-04-6
24	Methcathinone	2 – (methylamino) -1 – phenylpropan – 1 – one	5650-44-2
25	4 – methylaminorex	(±) – cis – 2 – amino – 4 – methyl – 5 – phenyl – 2 – oxazoline	3568-94-3
26	3 – methylfentanyl	N– (3 – methyl – 1 – phenethyl – 4 – piperidyl) propionanilide	42045-86-3
27	3 – methylthiofentanyl	N– [3 – methyl – 1 [2 – (2 – thienyl) ethyl] – 4 – piperidyl] propionanilide	86052-04-2
28	MMDA	(±) – 5 – methoxy – 3,4 – methylenedioxy – α – methylphenylethylamine	13674-05-0
29	Morphine methobromide derivatives of other Morphine Nitrogen V	(5α,6α)-17 -Methyl-7,8 -didehydro-4,5 – epoxymorphinan-3,6-diol – bromomethane (1:1)	125-23-5
30	MPPP	1 – methyl – 4 – phenyl – 4 – piperidinol propionate (ester)	13147-09-6
31	(+) – Lysergide (LSD)	9,10 – didehydro -N,N- diethyl – 6 – methylergoline – 8β carboxamide	50-37-3
32	N – hydroxy MDA (MDOH)	(±) – N– hydroxy – [a – methyl – 3,4 – (methylenedyoxy) phenethyl] hydroxylamine	74698-47-8
33	N-ethyl MDA	(±) N – ethyl – methyl – 3,4 – methylenedioxy) phenethylamine	82801-81-8
34	Para – fluorofentanyl	4’ – fluoro – N – (1 – phenethyl – 4 – piperidyl) propionanilide	90736-23-5
35	Parahexyl	3 – hexyl – 7, 8, 9, 10 – tetrahydro – 6, 6, 9 – trimethyl – 6H– dibenzo [b,d] pyran – 1 – ol	117-51-1
36	PEPAP	1 – phenethyl – 4 – phenyl – 4 – piperidinol acetate	64-52-8
37	PMA	p – methoxy – a – methylphenethylamme	64-13-1
38	Psilocine, Psilotsin	3 – [2 – (dimetylamino) ethyl] indol – 4 – ol	520-53-6
39	Psilocybine	3 – [2 – dimetylaminoethyl] indol – 4 – yl dihydrogen phosphate	520-52-5
40	Rolicyclidine	1 – (1 – phenylcyclohexy) pyrrolidine	2201-39-0
41	STP, DOM	2,5 – dimethoxy – 4, α – dimethylphenethylamine	15588-95-1
42	Tenamfetamine (MDA)	α – methyl – 3,4 – (methylendioxy) phenethylamine	4764-17-4
43	Tenocyclidine (TCP)	1 – [1 – (2 – thienyl) cyclohexyl] piperidine	21500-98-1
44	Thiofentanyl	N – (1 [2- (2 – thienyl) ethyl] – 4 – piperidyl] – 4 – propionanilide	1165-22-6
45	TMA	(+) – 3,4,5 – trimethoxy – α – methylphenylethylamine	1082-88-8

This List covers every salt that can exist of the substances therein.

APPENDIX 2
LIST OF CHEMICALS AND MINERALS

No.	Chemical name	CAS code	HS code
A	Toxic chemical
1	O-Alkyl compounds (≤C10, including cycloalkyl) alkyl (Me, Et, n-Pr or i-Pr)-phosphonofluoridate		2931.00
	Example:	107-44-8	2931.00
	Sarin: O-Isopropylmethylphosphonofluoridate	96-64-0	2931.00
	Soman: O-Pinacolyl methylphosphonofluoridate
2	O-Alkyl compounds (≤C10, including cycloalkyl) N,N- dialkyl(Me, Et, n-Pr or i-Pr) – phosphoramidocyanidate		2931.00
	Example:
	Tabun: O-Ethyl N,N-dimethyl phosphoramidocyanidate	77-81-6	2931.00
3	O-Alkyl compounds (H or ≤C10, including cycloalkyl) S- 2-dialkyl (Me, Et, n-Pr or i-Pr)-aminoethyl alkyl (Me, Et, n-Pr hoặc i-Pr) phosphonothiolate and alkylized salts or protonized salts thereof.		2930.90
	Example:
	VX: O-Ethyl S-2-diisopropylaminoethyl methyl phosphonothiolate	50782-69-9	2930.90
4	sulfur-containing mustard gases (Sulfur mustards):
4	ð 2-Chloroethylchloromethylsulfide ð mustard gas: Bis(2-chloroethyl)sulfide ð Bis(2-chloroethylthio) methane ð Sesquimustard: 1,2-Bis(2-chloroethylthio)ethane ð 1,3-Bis(2-chloroethylthio)-n-propane ð 1,4-Bis(2-chloroethylthio)-n-butane ð 1,5-Bis(2-chloroethylthio)-n-pentane ð Bis(2-chloroethylthiomethyl)ether ð mustard gas containing sulfur and oxygen: Bis(2- chloroethylthioethyl) ether	2625-76-5 505-60-2 63869-13-6 3563-36-8 63905-10-2 142868-93-7 142868-94-8 63918-90-1 63918-89-8	2930.90 2930.90 2930.90 2930.90 2930.90 2930.90 2930.90 2930.90 2930.90
5	Lewisite compounds (containing Arsen): Lewisite 1: 2- Chlorovinyldichloroarsine	541-25-3	2931.00
5	Lewisite 2: Bis(2-chlorovinyl)chloroarsine Lewisite 3: Tris(2-chlorovinyl)arsine	40334-69-8 40334-70-1	2931.00 2931.00
6	Nitrogen mustards: HN1: Bis(2- chloro ethyl)ethylamine	538-07-8	2921.19
	HN2: Bis(2-chloroethyl)methylamme	51-75-2	2921.19
	HN3: Tris(2-chloroethyl)amine	555-77-1	2921.19
7	Saxitoxin	35523-89-8	3002.90
8	Ricin	9009-86-3	3002.90
B	Precursors
1	Alkyl compounds (Me, Et, n-Pr or i-Pr) phosphonyldifluoride
	e.g. DF: Methylphosphonyldifluoride	676-99-3	2931.00
2	O-Alkyl compounds (H or ≤C10, including cycloalkyl) O- 2-dialkyl (Me, Et, n-Pr or i-Pr)-aminoethyl alkyl (Me, Et, n-Pr or i-Pr) phosphonite and alkylized salts or protonized salts thereof Example:		2931.00
	QL: O-Ethyl O-2-diisopropylaminoethyl methylphosphonite	57856-11-8	2931.00
3	Chlorosarin: O-Isopropyl methylphosphonochloridate	1445-76-7	2931.00
4	Chlorosoman: O-Pinacolyl methylphosphonochloridate	7040-57-5	2931.00
C	Minerals
1	Color asbestos of amphibole group

APPENDIX 3
LIST OF ENDANGERED AND RARE SPECIES
GROUP I: List of endangered and rare species banned from trading

Plants

No.	Vietnamese name	Scientific name
	NGÀNH THÔNG	PINOPHYTA
	LỚP THÔNG	PEVOSIDA
	Họ Hoàng đàn	Cupressaceae
1	Bách Đài Loan	Taiwania cryptomerioides
2	Bách vàng	Xanthocyparis vietnamensis
3	Hoàng đàn	Cupressus torulosa
4	Sa mộc dầu	Cunninghamia konishii
5	Thông nước	Glyptostrobus pensilis
	Họ Thông	Pinaceae
6	Du sam đá vôi	Keteleeria davidiana
7	Vân sam Fan si pang	Abies delavayi var. nukiangensis
	NGÀNH MỘC LAN	MAGNOLIOPHYTA
	LỚP MỘC LAN	MAGNOLIOPSIDA
	Họ dầu	Dipterocarpaceae
8	Chai lá cong	Shorea falcata
9	Kiền kiền Phú Quốc	Hopea pierrei
10	Sao hình tim	Hopea cordata
11	Sao mạng Cà Ná	Hopea reticulata
	Họ Hoàng liên gai	Berberidaceae
12	Hoàng liên gai	Berberis julianae
	Họ Mao lương	Ranunculaceae
13	Hoàng liên chân gà	Coptis quinquesecta
14	Hoàng liên Trung Quốc	Coptis chinensis
	Họ Ngũ gia bì	Araliaceae
15	Sâm vũ diệp (Vũ diệp tam thất)	Panax bipinnatifidus
16	Sâm Ngọc Linh	Panax vietnamensis
17	Tam thất hoang	Panax stipuleamtus
	LỚP HÀNH	LILIOPSIDA
	Họ lan	Orchidaceae
18	Các loài Lan kim tuyến	Anoectochilus spp.
19	Các loài Lan hài	Paphiopedilum spp.

Animals

No.	Vietnamese name	Scientific name
	LỚP THÚ	MAMMALIA
	BỘ CÁNH DA	DERMOPTERA
	Họ Chồn dơi	Cynocephaliadea
1	Chồn bay (Cầy bay)	Cynocephalus variegatus
	BỘ LINH TRƯỞNG	PRIMATES
	Họ Cu li	Loricedea
2	Cu li lớn	Nycticebus bengalensis
3	Cu li nhỏ	Nycticebus pygmaeus
	Họ Khỉ	Cercopithecidae
4	Voọc bạc Đông Dương	Trachypithecus villosus
5	Voọc Cát Bà (Voọc đen đầu vàng)	Trachypithecus poliocephalus
6	Voọc chà vá chân đen	Pygathrix nigripes
7	Voọc chà vá chân đỏ (Voọc chà vá chân nâu)	Pygathrix nemaeus
8	Voọc chà vá chân xám	Pygathrix cinerea
9	Voọc đen Hà Tĩnh (Voọc gáy trăng)	Trachypithecus hatinhensis
10	Voọc đen má trắng	Trachypithecus francoisi
11	Voọc mông trắng	Trachypithecus delacouri
Í2	Voọc mũi hếch	Rhinopithecus avunculus
13	Voọc xám	Trachypithecus barbei
	Họ Vượn	Hylobatidae
14	Vượn đen má hung	Nomascus (Hylobates) gabriellae
15	Vượn đen má trắng	Nomascus (Hylobates) leucogenys
16	Vượn đen tuyền Đông Bắc (Vượn Cao Vít)	Nomascus (Hylobates) nasutus
17	Vượn đen tuyền Tây Bắc	Nomascus (Hylobates) concolor
	BỘ THÚ ĂN THỊT	CARNIVORA
	Họ Chó	Camidae
18	Sói đỏ (Chó sói lửa)	Cuon alpinus
	Họ Gấu	Ursidea
19	Gấu chó	Ursus (Helarctos) malaycmus
20	Gấu ngựa	Ursus (Selenarctos) thibetanus
	Họ Chồn	Mustelidea
21	Rái cá lông mũi	Lutra sumatrana
22	Rái cá lông mượt	Lutrogale perspicillata
23	Rái cá thường	Lutra lutra
24	Rái cá vuốt bé	Aonyx cinereus
	Họ Cầy	Viverridae
25	Cầy mực (Cầy đen)	Arctictis binturong
	Họ Mèo	Felidea
26	Báo gấm	Neofelis nebulosa
27	Báo hoa mai	Panthera pardus
28	Beo lửa (Beo vàng)	Catopuma temminckii
29	Hổ	Panthera tigris
30	Mèo cá	Prionailurus viverrinus
31	Mèo gấm	Pardofelis marmorata
	BỘ CÓ VÒI	PROBOSCIDEA
32	Voi	Elephas maximus
	BỘ MÓNG GUỐC LẺ	PERISSODACTYLA
33	Tê giác một sừng	Rhinoceros sondaicus
	BỘ MÓNG GUỐC	ARTIODACTYLA
	NGÓN CHẴN
	Họ Hươu nai	Cervidea
34	Hươu vàng	Axis porcinus
35	Hươu xạ	Moschus berezovskii
36	Mang lớn	Megamuntiacus vuquangensis
37	Mang Trường Sơn	Muntiacus truongsonensis
38	Nai cà tong	Rucervus eldi
	Họ Trâu bò	Bovidea
39	Bò rừng	Bos javanicus
40	Bò tót	Bos gaurus
41	Bò xám	Bos sauveli
42	Sao la	Pseudoryx nghetinhensis
43	Sơn dương	Naemorhedus sumatraensis
44	Trâu rừng	Bubalus arnee
	BỘ TÊ TÊ	PHOLIDOTA
	Họ Tê tê	Manidae
45	Tê tê java	Manis javanica
46	Tê tê vàng	Manis pentadactyla
	BỘ THỎ RỪNG	LAGOMORPHA
	Họ Thỏ rừng	Leporidae
47	Thỏ vằn	Nesolagus timinsi
	BỘ CÁ VOI	CETACEA
	Họ Cá heo	Delphinidea
48	Cá Heo trắng Trung Hoa	Sousa chinensis
	BỘ HẢI NGƯU	SIRNIA
49	Bò biển	Dugong dugon
	LỚP CHIM	AVES
	BỘ BỒ NÔNG	PELECANIFORMES
	Họ Bồ nông	Pelecanidea
50	Bồ nông chân xám	Pelecanus philippensis
	Họ Cổ rắn	Anhingidea
51	Cổ rắn (Điêng điểng)	Anhinga melanogaster
	Họ Diệc	Ardeidea
52	Cò trắng Trung Quốc	Egretta eulophotes
53	Vạc hoa	Gorsachius magnifcus
	Họ Hạc	Ciconiidea
54	Già đẫy nhỏ	Leptoptilos javanicus
55	Hạc cổ trắng	Ciconia episcopus
	Họ Cò quắm	Threskiomithidea
56	Cò thìa	Platalea minor
57	Quắm cánh xanh (Cò quắm cánh xanh)	Pseudibis davisoni
58	Quắm lớn (Cò quắm lớn)	Thaumatibis gigantea
	BỘ NGỖNG	ANSERIFORMES
	Họ Vịt	Anatidea
59	Ngan cánh trắng	Cairina scutulata
	BỘ GÀ	GALLIFORMES
	Họ Trĩ	Phasianidea
60	Gà so cổ hung	Arborophila davidi
61	Gà lôi lam mào trắng	Lophura echvardsi
62	Gà lôi tía	Tragopan temminckii
63	Gà tiền mặt đỏ	Polyplectron germaini
64	Gà tiền mặt vàng	Polyplectron bicalcaratum
	BỘ SẾU	GRUIFORMES
	Họ Sếu	Gruidae
65	Sếu đầu đỏ (Sếu cổ trụi)	Grus antigone
	Họ Ô tác	Otidae
66	Ô tác	Houbaropsis bengalensis
	BỘ SẢ	CORACIIFORMES
	Họ Hông hoàng	Bucerotidae
67	Niệc nâu	Ptilolaemus tickelli
68	Niệc cổ hung	Aceros nipalensis
69	Niệc mỏ vằn	Aceros undulatus
70	Hồng hoàng	Buceros bicornis
	BỘ SẺ	PASSERRIFORMES
	Họ Khướu	Timaliidae
71	Khướu Ngọc Linh	Garrulax Ngoclinhensis
	LỚP BÒ SÁT	REPTILIA
	BỘ CÓ VẢY	SQUAMATA
	Họ Kỳ đà	Varanidae
72	Kỳ đà hoa	Varanus salvator
73	Kỳ đà vân (Kỳ đà núi)	Varanus bengalensis
	Họ Rắn hổ	Elapidae
74	Rắn hổ chúa	Ophiophagus hannah
	BỘ RÙA	TESTUDINES
	Họ Rùa da	Dermochelyidae
75	Rùa da	Dermochelys coriacea
	Họ Vích	Cheloniidae
76	Đồi mồi	Eretmochelys imbricata
77	Đồi mồi dứa	Lepidochelys olivacea
78	Quản đồng	Caretta caretta
79	Vích	Chelonia mydas
	Họ Rùa đầm	Cheloniidae
80	Rùa hộp ba vạch (Rùa vàng)	Cuora trifasciata
81	Rùa hộp trán vàng miền Bắc	Cuora galbinifrons
82	Rùa trung bộ	Mauremys annamensis
83	Rùa đầu to	Platysternon megacephalum
	Họ Ba ba	Trionychidae
84	Giải khổng lồ	Pelochelys cantorii
85	Giải Sin-hoe (Giải Thượng Hải)	Rafetus swinhoei
	LỚP CÁ
	BỘ CÁ CHÉP	CYPRINIFORMES
	Họ Cá Chép	Cyprinidae
86	Cá lợ thân thấp	Cyprinus multitaeniata
87	Cá chép gốc	Procypris merus
88	Cá mè Huế	Chanodichthys flavpinnis
	BỘ CÁ CHÌNH	ANGUILLIFORMES
	Họ cá chình	Aneuillidae
89	Cá chình nhật	Anguilla japonica
	BỘ CÁ ĐAO	PRISTIFORMES
	Họ cá đao	Pristidae
90	Cá đao nước ngọt	Pristis microdon

APPENDIX 4
LIST OF CONDITIONAL INVESTMENTS

No.	Business line
1	Seal production
2	Combat gear trading (including repair)
3	Firecracker trading
4	Pawnshop services
5	Massage services
6	Trading of warning devices of emergency vehicles
7	Security services
8	Paint gun services
9	Lawyer’s practice
10	Notary’s practice
11	Judicial assessment in the fields of finance, banking, construction, antiques, relics, copyrights.
12	Auctioneering services
13	Arbitration services
14	Bailiff’s practice
15	Asset liquidator’s practice
16	Accounting services
17	Audit services
18	Tax agent services
19	Customs brokerage services
20	Duty-free goods trading
21	Bonded warehouse services
22	Domestic LCL consolidation services
23	Gathering services and customs inspection services inside and outside border checkpoint areas
24	Securities trading
25	Securities registration, depository, offsetting, and liquidation services by Vietnam Securities Depository/organizations trading in listed securities and other securities.
26	Insurance
27	Reinsurance
28	Insurance brokerage
29	Insurance agency
30	Insurance agency training services
31	Price verification services
32	Consulting services serving company values for equitization
33	Lottery business
34	Electronic games of chance for foreigners
35	Debt collection services
36	Debt trading services
37	Credit rating services
38	Casino business
39	Betting business
40	Voluntary pension fund management services
41	Oil and gas trading
42	Gas trading
43	Commercial assessment services
44	Industrial explosive trading (including destruction thereof)
45	Explosive precursor trading
46	Business operations using industrial explosives and explosive precursor
47	Blasting services
48	Trading in chemicals except banned chemicals according to Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction
49	Inorganic fertilizer trading
50	Alcohol trading
51	Trading in tobacco products, tobacco materials, machinery and equipment serving tobacco industry
52	Commodity exchange operation
53	Electricity generation, transmission, distribution, wholesaling, retailing, import, and consultancy
54	Trading in foods under the management of the Ministry of Industry and Trade
55	Rice export
56	Temporary import for re-export of goods subject to special excise tax
57	Temporary import for re-export of frozen food
58	Temporary import for re-export of goods on the List of used goods
59	Franchising
60	Coal trading
61	Logistics services
62	Mineral trading
63	Industrial precursor trading
64	Goods trading and activities directly related goods trading of foreign investors
65	Electronic commerce activities
66	Petroleum activities
67	Assessment of conformity of pneumatic tools, industrial lifting devices, chemicals, industrial explosives, equipment serving mineral and petroleum extraction; except for equipment and instruments serving extraction at sea
68	Vocational training
69	Association with foreign vocational training institutions and foreign-invested vocational training institutions in vocational training at intermediate and college levels
70	Fire safety and firefighting services
71	Occupational skill assessment services
72	Quality assessment of joint vocational programs with foreign vocational training institutions and foreign-invested vocational training institutions in Vietnam.
73	Occupational safety assessment services with regard to machinery and supplies with strict occupational safety requirements
74	Occupational safety and occupational hygiene training services
75	Employment agency services
76	Overseas employment services
77	Voluntary drug rehabilitation services
78	Conformity declaration and certification services
79	Outsourcing services
80	Road transport services
81	Car warranty and maintenance services
82	Motor vehicle inspection services
83	Driving school services
84	Traffic safety inspector training services
85	Driving test services
86	Traffic safety inspection services
87	Waterway transport services
88	Building, modifying, repairing inland watercraft
89	Provision of training for crewmembers and operators of inland watercraft
90	Ship transport, shipping agency services
91	Multi-level marketing business
92	Ship towing services
93	Importing, dismantling used sea-going ship
94	Sea-going ship building, modification, repair services
95	Sea port operation
96	Air transport business
97	Design, production, maintenance, testing of aircraft, aircraft engines, propellers, and equipment thereof in Vietnam
98	Airport operation
99	Aviation services at airports
100	Air navigation services
101	Flight crew training services
102	Rail transport business
103	Rail infrastructure business
104	Rail transport business
105	Multimodal transport business
106	Transport of dangerous goods using road or waterway vehicles
107	Pipeline transport servicse
108	Maritime navigation services
109	Real estate trading
110	Provision of training in real estate brokerage, real estate valuation, and operation of real estate exchanges
111	Provision of training in apartment building management and operation
112	Provision of training in construction project management
113	Project management consultancy services
114	Construction survey services
115	Construction design assessment services
116	Construction supervision services
117	Construction services
118	Investment project planning and assessment services
119	Foreign investors’ construction
120	Project management consultancy services
121	Construction work conformity assessment and certification services
122	Lighting and greenery system operation services
123	Shared infrastructure operation services
124	Construction planning development services
125	Urban planning development services provided by foreign entities
126	Trading in white asbestos of Serpentine group
127	Postal services
128	Telecommunications services
129	Import of radio transmitters and transceivers
130	Digital signature authentication services
131	Establishment and operation of publishers
132	Printing services
133	Publication release services
134	Social network services
135	Online games business
136	Pay radio/television services
137	News website development services
138	Processing, recycling, repair, refurbishment of used IT products on the list of used IT products banned from import for foreign partners
139	Pay-per-view television services
140	Provision of information and IT services on mobile network or the Internet
141	Trading in mobile phone jammers
142	Provision of information security products and services
143	Operation of higher education institutions
144	Operation of foreign-capitalized educational institutions, representative offices of foreign educational institutions in Vietnam, branches of foreign-capitalized educational institutions
145	Operation of continuing education institution
146	Operation of students’ education centers
147	Operation of compulsory education institutions
148	Vocational training
149	Operation of specialized schools
150	Operation of preschool education institutions
151	Educational cooperation with foreign partners
152	Extra classes
153	Fishing
154	Trading in fishing instruments
155	Fish trading
156	Trading in aquatic feed
157	Trading in biological preparations, microorganisms, chemicals, environmental remediation agents serving aquaculture
158	Aquatic breed testing services
159	Aquatic feed testing services
160	Breeding, raising, propagating wild animals and plans according to CITES Appendix
161	Breeding, raising, propagating endangered or rare wild animals and palns according to CITES Appendix
162	Breeding, raising normal wild animals
163	Export, import, re-export, transit wild specimens according to CITES Appendix
164	Export, import, re-export bred, raised, propagated specimens according to CITES Appendix
165	Pesticide trading
166	Processing items required to undergo plant quarantine
167	Pesticide testing services
168	Plant protection services
169	Trading in veterinary medicines, biological preparations, vaccines, microorganisms, chemicals serving veterinary medicine
170	Veterinary services
171	Animal surgery, animal testing services
172	Vaccination, diagnosis, prescription, treatment, and healthcare services for animals
173	Trading in veterinary medicines, biological preparations, vaccines, microorganisms, chemicals serving veterinary medicine
174	Concentrated breeding, breed production services; slaughtering; quarantine of animals and products thereof; production of animal-derived materials for animal feed production; preparing, processing, preserving animals and products thereof; trading in animal products; preparing, processing, packaging, preserving animal products
175	Trading in foods under the management of the Ministry of Agriculture and Rural Development
176	Trading, testing organic fertilizers
177	Trading in plant varieties, animal breeds
178	Manufacture of animal feeds
179	Import of animal feeds
180	Exporting, importing rare, endangered terrestrial wild animals and plants according to CITES Appendix
181	Trading in forest plants, animals restricted from trading
182	Trading in ornamental plants, shade trees, ancient trees from Vietnam’s natural forests
183	Trading in firewood from timber or from Vietnam’s natural forests
184	Trading in sperms, embryos, eggs, and lavas
185	Trading in biological preparations, microorganisms, chemicals, environmental remediation agents serving aquaculture
186	Testing biological preparations, microorganisms, chemicals, environmental remediation agents serving aquaculture
187	Trading in genetically modified food
188	Provision of training in bidding
189	Bidding agency services
190	Project assessment consultancy services
191	Provision of training in project assessment
192	Medical examination and treatment services
193	HIV testing services
194	Tissue bank services
195	Childbirth assistance, sperm preservation, embryo preservation services
196	Medicine trading
197	Medicine testing services
198	Cosmetics production
199	Infectious microorganism testing services
200	Vaccination services
201	Trading in medical and household anti-insect and antibacterial chemicals
202	Opioid replacement therapy services
203	Trading in foods under the management of the Ministry of Health
204	Plastic surgery services
205	Surrogacy services
206	Bioavailability and bioequivalence assessment services
207	Clinical trial of medicines
208	Trading in medical equipment
209	Medical equipment classification
210	Medical equipment testing services
211	Industrial property verification services
212	Radiological work services
213	Atomic energy application ancillary services
214	Export, import, and transport of radioactive materials
215	Technological conformity assessment services
216	Inspection, calibration, testing of measuring instruments and measurement standards
217	Motorcycle helmet trading
218	Technology assessment, valuation, and examination services
219	Intellectual property representation services
220	Film production
221	Antique examination services
222	Monument protection or renovation project planning, execution, supervision services
223	Karaoke, dance club business
224	Travel services
225	Sports business
226	Art performance, fashion show, beauty contest, model contest services
227	Trading in audio and video recordings of art performances
228	Festival organization services
229	Trading in art or photography works
230	Accommodation services
231	Advertising services
232	Trading in relics, antiques, national treasures
233	Museum services
234	Electronic games business (except for electronic casino games for foreigners and online electronic casino games)
235	Export of relics, antiques other than those under the ownership of the state, political organizations, socio-political organizations; import of cultural commodities under the management of the Ministry of Culture, Sports and Tourism
236	Verification of copyright and relevant rights
237	Land survey and assessment services
238	Land planning services
239	IT infrastructure and software infrastructure development services
240	Land database development services
241	Land pricing services
242	Land use right auction services
243	Geodesy and cartography services
244	Underground water drilling services
245	Underground water survey services
246	Water supply, processing, and extraction services
247	Underground water drilling services
248	Mineral exploration services
249	Mineral extraction
250	Harmful waste management services
251	Scrap material import
252	Environmental monitoring services
253	Strategic environment assessment, environmental impact assessment, environmental protection scheme consultancy services
254	Trading in biological preparations
255	Collection, transport, processing of refuse
256	Business operation of commercial banks
257	Business operation of non-bank credit institutions
258	Business operation of cooperatives, people’s credit funds, microfinance institutions
259	Provision of payment services
260	Credit information service provision
261	Foreign exchange activities
262	Trading in gold bullion
263	Manufacture of gold bullion, export raw gold and import raw gold for manufacture of gold bullion
264	Manufacture of gold jewellery
265	Import of commodities under the management of the State bank (money vault door)
266	Money printing, molding
267	Trading in military clothing and equipment of the armed forces, military weapons, technologies, devices, vehicles for the military and police; parts, components, supplies, specialized equipment, and technologies for manufacture thereof

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The post Law No. 67/2014/QH13 of November 26, 2014, on investment appeared first on MP Law Firm.

Law on Investment

mplawadmin — Wed, 26 Nov 2014 11:32:21 +0000

THE NATIONAL
ASSEMBLY
No. 67/2014/QH13

THE SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness

Law on Investment

Pursuant to the Constitution of the Socialist Republic of Vietnam;

The National Assembly promulgates the Law on Investment.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation
This Law prescribes business investment activities in Vietnam and offshore business investment activities from Vietnam.
Article 2. Subjects of application
This Law applies to investors and organizations and individuals engaged in business investment activities.
Article 3. Interpretation of terms
In this Law, the terms below are construed as follows:

Investment registration agency means an agency competent to grant, modify and revoke investment registration certificates.
Investment project means a set of proposals on using medium- or long-term capital to conduct business investment activities in a specific geographical area within a specified period of time.
Expanded investment project means an investment project to develop an operating business investment project by expanding its scope, raising its capacity, renewing technologies, reducing pollution or improving the environment.
New investment project means a project which is implemented for the first time or a project which is independent from an operating business investment project.
Business investment means the use of investment capital by investors to carry out business activities through establishment of economic organizations; contribution of capital to, or purchase of shares or capital contributions at, economic organizations; or investment in the form of contract performance or investment project implementation.
Investment registration certificate means a paper or an electronic document acknowledging information on an investment project registered by an investor.
National investment information system means a professional information system used to monitor, assess and analyze the situation of investment nationwide to serve state management work and support investors in carrying out business investment activities.
Public-private partnership investment contract (below referred to as PPP contract) means a contract signed between a competent state agency and an investor or a project enterprise to implement an investment project prescribed in Article 27 of this Law.
Business cooperation contract (below referred to as BCC) means a contract signed between investors for business cooperation and profit or product distribution without establishing an economic organization.
Export-processing zone means an industrial park specialized in producing exports and providing services for export production and export activities.
Industrial park means an area which has a delimited geographical boundary and is specialized in producing industrial goods and providing services for industrial production.
Economic zone means an area which has a delimited geographical boundary, consists of various functional sub-zones and is established for the purposes of investment attraction, socio-economic development and national defense and security safeguarding.
Investor means an organization or individual carrying out business investment activities. Investors include domestic investors, foreign investors and foreign-invested economic organizations.
Foreign investor means a foreign national or an organization established under foreign laws that carries out business investment activities in Vietnam.
Domestic investor means a Vietnamese national or an economic organization without any members or shareholders being foreign investors.
Economic organization means an organization established and operating under Vietnam’s law. Economic organizations include enterprises, cooperatives, unions of cooperatives and other organizations which carry out business investment activities.
Foreign-invested economic organization means an economic organization having members or shareholders being foreign investors.
Investment capital means money and other assets used to carry out business investment activities.

Article 4. Application of the Law on Investment, relevant laws and treaties

Business investment activities in the Vietnamese territory must comply with this Law and other relevant laws.
If there are any different provisions between this Law and other laws regarding sectors and trades banned from business investment, sectors and trades subject to conditional business investment, or the order and procedures for business investment, the provisions of this Law must prevail, except for the order and procedures for business investment prescribed in the Securities Law, the Law on Credit Institutions, the Law on Insurance Business and the Law on Petroleum.
In case a treaty to which the Socialist Republic of Vietnam is a contracting party contain provisions different from those of this Law, such treaty must prevail.
For a contract to which at least one party is a foreign investor or an economic organization prescribed in Clause 1, Article 23 of this Law, parties may agree in the contract on the application of foreign laws or international investment practices, provided such agreement is not contrary to Vietnam’s law.

Article 5. Business investment policies

Investors are entitled to carry out business investment activities in the sectors and trades that are not banned by this Law.
Investors may decide by themselves on business investment activities in accordance with this Law and other relevant laws; and are entitled to access and use credit capital sources and support funds and use land and other natural resources in accordance with law.
The State shall recognize and protect investors’ ownership of property, investment capital, incomes and other lawful rights and interests.
The State shall treat investors equally; adopt policies to encourage and create favorable conditions for investors to carry out business investment activities for sustainable economic development.
The State shall respect and implement treaties related to business investment to which the Socialist Republic of Vietnam is a contracting party.

Article 6. Sectors and trades banned from business investment

To prohibit the following business investment activities:

a/ Trade in narcotic substances prescribed in Appendix 1 to this Law;
b/ Trade in chemicals and minerals prescribed in Appendix 2 to this Law;
c/ Trade in specimens of wild fauna and flora species prescribed in Appendix I to the Convention on International Trade on Endangered Species of Wild Fauna and Flora; natural specimens of endangered, rare and precious wild fauna and flora species of Group I in Appendix 3 to this Circular;
d/ Prostitution;
dd/ Trafficking in humans or human tissues and organs;
e/ Business activities related to human cloning.

The production and use of the products specified at Points a, b and c, Clause 1 of this Article in analysis, testing, scientific research, healthcare, pharmaceutical production, criminal investigation, and national defense and security safeguarding must comply with the Government’s regulations.

Article 7. Sectors and trades subject to conditional business investment

Sectors and trades subject to conditional business investment are sectors and trades in which business investment activities must meet certain conditions for the reason of national defense and security, social order and safety, social ethics or community well-being.
The list of sectors and trades subject to conditional business investment is provided in Appendix 4 to this Law.
Conditions for business investment in the sectors and trades prescribed in Clause 2 of this Article shall be prescribed in laws, ordinances, decrees and treaties to which the Socialist Republic of Vietnam is a contracting party. Ministries, ministerial-level agencies, People’s Councils and People’s Committees of all levels and other agencies, organizations and persons may not promulgate regulations on business investment conditions.
Business investment conditions shall be prescribed in conformity with the objectives specified in Clause 1 of this Article and ensure publicity, transparency and objectiveness, and save time and compliance costs for investors.
Sectors and trades subject to conditional business investment and business investment conditions applicable to such sectors and trades shall be published on the national enterprise registration information portal.
The Government shall stipulate in detail the publicization and control of business investment conditions.

Article 8. Revision and supplementation of sectors and trades banned from business investment and the list of sectors and trades subject to conditional business investment
Based on socio-economic conditions and state management requirements in each period, the Government shall review the sectors and trades banned from business investment and the list of sectors and trades subject to conditional business investment and propose the National Assembly to amend and supplement Articles 6 and 7 of this Article according to fast-track procedures.
Chapter II
INVESTMENT GUARANTEES
Article 9. Guarantee of property ownership

Lawful assets of investors shall be neither nationalized nor confiscated by administrative measures.
In case the State compulsorily purchases or requisitions their assets for national defense or security reasons or in the national interest, in a state of emergency or in response to a national disaster, investors are entitled to payment or compensation in accordance with the law on compulsory purchase and requisition of property and other relevant laws.

Article 10. Guarantee of business investment activities

The State may not compel investors to comply with the following requirements:

a/ To prioritize purchasing and using domestic goods and services or to purchase goods and services from domestic goods producers or service providers;
b/ To reach a certain rate of exported goods or services; to limit the quantity, value or types of goods and services exported or domestically produced or provided;
c/ To import goods in a quantity or value corresponding to the quantity or value of exported goods or to balance foreign currencies by using export earnings to meet import demand;
d/ To reach a certain localization rate for domestically produced goods;
dd/ To reach a certain level or value in domestic research and development activities;
e/ To supply goods or provide services at a specific place in the country or abroad;
g/ To locate their head offices at places requested by competent state agencies.

Based on socio-economic development orientations, foreign exchange management policy and foreign currency balancing capacity in each period, the Prime Minister shall decide on the assurance of satisifaction of foreign currency demands of investment projects subject to investment policy decision by the National Assembly or the Prime Minister and other important infrastructure development investment projects.

Article 11. Guarantee of transfer of foreign investors’ assets abroad
After fulfilling their financial obligations toward the Vietnamese State in accordance with law, foreign investors may transfer abroad the following assets:

Investment capital and investment liquidation proceeds;
Incomes from business investment activities;
Money and other assets under their lawful ownership.

Article 12. Government guarantee for a number of important projects

The Prime Minister shall decide to provide guarantee for the performance of contracts by competent state agencies or state enterprises participating in the implementation of investment projects subject to investment policy decision by the National Assembly or the Prime Minister and other important infrastructure development investment projects.
The Government shall detail this Article.

Article 13. Guarantee of business investment in case of change of law

In case a new legal document introduces investment incentives higher than those currently applied to investors, investors may enjoy such incentives for the remaining incentive enjoyment period of their projects.
In case a new legal document introduces investment incentives lower than those currently applied to investors, investors may continue enjoying the investment incentives according to previous regulations for the remaining incentive enjoyment period of their projects.
The provision of Clause 2 of this Article does not apply to cases of change of law for the reason of national defense and security, social order and safety, social ethics, community well-being or environmental protection.
Cases in which investors are not permitted to continue enjoying investment incentives according to Clause 3 of this Article shall be considered and settled by one or some of the following measures:

a/ Deducting the actual damage suffered by investors from their taxable incomes;
b/ Adjusting operational objectives of investment projects;
c/ Supporting investors to remedy their damage.

For the investment guarantee measures prescribed in Clause 4 of this Article, investors shall file written requests within 3 years from the effective date of the new legal document.

Article 14. Settlement of disputes in business investment activities

Disputes over business investment activities in Vietnam shall be settled through negotiation and conciliation. In case negotiation and conciliation fail, disputes shall be settled at an arbitration or a court according to Clauses 2, 3 and 4 of this Article.
Disputes over business investment activities in the Vietnamese territory between domestic investors and foreign-invested economic organizations or between domestic investors or foreign-invested economic organizations and competent state agencies shall be settled by a Vietnamese arbitration or court, except the cases prescribed in Clause 3 of this Article.
Disputes between investors of whom at least one party is a foreign investor or an economic organization specified in Clause 1, Article 23 of this Law may be settled by one of the following agencies and organizations:

a/ Vietnamese court;
b/ Vietnamese arbitration;
c/ Foreign arbitration;
d/ International arbitration;
dd/ Arbitration set up by disputing parties.

Disputes over business investment activities in the Vietnamese territory between foreign investors and competent state agencies shall be settled by a Vietnamese arbitration or court, unless otherwise agreed in contracts or provided by a treaty to which the Socialist Republic of Vietnam is a contracting party.

Chapter III
INVESTMENT INCENTIVES AND SUPPORTS
Section 1
INVESTMENT INCENTIVES
Article 15. Forms of, and subjects eligible for, investment incentives

Forms of investment incentives:

a/ Application of enterprise income tax rates lower than ordinary tax rates for a definite period of time or for the whole implementation duration of investment projects; exemption from or reduction of enterprise income tax;
b/ Exemption from import duty on goods imported to create fixed assets; and materials, supplies and components to implement investment projects;
c/ Exemption from or reduction of land rental, land use levy or land use tax.

Subjects entitled to investment incentives:

a/ Investment projects in the sectors and trades eligible for investment incentives prescribed in Clause 1, Article 16 of this Law;
b/ Investment projects in the geographical areas eligible for investment incentives prescribed in Clause 2, Article 16 of this Law;
c/ Investment projects capitalized at VND 6,000 billion or more, disbursing at least VND 6,000 billion within 3 years after obtaining an investment registration certificate or investment policy decision;
d/ Rural investment projects employing at least 500 workers;
dd/ Hi-tech enterprises, science and technology enterprises, and science and technology organizations.

Investment incentives shall be applied to new investment projects and expanded investment projects. The specific levels of each type of incentive must comply with the tax and land laws.
Investment incentives for the subjects specified at Points b, c and d, Clause 2 of this Article must not apply to investment projects to exploit minerals or produce or trade in excise tax-liable products or services specified in the Law on Excise Tax, except automobile manufacturing.

Article 16. Sectors and trades eligible for investment incentives, geographical areas eligible for investment incentives

Sectors and trades eligible for investment incentives:

a/ Hi-tech activities, hi-tech supporting industry products; research and development activities;
b/ Production of new materials, new energies, clean energies and renewable energies; manufacture of products with an added value of at least 30% and energy-efficient products;
c/ Manufacture of electronic products, key mechanical products, agricultural machinery, automobiles and automobile parts; shipbuilding;
d/ Manufacture of supporting industry products for textile-garment and leather-footwear industries, and for the products prescribed at Point c of this Clause;
dd/ Manufacture of information technology products, software and digital content;
e/ Cultivation and processing of agricultural, forest and fishery products; forest planting and protection; salt production; marine fishing and fishing logistic services; production of plant varieties and animal breeds and biotech products;
g/ Waste collection, treatment, recycling or re-use;
h/ Investment in development, operation and management of infrastructure facilities; development of mass transit in urban centers;
i/ Pre-school education, general education and vocational education;
k/ Medical examination and treatment; production of drugs and drug materials, major drugs, essential drugs, preventive and curative drugs for social diseases, vaccines, medical bioproducts, herbal medicines and oriental medicines; scientific research into preparation technologies and biotechnologies for producing new drugs;
l/ Investment in physical training and sports facilities for people with disabilities or professional athletes; protection and promotion of the value of cultural heritages;
m/ Investment in geriatric centers, psychiatric centers, treatment centers for orange agent victims; nursing homes for the elderly, people with disabilities, orphans and street children;
n/ People’s credit funds and microfinance institutions.

Geographical areas eligible for investment incentives:

a/ Geographical areas meeting with difficult or extremely difficult socio-economic conditions;
b/ Industrial parks, export-processing zones, hi-tech parks and economic zones.

Based on the sectors, trades and geographical areas eligible for investment incentives prescribed in Clauses 1 and 2 of this Article, the Government shall promulgate, revise and supplement the list of sectors and trades eligible for investment incentives and the list of geographical areas eligible for investment incentives.

Article 17. Procedures for application of investment incentives

For projects that are granted investment registration certificates, investment registration agencies shall write the contents of investment incentives, bases and conditions for application of investment incentives in the investment registration certificates.
For projects that are not required to have investment registration certificates, if fully meeting the investment incentive enjoyment conditions, investors are entitled to investment incentives without having to apply for investment registration certificates. In these cases, investors shall base themselves on the investment incentive enjoyment conditions prescribed in Articles 15 and 16 of this Law and other relevant laws to determine by themselves the investment incentives they are eligible for and carry out the procedures for enjoying such incentives at the tax agency, finance agency or customs agency, depending on each type of investment incentive.

Article 18. Expansion of investment incentives
The Government shall propose the National Assembly to decide on the application of investment incentives other than those prescribed in this Law and other laws in case of necessity to encourage the development of an especially important sector or a special administrative-economic unit.
Section 2
INVESTMENT SUPPORTS
Article 19. Forms of investment support

Forms of investment support:

a/ Support for development of technical and social infrastructure systems inside or outside project fences;
b/ Support for human resources training and development;
c/ Credit support;
d/ Support for access to production and business grounds; support for relocation of production facilities out of inner cities and towns;
dd/ Support for science, technique and technology transfer;
e/ Support for market development and information provision;
g/ Support for research and development.

The Government shall stipulate in detail the forms of investment support prescribed in Clause 1 of this Article for small- and medium-sized enterprises, hi-tech enterprises, science and technology enterprises, science and technology organizations, enterprises investing in agriculture and rural areas, enterprises investing in education and law dissemination and for other entities in conformity with socio-economic development orientations in each period.

Article 20. Support for development of infrastructure systems of industrial parks, export-processing zones, hi-tech parks and economic zones

Based on the approved master plan on development of industrial parks, export-processing zones, hi-tech parks and economic zones, ministries, ministerial-level agencies and People’s Committees of provinces and centrally run cities (below referred to as provincial-level People’s Committees) shall formulate plans on development investment in, and organize the construction of, technical and social infrastructure systems outside the fences of industrial parks, export-processing zones, hi-tech parks and functional sub-zones of economic zones.
The State shall support part of development investment capital from the state budget and preferential credit capital for the comprehensive development of technical and social infrastructure systems inside and outside the fences of industrial parks in areas meeting with difficult or extremely difficult socio-economic conditions.
The State shall support part of development investment capital from the state budget and preferential credit capital and apply other methods to raise capital for the construction of technical and social infrastructure systems within economic zones and hi-tech parks.

Article 21. Development of housing and public service facilities for workers in industrial parks, hi-tech parks and economic zones

Based on approved master plans on development of industrial parks, export-processing zones and economic zones, provincial-level People’s Committees shall plan and arrange land for building housing and public service facilities for workers in industrial parks, hi-tech parks and economic zones.
For localities meeting with difficulties in arranging land for building housing and public service facilities for workers in industrial parks, competent state agencies shall decide to adjust the master plans of such industrial parks so as to reserve land areas for building housing and public service facilities.

Chapter IV
INVESTMENT ACTIVITIES IN VIETNAM
Section 1
FORMS OF INVESTMENT
Article 22. Investment in establishment of economic organizations

Investors may establish economic organizations in accordance with law. Before establishing an economic organization, a foreign investor must have an investment project and shall carry out procedures to apply for an investment registration certificate according to Article 37 of this Law and meet the following conditions:

a/ Having a charter capital holding rate prescribed in Clause 3 of this Article;
b/ Complying with the form of investment, scope of operation, Vietnamese partners in investment activities and meeting other conditions prescribed in treaties to which the Socialist Republic of Vietnam is a contracting party.

Foreign investors shall implement investment projects through economic organizations established under Clause 1 of this Article, except cases of investment in the form of capital contribution or share or capital contribution purchase or under contracts.
Foreign investors may own an unlimited charter capital in economic organizations, except in the following cases:

a/ The holding rates of foreign investors in listed companies, public companies, securities trading organizations and securities investment funds must comply with the law on securities;
b/ The holding rates of foreign investors in state enterprises which are equitized or transformed in other forms must comply with the law on equitization and transformation of state enterprises;
c/ The holding rates of foreign investors in cases other than those prescribed at Points a and b of this Clause must comply with other relevant laws and treaties to which the Socialist Republic of Vietnam is a contracting party.
Article 23. Implementation of investment activities by foreign-invested economic organizations

When making investment in establishment of economic organizations; contribution of capital to, or purchase of shares or capital contributions at, economic organizations; or investment in the form of BCC, economic organizations must meet the conditions and shall carry out investment procedures according to regulations applicable to foreign investors if falling into one of the following cases:

a/ Having 51% or more of their charter capital held by a foreign investor(s), or having a majority of their general partners being foreign individuals, for partnerships;
b/ Having 51% or more of their charter capital held by an economic organization(s) prescribed at Point a of this Clause;
b/ Having 51% or more of their charter capital held by a foreign investor(s) and an economic organization(s) prescribed at Point a of this Clause.

When making investment in establishment of economic organizations; contribution of capital to, or purchase of shares or capital contributions at, economic organizations; or investment in the form of BCC, foreign-invested economic organizations other than those specified at Points a, b and c, Clause 1 of this Article must meet the conditions and shall carry out investment procedures according to regulations applicable to domestic investors.
In case a foreign-invested economic organization already established in Vietnam has a new investment project, it may carry out procedures to implement such project without having to establish a new economic organization.
The Government shall stipulate in detail the order and procedures for establishing economic organizations to implement investment projects of foreign investors and foreign-invested economic organizations.

Article 24. Investment in the form of contribution of capital to, or purchase of shares or capital contributions at, economic organizations

Investors are entitled to contribute capital to, and purchase shares and capital contributions at, economic organizations.
Foreign investors making investment in the form of capital contribution to, or purchase of shares or capital contributions at, economic organizations shall comply with Articles 25 and 26 of this Law.

Article 25. Forms of and conditions for contribution of capital to, and purchase of shares and capital contributions at, economic organizations

Foreign investors may contribute capital to economic organizations in the following forms:

a/ Purchasing initially or additionally issued shares of joint stock companies;
b/ Contributing capital to limited liability companies and partnerships;
c/ Contributing capital to other economic organizations not prescribed at Points a and b of this Clause.

Foreign investors may purchase shares or capital contributions at economic organizations in the following forms:

a/ Purchasing shares of joint stock companies from such companies or their shareholders;
b/ Purchasing capital contributions of members of limited liability companies to become members of such companies;
c/ Purchasing capital contributions of capital-contributing members in partnerships to become capital-contributing members of such partnerships;
d/ Purchasing capital contributions of members of other economic organizations not prescribed at Points a, b and c of this Clause.

Capital contribution and share and capital contribution purchase by foreign investors in the forms prescribed in Clauses 1 and 2 of this Article must meet the conditions prescribed at Points a and b, Clause 1, Article 22 of this Law.

Article 26. Procedures for investment in the form of capital contribution or share or capital contribution purchase

Investors shall carry out procedures to register the contribution of capital to, or purchase of shares or capital contributions at, economic organizations in the following cases:

a/ Foreign investors contribute capital to, or purchase shares or capital contributions at, economic organizations operating in the sectors or trades in which business investment activities of foreign investors must meet certain conditions;
b/ The capital contribution or share or capital contribution purchase leads to a situation whereby foreign investors or the economic organizations prescribed in Clause 1, Article 23 of this Law hold 51% or more of charter capital of the concerned economic organizations.

A dossier of registration of capital contribution or share or capital contribution purchase must comprise:

a/ A written registration of capital contribution or share or capital contribution purchase, covering information on the economic organization to which or at which the foreign investor intends to contribute capital or purchase shares or capital contributions; the foreign investor’s charter capital holding rate after contributing capital to, or purchasing shares or capital contributions at, the economic organization;
b/ A copy of the identity card or passport, for individual investors; a copy of the establishment decision or another equivalent document certifying the legal status, for institutional investors.

Procedures for registering capital contribution or share or capital contribution purchase:

a/ An investor shall submit a dossier prescribed in Clause 2 of this Article to the provincial-level Planning and Investment Department of the locality where the head office of the concerned economic organization is located;
b/ If the foreign investor’s capital contribution or share or capital contribution purchase meets the conditions prescribed at Points a and b, Clause 1, Article 22 of this Law, within 15 days after receiving a complete dossier, the provincial-level Planning and Investment Department shall notify in writing the investor thereof for carrying out procedures for change of shareholders or members in accordance with law. In case the investor does not meet the conditions, the provincial-level Planning and Investment Department shall issue a written reply clearly stating the reason.

Investors that do not fall into the cases prescribed in Clause 1 of this Article shall carry out procedures for change of shareholders or members in accordance with law when contributing capital to, or purchasing shares or capital contributions at, economic organizations. If wishing to register the capital contribution or share or capital contribution purchase, investors shall comply with Clause 3 of this Article.

Article 27. Investment in the form of PPP contract

Investors or project enterprises shall sign PPP contracts with competent state agencies to implement investment projects to build or renovate, upgrade, extend, manage and operate infrastructure works or to provide public services.
The Government shall stipulate in detail sectors, conditions and procedures for implementing investment projects in the form of PPP contract.

Article 28. Investment in the form of BCC

BCCs signed between domestic investors must comply with the civil law.
For BCCs signed between domestic investors and foreign investors or between foreign investors, the procedures for grant of investment registration certificates prescribed in Article 37 of this Law shall be carried out.
Parties to a BCC shall form a coordinating board to perform the BCC. Functions, tasks and powers of the coordinating board shall be agreed by the parties.

Article 29. Contents of a BCC

A BCC must have the following principal contents:

a/ Names, addresses and competent representatives of contractual parties; transaction address or address of the project implementation site;
b/ Objectives and scope of business investment activities;
c/ Contributions of contractual parties and distribution of business investment results between the parties;
d// Contract performance schedule and duration;
dd/ Rights and obligations of contractual parties;
e/ Modification, transfer and termination of the contract;
g/ Liabilities for breaches of contract, method of dispute settlement.

In the course of performing a BCC, contractual parties may agree to use assets created from their business cooperation to establish enterprises in accordance with the law on enterprises.
Parties to a BCC contract have the right to agree on other contents which must not be contrary to law.

Section 2
PROCEDURES FOR INVESTMENT POLICY DECISION
Article 30. Competence of the National Assembly to make investment policy decision
Except projects subject to investment policy decision by the National Assembly as prescribed by the law on public investment, the National Assembly shall decide on investment policy for the following investment projects:

Projects with great environmental impacts or a latent possibility of causing serious environmental impacts, including:

a/ Nuclear power facilities;
b/ Change of use purposes of land under national parks, nature reserves, landscape protection areas and scientific research and experiment forests of 50 hectares or larger; headwater protection forests of 50 hectares or larger; wind-break, sand-break and tide-break protection forests, sea encroachment forests and environmental protection forests of 500 hectares or larger; production forests of 1,000 hectares or larger;

Land-using projects requiring change of the use purpose of at least 500 hectares of paddy fields with 2 or more crops per year;
Relocation and resettlement projects involving 20,000 or more people in mountainous regions or 50,000 or more people in other regions;
Projects requiring application of special mechanisms and policies subject to decision by the National Assembly.

Article 31. Competence of the Prime Minister to make investment policy decision
Except projects subject to investment policy decision by the Prime Minister in accordance with the law on public investment and the projects prescribed in Article 30 of this Law, the Prime Minister shall decide on investment policy for the following projects:

Projects falling into one of the following cases, regardless of their capital sources:

a/ Relocation and resettlement of 10,000 or more people in mountainous regions or 20,000 or more people in other regions;
b/ Building and commercial operation of airports; air transport;
c/ Building and commercial operation of national seaports;
d/ Petroleum prospection, exploitation and processing;
dd/ Betting and casino business;
e/ Cigarette production;
g/ Development of infrastructure of industrial parks, export-processing zones and functional sub-zones in economic zones;
h/ Building and commercial operation of golf courses;

Projects other than those prescribed in Clause 1 of this Article which are capitalized at VND 5,000 billion or more;
Projects of foreign investors in the sectors of sea transport, provision of telecommunications services with network infrastructure, forest plantation, publishing, press, establishment of wholly foreign-owned science and technology organizations and science and technology enterprises;
Other projects subject to investment policy decision or investment decision by the Prime Minister in accordance with law.

Article 32. Competence of provincial-level People’s Committees to make investment policy decision

Except projects subject to investment policy decision by provincial-level People’s Committees in accordance with the law on public investment and the projects prescribed in Articles 30 and 31 of this Law, provincial-level People’s Committees shall decide on investment policy for the following projects:

a/ Projects entitled to land allocation or land lease by the State not through auction, bidding or transfer; projects requiring change of land use purposes;
b/ Projects using technologies on the list of technologies restricted from transfer in accordance with the law on technology transfer.

Investment projects prescribed at Point a, Clause 1 of this Article and implemented in industrial parks, export-processing zones, hi-tech parks or economic zones in conformity with approved master plans are not required to be submitted to provincial-level People’s Committees for investment policy decision.

Article 33. Dossiers, order and procedures for investment policy decision by provincial-level People’s Committees

An investment project dossier must comprise:

a/ A written proposal for implementation of the investment project;
b/ A copy of the identify card or passport, for individual investors; a copy of the establishment decision or an equivalent document certifying the legal status, for institutional investors;
c/ Proposals for the investment project, covering: the investor implementing the project, investment objectives and scope, investment capital and capital raising plan; the project’s location, duration, investment schedule and labor demand, investment incentives, and assessment of the project’s socio-economic impacts and benefits;
d/ A copy of one of the following documents: the investor’s financial statement of the last 2 years; financial support commitment of the parent company and of a financial institution; guarantee for the investor’s financial capacity; and document explaining the investor’s financial capacity;
dd/ Proposals on land use; in case the investor does not propose the State to allocate or lease land or to permit change of land use purposes, the investor shall submit a copy of the site lease agreement or another document certifying that the investor has the rights to use the site used for project implementation;
e/ Explanations about use of technologies, for the projects prescribed at Point b, Clause 1, Article 32 of this Law, covering: name and origin of technologies, diagrams of technological processes; primary technical specifications, conditions of main machinery, equipment and technological lines;
g/ The BCC, for investment projects in the form of BCC.

The investor shall submit the dossier prescribed in Clause 1 of this Article to the investment registration agency.

Within 35 days after receiving the investment project dossier, the investment registration agency shall notify results to the investor.

Within 3 working days after receiving a complete investment project dossier, the investment registration agency shall send the dossier to related state agencies for appraisal of the matters prescribed in Clause 6 of this Article.
Within 15 days after receiving the investment project dossier, consulted state agencies shall send their appraisal opinions on the matters within the scope of their state management to the investment registration agency.
Within 5 working days after receiving the request from the investment registration agency, the land administration agency shall provide map extracts and the planning management agency shall provide planning information as a basis for the appraisal under this Article.
Within 25 days after receiving the investment project dossier, the investment registration agency shall make an appraisal report and submit it to the provincial-level People’s Committee. The appraisal report must contain the following contents:

a/ Information on the project, covering: information on the investor, objectives, scope, implementation site and schedule of the project;
b/ Assessment of the satisfaction of investment conditions applicable to foreign investors (if any);
c/ Assessment of the project’s conformity with the socio-economic development master plan, sectoral master plan and land use master plan; assessment of the project’s socio-economic impacts and benefits;
d/ Assessment of investment incentives and conditions for application thereof (if any);
dd/ Assessment of the legal bases of the investor’s rights to use the investment site. For projects involving proposals for land allocation or lease or permission for change of land use purposes, the appraisal report must also contain results of appraisal of land use demand, conditions for land allocation or lease or permission for change of land use purposes in accordance with the land law;
e/ Assessment of technologies to be used in the project, for the projects prescribed at Point b, Clause 1, Article 32 of this Law.

Within 7 working days after receiving the dossier and appraisal report, the provincial-level People’s Committee shall make investment policy decision. In case of refusal, it shall issue a written reply clearly stating the reason.
An investment policy decision issued by a provincial-level People’s Committee must have the following details:

a/ Name of the investor implementing the project;
b/ Title, objectives, scope and investment capital of the project, project implementation duration;
c/ Project implementation site;
d/ Implementation schedule of the investment project; schedule of capital contribution and raising; schedule of capital construction and work commission (if any); implementation schedule of each stage, for investment projects divided into different stages;
dd/ To-be-applied technologies;
e/ Investment incentives and supports (if any) and conditions for application thereof;
g/ Effective duration of the investment policy decision.

The Government shall stipulate in detail dossiers and procedures for appraisal of investment projects subject to investment policy decision by provincial-level People’s Committees.

Article 34. Dossiers, order and procedures for investment policy decision by the Prime Minister

Investors shall submit investment project dossiers to investment registration agencies of the localities where the investment projects are to be implemented. A dossier must comprise:

a/ The dossier prescribed in Clause 1, Article 33 of this Law;
b/ Plan on ground clearance, relocation and resettlement (if any);
c/ Preliminary assessment of environmental impacts and environmental protection solutions;
d/ Assessment of socio-economic impacts and benefits of the investment project.

Within 3 working days after receiving a complete investment project dossier prescribed in Clause 1 of this Article, the investment registration agency shall send the dossier to the Ministry of Planning and Investment and send the dossier to related state agencies for opinion on the matters prescribed in Clause 6, Article 33 of this Law.
Within 15 days after receiving the dossier, consulted agencies shall send their opinions on the matters falling within the scope of their state management to the investment registration agency and the Ministry of Planning and Investment.
Within 25 days after receiving the investment project dossier, the investment registration agency shall propose the provincial-level People’s Committee to consider and give appraisal opinions on the dossier for sending to the Ministry of Planning and Investment.
Within 15 days after receiving the document prescribed in Clause 4 of this Article, the Ministry of Planning and Investment shall appraise the investment project dossier and make an appraisal report covering the contents prescribed in Clause 6, Article 33 of this Law for submission to the Prime Minister for investment policy decision.
The Prime Minister shall consider and issue an investment policy decision covering the contents prescribed in Clause 8, Article 33 of this Law.
The Government shall stipulate in detail dossiers, order and procedures for appraisal of investment projects subject to investment policy decision by the Prime Minister.

Article 35. Dossiers, order and procedures for investment policy decision by the National Assembly

Investors shall submit investment project dossiers to investment registration agencies of the localities where the investment projects are to be implemented. A dossier must comprise:

a/ The dossier prescribed in Clause 1, Article 33 of this Law;
b/ Plan on ground clearance, relocation and resettlement (if any);
c/ Preliminary assessment of environmental impacts and environmental protection solutions;
d/ Assessment of the project’s socio-economic impacts and benefits;
dd/ Proposals on special mechanisms and policies (if any).

Within 3 working days after receiving a complete investment project dossier, the investment registration agency shall send the dossier to the Ministry of Planning and Investment for reporting to the Prime Minister for establishment of a State Appraisal Council.
Within 90 days after establishment, the State Appraisal Council shall appraise the investment project dossier and make an appraisal report covering the contents prescribed in Clause 6, Article 33 of this Law for submission to the Government.
At least 60 days before the opening date of a National Assembly session, the Government shall send the investment policy decision dossier to the National Assembly’s agency in charge of verification.
An investment policy decision dossier must comprise:

a/ The submission report of the Government;
b/ The investment project dossier prescribed in Clause 1 of this Article;
c/ The appraisal report of the State Appraisal Council;
d/ Other relevant documents.

To-be-verified contents:

a/ The satisfaction of the criteria for determining the project to be subject to investment policy decision by the National Assembly;
b/ The necessity for project implementation;
c/ The project’s conformity with the socio-economic development strategy and master plan, sectoral development master plan and master plan on use of land and other natural resources;
d/ Project implementation objectives, scope, site, duration and schedule, land use demand, plan on ground clearance, relocation and resettlement, plan on selection of major technologies and environmental protection solutions;
dd/ Investment capital and capital raising plan;
e/ Socio-economic impacts and benefits;
g/ Special mechanisms and policies; investment incentives and supports and conditions for application thereof.

The Government and related agencies, organizations and persons shall provide sufficient information and documents to serve the verification; explain matters related to the project when so requested by the National Assembly’s agency in charge of verification.
The National Assembly shall consider and adopt a resolution on investment policy, covering the following contents:

a/ The investor implementing the project;
b/ Name, objectives, scope and investment capital of the project; schedule of capital contribution and raising; project implementation duration;
c/ Project implementation site;
d/ The project implementation schedule: schedule of capital construction and work commission (if any); schedule of achievement of operational objectives and completion of main items of the project. If the project is divided into different stages, the resolution shall also specify the objectives, duration and contents of each stage;
dd/ To-be-applied technologies;
e/ Special mechanisms and policies; investment incentives and supports (if any), and conditions for application thereof;
g/ The effective duration of the resolution.

The Government shall stipulate in detail dossiers, order and procedures for appraisal of investment project dossiers by the State Appraisal Council.

Section 3
PROCEDURES FOR GRANT, MODIFICATION AND REVOCATION OF INVESTMENT REGISTRATION CERTIFICATES
Article 36. Cases of carrying out procedures for grant of investment registration certificates

Cases for which investment registration certificates are required:

a/ Investment projects of foreign investors;
b/ Investment projects of the economic organizations prescribed in Clause 1, Article 23 of this Article.

Cases for which investment registration certificates are not required:

a/ Investment projects of domestic investors;
b/ Investment projects of the economic organizations prescribed in Clause 2, Article 23 of this Law;
c/ Investment in the form of contribution of capital to, or purchase of shares or capital contributions at, economic organizations.

For the investment projects prescribed in Articles 30, 31 and 32 of this Law, domestic investors and economic organizations prescribed in Clause 2, Article 23 of this Law shall implement investment projects after obtaining investment policy decisions.
If wishing to have investment registration certificates for investment projects prescribed at Points a and b, Clause 2 of this Article, investors shall carry out the procedures for grant of investment registration certificates prescribed in Article 37 of this Law.

Article 37. Procedures for grant of investment registration certificates

For investment projects subject to investment policy decision prescribed in Articles 30, 31 and 32 of this Law, investment registration agencies shall grant investment registration certificates to investors within 5 working days after receiving investment policy decisions.
For investment projects not subject to investment policy decision prescribed in Articles 30, 31 and 32 of this Law, investors shall carry out the following procedures for grant of investment registration certificates:

a/ Investors shall submit dossiers prescribed in Clause 1, Article 33 of this Law to the investment registration agency;
b/ Within 15 days after receiving a complete dossier, the investment registration agency shall grant an investment registration certificate. In case of refusal, it shall issue a written reply clearly stating the reason to the investor.
Article 38. Competence to grant, modify and revoke investment registration certificates

Management boards of industrial parks, export-processing zones, hi-tech parks or economic zones shall receive, grant, modify and revoke investment registration certificates with regard to investment projects located in their industrial parks, export-processing zones, hi-tech parks or economic zones.
Provincial-level Planning and Investment Departments shall receive, grant, modify and revoke investment registration certificates with regard to investment projects located outside industrial parks, export-processing zones, hi-tech parks and economic zones, except those prescribed in Clause 3 of this Article.
Provincial-level Planning and Investment Departments of the localities where investors locate or intend to locate their head offices or executive offices to implement investment projects shall receive, grant, modify or revoke investment registration certificates for the following investment projects:

a/ Investment projects implemented in more than one province or centrally run city;
b/ Investment projects implemented both inside and outside industrial parks, export-processing zones, hi-tech parks or economic zones.
Article 39. Contents of an investment registration certificate

Code of the investment project.
Name and address of the investor.
Title of the investment project.
Project implementation site; to-be-used land area.
Objectives and scope of the project.
Investment capital of the project (including capital contributed by the investor and mobilized capital) and schedule of capital contribution and raising.
Operation duration of the project.
Project implementation schedule: schedule of capital construction and work commission (if any); schedule of achievement of operational objectives and completion of main items of the project. If the project is divided into different stages, the certificate must also specify the objectives, duration and contents of each stage.
Investment incentives and supports (if any) and bases and conditions for application thereof.
Conditions on the investor implementing the project (if any).

Article 40. Modification of investment registration certificates

When wishing to change the contents of an investment registration certificate, the investor shall carry out procedures for modification of investment registration certificate.
A dossier of modification of an investment registration certificate must comprise:

a/ A written request for modification of investment registration certificate;
b/ A report on the investment project implementation up to the time of making the request;
c/ The investor’s decision on modification of the investment project;
d/ The documents prescribed at Points b, c, d, dd, e and g, Clause 1, Article 33 of this Law concerning the modified contents.

Within 10 working days after receiving a complete dossier as prescribed in Clause 2 of this Article, the investment registration agency shall modify the investment registration certificate. In case of refusal, it shall issue a written reply clearly stating the reason to the investor.
For projects subject to investment policy decision, when modifying the objectives, sites or main technologies of the projects, increasing or decreasing total investment capital by more than 10%, changing the project implementation period or changing investors or conditions on investors (if any), investment registration agencies shall carry out procedures for investment policy decision before modifying the investment registration certificates.
In case investors’ proposals for modification of investment registration certificates will make their projects subject to investment policy decision, investment registration agencies shall carry out procedures for investment policy decision before modifying the investment registration certificates.

Article 41. Revocation of investment registration certificates

Investment registration agencies shall decide to revoke investment registration certificates in the case of termination of investment projects prescribed in Clause 1, Article 48 of this Law.
The Government shall stipulate in detail the order and procedures for revocation of investment registration certificates.

Section 4
ORGANIZATION OF IMPLEMENTATION OF INVESTMENT PROJECTS
Article 42. Security for implementation of investment projects

Investors shall make deposits for securing the implementation of projects for which the State allocates, leases, or permits the change of use purposes of, land.
A deposit for securing the implementation of a project must be equal to between 1% and 3% of the investment capital of such project, depending on its size, characteristics and implementation schedule.
A deposit for securing the implementation of an investment project shall be reimbursed to the investor according to the implementation progress of such project, except cases ineligible for deposit reimbursement.
The Government shall detail this Article.

Article 43. Operation duration of investment projects

The operation duration of an investment project in an economic zone must not exceed 70 years.
The operation duration of an investment project outside an economic zone must not exceed 50 years. For an investment project in a geographical area meeting with difficult socio-economic conditions or in a geographical area meeting with extremely difficult socio-economic conditions or a project with a large investment capital amount to be slowly recovered, its operation duration may be longer but must not exceed 70 years.
For an investment project using land allocated or leased by the State to which the handover of land is delayed, the delay duration shall not be included in its operation duration.

Article 44. Inspection of machinery, equipment and technological lines

Investors shall ensure the quality of machinery, equipment and technological lines for implementation of investment projects in accordance with law.
When necessary, in order to perform the state management of science and technology or determine tax bases, competent state management agencies may solicit independent inspection of the quality and value of machinery, equipment and technological lines.

Article 45. Transfer of investment projects

An investor may transfer the whole or part of an investment project to another when meeting the following conditions:

a/ Not falling in any of the cases subject to operation termination prescribed in Clause 1, Article 48 of this Law;
b/ Satisfying the investment conditions applicable to foreign investors in case the project is transferred to a foreign investor and is in a sector or trade subject to conditional investment applicable to foreign investors;
c/ Satisfying the conditions prescribed in the land and real estate business laws, in case the project is transferred together with land use rights;
d/ Satisfying the conditions specified in the investment registration certificate or prescribed in other relevant laws (if any).

In case of transfer of a project which has an investment registration certificate, the investor shall submit a dossier as prescribed in Clause 2, Article 40 of this Law, enclosed with the investment project transfer contract, for change of the investor.

Article 46. Extension of investment period

For a project which has an investment registration certificate or an investment policy decision, the investor shall send to the investment registration agency a written proposal for extending the period of investment capital allocation, construction and commissioning of main works (if any) or the period of achieving the operation objectives of the project.
Contents of a proposal for extension:

a/ The investment project’s operation situation and the fulfillment of financial obligations toward the State from the time of grant of the investment registration certificate or issuance of the investment policy decision to the time of extension;
b/ Explanation of the reason for extension and the length of extension of the project implementation period;
c/ Plan for continued project implementation, covering the capital raising plan and schedule for capital construction and commissioning of the project;
d/ The investor’s commitment to continuing the project implementation.

The total length of extension of the investment period must not exceed 24 months. If a force majeure event occurs, the time for remedying the consequences of such event shall not be included in the length of extension.
Within 15 days after receiving a proposal, the investment registration agency shall give a written opinion on the extension of the investment period.

Article 47. Suspension or cessation of investment projects

To suspend the operation of an investment project, the investor shall notify in writing such suspension to the investment registration agency. In case of suspending the operation of an investment project due to a force majeure event, the investor is entitled to exemption from land rental in the suspension period to remedy the consequences of such event.
The state management agency in charge of investment shall decide on cessation of some or all operations of an investment project in the following cases:

a/ For protection of relics, vestiges, antiques or national treasures in accordance with the Law on Cultural Heritages;
b/ For remedy of environmental violations at the request of the state management agency in charge of environment;
c/ For implementation of labor safety assurance measures at the request of the state management agency in charge of labor;
d/ Under a court decision or judgment or an arbitral award;
dd/ The investor fails to properly comply with the investment registration certificate and repeats violations even after having been administratively handled.

The Prime Minister shall decide on cessation of some or all operations of an investment project in case the implementation of such project threatens to affect national security at the proposal of the Ministry of Planning and Investment.

Article 48. Termination of investment projects

An investment project shall be terminated in the following cases:

a/ The investor decides to terminate the operation of the project;
b/ Under the termination conditions specified in the contract or enterprise charter;
c/ The project’s operation duration expires;
d/ The project falls in one of the cases prescribed in Clauses 2 and 3, Article 47 of this Law while the investor is unable to address the reason for operation suspension;
dd/ The investor has the land for project implementation recovered by the State or is not allowed to continue using the investment location and fails to carry out procedures for change of the investment location within 6 months from the date of issuance of the decision on land recovery or disallowing the continued use of the investment location;
e/ The project has ceased operation and past 12 months from the date of cessation, the investment registration agency cannot contact the investor or his/her/its lawful representative;
g/ Twelve months have passed but the investor still fails or is unable to implement the project according to the schedule registered with the investment registration agency and is not eligible for extension of the investment project implementation period as prescribed in Article 46 of this Law;
h/ Under a court decision or judgment or an arbitral award.

The investment registration agency shall decide to terminate investment projects in the cases prescribed at Points d, dd, e, g and h, Clause 1 of this Article.
Investors shall themselves liquidate investment projects in accordance with the law on asset liquidation upon termination of investment projects.
Except cases eligible for extension, for an investment project of which land is recovered by the State, if the investor fails to liquidate land-attached assets himself/herself/itself within 12 months from the date of land recovery, the agency that has issued the land recovery decision shall organize liquidation of such assets.

Article 49. Establishment of executive offices of foreign investors under BCCs

Foreign investors under BCCs may establish their executive offices in Vietnam for contract performance, and shall decide on locations of these offices to meet contract performance requirements.
Executive offices of foreign investors under BCCs must have their own seals; and may open accounts, recruit employees, sign contracts and conduct business activities within the ambit of their rights and obligations stated in the BCCs and their establishment registration certificates.
Foreign investors under BCCs shall submit dossiers of registration for establishment of executive offices to investment registration agencies of localities where these offices are to be located.
A dossier of registration for establishment of an executive office must comprise:

a/ The written registration for establishment of an executive office, stating the name and address of the Vietnam-based representative office (if any) of the foreign investor under the BCC; name and address of the executive office; contents, duration and scope of operation of the executive office; and full name, place of residence and identity card or passport of the head of the executive office;
b/ The decision of the foreign investor under the BCC on the establishment of the executive office;
c/ A copy of the decision appointing the head of the executive office;
d/ A copy of the BCC.

Within 15 days after receiving a dossier prescribed in Clause 4 of this Article, the investment registration agency shall grant an executive office operation registration certificate to the foreign investor.

Article 50. Termination of operation of executive offices of foreign investors under BCCs

Within 7 working days after obtaining the decision on termination of the operation of his/her/its executive office, a foreign investor shall send a written notice of such termination to the investment registration agency of the locality where such office is based.
A written notice of termination of the operation of an executive office must comprise:

a/ The decision on termination of the operation of the executive office, in case of termination ahead of schedule;
b/ The list of creditors and paid debt amounts;
c/ The list of employees and their interests already settled;
d/ The tax agency’s certification of the investor’s fulfillment of tax obligations;
dd/ The social insurance agency’s certification of the investor’s fulfillment of social insurance-related obligations;
e/ The public security agency’s certification of the destruction of the executive office’s seal;
g/ The operation registration certificate of the executive office;
h/ A copy of the investment registration certificate;
i/ A copy of the BCC.

Within 15 days after receiving a complete dossier, the investment registration agency shall decide on revocation of the operation registration certificate of the executive office.

Chapter V
OFFSHORE INVESTMENT ACTIVITIES
Section 1
GENERAL PROVISIONS
Article 51. Principles of offshore investment activities

The State shall encourage investors to make offshore investment for exploiting, developing and expanding markets; increasing the export of goods and services and the earning of foreign currencies; accessing modern technologies, raising management capacity and having additional resources for national socio-economic development.
Investors carrying out overseas investment activities shall comply with this Law, other relevant laws, laws of host countries and territories (below referred to as host countries), and treaties to which the Socialist Republic of Vietnam is a contracting party; and take responsibility for the effectiveness of their overseas investment activities.

Article 52. Forms of offshore investment

Investors shall make offshore investment in the following forms:

a/ Establishing economic organizations in accordance with the laws of host countries;
b/ Performing BCCs overseas;
c/ Purchasing part or the whole of the charter capital of overseas economic organizations to participate in managing and carrying out overseas business investment activities;
d/ Purchasing and selling securities and other valuable papers or making investment via overseas securities investment funds or other intermediary financial institutions;
dd/ Other forms in accordance with the laws of host countries.

The Government shall stipulate in detail the form of investment prescribed at Point d, Clause 1 of this Article.

Article 53. Offshore investment capital sources

Investors shall contribute capital and raise different sources of capital for carrying out overseas investment activities. The borrowing of foreign-currency loans and transfer of foreign-currency investment capital must comply with the conditions and procedures prescribed in the laws on banking, credit institutions and foreign exchange management.
Based on the objectives of the monetary policy and foreign exchange management policy in each period, the State Bank of Vietnam shall stipulate the provision of foreign-currency loans by credit institutions and foreign bank branches in Vietnam to investors under Clause 1 of this Article for making offshore investment.

Section 2
PROCEDURES FOR DECISION ON OFFSHORE INVESTMENT POLICY
Article 54. Competence to decide on offshore investment policy

The National Assembly shall decide on offshore investment policy for the following investment projects:

a/ Offshore investment projects capitalized at VND 20 trillion or more;
b/ Projects requiring special mechanisms or policies to be decided by the National Assembly.

Except the cases prescribed in Clause 1 of this Article, the Prime Minister shall decide on offshore investment policy for the following investment projects:

a/ Offshore investment projects in the banking, insurance, securities, press, broadcasting, television and telecommunications sectors which are capitalized at VND 400 billion or more;
b/ Offshore investment projects not referred to at Point a of this Clause which are capitalized at VND 800 billion or more.
Article 55. Dossier, order and procedures for the Prime Minister to decide on offshore investment policy

Investors shall submit an investment project dossier to the Ministry of Planning and Investment, which must comprise:

a/ A written registration of offshore investment;
b/ A copy of the identity card or passport, for individual investors; or a copy of the establishment certificate or another equivalent document certifying the legal status, for institutional investors;
c/ Investment project proposals, covering objectives, scale, form and location of investment; estimated investment capital, capital raising plan and structure of capital sources; project implementation schedule and investment stages (if any); and preliminary analysis of the project’s investment effectiveness;
d/ A copy of one of the documents proving the investor’s financial capacity: the investor’s financial statements of the last 2 years; the parent company’s commitment to providing financial support; a financial institution’s commitment to providing financial support; guarantee for the investor’s financial capacity; or other relevant documents;
dd/ The investor’s commitment to balancing foreign currency sources himself/herself/itself or a licensed credit institution’s written commitment to allocating foreign currency amounts to the investor;
e/ The offshore investment decision as prescribed in Clause 1 or 2, Article 57 of this Law;
g/ For offshore investment projects in the banking, securities, insurance or science and technology sectors, the investor shall submit a competent state agency’s written approval stating his/her/its satisfaction of the offshore investment conditions provided in the Law on Credit Institutions, Law on Securities, Law on Science and Technology, and Law on Insurance Business.

Within 3 working days after receiving an investment project dossier, the Ministry of Planning and Investment shall send the dossier to related state agencies for appraisal.
Within 15 days after receiving the investment project dossier, related agencies shall give appraisal opinions on the contents falling within their management competence.
Within 30 days after receiving the investment project dossier, the Ministry of Planning and Investment shall appraise it and make an appraisal report for submission to the Prime Minister. An appraisal report must cover:

a/ The conditions for grant of an offshore investment registration certificate as prescribed in Article 58 of this Law;
b/ The investor’s legal status;
c/ The necessity to make offshore investment;
d/ The project’s compliance with Clause 1, Article 51 of this Law;
dd/ The project’s basic contents: scale, form and location of investment; project implementation duration and schedule; investment capital and capital sources;
e/ Assessment of risks in the host country.

The Prime Minister shall consider and decide on offshore investment policy covering:

a/ The investor to implement the project;
b/ Objectives and location of investment;
a/ Investment capital and capital sources; schedule of capital contribution, capital raising and overseas investment activities;
d/ Investment incentives and supports (if any).
Article 56. Dossier, order and procedures for the National Assembly to decide on offshore investment policy

Investors shall submit an investment project dossier specified in Clause 1, Article 55 of this Law to the Ministry of Planning and Investment.
Within 5 working days after receiving a complete dossier, the Ministry of Planning and Investment shall report it to the Prime Minister for establishing a State Appraisal Council.
Within 90 days after establishment, the State Appraisal Council shall appraise the dossier and make an appraisal report on the contents specified in Clause 4, Article 55 of this Law.
At least 60 days before the opening date of a National Assembly session, the Government shall send a dossier for decision on offshore investment policy to the National Assembly’s agency in charge of verification. Such a dossier must comprise:

a/ The submission report of the Government;
b/ The investment project dossier as prescribed in Clause 1, Article 55 of this Law;
c/ The State Appraisal Council’s appraisal report;
d/ Other relevant documents.

The National Assembly shall consider and adopt a resolution on offshore investment policy covering the contents specified in Clause 5, Article 55 of this Law.

Section 3
PROCEDURES FOR GRANT, MODIFICATION AND INVALIDATION OF OFFSHORE INVESTMENT REGISTRATION CERTIFICATES
Article 57. Competence to decide on offshore investment

The competence to decide on offshore investment of state enterprises must comply with the law on management and use of state capital invested in production and business at enterprises.
Investors themselves shall decide on offshore investment activities not referred to in Clause 1 of this Article in accordance with this Law, the Law on Enterprises and other relevant laws.
Investors and agencies representing the owner at enterprises prescribed in Clause 1 or 2 of this Article shall take responsibility for their offshore investment decisions.

Article 58. Conditions for grant of offshore investment registration certificates

Offshore investment activities comply with the principles prescribed in Article 51 of this Law.
Offshore investment activities do not fall in the sectors or trades banned from business investment as prescribed in Article 6 of this Law.
The investor commits to arranging foreign currency amounts by him/her/itself or has foreign currency amounts arranged by a licensed credit institution for carrying out offshore investment activities. For foreign currency amounts to be transferred abroad which are equivalent to VND 20 billion or more and are not used for projects prescribed in Article 54 of this Law, the Ministry of Planning and Investment shall solicit written opinions of the State Bank of Vietnam.
There is an offshore investment decision as prescribed in Clause 1 or 2, Article 57 of this Law.
There is a tax agency’s document certifying the investor’s fulfillment of the tax payment obligation by the time of submission of the investment project dossier.

Article 59. Procedures for grant of offshore investment registration certificates

For projects subject to offshore investment policy decision, within 5 working days after receiving an investment policy decision, the Ministry of Planning and Investment shall grant an offshore investment registration certificate to the investor.
For projects not referred to in Clause 1 of this Article, the investor shall submit a dossier of application for an investment registration certificate to the Ministry of Planning and Investment. Such a dossier must comprise:

a/ A written registration for offshore investment;
b/ A copy of the identity card or passport, for individual investors; or a copy of the establishment certificate or another equivalent document certifying the legal status, for institutional investors;
c/ The offshore investment decision as prescribed in Clause 1 or 2, Article 57 of this Law;
d/ The investor’s written commitment to balancing foreign currency sources or a licensed credit institution’s written commitment to arranging foreign currency amounts for the investor as prescribed in Clause 3, Article 58 of this Law;
dd/ For offshore investment projects in the banking, securities, insurance or science and technology sector, the investor shall submit a competent state agency’s written approval stating his/her/its satisfaction of the offshore investment conditions as prescribed in the Law on Credit Institutions, Law on Securities, Law on Science and Technology, and Law on Insurance Business.

Within 15 days after receiving a dossier specified in Clause 2 of this Article, the Ministry of Planning and Investment shall grant an offshore investment registration certificate, or issue a written notice clearly stating the reason for refusal to grant a certificate to the investor.
The Government shall stipulate in detail the procedures for appraisal of offshore investment projects; and the grant, modification and invalidation of offshore investment registration certificates.

Article 60. Contents of an offshore investment registration certificate

Code of the investment project.
Name and address of the investor.
Title of the investment project.
Objectives and location of investment.
Investment capital and capital sources; schedule of capital contribution, capital raising and overseas investment activities.
Rights and obligations of the investor.
Investment incentives and supports (if any).

Article 61. Modification of offshore investment registration certificates

When wishing to change the contents of an offshore investment project which are related to the investor; location, objectives or scale of investment; investment capital, capital sources, investment schedule, investment incentives, or use of profits for project implementation, the investor shall submit a dossier for modification of offshore investment registration certificate to the Ministry of Planning and Investment.
A dossier for modification of offshore investment registration certificate must comprise:

a/ A written request for modification of offshore investment registration certificate;
b/ A copy of the identity card or passport, for individual investors; or a copy of the establishment certificate or another equivalent document certifying the legal status, for institutional investors;
c/ A report on the project’s operation situation by the time of dossier submission;
d/ The decision adjusting the offshore investment project, issued by the agency, organization or person defined in Clause 1 or 2, Article 57 of this Law;
dd/ A copy of the offshore investment registration certificate;
e/ The tax agency’s written certification of the investor’s fulfillment of the tax payment obligation by the time of dossier submission, in case of increase of offshore investment capital.

The Ministry of Planning and Investment shall modify the offshore investment registration certificate within 15 days after receiving a complete dossier specified in Clause 2 of this Article.
For projects subject to offshore investment policy decision, when adjusting the contents prescribed in Clause 1 of this Article, the Ministry of Planning and Investment shall carry out the procedures for offshore investment policy decision before modifying the offshore investment registration certificate.
In case an investor’s request for modification of offshore investment registration certificate will make the project subject to offshore investment policy decision, the Ministry of Planning and Investment shall carry out the procedures for offshore investment policy decision before modifying the certificate.

Article 62. Termination of offshore investment projects

An offshore investment project shall be terminated in the following cases:

a/ The investor decides to terminate the project;
b/ The project’s operation duration expires;
c/ Under the termination conditions stated in the contract or enterprise charter;
d/ The investor transfers the whole overseas investment capital to a foreign investor;
dd/ Past 12 months from the date of grant of the offshore investment registration certificate, the host country refuses to approve the project, or past 12 months from the date the project is approved by a competent agency of the host country, the project is not implemented;
e/ Past 12 months from the date of grant of the investment registration certificate, the investor fails or is unable to implement the project according to the schedule registered with a state management agency and fails to carry out procedures for extension of the investment period;
g/ Past 12 months from the date of issuance of the tax finalization statement or another document of equivalent legal validity as prescribed by the law of the host country, the investor fails to make a written report on the project’s operation situation;
h/ The overseas economic organization is dissolved or goes bankrupt in accordance with the law of the host country;
i/ Under a court judgment or decision or an arbitral award.

The Ministry of Planning and Investment shall decide to invalidate offshore investment registration certificates in the cases specified in Clause 1 of this Article.

Section 4
IMPLEMENTATION OF OVERSEAS INVESTMENT ACTIVITIES
Article 63. Opening of offshore investment capital accounts
Offshore investment-related outbound and inbound transfers of money shall be conducted via a separate capital account opened at a licensed credit institution in Vietnam and shall be registered with the State Bank of Vietnam in accordance with the law on foreign exchange management.
Article 64. Outbound transfer of investment capital

An investor may transfer abroad investment capital for carrying out investment activities when meeting the following conditions:

a/ Having obtained an offshore investment registration certificate, except the case specified in Clause 3 of this Article;
b/ The investment activities have been approved or licensed by a competent agency of the host country. In case the law of the host country does not require investment licensing or approval, the investor shall produce a paper proving his/her/its right to carry out investment activities in the host country;
c/ Having a capital account as prescribed in Article 63 of this Law.

The outbound transfer of investment capital must comply with the laws on foreign exchange management, export and technology transfer and other relevant laws.
Investors may transfer abroad foreign currency amounts or goods, machinery and equipment for serving market survey, research and probing activities and other investment preparation activities under the Government’s regulations.

Article 65. Inbound transfer of profits

Except the case of using profits to make overseas investment under Article 66 of this Law, within 6 months from the date of issuance of a tax finalization statement or a paper of equivalent legal validity under the law of the host country, investors shall transfer all profits and other incomes earned from overseas investment activities to Vietnam.
Within the time limit specified in Clause 1 of this Article, if failing to transfer profits and other incomes to Vietnam, investors shall report in writing such to the Ministry of Planning and Investment and the State Bank of Vietnam. The time limit for inbound transfer of profits may be extended two times at most with each extension not exceeding 6 months and subject to written approval of the Ministry of Planning and Investment.

Article 66. Use of profits for overseas investment

To use profits earned from overseas investment activities for increasing capital or expanding overseas investment activities, investors shall carry out procedures for modification of offshore investment registration certificates and report such to the State Bank of Vietnam.
To use profits earned from overseas investment projects for implementing other overseas investment projects, investors shall carry out procedures for grant of offshore investment registration certificates for such other projects and register the capital accounts and schedule of transfer of investment capital in cash with the State Bank of Vietnam.

Chapter VI
STATE MANAGEMENT OF INVESTMENT
Article 67. Contents of state management of investment

To promulgate, disseminate, and organize the implementation of, legal documents on investment.
To formulate, and organize the implementation of, strategies, master plans, plans and policies on investment in Vietnam and offshore investment from Vietnam.
To review the situation of investment and evaluate macroeconomic impacts and effectiveness of investment activities.
To build, manage and operate the national investment information systems.
To grant or issue, modify and revoke investment registration certificates, offshore investment registration certificates, investment policy decisions and offshore investment policy decisions in accordance with this Law.
To perform the state management of industrial parks, export-processing zones, hi-tech parks and economic zones.
To organize and perform investment promotion activities.
To examine, inspect and supervise investment activities; to manage, and coordinate in the management of, investment activities.
To guide, support, and settle problems and requests of, investors in their investment activities; to settle complaints and denunciations about, commend, and handle violations in, investment activities.
To negotiate and conclude treaties relating to investment activities.

Article 68. Responsibility for state management of investment

The Government shall perform the unified state management of investment in Vietnam and offshore investment from Vietnam.
The Ministry of Planning and Investment shall assist the Government in performing the unified state management of investment in Vietnam and offshore investment from Vietnam.
Responsibilities and powers of the Ministry of Planning and Investment:

a/ To submit to the Government or the Prime Minister for approval strategies, master plans, plans and policies on investment in Vietnam and offshore investment from Vietnam;
b/ To promulgate or submit to competent agencies for promulgation legal documents on investment in Vietnam and offshore investment from Vietnam;
c/ To issue forms for carrying out procedures for investment in Vietnam and offshore investment from Vietnam;
d/ To guide, disseminate, and organize, supervise, examine and evaluate the implementation of, legal documents on investment;
dd/ To review, evaluate and report on the situation of investment in Vietnam and offshore investment from Vietnam;
e/ To build, manage and operate the national investment information systems;
g/ To assume the prime responsibility for, and coordinate with related agencies in, supervising, evaluating and inspecting investment activities in Vietnam and offshore investment from Vietnam;
h/ To submit to competent authorities for decision the termination of investment projects which were licensed or adjusted ultra vires or in contravention of the investment law;
i/ To perform the state management of industrial parks, export-processing zones and economic zones;
k/ To perform the state management of investment promotion and coordinate investment promotion activities in Vietnam and overseas;
l/ To negotiate and conclude treaties related to investment activities;
m/ To perform other tasks and exercise other powers related to management of investment activities as assigned by the Government or the Prime Minister.

Responsibilities and powers of ministries and ministerial-level agencies:

a/ To coordinate with the Ministry of Planning and Investment and with one another in formulating laws and policies related to investment activities;
b/ To assume the prime responsibility for, and coordinate with one another in, formulating and promulgating laws, policies, standards and technical regulations, and guiding their implementation;
c/ To submit to the Government for promulgation according to its competence investment conditions for the sectors and trades prescribed in Article 7 of this Law;
d/ To assume the prime responsibility for, and coordinate with the Ministry of Planning and Investment in, formulating master plans, plans, and lists of investment-calling projects of their sectors; to organize sector-specific investment mobilization and promotion;
dd/ To participate in appraising investment projects subject to investment policy decision in accordance with this Law;
e/ To supervise, assess, and conduct specialized inspection of, the satisfaction of the investment conditions, and perform the state management of investment projects falling within their competence;
g/ To assume the prime responsibility for, and coordinate with provincial-level People’s Committees and with one another in, settling difficulties and problems for investment projects under their state management; to guide the decentralization and authorization to management boards of industrial parks, export-processing zones, hi-tech parks or economic zones to perform state management tasks in these parks or zones;
h/ To periodically evaluate the socio-economic effectiveness of investment projects falling within the scope of their state management and send evaluation reports to the Ministry of Planning and Investment;
i/ To maintain and update the investment management information systems in their assigned fields and integrate them into the national investment information systems.

Responsibilities and powers of provincial-level People’s Committees, provincial-level Planning and Investment Departments and management boards of industrial parks, export-processing zones, hi-tech parks or economic zones:

a/ To coordinate with ministries and ministerial-level agencies in making and publicizing lists of investment-calling projects in localities;
b/ To assume the prime responsibility for carrying out procedures for grant, modification and revocation of investment registration certificates;
c/ To perform the state management of investment projects falling within their competence;
d/ To settle within their competence, or submit to competent authorities for settlement, difficulties and problems for investors;
dd/ To periodically evaluate the effectiveness of investment activities in localities and send evaluation reports to the Ministry of Planning and Investment;
e/ To maintain and update the national investment information systems in their assigned fields;
g/ To direct the organization, supervision and assessment of the implementation of the investment reporting regime.

Overseas Vietnamese representative missions shall supervise and support investment activities and protect lawful rights and interests of Vietnamese investors in host countries.

Article 69. Investment monitoring and evaluation

Investment monitoring and evaluation activities cover:

a/ Monitoring and evaluation of investment projects;
b/ Overall monitoring and evaluation of investment.

Responsibility for investment monitoring and evaluation:

a/ The National Assembly and People’s Councils at all levels shall exercise the right to oversee investment in accordance with law;
b/ State management agencies in charge of investment and specialized state management agencies shall conduct overall monitoring and evaluation of investment and monitoring and evaluation of investment projects under their management;
c/ Investment registration agencies shall monitor and evaluate investment projects for which they have granted investment registration certificates;
d/ Vietnam Fatherland Front Committees at all levels shall, within the ambit of their tasks and powers, organize the community-based monitoring of investment.

Contents of monitoring and evaluation of investment projects:

a/ For investment projects using state capital for business investment, state management agencies in charge of investment and specialized state management agencies shall monitor and evaluate the projects based on the contents and criteria approved under investment decisions;
b/ For projects using other capital sources, state management agencies in charge of investment and specialized state management agencies shall monitor and evaluate the projects’ objectives and conformity with approved master plans and investment policy, investment schedule, and satisfaction of law-prescribed requirements on environmental protection and use of land and other natural resources;
c/ Investment registration agencies shall monitor and evaluate the contents stated in investment registration certificates or investment policy decisions.

Contents of overall monitoring and evaluation of investment:

a/ Promulgation of legal documents detailing and guiding the implementation of the investment law;
b/ Situation of implementation of investment projects;
c/ Evaluating investment results nationwide and of ministries, ministerial-level agencies and localities, and evaluating investment projects as decentralized;
d/ Making recommendations on investment evaluation results and measures to handle problems and violations of the investment law to the same-level and superior state management agencies in charge of investment.

Evaluating agencies and organizations may themselves conduct evaluation or hire fully qualified and capable experts or consultancy organizations to do so.
The Government shall detail this Article.

Article 70. National investment information systems

The national investment information systems include:

a/ The national information system on domestic investment;
b/ The national information system on foreign investment in Vietnam and offshore investment from Vietnam.

The Ministry of Planning and Investment shall assume the prime responsibility for, and coordinate with related agencies in, building and operating the national investment information systems on; and assessing the operation of these systems by central and local state management agencies in charge of investment.
State management agencies in charge of investment and investors shall fully, promptly and accurately update relevant information on the national investment information systems.
Information on investment projects stored in the national investment information systems is legally valid as original information on investment projects.

Article 71. Reporting regime on investment activities in Vietnam

The reporting entities include:

a/ Ministries, ministerial-level agencies and provincial-level People’s Committees;
b/ Investment registration agencies;
c/ Investors and economic organizations that implement investment projects in accordance with this Law.

Periodical reporting regime:

a/ Monthly, quarterly and annually, investors and economic organizations that implement investment projects shall report to local investment registration agencies and statistics offices on the situation of implementation of investment projects, covering disbursed investment capital, business investment results, information on labor, payment to the state budget, investment in research and development, environmental treatment and protection, and specialized indicators by field of operation;
b/ Monthly, quarterly and annually, investment registration agencies shall report to the Ministry of Planning and Investment and provincial-level People’s Committees on the receipt of dossiers for application, and the grant, modification and revocation, of investment registration certificates, and on the operation of investment projects under their management;
c/ Quarterly and annually, provincial-level People’s Committees shall review and report on the local investment situation to the Ministry of Planning and Investment;
d/ Quarterly and annually, ministries and ministerial-level agencies shall report on the grant, modification and revocation of investment registration certificates or other papers of equivalent validity (if any) within the scope of their management; and report on investment activities within the scope of their management to the Ministry of Planning and Investment for summarization and reporting to the Prime Minister;
dd/ Quarterly and annually, the Ministry of Planning and Investment shall report to the Prime Minister on the investment situation nationwide and on the assessment of the implementation of the reporting regime by the agencies defined in Clause 1 of this Article.

Agencies, investors and economic organizations shall make reports in writing and via the national investment information systems.
Agencies, investors and economic organizations prescribed in Clause 1 of this Article shall make irregular reports upon request of competent state agencies.
For projects not required to have investment registration certificates, investors shall report them to investment registration agencies before commencing their implementation.

Article 72. Reporting regime on overseas investment activities

The reporting entities include:

a/ Ministries, ministerial-level agencies and provincial-level People’s Committees;
b/ Offshore investment registration agencies;
c/ Investors that implement investment projects in accordance with this Law.

Reporting regime of ministries, ministerial-level agencies and provincial-level People’s Committees:

a/ Biannually and annually, ministries, ministerial-level agencies and provincial-level People’s Committees shall, within the ambit of their functions and tasks, report on the state management of offshore investment activities to the Ministry of Planning and Investment for summarization and reporting to the Prime Minister;
b/ Biannually and annually, the Ministry of Planning and Investment shall report to the Prime Minister on the investment situation nationwide and on assessment of the implementation of the reporting regime on management of offshore investment activities by the agencies, organizations and persons prescribed in Clause 1 of this Article.

Reporting regime of investors:

a/ Within 60 days from the date an investment project is approved or licensed in accordance with the law of the host country, an investor shall send a written notice of the implementation of overseas investment activities, enclosed with a copy of the written approval of the investment project or another paper proving his/her/its right to carry out investment activities in the host country, to the Ministry of Planning and Investment, the State Bank of Vietnam and the Vietnamese representative mission in the host country;
b/ Quarterly and annually, an investor shall send a report on the operation of the investment project to the Ministry of Planning and Investment, the State Bank of Vietnam and the Vietnamese representative mission in the host country;
c/ Within 6 months from the date of issuance of a tax finalization statement or another paper of equivalent legal validity in accordance with the law of the host country, an investor shall send a report on the operation of the investment project, enclosed with the financial statement, tax finalization report or another paper of equivalent legal validity as prescribed by the law of the host country, to the Ministry of Planning and Investment, the State Bank of Vietnam, the Ministry of Finance, the Vietnamese representative mission in the host country and the concerned competent state management agency prescribed by this Law and other relevant laws;
d/ For offshore investment projects using state capital, investors shall concurrently implement the reporting regime prescribed at Point a, b or c of this Clause and the investment reporting regime prescribed in the law on management and use of state capital invested in production and business at enterprises.

The reports prescribed in Clauses 2 and 3 of this Article shall be made in writing and via the national investment information systems.
Agencies, organizations and investors prescribed in Clause 1 of this Article shall make irregular reports at the request of competent state agencies to meet relevant state management requirements or settle arising problems related to investment projects.

Chapter VII
ORGANIZATION OF IMPLEMENTATION
Article 73. Handling of violations

Organizations and individuals that violate this Law shall, depending on the nature and severity of their violations, be disciplined, administratively sanctioned or examined for penal liability, and, if causing damage, pay compensation in accordance with law.
Persons who abuse their positions or powers to obstruct business investment activities, harass or trouble investors or fail to perform their official duties in accordance with law shall, depending on the nature and severity of their violations, be disciplined or examined for penal liability.

Article 74. Transitional provisions

Investors that have obtained investment licenses or investment certificates for their investment projects before the effective date of this Law may continue implementing these projects in accordance with such licenses or certificates. If so requested by investors, investment registration agencies may change these investment licenses or certificates into investment registration certificates for these investors.
Investors that have implemented investment projects before the effective date of this Law which are required by this Law to have investment registration certificates or investment policy decisions are not required to carry out procedures to apply for investment registration certificates or investment policy decisions. If wishing to obtain investment registration certificates, investors shall carry out the procedures prescribed in this Law.
Business investment conditions prescribed in legal documents promulgated before the effective date of this Law which are contrary to Clause 3, Article 7 of this Law cease to be effective on July 1, 2016.
The Government shall detail Clauses 1 and 2 of this Article.

Article 75. To amend and supplement Clause 1, Article 18 of Law No. 21/2008/QH12 on High Technologies
To amend and supplement Clause 1, Article 18 of the Law on High Technologies as follows:
“1. A hi-tech business must fully satisfy the following criteria:
a/ Making hi-tech products on the list of hi-tech products encouraged for development under Article 6 of this Law;
b/ Applying environment-friendly and energy-saving measures in production and quality management of products up to Vietnam’s standards and technical regulations; or applying standards of specialized international organizations in case there are no Vietnam’s standards and technical regulations;
c/ Other criteria as prescribed by the Prime Minister.”
Article 76. Effect

This Law takes effect on July 1, 2015.
The National Assembly’s Law No. 59/2005/QH11 on Investment and Resolution No. 49/2010/QH12 on national important projects and works to be submitted to the National Assembly for decision on their investment policy, cease to be effective on the effective date of this Law.
The Government and competent agencies shall detail the articles and clauses in this Law as assigned.

This Law was passed on November 26, 2014, by the XIII^th National Assembly of the Socialist Republic of Vietnam at its 8^th session.-
Chairman of the National Assembly
NGUYEN SINH HUNG

APPENDIX 1
SCHEDULE OF NARCOTIC SUBSTANCES BANNED FROM BUSINESS INVESTMENT

No.	Name of substance	Scientific name	CAS code
1	Acetorphine	3-O-acetyl tetrahydro – 7 – α – (1 – hydroxyl -1 – methylbutyl) – 6, 14 – endoetheno – oripavine	25333-77-1
2	Acetyl-alpha– methylfentanyl	N– [1 – (α – methylphenethyl) – 4 – piperidyl] acetanilide	101860-00-8
3	Alphacetylmethadol	α – 3 – acetoxy – 6 – dimethylamino – 4,4 – diphenylheptane	17199-58-5
4	Alpha-methylfentanyl	N– [1 – (α – methylphenethyl) – 4 – piperidyl] propionanilide	79704-88-4
5	Beta-hydroxyfentanyl	N– [1 – (β – hydroxyphenethyl) – 4 – piperidyl] propionanilide	78995-10-5
6	Beta-hydroxymethyl-3 – fentanyl	N– [1 – (β – hydroxyphenethyl) – 3 – methyl – 4 – piperidyl] propionanilide	78995-14-9
7	Brolamphetamine (DOB)	2,5 – dimethoxy – 4 – bromoamphetamine	64638-07-9
8	Cannabis and its preparations		8063-14-7
9	Cathinone	(-) – α – aminopropiophenone	71031-15-7
10	Desomorphine	Dihydrodeoxymorphine	427-00-9
11	DET	N, N – diethyltryptamine	7558-72-7
12	Delta-9-tetrahydrocannabinol and isomers	(6aR, 10aR) – 6a, 7, 8, 10a– tetrahydro – 6,6,9 – trimethyl – 3 – pentyl – 6H– dibenzo [b,d] pyran – 1 – ol	1972-08-3
13	DMA	(±) – 2,5 – dimethoxy – α – methylphenylethylamine	2801-68-5
14	DMHP	3 – (1,2 – dimethylheptyl) -1 – hydroxy – 7, 8, 9, 10 – tetrahydro – 6,6,9 – trimethyl – 6H- dibenzo [b,d] pyran	32904-22-6
15	DMT	N, N– dimethyltryptamine	61-50-7
16	DOET	(±) – 4 – ethyl – 2,5 – dimethoxy – α – phenethylamine	22004-32-6
17	Eticyclidine	N– ethyl – 1 – phenylcylohexylamine	2201-15-2
18	Etorphine	Tetrahydro – 7α – (1 – hydroxy – 1 – methylbutyl) – 6,14 – endoetheno – oripavine	14521-96-1
19	Etryptamine	3 – (2 – aminobuty) indole	2235-90-7
20	Heroin	Diacetylmorphine	561-27-3
21	Ketobemidone	4 – meta – hydroxyphenyl – 1 – methyl – 4 – propionylpiperidine	469-79-4
22	MDMA	(±) – N – α – dimethyl – 3,4 – (methylenedioxy) phenethylamine	42542-10-9
23	Mescaline	3,4,5 – trimethoxyphenethylamine	54-04-6
24	Methcathinone	2 – (methylamino) – 1 – phenylpropan – 1 – one	5650-44-2
25	4 – methylaminorex	(±) – cis – 2 – amino – 4 – methyl – 5 – phenyl – 2 – oxazoline	3568-94-3
26	3 – methylfentanyl	N– (3 – methyl – 1 – phenethyl – 4 – piperidyl) propionanilide	42045-86-3
27	3 – methylthiofentanyl	N– [3 – methyl – 1 [2 – (2 – thienyl) ethyl] – 4 – piperidyl] propionanilide	86052-04-2
28	MMDA	(±) – 5 – methoxy – 3,4 – methylenedioxy – α – methylphenylethylamine	13674-05-0
29	Methobromide morphine and other derivatives of morphine with nitrogen having 5 valence electrons	(5α ,6α)-17- Methyl- 7,8-didehydro-4,5-epoxymorphinan-3,6- diol – bromomethane (1:1)	125-23-5
30	MPPP	1 – methyl – 4 – phenyl – 4 – piperidinol propionate (ester)	13147-09-6
31	(+) – Lysergide (LSD)	9,10 – didehydro – N,N – diethyl – 6 – methylergoline – 8β carboxamide	50-37-3
32	N – hydroxy MDA (MDOH)	(±) – N – hydroxy – [α – methyl – 3,4 – (methylenedyoxy) phenethyl] hydroxylamine	74698-47-8
33	N-ethyl MDA	(±) N – ethyl – methyl – 3,4 – methylenedioxy) phenethylamine	82801-81-8
34	Para-fluorofentanyl	4’ – fluoro – N – (1 – phenethyl – 4 – piperidyl) propionanilide	90736-23-5
35	Parahexyl	3 – hexyl – 7, 8, 9, 10 – tetrahydro – 6, 6, 9 – trimethyl – 6H– dibenzo [b,d] pyran – 1 – ol	117-51-1
36	PEPAP	1 – phenethyl – 4 – phenyl – 4 – piperidinol acetate	64-52-8
37	PMA	p – methoxy – α – methylphenethylamine	64-13-1
38	Psilocin	3 – [2 – (dimethylamino) ethyl] indol – 4 – ol	520-53-6
39	Psilocybin	3 – [2 – dimethylaminoethyl] indol – 4 – yl dihydrogen phosphate	520-52-5
40	Rolicyclidine	1 – (1 – phenylcyclohexy) pyrrolidine	2201-39-0
41	STP, DOM	2,5 – dimethoxy – 4, α – dimethylphenethylamine	15588-95-1
42	Tenamfetamine (MDA)	α – methyl – 3,4 – (methylenedioxy) phenethylamine	4764-17-4
43	Tenocyclidine (TCP)	1 – [1 – (2 – thienyl) cyclohexyl] piperidine	21500-98-1
44	Thiofentanyl	N – (1 [2- (2 – thienyl) ethyl] – 4 – piperidyl] – 4 – propionanilide	1165-22-6
45	TMA	(+) – 3,4,5 – trimethoxy – α – methylphenylethylamine	1082-88-8

This schedule consists of all salts whenever existent of the substances therein.

APPENDIX 2
SCHEDULE OF CHEMICALS AND MINERALS

No.	Name of chemical	CAS code	HS code
A	Toxic chemicals
1	O-alkyl compounds (≤C10, including also cycloalkyl) alkyl (Me, Et, n-Pr or i-Pr) – phosphonofluoridate		2931.00
	E.g.,
	Sarin: O-Isopropylmethylphosphonofluoridate	107-44-8	2931.00
	Soman: O-Pinacolyl methylphosphonofluoridate	96-64-0	2931.00
2	O-alkyl compounds (≤C10, including also cycloalkyl) N,N – dialkyl (Me, Et, n-Pr or i-Pr) – phosphoramidocyanidate		2931.00
	E.g.,
	Tabun: O-Ethyl N,N-dimethyl phosphoramidocyanidate	77-81-6	2931.00
3	O-alkyl compounds (H or ≤C10, including also cycloalkyl) S – 2 – dialkyl (Me, Et, n-Pr or i-Pr) – aminoethyl alkyl (Me, Et, n-Pr or i-Pr) phosphonothiolates and corresponding alkylated or protonated salts		2930.90
	E.g.,
	VX: O-Ethyl S-2-diisopropylaminoethyl methyl phosphonothiolate	50782-69-9	2930.90
4	Sufur mustards:
4	ð 2 – Chloroethylchloromethylsulfide ð Mustards: Bis(2-chloroethyl)sulfide ð Bis (2-chloroethylthio)methane ð Sesquimustards: 1,2 – Bis(2-chloroethylthio)ethane ð 1,3 – Bis(2-chloroethylthio)-n-propane ð 1,4 – Bis(2-chloroethylthio)-n-butane ð 1,5 – Bis(2-chloroethylthio)-n-pentane ð Bis(2-chloroethylthiomethyl)ether ð Sufur and oxygen mustards: Bis (2- chloroethylthioethyl)ether	2625-76-5 505-60-2 63869-13-6 3563-36-8 63905-10-2 142868-93-7 142868-94-8 63918-90-1 63918-89-8	2930.90 2930.90 2930.90 2930.90 2930.90 2930.90 2930.90 2930.90 2930.90
5	Lewisite compounds (containing arsenic): Lewisite 1: 2- Chlorovinyldichloroarsine	541-25-3	2931.00
5	Lewisite 2: Bis(2-chlorovinyl)chloroarsine Lewisite 3: Tris(2-chlorovinyl)arsine	40334-69-8 40334-70-1	2931.00 2931.00
6	Nitrogen mustards: HN1: Bis(2-chloro ethyl)ethylamine	538-07-8	2921.19
	HN2: Bis(2-chloroethyl)methylamme	51-75-2	2921.19
	HN3: Tris(2-chloroethyl)amine	555-77-1	2921.19
7	Saxitoxin	35523-89-8	3002.90
8	Ricin	9009-86-3	3002.90
B	Precursors
1	Alkyl compounds (Me, Et, n-Pr or i-Pr) phosphonyl difluoride
	E.g., DF: Methylphosphonyl difluoride	676-99-3	2931.00
2	O-Alkyl compounds (H or ≤C10, including also cycloalkyl) O-2-dialkyl (Me, Et, n-Pr or i-Pr)-aminoethyl alkyl (Me, Et, n-Pr or i-Pr) phosphonite and corresponding alkylated or protonated salts E.g.,		2931.00
	QL: O-Ethyl O-2-diisopropylaminoethyl methylphosphonite	57856-11-8	2931.00
3	Chlorosarin: O-Isopropyl methylphosphonochloridate	1445-76-7	2931.00
4	Chlorosoman: O-Pinacolyl methylphosphonochloridate	7040-57-5	2931.00
C	Minerals
1	Nonferrous amphibole asbestos

APPENDIX 3
SCHEDULE OF ENDANGERED, PRECIOUS AND RARE SPECIES OF WILD FLORA AND FAUNA

GROUP I: Endangered, precious and rare species of wild flora and fauna banned from exploitation or use for business investment purposes
I A. Flora

No.	Scientific name
	PINOPHYTA
	PEVOSIDA
	Cupressaceae
1	Taiwania cryptomerioides
2	Xanthocyparis vietnamensis
3	Cupressus torulosa
4	Cunninghamia konishii
5	Glyptostrobus pensilis
	Pinaceae
6	Keteleeria davidiana
7	Abies delavayi var. nukiangensis (Abies fansipanensis)
	MAGNOLIOPHYTA
	MAGNOLIOPSIDA
	Dipterocarpaceae
8	Shorea falcata
9	Hopea pierrei
10	Hopea cordata
11	Hopea reticulata
	Berberidaceae
12	Berberis julianae
	Ranunculaceae
13	Coptis quinquesecta
14	Coptis chinensis
	Araliaceae
15	Panax bipinnatifidus
16	Panax vietnamensis
17	Panax stipuleamtus
	LILIOPSIDA
	Orchidaceae
18	Anoectochilus spp.
19	Paphiopedilum spp.

I B. Fauna

No.	Scientific name
	MAMMALIA
	DERMOPTERA
	Cynocephalidae
1	Cynocephalus variegatus
	PRIMATES
	Loricedae
2	Nycticebus bengalensis
3	Nycticebus pygmaeus
	Cercopithecidae
4	Trachypithecus villosus
5	Trachypithecus poliocephalus
6	Pygathrix nigripes
7	Pygathrix nemaeus
8	Pygathrix cinerea
9	Trachypithecus hatinhensis
10	Trachypithecus francoisi
11	Trachypithecus delacouri
12	Rhinopithecus avunculus
13	Trachypithecus barbei (phayrei)
	Hylobatidae
14	Nomascus (Hylobates) gabriellae
15	Nomascus (Hylobates) leucogenys
16	Nomascus (Hylobates) nasutus
17	Nomascus (Hylobates) concolor
	CARNIVORA
	Canidae
18	Cuon alpinus
	Ursidae
19	Ursus (Helarctos) malaycmus
20	Ursus (Selenarctos) thibetanus
	Mustelidae
21	Lutra sumatrana
22	Lutrogale perspicillata
23	Lutra lutra
24	Aonyx cinereus
	Viverridae
25	Arctictis binturong
	Felidae
26	Neofelis nebulosa
27	Panthera pardus
28	Catopuma temminckii
29	Panthera tigris
30	Prionailurus viverrinus
31	Pardofelis marmorata
	PROBOSCIDEA
32	Elephas maximus
	PERISSODACTYLA
33	Rhinoceros sondaicus
	ARTIODACTYLA
	Cervidae
34	Axis porcinus
35	Moschus berezovskii
36	Megamuntiacus vuquangensis
37	Muntiacus truongsonensis
38	Rucervus eldi (Cervus eldi)
	Bovidae
39	Bos javanicus
40	Bos gaurus
41	Bos sauveli
42	Pseudoryx nghetinhensis
43	Naemorhedus sumatraensis
44	Bubalus arnee
	PHOLIDOTA
	Manidae
45	Manis javanica
46	Manis pentadactyla
	LAGOMORPHA
	Leporidae
47	Nesolagus timinsi
	CETACEA
	Delphinidae
48	Sousa chinensis
	SIRENIA
49	Dugong dugong
	AVES
	PELECANIFORMES
	Pelecanidae
50	Pelecanus philippensis
	Anhingidae
51	Anhinga melanogaster
	Ardeidae
52	Egretta eulophotes
53	Gorsachius magnifcus
	Ciconiidae
54	Leptoptilos javanicus
55	Ciconia episcopus
	Threskiomithidae
56	Platalea minor
57	Pseudibis davisoni
58	Thaumatibis gigantea
	ANSERIFORMES
	Anatidae
59	Cairina scutulata
	GALLIFORMES
	Phasianidae
60	Arborophila davidi
61	Lophura echvardsi
62	Tragopan temminckii
63	Polyplectron germaini
64	Polyplectron bicalcaratum
	GRUIFORMES
	Gruidae
65	Grus antigone
	Otididae
66	Houbaropsis bengalensis
	CORACIIFORMES
	Bucerotidae
67	Ptilolaemus tickelli
68	Aceros nipalensis
69	Aceros undulatus
70	Buceros bicornis
	PASSERIFORMES
	Timaliidae
71	Garrulax ngoclinhensis
	REPTILIA
	SQUAMATA
	Varanidae
72	Varanus salvator
73	Varanus bengalensis
	Elapidae
74	Ophiophagus hannah
	TESTUDINES
	Dermochelyidae
75	Dermochelys coriacea
	Cheloniidae
76	Eretmochelys imbricata
77	Lepidochelys olivacea
78	Caretta caretta
79	Chelonia mydas
	Cheloniidae
80	Cuora trifasciata
81	Cuora galbinifrons
82	Mauremys annamensis
83	Platysternon megacephalum
	Trionychidae
84	Pelochelys cantorii
85	Rafetus swinhoei
	FISH CLASSES
	CYPRINIFORMES
	Cyprinidae
86	Cyprinus multitaeniata
87	Procypris merus
88	Chanodichthys flavpinnis
	ANGUILLIFORMES
	Aneuillidae
89	Anguilla japonica
	PRISTIFORMES
	Pristidae
90	Pristis microdon

Appendix 4
LIST OF SECTORS AND TRADES SUBJECT TO CONDITIONAL BUSINESS INVESTMENT

No.	Sectors and trades
1	Making seals
2	Trading in supporting tools (including also repair services)
3	Trading in firecrackers
4	Pawn services
5	Massage services
6	Trading in signaling devices of priority vehicles
7	Security services
8	Trading in paintball guns
9	Practicing law
10	Practicing notary public profession
11	Practicing the profession of judicial examination in the fields of finance, banking, construction, antiques, relics and copyright
12	Practicing the profession of property auctioneer
13	Services provided by commercial arbitrations
14	Practicing the profession of bailiff
15	Practicing the profession of property administrator
16	Accounting services
17	Auditing services
18	Tax procedure completion services
19	Customs clearance services
20	Trading in duty-free goods
21	Bonded warehouse services
22	Inland cargo consolidation services
23	Storage and customs clearance services inside and outside border gates
24	Securities trading
25	Provision of securities registration, depository, clearing and payment services by the securities depository center/organization of exchanges for listed securities and securities of other types
26	Insurance business
27	Re-insurance business
28	Insurance brokerage
29	Insurance agency
30	Insurance agent training services
31	Price appraisal services
32	Consultancy services for enterprise valuation for equitization
33	Lottery business
34	Prize-winning electronic games for foreigners
35	Debt collection services
36	Debt trading services
37	Credit rating services
38	Casino business
39	Betting business
40	Voluntary pension fund management services
41	Petrol and oil trading
42	Gas trading
43	Commercial assessment services
44	Trading in industrial explosives (including also explosive destruction services)
45	Trading in explosive precursors
46	Dealing in sectors and trades involving the use of industrial explosives and explosive precursors
47	Blasting services
48	Trading in chemicals, except those banned under the International Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and their Destruction
49	Trading in inorganic fertilizers
50	Trading in liquors
51	Trading in tobacco products, tobacco materials or machinery and equipment of the tobacco industry
52	Operation of goods exchanges
53	Electricity generation, transmission, distribution, wholesale, retail, import and export and provision of consultancy services in the electricity industry
54	Trading in food subject to specialized management of the Ministry of Industry and Trade
55	Rice export
56	Temporary import for re-export of excise tax-liable goods
57	Temporary import for re-export of frozen goods
58	Temporary import for re-export of goods on the list of used goods
59	Commercial franchising
60	Trading in coal
61	Logistic services
62	Trading in minerals
63	Trading in precursors for industrial use
64	Goods sale and purchase activities and activities directly related to goods sale and purchase activities of foreign investors
65	E-commerce
66	Petroleum activities
67	Conformity assessment services for pressure equipment and lifting equipment for industrial use, chemicals, industrial explosives, mining and petroleum equipment, except those for offshore exploration and exploitation
68	Vocational training
69	Joint vocational training at intermediate and collegial levels with foreign or foreign-invested vocational training institutions
70	Fire prevention and fighting services
71	Vocational skill assessment services
72	Quality inspection services for joint vocational training programs with foreign vocational training institutions or foreign-invested vocational training institutions in Vietnam
73	Labor safety inspection services for machinery, equipment and supplies subject to strict requirements on labor safety
74	Labor safety and sanitation training services
75	Employment services
76	Provision of guest worker services
77	Voluntary drug detoxification services
78	Regulation-conformity certification and announcement services
79	Labor outsourcing services
80	Road transportation
81	Car warranty and maintenance services
82	Motor vehicle inspection services
83	Automobile driver training services
84	Traffic safety inspector training services
85	Vehicle driver testing services
86	Traffic safety inspection services
87	Waterway transportation
88	Inland waterway vessel building, conversion, repair and restoration services
89	Inland waterway vessel crewmember and operator training services
90	Sea transportation, shipping agency
91	Multi-level marketing
92	Seagoing ship towage services
93	Import and demolition of used seagoing ships
94	Seagoing ship building, conversion and repair services
95	Commercial operation of seaports
96	Air transportation services
97	Provision of the services of designing, manufacturing, maintaining or testing aircraft, aircraft engines, aircraft propellers and other aircraft equipment and devices in Vietnam
98	Commercial operation of airports and airfields
99	Aviation services at airports and airfields
100	Flight assurance services
101	Aviation staff training and retraining services
102	Railway transportation
103	Commercial operation of railway infrastructure
104	Dealing in urban railway
105	Multimodal transportation services
106	Road and waterway transportation of hazardous cargoes
107	Pipeline transportation
108	Maritime assurance services
109	Real estate business
110	Training and re-training in real estate brokerage knowledge, real estate valuation and real estate exchange management and administration
111	Training and re-training in professional knowledge about apartment building operation management
112	Training and re-training in professional knowledge about management of construction investment projects
113	Project management consultancy services
114	Construction surveying services
115	Construction designing and construction design appraisal services
116	Work construction supervision consultancy services
117	Work construction services
118	Construction investment project formulation and appraisal services
119	Construction activities of foreign investors
120	Construction investment cost management services
121	Construction work quality assessment and conformity certification services
122	Lighting and greenery system operation management services
123	Common-use infrastructure system operation management services
124	Construction planning services
125	Urban planning services provided by foreign organizations or individuals
126	Trading in white asbestos products of the serpentine group
127	Postal services
128	Telecommunications services
129	Import of radio transmitters and transceivers
130	Digital signature certification services
131	Establishment and operation of publishing houses
132	Printing services
133	Publication distribution services
134	Social network services
135	Online game services
136	Pay radio and television services
137	News website development services
138	Processing, recycling, repair or renewal of used information technology products on the list of used information technology products banned from import for foreign partners
139	On-demand television services
140	Provision of information contents and information technology services on mobile telecommunications networks and the Internet
141	Trading in mobile phone jamming devices
142	Trading in or providing information security products or services
143	Operation of higher education institutions
144	Operation of foreign-invested educational institutions, representative offices of foreign educational institutions in Vietnam, branches of foreign-invested educational institutions
145	Operation of continuing education institutions
146	Operation of national defense-security education centers for students
147	Operation of general education institutions
148	Professional secondary education
149	Operation of specialized schools
150	Operation of pre-school institutions
151	Joint training with foreign partners
152	Organization of extra-curricular teaching and learning activities
153	Aquatic resource exploitation
154	Trading in fishing gear and equipment for aquatic resource exploitation
155	Trading in aquatic products
156	Trading in aquatic animal feed
157	Trading in bio preparations, microorganisms, chemicals and substances for treatment and improvement of aquacultural environment
158	Aquatic breed assay services
159	Aquatic feed assay services
160	Breeding, rearing or artificial propagation of wild fauna or flora species prescribed in the appendices to the CITES
161	Breeding, rearing or artificial propagation of endangered, rare and precious species of wild fauna or flora not prescribed in the appendices to the CITES
162	Breeding and rearing ordinary wild animals
163	Import, export, re-export, transit, and introduction from the sea of natural specimens of species prescribed in the appendices to the CITES
164	Import, export and re-export of samples of bred or reared animals or artificially propagated plants of species prescribed in the appendices to the CITES
165	Trading in plant protection drugs
166	Treatment of objects subject to plant quarantine
167	Plant protection drug assay services
168	Plant protection services
169	Trading in veterinary drugs, bio-preparations, vaccines, microorganisms and chemicals for use in animal health
170	Technical services in animal health
171	Testing and surgery services for animals
172	Vaccination, diagnosis, prescription, medical treatment and heath care services for animals
173	Veterinary drug testing and assay services (veterinary drugs include veterinary drugs, veterinary drugs for aquatic animals, vaccines, bio-preparations, microorganisms and chemicals for use in animal health and aquatic animal health)
174	Concentrated husbandry, breed production; slaughtering services; animal and animal product isolation and quarantine services; production of animal feed materials from animal products; preliminarily processing, processing and preservation of animals and animal products; trading in animal products, preliminarily processing, processing, packaging and preservation of animal products
175	Trading in foods subject to specialized management by the Ministry of Agriculture and Rural Development
176	Trading in and assay of organic fertilizers
177	Trading in plant varieties and animal breeds
178	Production of animal feed
179	Import of animal feed
180	Export and import of endangered, rare and precious terrestrial animals subject to supervision as prescribed in the appendices to the CITES
181	Trading in forest plants and animals restricted from commercial exploitation and use
182	Trading in ornamental trees, shade trees and ancient trees exploited from domestic natural forests
183	Trading in charcoal or firewood originating from domestic natural forest timbers
184	Trading animal sperms, embryos, hatching eggs and larva
185	Services involving the use of bio-preparations, microorganisms, chemicals and environmental treatment and improvement substances in aquaculture
186	Services of testing and assay of bio-preparations, microorganisms, chemicals and environmental treatment and improvement substances for use in aquaculture
187	Trading in genetically modified products
188	Bidding profession training and re-training services
189	Services provided by bidding agents
190	Investment project evaluation consultancy services
191	Investment project evaluation training services
192	Medical examination and treatment services
193	HIV testing services
194	Tissue banking services
195	Assisted reproductive services, sperm and embryo storage services
196	Trading in drugs
197	Drug testing services
198	Manufacture of cosmetics
199	Infectious disease-causing microorganism testing services
200	Vaccination services
201	Trading in pesticides and antiseptics for medical use
202	Opioid substitution treatment services
203	Trading in foods subject to specialized management of the Ministry of Health
204	Cosmetic surgery services
205	Implementation of surrogacy techniques
206	Drug bioavailability and bioequivalence assessment services
207	Clinical trial of drugs
208	Trading in medical equipment and devices
209	Operation of medical equipment-classifying institutions
210	Medical equipment inspection services
211	Industrial property examination services
212	Performance of radiation jobs
213	Atomic energy application assistance services
214	Import, export and transportation of radioactive materials
215	Conformity assessment services in science and technology
216	Inspection, calibration and testing of measuring devices and measurement standards
217	Trading in safety helmets for motorcycle riders
218	Technology assessment, valuation and examination services
219	Intellectual property representation services
220	Film production
221	Antique assessment services
222	Formulation, implementation and supervision of the implementation of, projects to maintain, upgrade and restore relics
223	Karaoke or discotheque business
224	Travel services
225	Dealing in sports activities
226	Organization of art performance, fashion shows, beauty or model contests
227	Dealing in phonograms or video recordings of songs, dances and dramas
228	Festival organization services
230	Accommodation services
231	Advertising services
232	Trading in national relics, antiques and treasures
233	Museum services
234	Dealing in electronic games (except prize-winning electronic games for foreigners and online prize-winning electronic games)
235	Export of relics and antiques not under state ownership or ownership of political organizations or socio-political organizations; import of cultural goods subject to specialized management by the Ministry of Culture, Sports and Tourism
236	Copyright and related rights examination services
237	Land survey and valuation consultancy services
238	Land use plan and master plan formulation services
239	Development of information technology technical infrastructure and software for land information systems
240	Land database building services
241	Land valuation services
242	Land use rights auction services
243	Measuring and mapping services
244	Ground water drilling services
245	Ground water exploration services
246	Water exploitation, treatment and supply services
247	Water drainage services
248	Mineral exploration services
249	Mineral mining
250	Hazardous waste management services
251	Scrap import
252	Environmental observation services
253	Consultancy services in formulation of strategic environmental impact assessment reports, environmental impact assessment and detailed environmental protection plans
254	Trading in bio-preparations
255	Discarded product withdrawal, transportation and disposal services
256	Business activities of commercial banks
257	Business activities of non-bank credit institutions
258	Business activities of cooperative banks, people’s credit funds and microfinance institutions
259	Intermediary payment services
260	Credit information services
261	Foreign exchange operations
262	Trading in gold plate
263	Manufacture of gold plates, export of material gold and import of material gold for manufacturing gold plates
264	Manufacturing gold jewelry and fine art articles
265	Import of goods subject to specialized management by the State Bank of Vietnam (vault doors)
266	Money printing and casting
267	Trading in clothing and equipment for armed forces, military weapons, equipment, devices and vehicles exclusively used for national defense or security; components, parts, spare parts, supplies and equipment of special categories and their manufacturing technologies

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The post Law on Investment appeared first on MP Law Firm.

Law No. 49/2014/QH13 of June 18, 2014, on public investment

mplawadmin — Wed, 18 Jun 2014 16:33:22 +0000

THE NATIONAL ASSEMBLY ——–	SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness —————
No. 49/2014/QH13	Hanoi, June 18, 2014

LAW

ON PUBLIC INVESTMENT

Pursuant to the Constitution of the Socialist Republic of Vietnam;
The National Assembly hereby promulgates the Law on Public Investment.
Chapter I

GENERAL PROVISIONS

Article 1. Governing scope
This Law provides for the management and use of the capital budget for public investment; the state management of public investment; the right, obligation and responsibility of agencies, organizations and individuals involved in public investment activities.
Article 2. Applicable entities
This Law is applied to agencies, organizations and individuals participating or getting involved in public investment activities as well as the management and use of the capital budget for public investment.
Article 3. Application of the Law on Public Investment, International Treaties and Agreements

The management and use of the capital budget for public investment and public investment activities must abide by the provisions of this Law and other relevant laws.
If the International Treaties to which the Socialist Republic of Vietnam is a signatory set out regulations other than those specified in this Laws, the regulations of the International Treaties shall prevail.
The overseas development of public investment programs and projects must comply with regulations set out in International Treaties to which the Socialist Republic of Vietnam is a signatory as well as International Agreement between Vietnam and foreign partners.

Article 4. Interpretation of terms
In this Law, used terms shall be construed as follows:

Report on investment intentions means an explanatory material for preliminary study contents about the significance, feasibility and efficiency of public investment programs, Group-B and Group-C projects, which serves as a basis for competent authorities to decide on the investment policies.
Pre-feasibility study report means an explanatory material for preliminary study contents about the significance, feasibility and efficiency of national important projects and Group-A projects, which serves as a basis for competent authorities to decide on the investment policies.
Feasibility study report means an explanatory material for study contents about the significance, feasibility and efficiency of public investment programs and projects, which serves as a basis for the investment decision made by competent authorities.
Ministry, agency and local authority means regulatory bodies designated by the Prime Minister to develop and implement public investment plans, including:
a) The Communist Party Committee of political institutions, the Supreme People’s Procuracy, the Supreme People’s Court, the State Audit, the President’s Office, the National Assembly’s Office, Ministries, ministerial-level authorities, Governmental agencies (hereinafter referred to as Ministry and central governing body);
b) The People’s Committee of centrally-affiliated cities and provinces (hereinafter referred to as provincial People’s Committee);
c) The Communist Party Committee of the Vietnam Fatherland Front and socio-political organizations;
d) Other agencies or organizations assigned to public investment plans.
Program leader means an organization or institution assigned to lead the management of public investment programs.
Investor means an organization or institution assigned to public investment projects.
Public investment program means a combination of objectives, tasks and measures which aim for socio-economic development targets.
Target program means the program for public investment activities in order to achieve one or several target(s) in each sector or several regions or territories over a specific period.
National target program means the program for public investment activities in order to achieve socio-economic development targets throughout the country over a specific period.
Governing body means Ministry, agency and local authority prescribed in Clause 4 of this Article and program or project management units who are affiliated to political institutions and the National Assembly.
Professional agency in charge of public investment management means a competent agency for public investment management, affiliated to the Ministry of Planning and Investment; an agency assigned to manage public investment activities, affiliated to Ministries, the Communist Party Committee, Vietnamese Fatherland Front, socio-political organizations and others assigned to develop and implement public investment plans; the Department of Planning and Investment; competent divisions and subdivisions for public investment management, affiliated to the People’s Committee of a district or commune.
State management of public investment activities includes the Government, the Ministry of Planning and Investment and People’s Committees at all administrative levels.
Public investment project means an investment project entirely or partially funded by the capital budget for public investment.
Emergency project means an investment project subject to the decision made by competent authorities, which is aimed at timely overcoming the aftermaths of natural disasters and other unexpected circumstances.
Public investment means the Government’s program and project on socio-economic infrastructural construction and socio-economic development.
Investment in the form of public-private partnerships means the investment contract between competent State agencies and investors or project management enterprises in order to execute, manage and operate infrastructural and public utility development projects.
Public investment activity is composed of the formulation, evaluation and decision of investment policies or intentions; design, appraisal and decision of public investment programs and projects; formulation, evaluation, approval, assignment, development and execution of public investment plans; management and use of the budget capital for public investment; monitoring, supervision, evaluation, examination, inspection of public investment plans, programs and projects.
Public investment plan means a combination of targets; orientation and listing of public investment programs and projects; balance of the budget capital for public investment; plans of budget allotment; and approaches to resource mobilization and project execution.
Outstanding debts arising from infrastructural construction means the value of accepted workloads described in the public investment plan and approved by competent authorities but the budget has not been allotted to pay for the execution of these workloads yet.
Decentralization of state management of public investment means the determination of rights and responsibilities of competent agencies, organizations, and individuals involved in public investment activities.
Budget capital for public investment stipulated in this Law includes funds derived from the State budget, government bonds, local government bonds, official development assistance (briefly called ODA), overseas concessional loans, government credits for investment and development purposes, retained revenues of the state budget that have not been recorded in the state budget balance and other loans secured by the local budget for public investment purposes.

Article 5. Investment in public sectors

Investment in socio-economic infrastructure programs and projects.
Investment in ancillary facilities for regulatory agencies, public service providers, political institutions and socio-political organizations.
Investment and assistance in public product and service supply activities.
Governmental investment in projects to be executed in the form of a public-private partnership.

Article 6. Classification of public investment projects

Depending on the nature of public investment projects, they are classified into the followings:
a) Construction projects such as new construction, renovation, upgradation and expansion of existing investment and construction projects, including the procurement of assets, devices and equipment;
b) Non-construction projects such as asset procurement; receipt of the disposition of land use right; purchase, repair and upgradation of equipment and machinery; and other projects that are not subject to regulations specified at Point a of this Clause.
Depending on the significance and size of public investment projects, they are classified into national important projects; Group-A, Group-B and Group-C projects which conform to the criteria regulated in Article 7, 8, 9 and 10 of this Law.

Article 7. Criteria for classifying national important projects
National important projects are independent investment projects or a cluster of closely combined projects which meet one of the following criteria:

Using a sum of above VND 10,000 billion as the budget capital for public investment;
Creating or facing the possibility of creating substantial impacts on the environment, including:
a) Nuclear power plants;
b) Use of a land parcel that requires the conversion of land use purpose such as a national park; a wildlife sanctuary; a protected landscape area; a forest covering an area of above 50 hectares that serves the purpose of scientific research and experiment; a protection forest covering an area of above 500 hectares which is aimed at barricading windflow, sand, wind wave and encroaching on the sea as well as protecting the environment; a production forest covering an area of above 1,000 hectares;
Utilizing a land parcel, covering an area of 500 hectares, which requires the conversion of land use purpose from the land parcel used for wet rice agriculture with more than two crops;
Migrating and resettling more than 20,000 residents at mountainous regions and more than 50,000 residents at other regions;
Other projects that require the application of special regulations and policies, which are subject to the National Assembly’s decisions.

Article 8. Classification criteria for Group-A projects
Except for national important projects stipulated in Article 7 of this Law, projects that meet one of following criteria are classified as Group-A projects:

Regardless of the total investment, such projects are classified according to following criteria:
a) Projects located in the vicinity of special national sites;
b) Projects located at extremely important areas in terms of national defence and security according to legal regulations on national defence and security;
c) National defense and security projects that are characterized as the state secrets;
d) Hazardous substance and explosive manufacturing projects;
dd) Infrastructural construction projects for industrial, processing and exporting zones;
Projects financed by the total investment amount of more than VND 2,300 billion and classified by the following sectors:
a) Traffic infrastructure, including wharfs at the sea or river, airport, railroads and national highways;
b) Power generation industry;
c) Oil and gas extraction;
d) Chemical, fertilizer and cement;
dd) Mechanical engineering and metallurgy;
e) Mineral extraction and processing;
g) Residential construction;
Projects financed by the total investment amount of more than VND 1,500 billion and classified by the following sectors:
a) Traffic infrastructure, exclusive of those regulated at Point a Clause 2 of this Article;
b) Irrigation;
c) Water supply and drainage and technical infrastructure;
d) Electrical engineering;
dd) Communication and electronic device manufacturing;
e) Pharmaceutical chemistry;
g) Material production, exclusive of those regulated at Point d Clause 2 of this Article;
h) Mechanical construction, exclusive of those regulated at Point d Clause 2 of this Article;
i) Post and telecommunications;
Projects financed by the total investment amount of more than VND 2,300 billion and classified by the following sectors:
a) Agriculture, forestry and aquaculture;
b) National park and wildlife sanctuary;
c) Technical infrastructure for new urban zones;
d) Industrial sector, exclusive of industrial projects regulated in Clause 1, 2 and 3 of this Article;
Projects financed by the total investment amount of above VND 800 billion and classified by the following sectors:
a) Health care, culture and education;
b) Scientific research, information science, radio and television broadcasting;
c) Treasure;
d) Tourism and sport;
dd) Civil construction, exclusive of residential development projects regulated at Point g Clause 2 of this Article.

Article 9. Classification criteria for Group-B projects

Projects classified by the sectors stipulated in Clause 2 Article 8 of this Law and financed by the total investment amount ranging from VND 120 billion to below VND 2,300 billion.
Projects classified by the sectors stipulated in Clause 3 Article 8 of this Law and financed by the total investment amount ranging from VND 80 billion to below VND 1,500 billion.
Projects classified by the sectors stipulated in Clause 4 Article 8 of this Law and financed by the total investment amount ranging from VND 60 billion to below VND 1,000 billion.
Projects classified by the sectors stipulated in Clause 5 Article 8 of this Law and financed by the total investment amount ranging from VND 5 billion to below VND 800 billion.

Article 10. Classification criteria for Group-C projects

Projects classified by the sectors stipulated in Clause 2 Article 8 of this Law and financed by the total investment amount of below VND 120 billion.
Projects classified by the sectors stipulated in Clause 3 Article 8 of this Law and financed by the total investment amount of below VND 80 billion.
Projects classified by the sectors stipulated in Clause 4 Article 8 of this Law and financed by the total investment amount of below VND 60 billion.
Projects classified by the sectors stipulated in Clause 5 Article 8 of this Law and financed by the total investment amount of below VND 45 billion.

Article 11. Adjustment to classification criteria for public investment projects

The National Assembly decides on any adjustment to classification criteria for national important projects as prescribed in Article 7 of this Law.
The Government must submit the Standing Committee of the National Assembly to decide on any adjustment to classification criteria for public investment projects as prescribed in Article 8, 9 and 10 of this Law and report the National Assembly in the next plenum.
Adjusting classification criteria for public-sector projects stipulated in Clause 1 and 2 of this Article is required if there is a wide fluctuation in price indices or major changes in the decentralization of public investment management concerning classification criteria for public investment project or other key elements affecting classification criteria for public investment projects.

Article 12. Rules of public investment management

Observe legal regulations on the management and use of the budget capital for public investment.
Conform to socio-economic development strategy, five-year socio-economic development plan, socio-economic development planning and sectoral development planning.
Exercise proper rights and responsibilities of State management agencies, organizations and individuals involved in the management and use of the budget capital for public investment.
Manage the use of the budget capital for public investment according to appropriate regulations on each capital source; ensure sufficiency, consistency, cost efficiency, effectiveness and capability of balancing all relevant resources for public investment activities; avoid any possible loss and mismanagement.
Ensure the public disclosure and transparency for public investment activities.
Encourage organizations and individuals to carry out direct investment or investment activities in the form of public-private partnership for socio-economic infrastructural and public utility development projects.

Article 13. Contents of public investment management

Issue and follow legislative documents about public investment.
Design and implement the strategy, program, plan, planning, initiative and policy for public investment.
Keep track of and provide information about the management and use of the budget capital for public investment.
Evaluate the effectiveness of public investment activities; examine and inspect the compliance with legal regulations on public investment as well as plan or planning for public investment.
Handle any violation, settle complaints or denunciations from organizations and individuals involved in public investment activities.
Commend agencies, organizations, units and individuals that gain excellent achievements in public investment activities.
Enter into international cooperation on the public investment.

Article 14. Public disclosure and transparency in public investment activities

Contents that require the public disclosure and transparency in public investment activities are composed of:
a) Policies, laws and the introduction of such policies and laws on the management and use of the budget capital for public investment;
b) Principles, criteria and allotment of the budget capital for public investment activities;
c) Principles, criteria and bases for the determination of project portfolio in mid-term and annual public investment plan;
d) Planning, proposal and program for public investment activities at local areas where project sites are located; allotment of the budget capital for specific public investment programs, which depends much on each fiscal year, progress of execution and disbursement of project fund;
dd) Project portfolio throughout local areas where project sites are located, including size, total investment amount, schedule and construction site; evaluation report on common effects of such projects on local areas where project sites are located;
e) Mid-term or annual plan for the allotment of budget capital for public investment activities, depending on each capital source, including project portfolio and allocated amount of the budget capital for each project;
g) Report on the mobilization of resources and other funds for the implementation of public investment projects;
h) Analysis and report on achievements or outcomes of investment plans, programs and projects;
i) Report on the progress of project execution and disbursement of different project funds;
k) Analysis and report on the acceptance testing and evaluation of investment programs and projects.
Heads of related agencies, organizations and units must publicize the contents regarding public investment activities in accordance with legal regulations.

Article 15. Expenses incurred from formulation, appraisal, supervision, monitoring, evaluation and inspection of public investment plans, programs and projects

Expenses incurred from the formulation and appraisal of report on investment intentions for national target programs or public investment programs funded by allocated expenditures from the state budget granted to the agency and unit in charge of these tasks.
Expenses incurred from the formulation and appraisal of pre-feasibility study report and report on investment intentions, financed by the fund for the preparation of investment projects.
Expenses incurred from the formulation and appraisal of public investment plans funded by allocated expenditures or current expenditures from the state budget granted to the agency or unit in charge of these tasks.
Expenses incurred from the supervision, monitoring and evaluation of public investment plans, programs and projects funded by allocated expenditures or current expenditures from the state budget granted to the agency or unit in charge of these tasks.
Expenses incurred from the inspection of public investment plans, programs or projects funded by current expenditures allocated from the state budget to the agency or unit in charge of this task.
In respect of public investment programs and projects financed by ODA funds and overseas concessional loans, foreign donors are encouraged to provide financial support to cover these expenses as prescribed in this Article.

Article 16. Prohibited public investment acts

The decision on investment policies or intentions is not aligned with investment strategy, planning and proposal; is not made under the proper authority; fails to comply with processes or procedures regulated by laws; fails to get investment funds balanced.
The decision to approve investment programs and projects has been made prior to the decision on investment policies made by competent authorities or without compliance with investment policies approved by competent authorities. The decision to adjust total fund for investment programs or projects in contrast to legal regulations on public investment.
Any misuse or abuse of power or authority is aimed at committing appropriation, mercenary act and corruption in the management and use of the budget capital for public investment.
Program leader and investor enter into collusion with advisory organizations to obtain the decision on investment policies or intentions as well as approve investment programs and projects, which leads to any possible loss and mismanagement of state budget, assets and national resources; any harmful effect and infringement against individual and community’s welfare or benefits.
Any illegal act of offering, accepting bribes or acting as a bribe broker is detected
Any illegal request for organization or individual’s investment in proposed investment programs and projects that have not been officialized by the decision on investment policies or approved or funded by allocated expenditures from the state budget has been made, which can cause outstanding debts incurred from infrastructural construction.
The budget capital for public investment is misused, mismanaged and exceeds required investment fund as stipulated by laws.
All information, documents and materials concerning the decision on investment policies, investment decision and implementation of investment programs or projects are falsified or misrepresented.
Deliberate acts of reporting and providing inaccurate and biased information are aimed at affecting the formulation, appraisal and decision of investment plans, programs and projects.
Deliberate acts of reporting and providing inaccurate and biased information are aimed at adversely affecting the supervision, monitoring, evaluation and inspection as well as handling of violations during the implementation of investment plans, programs and projects.
Deliberate acts of destruction, fraud, concealment or failure to retain a full amount of materials, records and documents regarding the decision on investment policies, investment decision and implementation of investment programs and projects are performed.
Obstruction of the detection of any violation against laws on public investment.

Chapter II
INVESTMENT POLICY OR INTENTION AND DECISION ON PUBLIC INVESTMENT PROGRAM AND PROJECT
Section 1: FORMULATING, APPRAISING AND DECIDING ON INVESTMENT POLICY OR INTENTION
Article 17. Authority to decide on investment policies on public investment programs and projects

The National Assembly has the authority to decide on investment policies on public investment programs and projects below:
a) National target program;
b) National important project.
The Government has the authority to decide on investment policies on target programs financed by funds derived from the State budget, government bonds, local authority bonds, ODA, overseas concessional loans, the government credit for investment and development purposes, state budget revenues retained but not recorded in the state budget balance.
The Prime Minister has the authority to decide on investment policies on public investment programs and projects below:
a) Group-A projects;
b) Projects financed by funds derived from the state budget, managed by the Central Committee of the Vietnam Fatherland Front, socio-economic organizations and other competent agencies.
c) Emergency projects financed by the state budget;
d) Investment programs financed by funds derived from ODA and overseas concessional loans, exclusive of national target programs and target programs as stipulated in Clause 1 and Clause 2 of this Article;
dd) Projects financed by funds derived from ODA and overseas concessional loans as stipulated by the Government.
Heads of ministries and central agencies have the authority to decide on investment policies on the following projects:
a) Group-B and Group-C projects financed by investment funds derived from the State budget, government bonds, local authority bonds, ODA, overseas concessional loans, the government credit for investment and development purposes, state budget revenues which are retained but not recorded in the state budget balance under their authority, exclusive of those regulated at Point c Clause 3 of this Article;
b) Projects financed by funds derived from ODA and overseas concessional loans under their administration, exclusive of those regulated at Point dd Clause 3 of this Article.
The People’s Councils at all administrative levels have the authority to decide on investment policies on public investment programs and projects below:
a) Investment program financed by local balanced fund allocated from the state budget and funds derived from local authority bond, state budget revenues under their control which are retained but not recorded in the state budget balance, which are all decided by the People’s Council at all administrative levels, as well as other loans secured by the local budget to serve the public investment purpose;
b) Group-B projects and Group-C priority projects under their administration, exclusive of those regulated at Point dd Clause 3 of this Article. Group-C priority projects located in local areas shall be decided by provincial People’s Councils in alignment with objectives, developmental orientation, financial competence and particular characteristics of these areas.
The People’s Committee at all administrative levels has the authority to decide on investment policies under their administration, exclusive of those regulated in Clause 1, 2, 3, 4 and 5 of this Article.

Article 18. Requirements for the decision on investment policies on public investment programs and projects

Conform to socio-economic development strategy, planning and proposal, approved by competent authorities.
Avoid overlapping public investment programs or projects that have been put into operation after the decision on investment policies or investment decision has been made.
Conform to the capability of balancing the budget capital for public investment and the capability of mobilizing other funds for any program or project that requires different financial sources.
Conform to the capability for applying for government loans and repaying government debts.
Ensure the efficiency in socio-economic development, national defense and security as well as sustainable development projects.
Prioritize any project that is carried out in the form of public-private partnership and has the high rate of return on investment.

Article 19. Process and procedure for the decision on investment policies on national target programs and national important projects

The agency that has been assigned to prepare investment programs and projects must be responsible to:
a) Assign their affiliates to compile reports on investment intentions on national target programs and pre-feasibility study reports for national important projects;
b) Assign a competent unit or establish a Council to appraise reports on investment intentions and pre-feasibility study reports;
c) Submit complete reports on investment intentions and pre-feasibility study reports to the Prime Minister.
The Prime Minister must establish the State Council for appraisal of public investment projects chaired by the Minister of Planning and Investment to appraise reports on investment intentions for national target programs as well as pre-feasibility study reports for national important projects.
The Government must submit their intentions in investing in national target programs and national important projects to the National Assembly for their consideration and decision on this matter.
The National Assembly’s regulatory bodies must investigate and verify all relevant documents about national target programs and national important projects, submitted by the Government.
The National Assembly shall consider and approve the Resolution on investment intentions for national target programs and national important projects. Contents of the Resolution enforced by the National Assembly must clearly specify objective, size, total investment, main developmental technology, site location, execution schedule, progress, solution and policy of above-mentioned programs or projects.

Article 20. Dossier on the decision on investment intentions for national target programs and national important projects

The Government’s statement.
Report on investment intentions for national target programs and pre-feasibility study report for national important projects.
Appraisal report prepared by the State Council for appraisal of public investment programs and projects.
Other relevant documents.

Article 21. Regulated processes and contents of the inspection and verification of investment intentions for national target programs and national important projects

Processes of investigation and verification tasks are regulated as follows:
a) No later than 60 days ahead of the opening day of the National Assembly’s plenum, the Government shall send a dossier on the decision on investment intentions for national target programs and national important projects to the National Assembly’s agency in charge of investigation and verification tasks.
b) The assigned agency mainly in charge of investigation and verification tasks shall request the Government and relevant entities to report issues regarding contents of national target programs and national important projects; arrange working sessions with responsible parties to deal with issues regarding contents of national target programs and national important projects;
c) Entities subject to investigation and verification are requested to provide an adequate amount of supportive information and materials.
Contents of investigation and verification tasks include:
a) Conformity to the accepted criteria for classifying national target programs and national important projects;
b) Importance or significance of investing in public investment programs and projects;
c) Compliance with legal regulations;
d) Suitability for socio-economic development strategy, proposal and planning as well as sectoral development planning;
dd) Basic specifications of public investment programs and projects, including objective, size, investment method, coverage, site location, required land area, schedule, progress, main technology alternative, solution to environment protection, capital source, rate of return on investment, loan repayment capability or solvency.
e) Ensure the efficiency in socio-economic growth, national defense and security as well as sustainable development;
g) Assessment of conformity to the planning for the utilization of land parcels, natural recourses, approaches to population migration, residential and agricultural resettlement for national important projects to be executed in the country;
h) Risk assessment of outward investment projects of national importance to be executed in foreign countries.

Article 22. Processes and procedures for the decision on investment intentions for public investment programs made by the Government

Program leader is responsible to:
a) Assign their affiliates to compile the report on investment intentions;
b) Assign a competent unit or establish a Council to appraise the report on investment policies;
c) Submit the complete report on investment intentions to the Prime Minister.
The Prime Minister shall direct the establishment of an intersectoral Council or assign the Ministry of Planning and Investment to lead and cooperate with relevant agencies to appraise the report on investment intentions. If an intersectoral Council is founded, the Ministry of Planning and Investment shall direct and cooperate with the Ministry of Finance and relevant agencies to appraise investment portfolio and portfolio balancing capability.
Program leader must submit the complete report on investment intentions according to the appraisal result mentioned in Clause 2 of this Article to the Government.
The Government shall consider and decide on investment intentions for public investment programs, including objective, coverage, size, total investment, schedule, progress, solution and policy.

Article 23. Processes and procedures for the decision on investment intentions for Group-A projects

Heads of central bodies and committee of Vietnam Fatherland Front, socio-political organizations and other entities must be responsible to:
a) Assign their affiliates to conduct the pre-feasibility study report;
b) Assign a competent unit or establish a Council to appraise the pre-feasibility study report, investment portfolio and portfolio balancing capability;
c) Direct entities regulated at Point a of this Clause to submit the complete pre-feasibility study report to the Prime Minister.
The President of the provincial People’s Committee is responsible to:
a) Assign their competent agencies or the People’s Committee of a district to prepare the pre-feasibility study report;
b) Establish the Appraisal Council chaired by a Vice President of provincial People’s Committee, joined by the Department of Planning and Investment that works as the Standing Committee of the Council and relevant entities that work as members of the Council in order to appraise pre-feasibility study report, investment portfolio and portfolio balancing capability;
c) Direct relevant agencies regulated at Point a of this Clause to submit a complete pre-feasibility study report with reference to the appraisal result as prescribed at Point b of this Clause to provincial People’s Committee;
d) Before submitting the aforesaid report to the Prime Minister, call for advice from provincial People’s Committee.
The Prime Minister decides to establish the intersectoral Council for the appraisal or assign the agency to lead the appraisal of pre-feasibility study report on the basis of the request of the Ministry of Planning and Investment.
The Ministry of Planning and Investment shall direct and cooperate with the Ministry of Finance to appraise investment portfolio and portfolio balancing capability for projects financed by funds derived from:
a) Central budget, government bond, ODA fund and overseas concessional loans;
b) State budget revenues that are retained but have yet to be recorded in the state budget balance, managed by Ministries or central governing bodies;
c) State budget revenues that are retained but have yet to be recorded in the state budget balance, managed by other entities according to legal regulations.

The appraisal result shall be sent to the intersectoral Council for the appraisal or the management agency of the appraisal by the Ministry of Planning and Investment as stipulated in Clause 3 of this Article.

The intersectoral Council or management agency of the appraisal as prescribed in Clause 3 of this Article shall send the abovementioned result to relevant agencies and local authorities to make the complete pre-feasibility study report for submission to the Prime Minister.
The Prime Minister shall issue the decision on investment intentions, comprising such information as objective, size, total investment, capital structure, site location, execution schedule and progress of programs or projects.

Article 24. Processes and procedures for the decision on investment intentions for programs and projects financed by ODA fund and overseas concessional loans

Given socio-economic development strategy and five-year socio-economic development plan, the Ministry of Planning and Investment shall direct and cooperate with the Ministry of Finance and relevant authorities as well as donors to outline cooperation directions and sectors prioritized to get access to ODA fund and overseas concessional loans.
Given cooperation directions, sectors prioritized to have access to ODA fund and overseas concessional loans, demands for capital mobilization, donor’s funding requirements, the governing body must send the request for grants from donors and the proposal of public investment programs or projects to the Ministry of Planning and Investment.
With reference to the direction for international cooperation with foreign donors and sectors prioritized to have access to ODA fund and overseas concessional loans, the Ministry of Planning and Investment must direct and cooperate with the Ministry of Finance, relevant authorities and such donors to choose proper proposal of public investment programs or projects as well as notify the governing body to prepare pre-feasibility study report or report on investment intentions.
With regard to national target program and national important project, processes and procedures for deciding on investment intentions shall comply with regulations specified in Article 19, 20 and 21 of this Law.
With regard to public investment programs under the decision-making authority of the Government, processes and procedures for deciding on investment intentions must conform to regulations specified in Article 22 of this Law.
In respect of Group-A projects, processes and procedures for making the decision on investment intentions must conform to Article 23 of this Law.
In respect of other public investment programs or projects under the decision-making authority of the Prime Minister as prescribed at Point d and Point dd Clause 3 Article 17 of this Law, processes and procedures for making the decision on investment intentions must be observed as follows:
a) The governing body shall send pre-feasibility study report or report on investment intentions to the Ministry of Planning and Investment;
b) The Ministry of Planning and Investment shall lead the appraisal of pre-feasibility study report or report on investment intentions, investment portfolio and portfolio balancing capability for submission to the Prime Minister;
c) The Prime Minister shall consider and decide on these investment intentions.
In respect of public investment programs or projects that are not under the decision-making authority of responsible entities as prescribed in Clause 1, 2 and 3 Article 17 of this Law, processes and procedures for making the decision on investment intentions must be observed as follows:
a) The governing body shall seek advice from the Ministry of Planning and Investment, the Ministry of Finance and relevant agencies about investment intentions;
b) The Ministry of Planning and Investment shall carry out the appraisal of investment portfolio and portfolio balancing capability;
c) With reference to advice from relevant agencies and the appraisal result of investment portfolio and portfolio balancing capability from the Ministry of Planning and Investment, the governing body must perform the appraisal and decide on investment intentions.

Article 25. Processes and procedures for the decision on investment intentions for Group-B and Group-C projects managed by the central committee of Vietnamese Fatherland Front and socio-political institutions and other relevant agencies or organizations

Head of the central committee of Vietnam Fatherland Front, socio-political institutions and other relevant agencies or organizations must be responsible to:
a) Assign their affiliates to compile the report on investment intentions;
b) Assign a competent unit or establish a Council to appraise the report on investment intentions;
c) Direct relevant agencies regulated at Point a of this Clause to submit the complete report on investment intentions to the Ministry of Planning and Investment.
The Ministry of Planning and Investment shall direct and cooperate with relevant agencies to perform the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability.
The central committee of Vietnam Fatherland Front and socio-political institutions as well as other agencies or organizations must accomplish the report on investment intentions according to the appraisal result regulated in Clause 2 of this Article for submission to the Prime Minister.
The Prime Minister shall consider and decide on investment intentions, including objective, size, total investment, capital structure, site location, execution schedule and progress of programs or projects.

Article 26. Processes and procedures for the decision on investment intentions for Group-B and Group-C projects financed by central budget, government bond and fund derived from state budget revenues that are retained for public investment but not recorded in the state budget balance from Ministries or centrally-governed regulatory bodies

Ministers and Heads of central governing bodies are responsible to:
a) Assign their affiliates to compile the report on investment intentions;
b) Assign a competent unit or establish a Council to appraise the report on investment intentions;
c) Direct relevant agencies regulated at Point a of this Clause to submit the complete report on investment intentions to the Ministry of Planning and Investment.
The Ministry of Planning and Investment shall lead and cooperate with the Ministry of Finance to perform the appraisal of investment portfolio and portfolio balancing capability.
Given the appraisal result regulated in Clause 1 and Clause 2 of this Article, Ministers and Heads of central governing bodies shall issue the decision on investment intentions, enclosing proper information such as objective, size, total investment, capital structure, site location, execution schedule and progress of programs or projects.

Article 27. Processes and procedures for the decision on investment intentions for Group-B and Group-C projects financed by central budget and government bond managed by local authorities

The President of People’s Committee at all administrative levels is responsible to:
a) Assign their competent departments or subordinate People’s Committees to prepare the report on investment intentions;
b) Establish a Council to appraise the report on investment intentions, investment portfolio and portfolio balancing capability;
c) Direct relevant agencies regulated at Point a of this Clause to accomplish the report on investment intentions.
In terms of Group-B projects and Group-C priority projects:
a) In terms of Group-B projects and Group-C priority projects managed by provincial People’s Committee, the Department of Planning and Investment shall be assigned to perform the appraisal of investment portfolio and portfolio balancing capability before submitting the report on investment intentions to provincial People’s Council to seek their consent.

After provincial People’s Council has granted their consent, provincial People’s Committee shall submit the report on investment intentions to the Ministry of Planning and Investment.

b) In terms of Group-B projects and Group-C priority projects managed by the People’s Committee of a district and commune, the People’s Council at the same administrative level shall be advised to seek their consent to the report on investment intentions.

After the People’s Council at the same administrative level has granted their consent, district-level and communal People’s Committee shall submit the report on investment intentions to the provincial People’s Committee. The provincial People’s Committee shall assign their Department of Planning and Investment to carry out the appraisal of investment portfolio and portfolio balancing capability before submitting the report on investment intentions to the Ministry of Planning and Investment;

c) The Ministry of Planning and Investment shall lead and cooperate with the Ministry of Finance to perform the appraisal of investment portfolio and portfolio balancing capability;
d) The provincial People’s Committee shall direct the accomplishment of the report on investment intentions in compliance with the appraisal result from the Ministry of Planning and Investment;
dd) The People’s Committee shall submit the decision on investment intentions, granted to the investment project, to the People’s Council at the same administrative level, which comprises required information such as objective, size, total investment, capital structure, site location, execution schedule and progress.
3) In terms of Group-C projects that are not governed by the regulations specified in Clause 2 of this Article:
a) With regard to investment projects managed by the provincial People’s Committee, the Department of Planning and Investment shall be assigned to carry out the appraisal of investment portfolio and portfolio balancing capability before submitting the report on investment intentions to the Ministry of Planning and Investment;
b) With regard to investment projects managed by district-level or communal People’s Committee, the President of district-level or communal People’s Committee must send the report on investment intentions to the provincial People’s Committee. The provincial People’s Committee shall assign the Department of Planning and Investment to carry out the appraisal of investment portfolio and portfolio balancing capability before submitting the report on investment intentions to the Ministry of Planning and Investment;
c) The Ministry of Planning and Investment shall lead and cooperate with the Ministry of Finance to perform the appraisal of investment portfolio and portfolio balancing capability;
d) The provincial People’s Committee shall direct the accomplishment of the report on investment intentions in compliance with the appraisal result from the Ministry of Planning and Investment;
dd) The People’s Committee at all administrative levels shall make the decision on investment intentions which comprises required information such as objective, size, total investment, capital structure, site location, execution schedule and progress.

Article 28. Processes and procedures for the decision on investment intentions for public investment programs totally financed by local balanced fund allocated from the state budget and funds derived from local government bond, state budget revenues that are retained but not recorded in the local budget balance as well as other loans secured by the local budget to serve the public investment purpose

Program leader is responsible to:
a) Assign their affiliates to compile the report on investment intentions;
b) Assign a competent unit or establish a Council to appraise the report on investment intentions;
c) Submit the complete report on investment intentions to the People’s Committee at the same administrative level.
The President of People’s Committee at all administrative levels is responsible to:
a) With regard to provincially-managed investment programs, the President of the provincial People’s Committee shall establish a Council for the appraisal as prescribed at Point b Clause 2 Article 23 of this Law or assign the Department of Planning and Investment to lead and cooperate with relevant agencies to perform the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability;
b) With regard to investment programs managed by district-level or communal authorities, the President of district-level or communal People’s Committee must establish a Council for the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability.
Program leader must accomplish the report on investment intentions for public investment program for submission to the People’s Committee at the same administrative level.
The People’s Committee must submit the decision on investment intentions to the People’s Council at the same administrative level.
Given the appraisal result regulated in Clause 2 of this Article, the People’s Council at all administrative levels shall make a decision on investment intentions, enclosing required information such as objective, size, total investment, site location, execution schedule and progress of public investment programs or projects.

Article 29. Processes and procedures for the decision on investment intentions for Group-B projects and Group-C priority projects financed by local balanced fund allocated from the state budget and funds derived from local government bond, state budget revenues that are retained but not recorded in the local budget balance as well as other loans secured by the local budget to serve the public investment purpose

The agency that has been assigned to prepare the report on investment intentions must be responsible to:
a) Assign their affiliates to compile the report on investment intentions;
b) Assign a competent unit or establish a Council to appraise the report on investment intentions;
c) Submit the complete report on investment intentions to the People’s Committee at the same administrative level.
With regard to investment projects financed by local balanced fund allocated from the state budget to the province and funds derived from revenues that are retained but not recorded in the provincial budget balance as well as other loans secured by the local budget to serve the public investment purpose:
a) The President of the provincial People’s Committee shall establish a Council for the appraisal as prescribed at Point b Clause 2 Article 23 of this Law or assign the Department of Planning and Investment to lead and cooperate with relevant agencies to perform the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability;

With regard to investment projects managed by the local authorities at district and communal administrative levels, the People’s Council at the same administrative level shall be advised by district-level or communal People’s Committee to seek their consent to the report on investment intentions.

b) Given the appraisal result stipulated at Point a of this Clause, the assigned agency in charge of the preparation of the report on investment intentions shall send the complete report to provincial People’s Committee which shall be then submitted to provincial People’s Council to seek their consent to the decision on investment intentions, which encloses required information such as objective, size, total investment, site location and execution schedule.
With regard to investment projects financed by balanced budget at district and communal administrative levels and fund derived from revenues of state budget that have been retained but not recorded in the local budget at district and communal administrative levels, the district-level or communal People’s Committee must submit the report on investment intentions to the People’s Council at the same administrative level, which encloses required information such as objective, size, total investment, site location and execution schedule.

Article 30. Processes and procedures for the decision on investment intentions for Group-C projects financed by local balanced fund allocated from the state budget at provincial administrative level and funds derived from local government bond, state budget revenues that are retained but not recorded in the local budget balance at the provincial administrative level as well as other loans secured by the local budget to serve the public investment purpose

The assigned agency in charge of the preparation of the report on investment intentions must be responsible to:
a) Assign their affiliates to compile the report on investment intentions;
b) Assign a competent unit or establish a Council to appraise the report on investment intentions;
c) Submit the complete report on investment intentions to the provincial People’s Committee.
The Department of Planning and Investment shall lead and cooperate with relevant agencies to perform the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability.
Given the appraisal result stipulated in Clause 2 of this Article, the assigned agency in charge of the preparation of the report on investment intentions must submit the complete report on investment intentions to provincial People’s Committee.
The provincial People’s Committee shall make a decision on investment intentions which encloses required information such as objective, size, total investment, site location, execution schedule and progress.

Article 31. Processes and procedures for the decision on investment intentions for Group-C projects financed by local balanced fund allocated from the state budget at district or communal administrative levels and funds derived from revenues that are retained but not recorded in the local budget balance at district or communal administrative levels

As regards investment projects financed by balanced fund allocated from local state budget at district administrative level and fund derived from revenues that have been retained but not recorded in local state budget at district administrative level:
a) The President of district-level People’s Committee must assign a competent agency or communal People’s Committee to prepare the report on investment intentions and establish a Council for the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability;
b) The assigned agency in charge of the report on investment intentions must submit the complete report to district-level People’s Committee;
c) The People’s Committee of a district must make a decision on investment intentions which encloses required information such as objective, size, total investment, capital structure, site location, execution schedule and progress.
In terms of investment projects financed by balanced fund allocated from local state budget at communal administrative level and fund derived from revenues that have been retained but not recorded in local state budget at communal administrative level:
a) The President of communal People’s Committee must prepare the report on investment intentions and establish a Council for the appraisal of the report on investment intentions, investment portfolio and portfolio balancing capability;
b) The communal People’s Committee must make a decision on investment intentions which encloses required information such as objective, size, total investment, capital structure, site location, execution schedule and progress.

Article 32. Rules, processes and procedures for the decision on investment intentions for investment projects financed by government loan capital intended for investment and development

The decision on investment intentions for projects financed by government loan capital intended for investment and development must be aimed at proper entities or sectors stipulated by legal regulations.
Processes and procedures for the decision on investment intentions:
a) With regard to national important project, processes and procedures for deciding on investment intentions must conform to regulations specified in Article 19, 20 and 21 of this Law;
b) With regard to Group-A projects, processes and procedures for making the decision on investment intentions must conform to Article 23 of this Law;
c) With regard to Group-B and Group-C projects managed by Ministries and central regulatory bodies, processes and procedures for making the decision on investment intentions must conform with Article 26 of this Law;
d) With regard to Group-B and Group-C managed by the central committee of Vietnamese Fatherland Front and socio-political institutions as well as other relevant agencies or organizations, processes and procedures for deciding on investment intentions must conform to Article 25 of this Law;
dd) With regard to Group-B and Group-C managed by provincial People’s Committee, processes and procedures for deciding on investment intentions must conform to Article 29 and 30 of this Law.

Article 33. Rules, processes and procedures for the decision on investment intentions for emergency projects and projects to be developed in the form of public-private partnership

The decision on investment intentions for emergency projects is aimed at timely overcoming the aftermaths of natural disasters and other unexpected circumstances as well as ensuring the effective use of the budget capital for public investment, avoiding any possible loss and mismanagement.
The decision on investment intentions for projects to be developed in the form of public-private partnership must conform to the following rules:
a) Comply with regulated requirements set out in Article 18 of this Law;
b) Ensure the sound management of the budget capital for public investment;
c) Facilitate investors and project management enterprises to play their active role in managing and using their contributed capital during the project development and execution, which conforms with investment objectives and commitments to the Government.
Procedural steps and contents of the decision on investment intentions for emergency projects and investment projects to be developed or executed in the form of public-private partnerships:
a) With regard to national important project, procedural steps and contents of the decision on investment intentions must conform to regulations specified in Article 19, 20 and 21 of this Law;
b) With regard to investment projects that are not subject to the regulations specified at Point a of this Clause, procedural steps and contents of the decision on investment intentions must conform to legal regulations.

Article 34. Contents of the decision on investment intentions on public investment programs
Major contents of the decision on investment intentions on public investment programs include:

Significance of investment programs in fulfilling objectives of socio-economic development strategy, planning and proposal;
Objective, coverage and size of an investment program;
Estimation of total investment and resource structuring for the program execution which enclose the list of projects or investment entities, the capability of balancing the budget capital for public investment and mobilizing other capital sources and resources;
Proposed progress of program execution which must conform to practical conditions and the capability of mobilizing different resources according to the proper priority with the aim of ensuring the sufficient and effective investment;
Determination of expenses incurred from the execution of an investment program and operation costs upon completion of an investment program;
Initial analysis and evaluation of impacts on the environment and social issues as well as measurement of the socio-economic effectiveness;
Classification of subprojects according to legal regulations;
Approaches to the execution of investment programs or projects.

Article 35. Contents of pre-feasibility study report for national important projects and Group-A projects

Contents of pre-feasibility study report for national important projects and Group-A construction projects must conform to legal regulations on construction activities.
Major contents of pre-feasibility study report for national important projects and Group-A non-construction projects are not the integral part must include:
a) Significance, requirement and evaluation of suitability of investment programs or projects for the investment planning and proposal;
b) Forecast of demands and supplies; proposed objectives, size and form of the public investment;
c) Site location, estimation of demands for land area and other resources;
d) Initial analysis and selection of technological application as well as capability of supplying raw materials, tools, machinery, equipment, energy, services and infrastructural facilities;
dd) Initial analysis and selection of investment plans and size of investment projects;
e) General plan for site clearance compensation, residential resettlement, environmental protection measures;
g) Initial analysis and evaluation of impacts on the environment and society;
h) Preliminary estimate of total investment, initiatives for capital mobilization and structuring;
i) Preliminary estimate of costs incurred from operation, maintenance activities and major repairs;
k) Proposed progress of project execution and staging of investment projects;
l) Preliminary estimate of effectiveness in socio-economic development;
m) Determination of parts of projects or subprojects (if any);
n) Approaches to the execution of investment programs or projects.

Article 36. Contents of the report on investment intentions for Group-B and Group-C investment projects
Major contents of the report on investment intentions for Group-B and Group-C investment projects include:

The significance and requirements as well as evaluation of the suitability of investment projects for investment planning and proposal;
Objectives, size, site location and coverage of investment projects;
Estimate of total investment, capital structure, the balancing capability of public investment portfolio, mobilization of different funds and resources for the project execution;
Proposed schedule of investment project execution in conformity with practical conditions and capability of resource mobilization in a proper order of priority, which ensures sufficient and effective investment;
Preliminary estimate of relevant costs incurred from the project execution and operating costs incurred upon completion of an investment project;
Analysis and preliminary evaluation of environmental and social impacts; preliminary assessment on the effectiveness of an investment project in terms of the socio-economic aspect;
Subordinate projects or subprojects (if any);
Approaches to the execution of investment programs or projects.

Article 37. Application documents, contents and schedule of project appraisal and decision on investment intentions for public investment programs and projects
Article 37. Application documents, contents and schedule of project appraisal, decision on investment intentions, investment portfolio evaluation and portfolio balancing capability for public investment programs and projects must conform to legal regulations.
Article 38. Decentralization of investment portfolio appraisal and portfolio balancing capability for public investment programs and projects

The Ministry of Planning and Investment shall take the leading role in performing the appraisal of investment portfolio and portfolio balancing capability for:
a) National target program;
b) Target program subject to the Government’s decision on investment intentions;
c) National important project;
d) Investment projects financed by central budget and government bond;
dd) Projects financed by ODA fund and overseas concessional loans;
e) Investment projects managed by central bodies and central committee of Vietnam Fatherland Front, socio-political institutions, other agencies and organizations, financed by government loans on investment and development activities and retained revenues of the state budget that have not been recorded in the state budget balance;
g) Investment projects financed by other funds according to legal regulations.
Before sending all relevant documents to the Ministry of Planning and Investment as prescribed in Clause 1 of this Article, Heads of central bodies and central committee of Vietnam Fatherland Front, socio-political institutions, other agencies and organizations must assign an investment management agency to perform preliminary assessment on investment portfolio and portfolio balancing capability for public investment programs and projects.
The President of the provincial People’s Committee shall assign the Department of Planning and Investment to direct and cooperate with related agencies to perform the appraisal of investment portfolio and portfolio balancing capability for the following programs or projects under their jurisdiction:
a) Investment program or project financed by the central budget, government bond, ODA fund and overseas concessional loans before provincial People’s Committee sends all relevant documents to the Ministry of Planning and Investment;
b) Investment program or project financed by provincial balanced fund allocated from the state budget and funds derived from retained revenues of the state budget that have not been recorded in the provincial budget balance as well as other loans secured by the local budget to serve the public investment purpose;
c) Investment project financed by government loans on investment and development activities.
The President of district-level or communal People’s Committee shall be assigned to appraise investment portfolio and portfolio balancing capability for following investment programs or projects under their jurisdiction:
a) Investment program or project financed by local balanced fund allocated from the state budget to a district or commune and funds derived from retained revenues of the state budget that have not been recorded in the local budget balance as well as other loans secured by the local budget to serve the public investment purpose;
b) Before sending all relevant documents regarding public investment activities, an assessment on the central budget, government bond, ODA fund and overseas concessional loans as well as provincial balanced funds allocated from the state budget, local government bond must be carried out;
c) Investment project financed by government loans on investment and development activities.

Section 2: DESIGN, APPRAISAL AND INVESTMENT DECISION FOR PUBLIC INVESTMENT PROGRAM OR PROJECT
Article 39. Authority to make the decision on investment program or project

The Prime Minister shall have the authority to decide on following projects or programs:
a) National target program and national important projects approved by the National Assembly;
b) Target program subject to the Government’s decision on investment intentions;
c) Investment programs and projects financed by ODA fund and overseas concessional loans on security, national defence, religion and other programs or projects regulated by the Government.
Heads of central bodies and central committee of Vietnam Fatherland Front, socio-political institutions and other agencies or organizations are granted the authority to decide on:
a) Group-A, Group-B and Group-C investment projects financed by the state budget, government bond and fund derived from government loans on investment and development activities as well as state budget revenues that are retained for public investment but not recorded in the state budget balance;
b) Group-A, Group-B and Group-C investment projects financed by ODA funds and funds derived from overseas concessional funds under their jurisdiction, exclusive of those regulated at Point Circular Clause 1 of this Article;
c) After decentralization or authorization, these entities have the authority to decide on Group-B and Group-C investment projects proposed by their subordinate agencies as stipulated at Point a and Point b of this Clause.
The President of the provincial People’s Committee has the authority to decide on:
a) Investment program entirely financed by provincial balanced fund allocated from the state budget and funds derived from government loans on investment and development activities, local government bonds or retained revenues of the state budget that have not been recorded in the provincial budget balance as well as other loans secured by the local budget to serve the public investment purpose;
b) Group-A, Group-B and Group-C projects investment projects under provincial administration, exclusive of those regulated at Point c Clause 1 of this Article;
c) After decentralization or authorization, (s)he has the authority to decide on Group-B and Group-C investment projects proposed by subordinate agencies as stipulated at Point b of this Clause.
The President of the People’s Committee of a district or commune has the authority to decide on:
a) Investment program totally financed by balanced budget at district and communal administrative levels and fund derived from revenues of the state budget that have been retained but not recorded in the local budget at district and communal administrative levels, which is under the decision-making authority of the People’s Council of a district or commune;
b) Group-B and Group-C investment projects financed by local balanced fund allocated from the state budget at district or communal administrative levels and funds derived from revenues of the state budget that are retained but not recorded in the local budget balance at district or communal administrative levels;
c) The President of People’s Committee of a district shall have the authority to assign and designate subordinate agencies to decide on investment projects as prescribed at Point b of this Clause.

Article 40. Bases for formulation, appraisal and decision for public investment program or project

Socio-economic development strategy and plan.
Socio-economic and sectoral development planning.
Significance of public investment program and project.
Objective of public investment program or project.
Investment intention decided by competent authorities.
Capability of mobilizing and balancing investment portfolio and other funds for investment program or project.

Article 41. Procedural steps of formulation, appraisal and decision for national target program

Based on the investment intention decided by the National Assembly, Program leader must submit feasibility study report to the Prime Minister.
The Prime Minister shall found the State Council for the appraisal of public investment program chaired by the Minister of Planning and Investment.
The State Council must perform the appraisal of contents as regulated in Clause 1 Article 47 and Clause 2 Article 48 of this Law.
Given the appraisal result of the State Council, Program leader must send feasibility study report and draft decision on investment program to the State Council for submission to the Prime Minister.
The Prime Minister shall consider and make the final decision.

Article 42. Procedural steps of formulation, appraisal and decision for public investment program under the Prime Minister’s authority to decide on investment intentions

Based on the investment intention decided by the Prime Minister, Program leader must formulate and appraise the investment program for submission to the Prime Minister as prescribed by laws.
The Ministry of Planning and Investment must appraise all relevant contents regulated in Clause 1 Article 47 and Clause 2 Article 48 of this Law.
Program leader must send feasibility study report and draft decision on investment program to the State Council for submission to the Prime Minister.
The Prime Minister shall consider and make the final decision.

Article 43. Procedural steps of formulation, appraisal and decision for public investment program under the People Council’s authority to decide on investment intentions

Based on the investment intention decided by the People’s Council, Program leader must formulate and appraise the investment program for submission to the People’s Committee at the same administrative level as prescribed by laws.
The People’s Committee shall perform the appraisal of contents regulated in Clause 1 Article 47 and Clause 2 Article 48 of this Law.
Program leader must accomplish a perfect program and draft investment decision for submission to the President of the People’s Committee for consideration and decision.

Article 44. Procedural steps of formulation, appraisal and decision for public investment project

In terms of national important project:
a) Based on the investment intention decided by the National Assembly, Program leader must send the feasibility study report for the investment project to the governing body for consideration and submission to the Prime Minister;
b) The Ministry of Planning and Investment shall report the Prime Minister to establish the State Council for the appraisal of investment projects;
c) The State Council must perform the appraisal of contents as regulated in Clause 2 and 3 of Article 47 and Clause 2 of Article 48 of this Law;
d) Given the appraisal result, investors must report a complete investment project to their governing agencies for their approval before sending it to the State Council for the appraisal;
dd) The State Council of the appraisal must submit all relevant documents regarding the investment project to the Prime Minister for consideration and decision on the investment project.
In terms of non-construction projects :
a) Given the investment intention decided by competent authorities, Program leader must make a complete feasibility study report for submission to competent authorities for their investment decision;
b) Heads of central bodies and central committee of Vietnam Fatherland Front, socio-political institutions and other agencies or organizations as well as the President of the People’s Committee at all administrative levels must establish the Council for the appraisal or assign investment management agency to perform the appraisal of investment project;
c) The appraisal council or investment management agency shall assess contents regulated in Clause 2 Article 47 and Clause 2 Article 48 of this Law;
d) Competent authorities shall decide on the investment after investors complete their feasibility study reports with reference to the appraisal result regulated at Point C of this Clause.
Procedural steps of formulation, appraisal and decision for construction investment projects must abide by legal regulations on construction and other relevant laws, exclusive of national important projects.
Procedural steps and contents of formulation, appraisal and decision for investment projects to be developed and executed in the form of public-private partnership must abide by legal regulations, exclusive of national important projects.

Article 45. Procedural steps of formulation, appraisal and decision for investment program or project financed by ODA funds and overseas concessional loans

After obtaining the decision on investment intentions, the governing body shall issue the decision on investment intentions and assign investors to cooperate with donors to submit complete feasibility study reports for investment programs or projects to competent authorities for their decision on investment program or project.
In respect of investment program or project under the Prime Minister’s jurisdiction as prescribed at Point c Clause 1 Article 39 of this Law:
a) Procedural steps of formulation, appraisal and decision for national target program and national important project shall comply with regulations specified in Article 41 and Clause 1 Article 44 of this Law;
b) The Ministry of Planning and Investment shall appraise feasibility study report for other investment projects for submission to the Prime Minister for the consideration and decision.
Head of the governing body must be responsible to perform the appraisal and make investment decision for investment program or project under their decision-making authority.
In terms of investment project or program financed by ODA fund and overseas concessional loans subject to domestic financial mechanism in the form of on-lending, the formulation and appraisal of investment program or project shall comply with this Law; financial plans for investment program or project, investor’s financial competence as prescribed in the law on public debt management and other relevant laws must be appraised as well.
The agency who is assigned to lead the appraisal must call for contributing opinions from relevant agencies, consider procedural steps and progress of program or project execution as well as seek advice from donors.

Article 46. Adjustment to investment program or project

Competent authorities who have the authority to decide on investment program as stipulated in Article 39 of this Law must carry out the adjustment to investment programs in case of:
a) Objectives and conditions of investment program execution have been changed in the socio-economic development strategy, planning and proposal;
b) Investment intentions of competent authorities have been changed or suspended;
c) Due to unexpected circumstances, investment objectives and contents and costs and schedule of program execution have been changed.
Competent authorities who make the decision on investment projects according to regulations specified in Article 39 of this Law must adjust the investment project in case of:
a) Due to unexpected circumstances, investment objectives and contents and costs and schedule of program execution have been changed.
b) Due to aftermaths of natural disasters and other unexpected circumstances that occur after the expiry date of investment project insurance;
c) Elements that help to bring about higher efficiency in terms of financial and socio-economic issues appear, which is generated from the adjustment to investment project and appraised by competent agencies;
d) Adjustment to investment planning can impact the investment project;
dd) Price index during the project execution is higher than that used to calculate the rate of price slippage in proportion to total investment decided by competent authorities.
Competent authorities are only entitled to adjust investment program and project after examination and assessment according to regulations set out in this Law.
Procedural steps and contents of formulation and appraisal of adjusted investment program or project shall adhere to legal regulations.

Article 47. Contents of feasibility study reports on programs and projects

A feasibility study report on the public investment program must include:
a) The necessary for investment;
b) Assessment of current conditions of sector and field conformable to the targets and within the scope of the program; emergency issues needing handled;
c) General and specific objectives, result and important targets in each stage;
d) Scale and scope of the program;
dd) The subprojects constituting the program that must be run in order to achieve the objectives of the program, order of priority and time for carrying out such projects;
e) The estimated total capital to run the program, capital allocation according to the objectives, subprojects and time for implementation; capital sources and plan for capital mobilization;
g) Proposed schedule and progress of program execution;
h) Methods of running the program; policies on the program; the probability of integration with other programs;
i) Request for international cooperation (if any);
k) The implementation of the program;
l) Evaluation of socio-economic effectiveness of the program.
A feasibility study report on non-construction projects must include:
a) The necessary for investment;
b) Assessment of conformity with the socio-economic development planning, sectoral development planning;
c) Analysis and determination of objectives, mandates and output result of the project; analysis and selection of suitable scale; determination of investment stages; selection of investment methods;
d) Analysis of natural conditions, technical-economic conditions and selection of investment location;
dd) Analysis and selection of technical methods, technology, equipment;
e) Plan for management and use of the project;
g) Environmental impact assessment and environmental protection measures;
h) Plan for compensation, site clearance and relocation;
i) Proposed progress and timeline of project execution;
k) Total investment, capital sources and plan for capital mobilization;
l) The cost of operation, maintenance and repair in the stage of project execution;
m) Project management including determination of investor, selection of methods of management, relationship and responsibilities of the entities related to the execution of the project and management of the project execution;
n) Analysis of investment efficiency including effectiveness and impacts on society, economy, security and defence; recovery of capital (if any).
The feasibility study reports on construction projects must comply with the regulations of the law on construction and other relevant laws.

Article 48. Applications, contents and time for assessment of programs and projects

An application for assessment of programs and projects includes:
a) A written request for assessment of programs and projects;
b) A feasibility study report on programs and projects;
c) Relevant documents.
Contents and time for assessment of programs and projects must comply with the regulations of the Government.

Chapter III
FORMULATION, ASSESSMENT, APPROVAL AND ASSIGNMENT OF PLANS FOR PUBLIC INVESTMENT
Section 1: GENERAL PROVISIONS
Article 49. Classification of plans for public investment

The plans for public investment that are classified according to time limit include:
a) Medium-term plans for public investment that are formulated for 05 years and conformable with the 5-year-plans for socio-economic development ;
a) Annual plans that are used for implementing the medium-term plans, balancing annual capital budget for public investment and conformable with the targets of the annual plans for socio-economic development.
The plans for public investment that are classified according to decentralization include:
c) National plans for public investment;
b) Plans for public investment of Ministries and central authorities;
b) Plans for public investment of local authorities.
The plans for public investment that are classified according capital sources include:
a) Investment plans funded by central budget, including investment in sectors and fields of Ministries, central authorities, central authorities of Vietnamese Fatherland Front, socio-political organizations, and other organizations and the projects on public investment funded by central budget for Ministries, regulatory authorities and local authorities;
b) Investment plans financed by local revenues from the State budget;
c) Investment plans financed by revenues which are retained but not recorded in the State budget balance;
d) Investment plans financed by funds derived from Government bonds;
dd) Investment plan financed by loan capital from the State;
e) Investment plans financed by funds derived from municipal bonds and other loan capital from the local budget;
g) Investment plans financed by funds derived from ODA and overseas concessional loans.

Article 50. Bases for formulation of annual and medium-term plans for public investment

Bases for formulation of a medium-term plan for public investment are:
a) The implementation of the 5-year-plan for socio-economic development and the medium-term plan for public investment in the previous stage and the result of such implementation;
b) The socio-economic development strategy, the 5-year-plans for socio-economic development of Vietnam, sector, field and province; national debt strategy; priorities in the 5-year-investment plan of Vietnam, sector, field and province
c) The approved sectoral development planning and other relevant plans;
d) Requirements and prediction about the mobilization of the investment sources for construction of socio-economic infrastructure; ability to balance the capital from the State budget, capital from Government bonds, capital generated from revenues which are retained but not recorded in the State budget balance;
dd) Prediction about the effects of the national and international issues on the development and mobilization of the investment capital sources;
e) Policies to attract the investment capital from the economic sectors to construct the socio-economic infrastructure.
Bases for formulation of an annual plan for public investment are:
a) The implementation of the plan for socio-economic development of Vietnam, sector, field and province and the result of such development; result of the implementation of the plan for public investment in the previous year;
b) Annual plan for socio-economic development;
c) Medium-term plan for public investment; emergency tasks that are not specified in the medium-term plan for public investment;
d) Requirements and ability to balance the capital sources to construct the socio-economic infrastructure in the plan year.

Article 51. Principles to formulate annual and medium-term plans for public investment

Such plans must conform to the targets of the socio-economic development strategy, annual or 5-year-plans for socio-economic development of Vietnam, sectors, fields, provinces and approved planning.
Such plans must conform to the ability to balance the capital budget for public investment and attract the capital from other economic sectors; secure the government debt.
The allocation of capital budget for public investment must comply with the principles, criteria, limit in each stage, which is approved by the competent authorities.
The capital shall be preferably allocated to the sectors, fields and provinces according to the targets and orientation to the development in each stage.
The transparency, impartiality and equality must be ensured.
There must be consistent management of targets and policies; division in management of investment under the regulations of the law to give more autonomy to the Ministries, regulatory authorities and local authorities and enhance the investment effectiveness.
Each annual plan for public investment must conform to the approved medium-term plan for public investment.

Article 52. Contents of a report on medium plan for public investment submitted to competent authorities for approval

The implementation and result of the implementation of the investment plan in the previous stage.
Targets for socio-economic development; targets and orientation toward medium-term investment.
Ability to mobilize and balance capital, the budget estimate to achieve the targets and perform the tasks in the socio-economic development, sectors and fields in the medium term, including the capital used for preparing investment, running the project, reimbursing the advance and repaying the loan capital from the local budget.
Principles and criteria of allocation of capital of medium-term plan for public investment.
The order of priority, list of projects and the capital allocated to each project in the medium term which is conformable to the ability to balance the capital budget for public investment and the ability to mobilize the capital from other sources to achieve the targets, perform the tasks and follow the orientation towards 05-year-plan for socio-economic development.
Methods of implementation and estimated result.

Article 53. Contents of a report on annual plan for public investment submitted to competent authorities for approval

The implementation of the plan for public investment in the previous year.
Orientation towards public investment in the plan year.
Ability to mobilize and balance the capital sources in the plan year.
List of projects and the specific amount of capital allocated to each project that is conformable to the list of projects of the medium-term plan for public investment and the ability to balance the annual capital sources.
The methods of management, implementation and estimated result.

Article 54. Principles to allocate capital of annual and medium-term plans for public investment to programs and projects

The programs and projects that do not belong to public investment shall not be allocated capital in order to achieve the targets, orientation towards strategy and plan for socio-economic development and approved planning.
The capital allocation must comply with the principles, criteria and limit that are regulated by the competent authorities.
The capital budget for public investment shall be preferably allocated to finish and accelerate the process of the national programs and projects, major programs and projects that significantly affect the socio-economic development of Vietnam and authorities.
The capital shall be allocated according to the order of priority as follows:
a) The projects that are finished and used having insufficient capital; projects that shall be completed on schedule; reciprocal capital for the projects using ODA and overseas concessional loans; capital from the Stage engaged in the projects following the method of Public-Private Partnerships;
b) The projects that are transferred to be carried out according to the approved rate of progress;
c) New projects satisfying the requirements prescribed in Clause 5 this Article.
The capital shall be allocated to the new programs and projects must satisfy these requirements:
a) The programs and projects are necessary and eligible to be allocated capital in accordance with the regulations in Article 55 and Article 56 of this Law;
b) The capital has been allocated to repay the outstanding debts arising from infrastructural construction in accordance with the regulations in Clause 2 Article 106 of this Law;
c) Sufficient amount of capital shall be allocated to finish the programs and projects on schedule.
The Government shall decide the rate of the reserve capital in the medium-term plans for public investment to deal with the problems occurring during the implementation of the medium-term plans for public investment.

Article 55. Requirements for programs and projects eligible for allocation of capital in medium-term plans for public investment

The competent authorities have decided the investment policies.
The capital sources and ability to balance the capital to run the programs and projects must be specified.
The programs and projects must comply with the regulations of the law on principles and criteria of allocation of capital budget for public investment.

Article 56. Requirements for programs and projects eligible for allocation of capital in annual term plans for public investment

The programs and projects must be in the list of medium-term plans for public investment, except for the emergency projects prescribed in Clause 1 and Clause 3 Article 33 of this Law.
The programs and projects are approved by the competent authorities.
The International Agreement on ODA and concessional loans is concluded regarding the programs and projects using the ODA and overseas concessional loans.
The new projects shall be allocated capital after the procedures for investment are completed under the regulations of the Government.

Article 57. Capital for investment preparation and implementation of projects in annual and medium-term plans for public investment

The capital for investment preparation shall be used for:
a) establishing, assessing and deciding the investment policies on the projects;
a) establishing, assessing and deciding the investment in the projects.
The capital for implementation of projects shall be used for clearing site, producing technical design, producing construction design, making project estimate or the items of the projects and running the finished projects having insufficient capital, projects scheduled to be completed, projects in process and new projects.
The capital for investment preparation and implementation of projects shall be balanced under the regulations of the Government.

Article 58. Procedures for formulation and assessment of medium-term plans for public investment

The Prime Minister shall promulgate the regulations on the formulation of the medium-term plan for public investment for the next stage including targets, orientation and assignment of the formulation of the medium-term plan for public investment according to the targets, orientation and the 05-year-plan for socio-economic development before the March 31 in the fourth year of the medium-term plan for public investment in the previous stage.
The Ministry of Planning and Investment shall provide instructions on targets, requirements, contents, deadline and process of the medium-term plan in the next stage for the Ministries, regulatory authorities and local authorities prior to May 15 in the fourth year in the previous stage.
According to the regulations promulgated by the Prime Minister and instructions provided by the Ministry of Planning and Investment, the Ministries, central authorities, central authorities of Vietnamese Fatherland Front, socio-political organizations and other organizations shall:
a) designate the regulatory authorities in charge of investment to provide instructions on the formulation of the medium-term plan for public investment;
b) designate the affiliated units to use capital budget for public investment to formulate the medium-term plan for public investment in the next stage within their competence and send a report to the superior authorities for consideration before September 15 in the fourth year of the medium-term plan for public investment in the previous stage and send the plan to the regulatory authorities in charge of investment before October 15 in the fourth year of the medium-term plan for public investment in the previous stage;
c) designate the regulatory authorities in charge of investment to assess the medium-term plan for public investment in the next stage before November 15 in the fourth year of the medium-term plan for public investment in the previous stage;
d) designate the regulatory authorities in charge of investment to formulate the medium-term plan for public investment, send it to the competent authorities for consideration and send it to the Ministry of Planning and Investment and the Ministry of Finance before December 31 in the fourth year of the medium-term plan for public investment in the previous stage.
According to the regulations promulgated by the Prime Minister and instructions provided by the Ministry of Planning and Investment and the People’s Committees of provinces:
a) instruct the local authorities and units to formulate the medium-term plan for public investment in the next stage before June 15 in the fourth year of the medium-term plan for public investment in the previous stage.
b) designate the units using the capital budget for public investment to formulate and assess the medium-term plan for public investment in the previous stage within their competence, send a report to the superior authorities for consideration before September 15 in the fourth year of the medium-term plan for public investment in the previous stage and send the plan to the provincial Departments of Planning and Investment before October 15 in the fourth year of the medium-term plan for public investment in the previous stage;
c) conduct assessment or designate the provincial Departments of Planning and Investment to conduct assessment of the medium-term plans for public investment of provincial departments, divisions and units before November 15 in the fourth year of the medium-term plans for public investment in the previous stage;
d) designate the provincial Departments of Planning and Investment to formulate the provincial medium-term plans for public investment and send them to the People’s Committees of provinces before November 30 in the fourth year of the medium-term plan for public investment in the previous stage;
dd) request the People’s Councils of provinces to give opinions about the medium-term plans for public investment in the next stage including the specific list of projects using capital budget for public investment and allocated rate of each project;
e) complete the medium-term plan for public investment and send it to the Ministry of Planning and Investment and the Ministry of Finance before December 31 in the fourth year of the medium-term plan for public investment in the previous stage.
The People’s Committees of districts shall conduct assessment or designate the regulatory authorities in charge of investment to assess their medium-term plans for public investment , request the People’s Councils of districts to give opinions and send them to the People’s Committees of provinces in accordance to the regulations in Clause 4 this Article.
The Ministry of Finance shall take charge and cooperate with the Ministry of Planning and Investment in making the Stage budget estimate in the next stage; determining the ability to mobilize the capital from Government bonds before January 31 in the fifth year of the medium-term plan for public investment in the previous stage.
From February 01 to April 30 in the fifth year of the medium-term plans for public investment in the previous stage, the Ministry of Planning and Investment shall take charge of assessing such plans and the plan for capital allocation including:
a) Medium-term plans for public investment financed by funds derived from the State budget, Government bonds, loan capital from the State, ODA and overseas concessional loans, revenues which are retained but not recorded in the State budget balance of the Ministries, central authorities, central authorities of Vietnamese Fatherland Front, socio-political organizations and other organizations;
b) Medium-term plans for investment financed by funds derived from central budget, Government bonds, ODA and overseas concessional loans of the People’s Committees of provinces.
After receiving the result of assessment conducted by the Ministry of Planning and Investment, the People’s Committee of province shall:
a) designate the People’s Committee of district to complete the its medium-term plan for public investment, request the People’s Council of district to give opinions and send it to the People’s Committee of province before May 31 in the fifth year of the medium-term plan for public investment in the previous stage;
b) designate the provincial Department of Planning and Investment to complete its medium-term plan for public investment, request the People’s Committee of province to send it to People’s Council of province before June 15 in the fifth year of the medium-term plan for public investment in the previous stage;
e) complete the medium-term plan for public investment in the next stage and send it to the Ministry of Planning and Investment and the Ministry of Finance before June 30 in the fifth year of the medium-term plan for public investment in the previous stage.
After receiving the assessment result of the Ministry of Planning and Investment, every Ministry, central authority, authority of Vietnamese Fatherland Front, socio-political organization and other organization shall complete the medium-term plan for public investment in the next stage and send it to the Ministry of Planning and Investment and the Ministry of Finance before June 30 in the fifth year of the medium-term plan for public investment in the previous stage.
The Ministry of Planning and Investment shall report the medium-term plans for public investment before July 31 in the fifth year of the medium-term plan for public investment in the previous stage.

Article 59. Procedures for formulation and assessment of annual plans for public investment

The Prime Minister shall provide regulations on the formulation of the plan for socio-economic development and state budget estimates in the next year including targets, orientation and assignment to formulate the plan for public investment in the next year before May 15 each year.
The Ministry of Planning and Investment shall provide instructions on the plan for socio-economic development, targets, requirements, contents, deadline and process of formulation of plan for public investment in the next year before June 15 each year.
Every Ministry, regulatory authority and local authority shall instruct their inferior units to formulate the plan for public investment in the next year before June 30 each year.
Every regulatory authority in charge of investment, the provincial Departments of Planning and Investment shall formulate, assess and summarize the plans for public investment for the next year within their competence and send a report to the People’s Committees at the same level before July 20 each year.
The People’s Committee shall request the People’s Council at the same level to approve the draft of the plan for public investment for the next year including the list of projects and allocated rate for each project according to each capital source and send the approved draft of the plan to the inferior authority before July 25 each year.
Every Ministry, regulatory authority and local authority shall complete the plan for public investment for the next year and send it to the Ministry of Planning and Investment and the Ministry of Finance before July 31 each year.
The Ministry of Finance shall take charge and cooperate with the Ministry of Planning and Investment in estimating the receipts and expenditures using the State budget and investment from the State budget, and issuing Government bonds for the plan in the next year before August 15 each year.
The Ministry of Planning and Investment shall take charge of assessing the plan for public investment for the next year and plan to allocate capital including:
a) Capital from the State budget, capital from Government bonds, loan capital from the State, ODA and overseas concessional loans of the Ministries, regulatory authorities and local authorities;
b) Capital generated from revenues which are retained but not recorded in the state budget balance of the Ministries, central authorities, central authorities of Vietnamese Fatherland Front, socio-political organizations and other organizations.
After receiving the assessment result of the Ministry of Planning and Investment, every Ministry, regulatory authority and local authority shall complete the plan for public investment for the next year and send it to the Ministry of Planning and Investment and the Ministry of Finance before September 10 each year.
The Ministry of Planning and Investment shall summarize the national plan for public investment for the next year and report that to the Government before September 20 each year.
The procedures for formulation and assessment of annual plans for public investment shall be administered by the authorities of districts under the regulations of the Government.

Section 2: FORMULATION, ASSESSMENT, APPROVAL AND ASSIGNMENT OF INVESTMENT PLANS FINANCED BY FUNDS DERIVED FROM STATE BUDGET, GOVERNMENT BONDS, MUNICIPAL BONDS, REVENUES WHICH ARE RETAINED BUT NOT RECORDED IN STATE BUDGET BALANCE AND LOAN CAPITAL FROM LOCAL BUDGET
Article 60. Principles to make list of projects and plan for budget allocated to each project in annual and medium-term plan funded by State budget

Comply with the regulations in Articles 54, 55, 56 and 57 of this Law.
Conform to the ability to balance the capital from the State budget in the annual and medium-term plan for public investment and the estimated ability to mobilize other capital sources regarding the projects using different capital sources.
Belong to the approved programs and tasks using development investment expenditures funded by the State budget.
Capital and ability to balance capital shall be assessed by competent authorities regarding the projects funded by the State budget that are not their jurisdiction.
Conform to the principles, criteria and allocation rate of development investment capital from the State budget in each period under the regulations of the Government.
Do not exceed the total capital of the approved programs and projects.

Article 61. Principles to make list of projects and plan for budget allocated to each project in annual and medium-term investment plan using local revenues from the State budget

Comply with the regulations in Articles 54, 55, 56, 57 and Clause 5, Clause 6 in Article 60 of this Law.
Conform to the revenues and expenditures from the local budget, annual and medium-term plan for public investment, the mobilization of other capital sources in case of projects using different capital sources.
Belong to the approved programs and tasks using development investment expenditures funded by the local revenues from the State budget.
Capital and ability to balance capital shall be assessed by competent authorities regarding the projects funded by local budget that are not their jurisdiction.

Article 62. Principles to make list of projects and plan for budget allocated to each project in annual and medium-term investment plan using capital generated from revenues which are retained but not recorded in the State budget balance.

The compilation of the list of projects and plan for budget allocated to each project in annual and medium-term investment plan using capital generated from revenues which are retained but not recorded in the State budget balance must comply with the regulations in Article 60 of this Law.
The allocation and use of capital generated from revenues which are retained but not recorded in the State budget balance must conform to the targets prescribed in the Resolution of the National Assembly and regulations of the Government.

Article 63. Principles to make list of projects and plan for budget allocated to each project in annual and medium-term investment plan financed by funds derived from municipal bonds and other loan capital from the local budget

Comply with the regulations in Article 51 and Article 54 of this Law.
Conform to the mobilization of loan capital and other capital resources.
Ensure the balance of local budget to repay the capital from municipal bonds and other loan capital from the local budget according to the date of repayment.
Do not use the target transfers from the central budget and capital from Government bonds to repay the capital from municipal bonds and other loans from the local budget.
Do not use the local revenues from the State budget to pay the interest and fees for the capital from municipal bonds and other loan capital from the local budget, except for the interest and fees included in the approved total investment in each project.
The projects financed by funds derived from municipal bonds and other loan capital from the local budget must be included in the list of projects in the approved medium investment plan funded by the State budget. The capital allocated to the projects must not exceed the capital for the approved medium investment plan funded by the State budget.
The projects using other loan capital from the local budget must be included in the in the list of projects in the approved medium investment plan funded by the State budget. The capital allocated to the projects must not exceed the capital for the approved medium investment plan funded by the State budget.

Article 64. Principles to make list of projects and plan for budget allocated to each project in annual and medium-term plan financed by funds derived from Government bonds

Comply with the regulations in Articles 54, 55, 56 and 57 of this Law.
Conform to the mobilization of capital from Government bonds in the annual and medium-term plan for public investment.
Use the capital from Government bonds.
The capital sources and ability to balance the capital has been assessed by the competent authorities.
Conform to the principles, criteria and allocation rate of capital from Government bonds in each period under the regulations of the Government.
Do not exceed the total capital of the approved programs and projects.

Article 65. Submitting, approving and assigning medium-term investment plan financed by funds derived from State budget and Government bonds

The Government shall submit the medium-term plan for public investment financed by funds derived from the State budget and Government bonds for the next stage before October 20 in the fifth year of the medium-term plan for public investment for the previous stage.
Before November 10 in the fifth year of the medium-term plan for public investment for the previous stage, the National Assembly shall decide the medium-term plan for public investment for the next stage, including:
a) Targets and orientation towards the medium-term investment financed by funds derived from the State budget and Government bonds;
b) Total investment funded by the State budget;
c) Total capital from Government bonds;
d) List of national target programs and projects of national importance;
dd) Solutions and policies to implement the medium-term plan for public investment.
The Prime Minister shall assign the medium-term plan for public investment financed by funds derived from the State budget and Government bonds to the Ministries, regulatory authorities and local authorities before December 10 in the fifth year of the medium-term plan for public investment for the previous stage.
The Ministry of Planning and Investment shall assign the medium-term plan for public investment financed by funds derived from central budget and Government bonds to the Ministries, regulatory authorities and local authorities before December 31 in the fifth year of the medium-plan for public investment for the previous stage.

Article 66. Submitting, approving and assigning annual investment plan financed by funds derived from State budget and Government bonds

The Government shall submit the investment plan funded by the State budget for the next year before October 20 each year.
The National Assembly shall decide the investment plan funded by the State budget for the next year before November 20 each year.
The Government shall decide the total investment in the plan for public investment financed by funds derived from Government bonds for the next year according to the total capital from Government bonds that is decided by the National Assembly in the medium-term plan for public investment before November 20 each year.
The Prime Minister shall assign the plan for public investment funded by the State budget for the next year according to the total capital decided by the provided for the National Assembly to the Ministries, regulatory authorities and local authorities before November 30 each year.
The Prime Minister shall assign the list and total capital of the plan for public investment funded by the central budget and Government bonds for the next year to the Ministries, regulatory authorities and local authorities before December 15 each year.
The Ministry of Planning and Investment shall assign the list and investment for the next year funded by the central budget and Government bonds of each project to the Ministries, Regulatory authorities and local authorities before December 20 each year.
The Ministries, regulatory authorities and local authorities shall assign the investment plan financed by funds derived from central budget and Government bonds for the next year to the units before December 31 each year.

Article 67. Submitting, approving and assigning medium-term plan for public investment financed by funds derived from local revenues from the State budget, municipal bonds, revenues which are retained but not recorded in the state budget balance and other loan capital from the local budget

The People’s Committee shall submit the medium-term plan for public investment to the People’s Council at the same level before November 10 in the fifth year of the medium-term plan for public investment for the previous term. Such submitted plan must include the list of programs and projects and the capital allocated to each project according to each capital source provided for the medium-term plan for public investment.
The People’s Councils of provinces shall decide the medium-term plan for public investment including total capital for the medium-term plan for public investment and the amount of capital allocated to each project according to each capital source before December 20 in the fifth year of the medium-term plan for public investment for in the previous stage.
The People’s Councils of districts shall decide the medium-term plan for public investment including total capital for the medium-term plan for public investment, the list and the amount of local revenues from the State budget and revenues which are retained but not recorded in the state budget balance allocated to each project before December 25 in the fifth year of the medium-term plan for public investment in the previous term.
The People’s Committees shall assign the medium-term plan for public investment to the units before December 31 in the fifth year of the medium-term plan for public investment in the previous stage.

Article 68. Submitting, approving and assigning annual plan for public investment financed by funds derived from local revenues from the State budget, municipal bonds, revenues which are retained but not recorded in state budget balance and other loan capital from local budget

The People’s Committee shall submit the investment plan for the next year including the list and the amount of capital allocated to each project according to each capital source to the People’s Council at the same level before November 20 each year.
The People’s Councils of provinces shall decide the investment plan for the next year including the list and amount of capital allocated to each project according to each project before December 10 each year.
The People’s Councils of districts shall decide the investment plan for the next year including the list and the amount of local revenues from the State budget and capital generated from revenues which are retained but not recorded in the state budget balance allocated to each project before December 20 each year.
The People’s Committees shall assign the investment plan to the units before December 31 each year.

Section 3: FORMULATION, ASSESSMENT, APPROVAL AND ASSIGNMENT OF INVESTMENT PLANS USING LOAN CAPITAL FROM THE STATE, ODA AND OVERSEAS CONCESSIONAL LOANS
Article 69. Formulation, assessment, approval and assignment of investment plans using loan capital from the State

Requirements for formulation of an investment plan using loan capital from the State are:
a) The project in the sector or field allowed to use the loan capital from the State must ensure the recovery of capital, effectiveness and solvency;
b) The investor must use the loan capital for the right purposes; repay sufficient loan and interest on time according to the credit agreement; fulfill the commitments in the contract and comply with the regulations of the law.

The Government shall specify the sectors, fields and provide the capital rate for the projects using the loan capital from the State; specify the assessment of the financial plan, plan to repay the loan capital of each project.

The establishment and assessment of the annual and medium-term plans for investment using the loan capital from the State must comply with the regulations in Articles 50, 51, 52, 53, 55, 56, 58 and 59 of this Law.
A medium-term plan for investment using loan capital from the State shall be assigned as follows:
a) The Prime Minister shall assign the medium-term plan for investment using loan capital from the State of the next stage before December 10 in the fifth year of the medium-term plan for investment of the previous stage;
a) The Ministry of Planning and Investment shall assign the medium-term plan for investment using loan capital from the State of the next stage according to the sector, field and program before December 31 in the fifth year of the medium-term plan for investment of the previous stage;
An annual plan for investment using loan capital from the State shall be assigned as follows:
a) The Prime Minister shall assign the investment plan for the next year before December 15 each year;
b) The Ministry of Planning and Investment shall assign the investment plan for the next year according to sectors, fields and program before December 20 each year.

Article 70. Principles to make annual and medium-term plans for public investment using ODA and overseas concessional loans

Each annual and medium-term plan for public investment using ODA and overseas concessional loans must be made based on the plan to run the annual programs and projects that are approved by competent authorities and the rate of progress agreed with the foreign donors.
Each annual and medium-term plan using ODA and overseas concessional loans must satisfy these following requirements:
a) The contents must be specified according to each component; each primary activity of programs and projects; each sponsored capital and counterpart fund resource and other capital resource; fundamental description and bases for determining each item;
b) The regulatory authority shall made and submit the plan for ODA, overseas concessional loans and counterpart fund according to the expenditures of programs and projects (if the programs and projects are funded by the investment funds and State budget;
c) If the programs and projects are governed by several units, each unit shall make a plan for the proportion of the project for which it is responsible. The managing authority shall summarize the master plan for the programs and projects;
d) The counterpart fund in the annual and medium-term plan for public investment shall be balanced in compliance with the agreement signed with the foreign donors and the actual annual disbursement of the programs and projects. Fund derives from ODA and overseas concessional loans shall be used as reciprocal capital of that is approved by the Prime Minister and foreign donors.

Article 71. Formulating, assessing and approving investment plans funded ODA and overseas concessional loans

The investment plans funded ODA and overseas concessional loans shall be formulated, assessed and approved in accordance with the regulations in Articles 50, 51, 52, 53, 55, 56, 58, 59 and 70 of this Law.
The overall plan and annual detailed plan for programs and projects shall be made as follows:
a) The overall investment plan shall be made for the whole duration of the implementation of programs and projects and include all of the components, items, resources and rate of progress;
b) The program leaders and investors shall cooperate with the donors in making, updating or inspecting the overall investment plan and submitting it to the governing body for consideration and approval according to the documents on the approved programs and projects an the International Agreement on ODA and overseas concessional loans within 45 days from the conclusion of the International Agreement on ODA and overseas concessional loans.
c) With regard to the programs and projects composed of several components, the investment plan for programs and projects shall include the overall plan and detailed plan for each component. The Head of the governing body in charge of programs and projects shall approve the general plan for programs and projects; the Head of governing body in charge of plans for components shall approve such plans;
d) The governing body shall send the Decision on approval enclosed with the investment plan for programs and projects to the Ministry of Planning and Investment, relevant authorities and donors to facilitate the supervision, assessment and implementation of programs and projects within 10 days from the approval for the investment plan for programs and projects.
Each plan funded ODA and overseas concessional loans shall be submitted, approved and assigned as follows:
a) The plan funded by ODA and overseas concessional loans included in the State budget shall be submitted, approve and assigned in accordance with the regulations in Article 65 and 66 of this Law;
a) The plan funded by ODA and overseas concessional loans that are applied the domestic financial mechanism shall be submitted, approved and assigned following the method of on-lend in accordance with the regulations in Article 69 of this Law.

Chapter IV
IMPLEMENTATION, SUPERVISION, INSPECTION AND ASSESSMENT OF PLANS FOR PUBLIC INVESTMENT
Section 1: IMPLEMENTATION OF PLANS FOR PUBLIC INVESTMENT
Article 72. Operation of plans for public investment

Pursuant to the Resolution of the National Assembly on the annual and medium-term plans for public investment, the Government shall provide instructions on the implementation.
Pursuant to the Resolution of the National Assembly, Decision to assign the plans of the competent authorities, Resolution of the People’s Councils on the annual and medium-term plans for public investment, the Ministries, regulatory authorities, local authorities, the People’s Committees of districts and the units using the capital budget for public investment shall give instructions on the operation of the plans for public investment using the capital under their management.
The Prime Minister shall administer and integrate the capital sources to implement the programs financed by funds derived from the State budget, the Government bonds of the Ministries, regulatory authorities, local authorities and units using the capital budget for public investment provided that the targets of the programs and projects shall not be changed.
The Presidents of the People’s Committees of provinces shall administer and integrate the capital sources to run the programs and projects financed by the funds derived from local revenues from the State budget, municipal bonds, capital generated from provincial revenues which are retained but not recorded in the state budget balance and other loan capital from the local budget provided that the targets for the programs and projects shall not be changed.

Article 73. Compliance with plans for public investment

The Ministries, regulatory authorities, local authorities and the People’s Committees of districts shall:
a) Announce or assign the plans for public investment to the units using the capital budget for public investment;
b) Report the assignment to the plans for public investment to the competent authorities.
The units using the capital budget for public investment shall report the implementation of the plans to the competent authorities under the regulations of the Government.
The Ministry of Planning and Investment and professional agency in charge of public investment management shall conduct inspection to ensure the assignment and compliance with the plans for public investment according to the Decision of the competent authorities.

Article 74. Implementation of plans for public investment

The Ministries, regulatory authorities, local authorities, the People’s Committees of districts and units using the capital budget for public investment shall:
a) Implement the plans for public investment according to the targets approved by the competent authorities;
b) Carry out the projects on schedule according to the capital plans approved by the competent authorities;
c) Make the plans for auction and appointment of contractors regarding the contracts of the projects that are allocated capital according to the plans for public investment that are approved by the competent authorities;
d) Inspect and make payment according to the contracts that are finished and transferred;
dd) Balance the capital sources to pay off the outstanding debts derived from infrastructural development in accordance with the regulations in Clause 2 Article 106 of this Law;
e) Ensure the scope and scale of each project according to the targets, fields and programs that are approved and according to the capital plans that are implemented;
g) Supervise, inspect and assess the implementation of the plans for public investment.
The Ministry of Planning and Investment shall instruct, supervise and inspect the implementation of the annual and medium-term plans for public investment of the Ministries, central authorities and the People’s Committees of provinces.
The Ministry of Finance shall provide the capital according to the plans for public investment that are approved by the competent authorities.
The Government shall provide instructions on the implementation of the plans for public investment.

Article 75. Adjustment to plans for public investment

The National Assembly shall make overall adjustment to the annual and medium-term plans for investment financed by funds derived from the State budget and Government bonds when:
a) There is adjustment to the targets for the strategy and national plan for socio-economic development;
b) There are dramatic changes in the balance of the State budget or the mobilization of capital sources.
The National Assembly Standing committee shall make adjustment to the annual and medium-term plans for investment financed by funds derived from the State budget and Government bonds among the Ministries, regulatory authorities and local authorities if the total capital of the annual and medium-term plans for investment that are approved by the National Assembly is not be changed.
According to the conditions in each period, the Prime Minister shall adjust:
a) the medium-term plans for investment financed by funds derived from the central budget and the Government bonds of the appointed Ministries, regulatory authorities and local authorities in accordance with the regulations in Clause 3 Article 65 of this Law in the total capital of each Ministry, regulatory authority and local authority that is approved by the National Assembly;
b) the annual plans for investment financed by funds derived from the central budget and Government bonds among the sectors, fields and programs of the entities prescribed in Clause 4 and Clause 5 Article 66 of this Law;
c) Annual and medium-term plans for investment using loan capital from the State;
d) Annual and medium-term plans for investment in programs and projects using ODA and overseas concessional loans used in such governing bodies.
The Ministry of Planning and Investment shall:
a) Take charge of assessing the plan to adjust the annual and medium-term plans for investment financed by funds derived from central budget, Government bonds and bonds among the sectors, fields and programs of the Ministries, regulatory authorities and local authorities and send reports to the Prime Minister for consideration;
a) Take charge of assessing the plan to adjust the medium-term plans for investment financed by funds derived from central budget, Government bonds used for the sectors, fields and programs of the Ministries, regulatory authorities and local authorities and send reports to the Prime Minister for consideration;
c) Adjust the annual plans for investment financed by funds derived from central budget and Government bonds in the sectors, fields and programs of the Ministries, regulatory authorities and local authorities provided that such capital must not exceed the total capital of the medium-term investment plan of each project that is approved by the competent authorities.

The Ministry of Planning and Investment shall report the adjustment to the previous investment plan prescribed in this point to the Prime Minister before March 31 each year.

The People’s Councils of provinces shall adjust the annual and medium-term plans for investment financed by funds derived from local revenues from the State budget, the municipal bonds, revenues which are retained but not recorded in the state budget balance and other loan capital from the local budget when:
a) There is adjustment to the targets local plan for socio-economic development;
b) There are dramatic changes in the balance of local budget revenues or the mobilization of capital sources;
c) There are changes in the use or and the amount of capital of the annual plans among the local authorities and units.
The People’s Committees shall adjust the annual and medium-term plans for investment financed by funds derived from the local revenues from the State budget, municipal bonds, revenues which are retained but not recorded in the state budget balance and other loan capital from the local budget used for investing among the sectors, fields and programs and in the sectors, fields and programs of the units using such capital and send report to the People’s Council at the same level in the next meetings.

Article 76. Time for disbursement of capital of annual and medium-term plans for public investment

With regard to the projects financed by funds derived from the State budget, Government bonds, municipal bonds and the revenues which are retained but not recorded in the state budget balance:
a) The capital of a medium-term plan for public investment must be disbursed before December 31 in the initial year of the plan for public investment in the later stage;
b) The capital of a plan for public investment shall be disbursed until the following year. The time for disbursement can be extended in special cases or cases approved by competent authorities. Such extension must not exceed the medium-term plan for public investment.
With regard to the programs and projects using ODA and overseas concessional loans:
a) The capital of an annual or medium-term plan for public investment in compliance with the International Agreement on ODA and concessional loans signed with the foreign donors;
b) The amount of the foreign capital of an annual plan for public investment shall be disbursed in proportion to the progress of the capital provision by the foreign donors.
With regard to any project using the loan capital from the State, other loan capital from the local budget, such capital shall be disbursed in proportion to the date of repayment.

Section 2: SUPERVISION, INSPECTION, ASSESSMENT OF PLANS, PROGRAMS AND PROJECTS ON PUBLIC INVESTMENT
Article 77. Supervising and inspecting plans for public investment

The professional agency in charge of public investment management shall supervise and inspect the plans for public investment of the units under their management.
The regulatory authorities in charge of public investment shall supervise and inspect:
a) The compliance with the regulation of the law on public investment;
b) The establishment, assessment, approval and assignment of the plans for public investment;
b) The establishment, assessment, approval and implementation of the programs and projects mentioned in the plans for public investment;
d) The implementation of the plans for public investment;
dd) The outstanding debts arising from infrastructural construction and loss on public investment.

Article 78. Assessment of plans for public investment

Article 78. Assessment of plans for public investment
The annual plan for public investment shall be assessed quarterly and annually.
The contents of the plans for public investment that are assessed are:
a) The performance of the plans that are approved by the competent authorities.
b) Effects of the plans for public investment on attracting the investors from other capital sources and the consequence of socio-economic development;
c) The feasibility of the plans for public investment;
d) The management of public investment;
dd) The remaining issues; the reasons and solutions to such remaining issues.

Article 79. Supervising and inspecting programs and projects

The governing bodies, program leaders, investors and the competent persons to decide the investment in the programs and projects and the competent authorities in charge of public investment shall supervise and inspect the investment in the programs and projects according to the contents and targets that are approved to ensure the targets and investment effectiveness.
The programs and projects shall be inspected as follows:
a) The program leaders and investors shall inspect the programs and projects that they are assigned;
b) The governing bodies, competent persons to decide the investment shall conduct at least one inspection of programs and projects to be completed after 12 months;
b) The governing bodies, competent persons to decide the investment shall conduct inspection when there is adjustment to the programs and projects leading to the change of the location, targets, scope, the increase in the total investment and other necessary cases;
d) The competent authorities in charge of public investment shall conduct scheduled or surprise inspection of the programs and projects.

Article 80. Assessment of programs and projects

Assessment of programs and projects includes initial, midterm, final or stage assessment, impact assessment and surprise assessment.
It is required to conduct midterm or stage assessment, final assessment and impact assessment of the plans for public assessment.
It is required to conduct initial, midterm, final assessment and impact assessment of the projects of national importance and group-A-projects.
It is required to conduct final assessment and impact assessment of the projects of national importance and group-A-projects.
In addition to the regulations in Clauses 2, 3 and 4 this Article, the governing bodies and competent persons to decide the investment and the competent authorities in charge of public investment shall conduct other forms assessment prescribed in Clause 1 this Article if necessary.

Article 81. Assessed contents of programs and projects

It is required to conduct initial assessment of:
a) The preparation, organization and mobilization of the resources to implement the programs and projects provided in order to ensure the approved targets and progress.
b) Problems occurring after the programs and projects are approved;
c) Solutions to the problems that are conformable with the actual conditions.
It is required to conduct midterm and stage assessment of:
a) The conformity of the result of the implementation of the programs and projects to the investment targets;
b) The performance of the workload at the time of assessment in proportion to the approve plan;
c) The necessary solutions including the adjustment to the programs and projects.
It is required to conduct final assessment of:
a) The process of the implementation of the programs and projects including: the result of the implementation of the targets of the programs and projects; the mobilized resources; the advantages that the beneficiaries receive from the programs and projects, the impacts and the stability of the programs and projects;
b) The experience from the implementation of the programs and projects and the necessary recommendations; responsibilities of the advisory organizations, governing bodies, program leaders, investors, competent persons to decide the investment policies, investment and the relevant entities.
It is required to conduct impact assessment of:
a) The economic-technological operation;
b) The socio-economic impacts;
b) Impacts on environment and ecosystem;
d) The stability of the projects;
dd) The experience from the investment policies, Decision on investment, implementation and operation of the programs and projects; responsibilities of the advisory organizations, governing bodies, program leaders, Investors, competent persons to decide investment policies, investment and relevant entities.
It is required to conduct surprise assessment of:
a) The conformity of the result of the implementation of the programs and projects to the investment targets at the time of assessment;
b) The performance of the workload at the time of assessment in proportion to the approve plan;
c) Unexpected problems (if any), reason for such problems and responsibilities of the relevant entities;
d) The effects and the seriousness of the effects of the unexpected problems on the implementation of the programs and projects, the capability to achieve the targets of the programs and projects;
dd) Necessary solutions.

Article 82. Public investment supervision

The programs and projects shall be supervised by the community. The Vietnamese Fatherland Front shall take charge of the investment project by the community.
The governing body shall collect the opinions of the residential community at the places where the projects are carried out about the Decision on investment in the projects of national importance, group-A-projects, projects requiring the major relocation, projects that are likely to exert dramatic effects on the environment, projects directly affecting the socio-economic conditions of the residential community at the places where the projects are carried out and the opinions about the investment policies, construction, location, sewage treatment, environment protection, compensation, site clearance and plans for relocation under the regulations of the law.
The community shall supervise:
a) the compliance with the regulations of the law on investment, construction land, waste treatment and environment protection;
b) compensation, site clearance and plan for relocation provided that the benefits of locals are secured;
c) programs and projects funded by an amount of the locals’ contribution;
d) the implementation and rate of progress of programs and projects;
dd) the compliance with the regulations in Article 14 of this Law;
e) negative effects on the community’s benefits; negative effects on community’s living environment during the investment and implementation of projects; activities leading to loss of fund and property of projects.

Article 83. Procedures for public supervision

The Vietnamese Fatherland Front shall take charge and cooperate with the socio-political organizations and relevant authorities in:
a) formulating the plan for the public supervision on the annual local programs and projects according to the regulations in the Clause 3 Article 82 of this Law;
b) establishing the public supervision team for each program and project;
c) notifying the program leaders, investors and the managing Board of the programs and projects of the supervision plan and the members of the local investment supervision team within 45 days prior to the implementation.
The program leaders, investors and managing Board of the programs and projects shall:
a) Provide sufficient and accurate documents related to the execution of the programs and projects prescribed in Clause 2 Article 82 of this law for the public investment supervision team;
b) Facilitate the public investment supervision team under the regulations of the law.
c) Enhance the measures to carry out the projects.

Article 84. Supervising, inspecting and evaluating plans, programs and projects

The program leaders and investors shall conduct initial, mid-term and final supervision, inspection and assessment of the programs and projects.
The governing body, investment decision-makers and the regulatory authorities in charge of public investment shall conduct supervision, impact assessment and surprise assessment of the programs and projects under their management.
The assessing body shall conduct assessment or employ eligible experts or advisory organizations to conduct assessment.
The Government shall give instructions on the supervision, inspection and assessment of the plans, programs and projects and public investment supervision.

Article 85. Inspection of public investment

The inspection of the management and use of the capital budget for public investment must comply with the regulations of this Law and other relevant laws.
The inspection of the public investment must be associated with the functions and duties of the entities and must follow the procedures for inspection under the regulations of the law on inspection.
The result of the inspection of public investment activities must be published under the regulations of the law. In case of any violation against the law on public investment, the inspecting authority shall impose penalties within their competence or transfer the dossiers on the violation to the competent authorities for consideration.

Chapter V
OBLIGATIONS, ENTITLEMENTS AND RESPONSIBILITIES OF AUTHORITIES, ORGANIZATIONS AND INDIVIDUALS INVOLVED IN PUBLIC INVESTMENT ACTIVITIES
Article 86. Obligations and entitlements of National Assembly

Promulgate laws and Resolutions on public investment.
Decide the investment policies on the national target programs and projects using the public investment capital.
Decide and adjust the annual and medium-term plans for public investment.
Adjust the criteria used for classifying the projects of national importance.
Supervise the implementation of the plans for public investment, national target programs and projects of national importance; supervise the compliance with the law on public investment.

Article 87. Obligations and entitlements of Government

Ensure consistent management of public investment.
Request the National Assembly to promulgate the laws and resolutions; request the National Assembly Standing Committee to promulgate the ordinances and resolutions on public investment.
Promulgate the legal documents on management of public investment.
Request the National Assembly to decide the investment policies on the national target programs and projects of national importance.
Decide the investment policies on the target programs in accordance with the regulations in Clause 2 Article 17 of this Law.
Formulate the annual and medium-term plans for public investment and request the National Assembly to decide and adjust them.
Implement the annual and medium-term plans for public investment.
Report the implementation of the annual and medium-term plans for public investment, national target programs and projects of national importance to the National Assembly.
Inspect the implementation of the annual and medium-term plans for public investment; inspect the execution of the programs and projects financed by funds derived from central budget and government bonds; inspect the targets and investment policies on public investment of the local authorities.

Article 88. Obligations and entitlements of Ministry of Planning and Investment

Be responsible to the Government for the consistent management of public investment.
Promulgate or request the competent authorities to promulgate the legal documents related to public investment, principles, criteria, allocated rate and use of the capital budget for investment.
Take charge and cooperate with the Ministry of Finance in determining the total funds from the State budget, government bonds and loan capital from the State used for the annual and medium-term plans for public investment.
Present the national annual and medium-term plans for public investment to the Government.
Adjust or request the competent authorities to adjust the annual and medium-term plans for public investment.
Be responsible to the Government for the consistent management of ODA and overseas concessional loans; take charge of management and use of the ODA and overseas concessional loans.
Take charge and cooperate with the relevant authorities in assessing the capital and ability to balance the capital of the projects financed by funds derived from the central budget, the government bonds and other capital under the regulations of the law.
Be responsible to the Government for the consistent management of the national target programs.
Implement, supervise, inspect and evaluate the plans, programs and projects and other management obligations of public investment.

Article 89. Obligations and entitlements of Ministry of Finance

Cooperate with the Ministry of Planning and Investment in formulating the annual and medium-term plans for public investment.
Take charge and cooperate with the Ministry of Planning and Investment in determining the total funds from the State budget, government bonds and loan capital from the State used for the annual and medium-term plans for public investment.
Take charge and cooperate with the Ministry of Planning and Investment in assessing the capital and ability to balance the capital of the projects financed by funds derived from the central budget, the government bonds and other capital under the regulations of the law.
Take charge and cooperate with the Ministry of Planning and Investment in instructing the local financial authorities to balance the regular budget to pay the expenditure used for formulating, assessing and deciding the investment policies, approving the Decisions on investment in the programs, maintaining and operating the projects in use.
Report the disbursement and finalization of the plans, programs and projects to the Government.

Article 90. Obligations and entitlements of Ministries and central authorities

Manage public investment under the regulations of the law.
Promulgate, direct, inspect and supervise the conformity with the standards and eco-technical norms.
Decide the investment policies on the programs and projects in accordance with the regulations in Clause 4 Article 17 of this Law and decide the investment in the programs and projects in accordance with the regulations in Clause 2 Article 39 of this Law.
Formulate the plans for public investment.
Supervise, evaluate, inspect and supervise the implementation of the plans, programs and projects within their management.
Report the implementation of the plans, programs and projects and the result of such implementation.
Cooperate with the Ministries, regulatory authorities and local authorities in implementing the plans, programs and projects according to the assigned obligations.

Article 91. Obligations and entitlements of the People’s Councils

The People’s Councils shall:
a) decide the investment policies and investment programs financed by funds derived from local revenues from the State budget, municipal bonds, revenues which are retained but not recorded in the state budget balance and other loan capital from the local budget;
b) consider and comment on the investment policies on the local group-B- projects and group-C- major projects financed by funds derived from the central budget and the Government bonds;
c) decide the investment policies on the programs and projects in accordance with the regulations in Clause 5 Article 17 of this Law;
d) consider and comment on the local annual and medium-term plans for public investment including the catalogues and the allocated rate of each project financed by funds derived from the central budget and Government bonds;
dd) decide the local annual and medium-term plans for public investment including the list and the capital allocated to each project financed by funds derived from local revenues from the State budget, loan capital from the State, municipal bonds, revenues which are retained but not recorded in the State budget balance and other loan capital from the local budget.
e) Supervise the projects financed by capital budget for public investment allocated to the local authorities including the funds derived from the central budget, Government bonds, local revenues from the state budget, loan capital from the State, municipal bonds, ODA and overseas concessional loans, revenues which are retained but not recorded in the State budget balance and other loan capital from the local budget.
In addition to the obligations and entitlements prescribed in Clause 1 this Article, the People’s Councils of provinces shall:
b) consider and comment on the investment policies on the local group-A- projects;
b) decide the criteria of the local major projects which are conformable with the targets, development orientation, financial capacity and the specific characteristics of such provinces.

Article 92. Obligations and entitlements of the People’s Committees of provinces

Manage the public investment within their competence under the regulations of the law.
Request the People’s Councils of provinces to consider:
a) deciding the investment policies and investment programs financed by funds derived from the municipal bonds, revenues which are retained but not recorded in the State budget balance and other loan capital from the local budget.
b) commenting on the investment policies on the projects within the competence of the Prime Minister in accordance of the regulations in Clause 3 Article 17 of this Law;
c) deciding on the investment policies on the group-B- projects and group-C- major projects under their management in accordance with the regulations in Point b, Clause 5 Article 17 of this Law;
d) commenting on the annual and medium-term plans for public investment financed by funds derived from the central budget, the Government bonds, ODA and the overseas concessional loans in accordance with the lists and allocated rate of each project;
dd) deciding the local annual and medium-term plans for public investment financed by funds derived from local revenues from the State budget, municipal bonds, loan capital from the State, revenues which are retained but not recorded in the State budget balance and other loan capital from the local budget.
Decide the investment policies on the projects in accordance with the regulations in Clause 6 Article 17 of this Law and decide the investment in the programs and projects in accordance with the regulations in Clause 3 Article 39 of this Law.
Implement, supervise and evaluate the plans for public investment using the capital budget within their competence.
Cooperate with the Ministries and central authorities in executing, supervising, inspecting and evaluating the programs and projects in such provinces.

Article 93. Obligations and entitlements of the People’s Committees of districts

Formulate the annual and medium-term plans for public investment under their management.
Assess the programs and projects under their management.

Request the People’s Councils of districts to:

a) decide the investment policies and investment programs financed funds derived from the local budget in accordance with the allocated rate of the capital and revenues which are retained but not recorded in the State budget balance of districts.
b) give opinions about the investment policies on the projects under the management of the Prime Minister in accordance of the regulations in Clause 3 Article 17 of this Law and of the superior People’s Councils;
c) deciding on the investment policies on the group-B- projects and group-C- major projects under their management in accordance with the regulations in Point b, Clause 5 Article 17 of this Law;
dd) deciding the local annual and medium-term plans for public investment financed by funds derived from revenues which are retained but not recorded in the State budget balance of districts.
Decide the investment policies on the projects in accordance with the regulations in Clause 6 Article 17 of this Law and decide the investment in the programs and projects in accordance with the regulations in Clause 4 Article 39 of this Law.
Implement, supervise, evaluate and inspect the plans, programs and projects and other management authorities related to the public investment according to the division of management.
Cooperate with the relevant authorities and organizations in executing, supervising, inspecting and evaluating the programs and projects in such districts.

Article 94. Obligations and entitlements of the State audit

Decide the annual audit plan for the plans, programs and projects and notify the National Assembly and the Government prior to the implementation.
Conduct annual audit, specialized audits and audits of the plans, programs and projects at the request of the National Assembly, National Assembly Standing Committee, Government and Prime Minister.
Report the result of the annual audit, specialized audit and auditors’ requests related to the plans, programs and projects to the National Assembly and National Assembly Standing Committee.
Announce the audits of the plans, programs and projects under the regulations of the law.

Article 95. Obligations and entitlements of Vietnamese Fatherland Front

Take charge of supervision on the investment in the programs and projects in accordance with the regulations in Clause 1 and Clause 3 Article 82 of this Law and other relevant laws.
Collect the opinions of the community about the investment policies on the local programs and projects in accordance with the regulations of Clause 2 Article 82 of this Law and regulations of the law on democratic practice at communes, wards and towns.

Article 96. Rights and responsibilities of entities engaged in proposing investment policies

Propose programs and projects conformable with the strategy, planning and plan for socio-economic development in each stage.
Mobilize the resources to execute the programs and projects on schedule.
Request the competent authorities to consider and decide the investment policies when any program is different from other programs and the regular duties according to the assigned obligations.
Be responsible for the information and figures related to the proposed programs and projects.

Article 97. Rights and responsibilities of entities related to Decisions on investment policies

Entities decide the investment polices on programs and projects in accordance with the regulations in Article 18 of this Law.
Any entity prescribed in Clauses 2, 3, 4 and 6 Article 17 of thus Law that decide the inappropriate and ineffective investment or cannot balance the capital leading to the loss and wastage shall be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations; or compensate for the damage (if any) under the regulations of the law.
Any entity related to the establishment and assessment that commits the violations, which leads to the inappropriate and ineffective investment shall be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations; or compensate for the damage (if any) under the regulations of the law.

Article 98. Rights and responsibilities of program leaders and investors related to establishment of programs and projects

Take legal responsibility for the documents sent to the competent authorities for approval.
Provide necessary documents for the authorities in charge of assessing the programs and projects.
Propose measures to attract the capital to execute the programs and projects on schedule.
Take responsibility for the establishment of programs and projects. Be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations in case of violations; or compensate for the damage (if any) under the regulations of the law.

Article 99. Rights and responsibilities of investors in programs and projects

Invest in the programs and projects according to the investment policies that are approved by the competent authorities, which is conformable with the ability to balance the capital under the their management and meets the standards in investment and assessment result. Be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations in case of inappropriate investment leading to ineffective investment, time-consuming or loss; or compensate for the damage (if any) under the regulations of the law.
Assess the programs and projects before they are approved, including assessing the capital and ability to balance the capital.
Balance the capital to pay the cost to establish and assess the programs and projects under their management.
Direct the program leaders and investors to execute the programs and projects on time and ensure the quality within the scope of the approved investment plan.
Decide to adjust, suspend or cancel the programs and projects.
Supervise, inspect and assess the programs and projects and the activities of the program leaders and investors during the execution of the programs and projects.
Take legal responsibility for the violations against the regulations on competence during the selection of the program leaders and investors.

Article 100. Rights and responsibilities of entities related to design consultancy on programs and projects

Request the program leaders and investors to provide information and documents related to the design for programs and projects.
Design the programs and projects to the standards, norms and quality assurance measures; do not exceed the regulated standards and norms.
Take responsibility for the result of the design of programs and projects. Be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations in case of incorrect design leading to ineffective investment or loss; or compensate for the damage (if any) under the regulations of the law.

Article 101. Rights and responsibilities of entities related to assessment of plans, programs and projects

Conduct the assessment of the plans, programs and projects under the regulations of the law and be responsible for the assessment result and their requests.
Conduct independent, transparent and objective assessment in accordance with the regulations of this Law and other laws.
Be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations in case of inaccurate assessment; or compensate for the damage (if any) under the regulations of the law.

Article 102. Rights and responsibilities of program leaders and investors to manage and carry out programs and projects

Manage and carry out the programs and projects, ensure the target, process and quality.
Report the implementation of the programs and projects under the regulations of this Law and other relevant laws.
Be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations in case of any loss; or compensate for the damage (if any) under the regulations of the law.

Article 103. Rights and responsibilities of managing Board in charge of programs and projects

Propose the remedies; manage and carry out the programs and projects; ensure the target, process and quality as authorized by the program leaders and investors.
Report the implementation of the programs and projects to the program leaders and investors.
Be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations in case of any loss; or compensate for the damage (if any) under the regulations of the law.

Article 104. Rights and responsibilities of entities supervising, assessing and inspecting programs and projects

The Heads of the Ministries, regulatory authorities and local authorities, Presidents of the People’s Committees of districts, program leaders and investors shall be responsible for the consequences if they do not supervise, assess or inspect the plans, programs and projects or send reports under the regulations.
The entities that are assigned to supervise, inspect and evaluate the plans, programs and projects must be responsible for their reports.
The program leaders and investors shall be responsible for their reports and take the legal responsibility for incorrect information about the investment within their competence under the regulations of the law.
Any entity assigned to supervise, inspect and valuate the plans, programs and projects that hide the violations or other violations shall be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations ; or compensate for the damage (if any) under the regulations of the law.

Article 105. Imposition of penalties
Any entity breaches the regulations in this Law shall be disciplined or liable to administrative penalties or criminal prosecution depending on the nature and severity of the violations ; or compensate for the damage (if any) under the regulations of the law.
Chapter VI
IMPLEMENTATION
Article 106. Transitional clauses

The programs and projects that are approved by the competent authorities before the effective date of this Law but are not allocated capital shall be handled as follows:
a) The national target programs and projects shall be carried out according to the Resolution of the National Assembly and the Decision on investment of the Government;
b) The programs and projects in the investment plan that are approved by the competent authorities shall be carried out according to such plan;
c) In case of programs and projects that are approved by the competent authorities but are not in the investment plan, the investment policies on the programs and projects must be formulated, assessed and approved according to the regulations of this Law.
The capital budget shall only be allocated to repay outstanding debts arising from infrastructural construction before the effective date of this Law.

Article 107. Effect
This Law shall come into effect from January 01, 2015.
Article 108. Specific regulations
The Government shall regulate the binding articles and clauses in this Law.
This Law has been adopted in June 18, 2014 by the 8^th National Assembly of the Socialist Republic of Vietnam in the 7^th meeting.

THE PRESIDENT OF NATIONAL ASSEMBLY
Nguyen Sinh Hung

The post Law No. 49/2014/QH13 of June 18, 2014, on public investment appeared first on MP Law Firm.

Decree No. 01/2014/ND-CP of January 03, 2014

mplawadmin — Fri, 03 Jan 2014 04:41:00 +0000

THE GOVERNMENT ———	SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness —————
No: 01/2014/ND-CP	Hanoi , January 03, 2014

DECREE

ON FOREIGN INVESTORS’ PURCHASE OF SHARES OF VIETNAMESE CREDIT INSTITUTIONS

Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the June 16, 2010 Law on the State bank of Vietnam;
Pursuant to the June 16, 2010 Law on credit institutions;
Pursuant to the November 29, 2005 Law on enterprises;
Pursuant to the June 29, 2006 Law on securities and the November 24, 2010 Law amending and supplementing a number of articles of the securities Law;
At the proposal of the Governor of the State bank of Vietnam;
The Government promulgates Decree on foreign investors’ purchase of shares of Vietnamese credit institutions,
Chapter 1.

GENERAL PROVISIONS

Article 1. Scope of regulation
This Decree provides for conditions of and procedures for share purchase, total of maximum shareholding level for foreign investors, the maximum shareholding percentage for a foreign investor in a Vietnamese credit institution; conditions for a Vietnamese credit institution to sell shares to foreign investors.
Article 2. Subjects of application
1. Joint-stock credit institutions and credit institutions transforming the legal form into joint-stock credit institutions (abbreviated to as Vietnamese credit institutions).
2. Foreign investors.
3. Other organizations and individuals involving foreign investors’ purchase of shares of Vietnamese credit institutions.
Article 3. Interpretation of terms
In this Decree, the following terms are construed as follows:
1. Joint-stock credit institutions mean credit institutions which are established and organized under form of joint-stock companies, including: Joint-stock commercial banks, Joint-stock financial companies, Joint-stock finance-leasing companies.
2. Credit institutions transforming the legal form into joint-stock credit institutions mean credit institutions which are performing transformation of legal form from credit institutions operating in form of limited liability companies into credit institutions operating in form of joint-stock companies.
3. Foreign investors include foreign organizations and individuals.
4. Foreign organizations include:
a) Organizations which are set up and operate under foreign law and branches of these organizations in foreign countries or/and in Vietnam.
b) Organizations, closed funds, member funds, companies of securities investment which are set up and operate in Vietnam with rate of contributed capital amount of foreign parties more than 49%.
5. Foreign individuals are persons who do not bear Vietnamese nationality.
6. Foreign strategic investor means a foreign organization which has financial capacity and has a written commitment of competent person to bind its long-term benefit with Vietnamese credit institutions and support Vietnamese credit institutions in transferring modern technologies; developing banking products and services, raising the administration and financial capacity.
7. Shareholding includes direct and indirect shareholding.
Article 4. Currency used in share purchase and sale transactions
Currency used in foreign investors’ share purchase and sale transactions in Vietnamese banks is Vietnam dong.
Article 5. Participation in administration at Vietnamese credit institutions
1. The participation and appointment of representative for contributed capital amount to participate in a Vietnamese credit institution shall comply with provisions of Law on credit institutions and relevant laws.
2. Foreign investors are only allowed to participate or appoint representative for the contributed capital amount to participate in Managing Board at a Vietnamese credit institution, except for the following cases:
a) Foreign investors participate or appoint representative for the contributed capital amount to participate in Managing Board of other credit institution being subsidiary company of Vietnamese credit institution of which foreign investors participated or appointed representative for the contributed capital amounts to participate in Managing Board.
b) Foreign investors participate or appoint representative for the contributed capital amount to participate in Managing Board at a weak joint-stock credit institution in order to restructure it under the plan already been accepted by the State bank of Vietnam.
Chapter 2.

SPECIFIC PROVISIONS

SECTION 1. FORM, PERCENTAGE OF AND PROCEDURES FOR SHARE PURCHASE

Article 6. Form of share purchase for foreign investors
1. Foreign investors purchase shares of shareholders of joint-stock credit institutions.
2. Foreign investors purchase shares in case where joint-stock credit institutions sell shares to increase charter capital or sell treasury shares.
3. Foreign investors purchase shares in case where credit institutions transform the legal form into joint-stock credit institutions.
Article 7. Shareholding percentage for foreign investors
1. Shareholding percentage of a foreign individual shall not exceed 5% of charter capital of a Vietnamese credit institution.
2. Shareholding percentage of a foreign organization shall not exceed 15% of charter capital of a Vietnamese credit institution except for case specified at Clause 3 this Article.
3. Shareholding percentage of a foreign strategic investor shall not exceed 20% of charter capital of a Vietnamese credit institution except for case specified at Clause 3 this Article.
4. Shareholding percentage of a foreign investor and the concerned persons of such foreign investor shall not exceed 20% of charter capital of a Vietnamese credit institution.
5. Total shareholding level of foreign investors shall not exceed 30% of charter capital of a Vietnamese commercial bank. Total shareholding level of foreign investors at a Vietnamese non-banking credit institution shall comply with legislation applicable to public companies and listing companies.
6. In special case, to perform restructure of credit institution which is weak and faces to difficulties, to ensure credit safety of credit institution system, the Prime Minister shall decide the shareholding percentage of a foreign organization, a foreign strategic investor, total shareholding level of foreign investors at a weak and restructured joint-stock credit institution, in excess of limit specified at Clauses 2, 3, 5 this Article for each specific case.
7. The shareholding percentage specified at Clauses 1, 2, 3, 4, 5, 6 this Clause include the capital amount which foreign investor entrusted for other organizations and individuals to purchase shares.
8. Foreign investors changing convertible bonds of Vietnamese credit institutions into stocks must ensure the shareholding percentage, conditions for shareholding as prescribed in this Decree.
Article 8. Competence, orders, procedures and dossier in case of foreign investors’ purchase of shares of Vietnamese credit institutions
1. Case of share purchase that leads the shareholding level to be 10% or more of charter capital; share purchase and becoming foreign strategic investor of a Vietnamese credit institution:
a) The Vietnamese credit institution (for credit institution which has not yet listed its shares) or foreign organization (for credit institution which has listed its shares) shall make a dossier and send directly or via post, electronic network to the State bank of Vietnam for acceptance before performing transactions.
b) Within 40 days after receiving full and valid dossier, based on conditions specified in Articles 9 and 10 of this Decree, the State bank of Vietnam shall consider and decide on acceptance or refusal in writing for foreign organizations’ share purchase. In case of refusal, the State bank of Vietnam shall state clearly reason thereof.
2. In case of share purchase that leads the shareholding level to be 5% or more of charter capital and additional share purchase when a foreign organization has owned 5% or more of charter capital of a Vietnamese credit institution except for case specified at Clause 1 this Article, foreign investors shall comply with the process and procedures specified at Clause 2 Article 29 of Law on credit institutions.
3. Other cases of share purchase, except for cases specified in Clauses 1 and 2 this Article:
a) Foreign investors purchase shares of Vietnamese credit institutions which have not yet listed shares shall make dossier and send it, directly or via post, to the Vietnamese credit institutions for decision in order to ensure compliance with Article 7 of this Decree
The Vietnamese credit institutions shall specify dossier of foreign investors’ purchase of shares in conformity with legislations.
Within 20 working days, after receiving a full and valid dossier, the Vietnamese credit institutions must reply in writing to foreign investors. In case of refusal, the Vietnamese credit institutions must state clearly reason thereof.
b) Foreign investors may purchase shares of joint-stock credit institutions which have listed shares in accordance with legislations on securities and securities market and must comply with provision in Article 7 of this Decree.
4. The State bank of Vietnam shall certify the process of, procedures for and dossier of foreign investors’ purchase of shares of Vietnamese credit institutions specified at Clauses 1, 2 this Article.

SECTION 2. CONDITIONS FOR SHAREHOLDING

Article 9. Conditions for a foreign organization to purchase shares that lead the shareholding level to be 10% or more of charter capital of a Vietnamese credit institution
1. Being ranked by international prestige credit-rating organizations from the stable level or equivalent or higher level.
2. Having full financial source to purchase share which is defined under financial statement audited independently of year preceding year of submission of dossier and a lawful capital source for share purchase as prescribed by law.
3. The share purchase does not cause influence to the safety, stability of the Vietnamese credit institution system; does not create the exclusivity or limit the competition in the Vietnamese credit institution system.
4. Not violating seriously law on monetary, banking, securities and securities market of country where foreign investor is headquartered and law of Vietnam within 12 months until submission of dossier of share purchase.
5. Having total assets at least equivalent to 10 billion U.S. dollar for foreign investors being banks, financial companies, or finance-leasing companies or having the minimum charter capital equivalent to 1 billion U.S. dollar for foreign investors being other organizations in year preceding the year of submission of dossier of share purchase.
Article 10. Conditions for foreign organizations to purchase shares and become foreign strategic investors
1. Conditions specified at Clauses 1, 2, 3, 4 Article 9 of this Decree.
2. Being foreign banks, foreign financial companies, foreign finance-leasing companies which are allowed to perform the banking activities as prescribed by law of countries where they are headquartered. Foreign financial companies are only allowed to be the strategic investors at Vietnamese financial companies. Foreign financial companies are only allowed to be the strategic investors at Vietnamese finance-leasing companies.
3. Having experiences in international operation of banking and finance from 5 years or longer.
4. Having minimum total assets of 20 billion U.S Dollar in the year preceding the year of submission of dossier of share purchase.
5. Having written commitment and clear plan on binding long-term benefit with Vietnamese credit institutions and support Vietnamese credit institutions in applying modern technologies; developing banking products and services, raising the administration and financial capacity.
6. Not owning 10% or more of charter capital at any other credit institution in Vietnam;
7. Committing or having owned 10% or more of charter capital of Vietnamese credit institutions where foreign organizations request for purchasing shares and becoming the foreign strategic investor.

SECTION 3. VIETNAMESE CREDIT INSTITUTIONS THAT SELL SHARES

Article 11. Conditions for Vietnamese credit institutions to sell shares to foreign investors
1. Credit institutions transforming legal form into the joint-stock credit institutions must have plan on equitization, plan on transformation which are approved by competent authorities as prescribed by law, in which includes plan on share sale for foreign investors.
2. The joint-stock credit institutions must have plan on increasing charter capital, plan on selling treasury stocks already approved by General Council of Shareholders, in which includes plan on share sale for foreign investors.
For joint-stock credit institutions with the state ownership rate of over 50% of charter capital, plan on increasing charter capital, plan on selling treasury stocks shall comply with legislations on financial management of state enterprises before submitting to General Council of Shareholders for approval.
Article 12. Share selling price for foreign investors
1. The selling prices of shares of an unlisted Vietnamese credit institution to foreign investors shall be determined through auction or agreement form.
2. The selling prices of shares of a listed joint-stock credit institution to foreign investors shall comply with legislations on securities and securities market.
3. Foreign investors and Vietnamese credit institutions shall agree on making a deposit for performing transaction of share purchase in accordance with law.
SECTION 4. RIGHTS AND OBLIGATIONS OF FOREIGN INVESTORS
Article 13. Rights of foreign investors
1. To have full rights of shareholder as prescribed by Vietnamese law, charter of joint-stock credit institutions where the foreign investors have purchased shares and agreements in conformity with Vietnamese law in contract of share purchase and sale between foreign investors and Vietnamese credit institutions.
2. To transfer incomes from investment, share purchase, revenues from transfer of shares into other countries after having fulfilled financial obligations as prescribed by Vietnamese law.
3. To participate in or appoint representative to participate in the Managing Board, Control Board, executive persons of joint-stock credit institutions as prescribed in Charter of joint-stock credit institutions where foreign investors have purchased shares and Vietnamese law.
4. To have other lawful rights and interests protected by the State of the Socialist Republic of Vietnam in accordance with Vietnamese law and International treaties to which Vietnam is a contracting party.
Article 14. Obligations of foreign investors
1. To fulfill obligations of shareholders in accordance with Vietnamese law and the charters of the Vietnamese credit institutions where they purchase shares and agreements in conformity with Vietnamese law in contracts of share purchase and sale between foreign investors and Vietnamese credit institutions.
2. To ensure and take responsibility for the lawfulness of capital sources used for share purchase and the validity of dossiers of application for share purchase and the accuracy of the supplied information and documents in accordance with Vietnamese law.
3. To report full information and take responsibilities for the accuracy of information about their concerned persons who hold shares, information about shareholding through their concerned persons and though investment entrustment at Vietnamese credit institutions where the foreign investors participate in share purchase.
4. To fully transfer the amount of capital already registered for the purchase of shares of Vietnamese credit institutions under agreements in contract of share purchase and sale between foreign investors and Vietnamese credit institutions and in conformity with law.
5. A foreign strategic investor is not permitted to transfer shares owned by it at Vietnamese credit institutions for other organizations or individuals within at least 5 years after becoming strategic investor of Vietnamese credit institution as stated in written acceptance of the State bank of Vietnam.
6. A foreign strategic investor being organization owning 10% or more of charter capital of a Vietnamese credit institution is not permitted to transfer shares owned by it for other organizations or individuals within at least 3 years from owning 10% or more of charter capital of such credit institution.
7. Foreign investors purchasing shares of the weak and restructured joint-stock credit institutions as prescribed at Clause 6 Article 7 of this Decree must formulate plan on share purchase and restructure of the weak credit institutions and send them to the State bank of Vietnam for consideration, appraisal and submission to the Prime Minister for decision.
8. To abide by current regulations on foreign exchange management of Vietnam.
Chapter 3.

ORGANIZATION OF IMPLMENTATION

Article 15. Responsibilities of the State management agencies
1. The State bank of Vietnam shall:
a) Guide implementation and inspect, examine, supervise implementation of this Decree;
b) Supply information related to the share purchase and sale of foreign investors within its management to the Ministry of Finance for coordinative management as prescribed in this Decree.
2. The Ministry of Finance shall:
a) Manage and guide the foreign investors’ purchase of shares of joint-stock credit institutions which have listed shares ensuring compliance with the shareholding percentage as prescribed in this Decree and legislations on securities and securities market;
b) Supply information related to the share purchase and sale of foreign investors within its management to the State bank of Vietnam for coordinative management as prescribed in this Decree.
Article 16. Responsibilities of Vietnamese credit institutions
1. Organize the share sale in accordance with this Decree and relevant law.
2. Announce information as prescribed by law.
3. Report fully and timely to competent agencies about information involving the foreign investors’ share purchase.
Article 17. Handling of violation
All violations of provisions in this Decree shall be handled as prescribed in Decree on sanctioning commit violations in monetary and banking operation.
Article 18. Effect
This Decree takes effect on February 20, 2014 and replaces Government’s Decree No.69/2007/ND-CP dated April 20, 2004, on foreign investors’ purchase of shares of Vietnamese commercial banks.
Article 19. Implementation provisions
The Ministers, Heads of ministerial-level agencies, Heads of Governmental agencies, chairmen of People’s Committees of provinces and central-affiliated cities; presidents of Managing Boards, presidents of Members’ Councils and General Directors (Directors) of Vietnamese credit institutions; foreign investors and relevant organizations and individuals shall implement this Decree.

ON BEHALF OF THE GOVERNMENT
PRIME MINISTER

Nguyen Tan Dung

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