“For which project the Prime Minister must approve investment policy and which authority is competent of issuing Investment Certificate to projects are some of many issues that enterprises need to know when investing in Viet Nam.“
1.The Prime Minister shall approve investment policy for the following projects:
a) Investment projects in the following sectors, regardless of the source of capital and scale of investment: construction and commercial operation of national airports and seaports; air transportation; exploration, exploitation, and processing of oil and gas; exploration and exploitation of minerals; radio and television broadcasting; casino business; production of cigarettes; establishment of university-level training facilities, industrial parks, export processing zones, hi-tech parks and economic zones.
b) Investment projects having a scale of investment capital of 1,500 billion VND or more, regardless of the source of capital, in the following sectors: electricity business; mineral processing; metallurgy; construction of railway, road and inland waterway infrastructure; production and business of alcohol and beer.
c) Foreign invested projects in the following sectors: ocean shipping business; establishment of networks and provision of postal, delivery, telecommunications and Internet services; establishment of wave transmission networks; press printing and distribution; publishing; or establishment of independent scientific research institutions.
However, if the abovementioned projects are included in the plan approved by the Prime Minister or by a body authorized by the Prime Minister and satisfy statutory conditions prescribed by law, the authority competent of granting Investment Certificate shall carry out the procedures to issue Investment Certificate without having to submit to the Prime Minister. In addition, when an investment project is not included in such plan or does not satisfy the open market conditions prescribed in treaties to which Vietnam is a contracting party, the authority competent of granting Investment Certificate shall submit such project to the Prime Minister for decision on investment policy.
2. Projects for which provincial-level People’s Committees shall grant Investment Certificate
Provincial-level People’s Committees are bodies that receive dossiers and grant Investment Certificates to the following projects: investment projects outside of industrial parks, export processing zones, hi-tech parks and economic zones, including investment projects for which the Prime Minister has approved on investment policy; investment projects on development of infrastructures in industrial parks, export processing zones or hi-tech parks in localities which have yet to set up the Management Boards of such industrial parks, export processing zones and hi-tech parks.
3. Investment projects for which the Management Boards of industrial parks, export processing zones and hi-tech parks (hereinafter referred to as “Management Boards”) shall grant Investment Certificate
The Management Boards are the bodies in charge of receiving dossiers and granting Investment Certificate in cases of investment projects within industrial parks, export processing zones, hi-tech parks and economic zones, including investment projects for which the Prime Minister has approved the investment policy; investment projects on development of infrastructures in industrial parks, export processing zones, hi-tech parks and economic zones.
Furthermore, it is also important to note that for an investment project implemented in a locality not yet covered by the administrative management of a province or a municipality, or an investment project implemented in several provinces or municipalities, the dossier of such project shall be submitted to the Department of Planning and Investment of the locality where the investor has established or intends to establish the head office or branch or executive office in order to implement such project.
PLF Law Firm