THE NATIONAL ASSEMBLY
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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Law No. 67/2014/QH13
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Hanoi, November 26, 2014
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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:
1. Register office means the regulatory body
competent to issue, adjust, and revoke Certificates of investment registration.
2. 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.
3. Expansion project means a project to make
investment to expand the scale, improve the capacity, apply new technologies,
reduce pollution or improve the environment.
4. New investment project means a project that is
executed for the first time or a project independent from any other running
project.
5. 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.
6. Certificate of investment registration means a
paper or electronic document bearing registered information about the
investment project of the investor.
7. 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.
8. 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.
9. Business cooperation contract means a contract
between investors for business cooperation and distribution of profits,
products without establishment of a new business organization.
10. Export-processing zone means an industrial park
specialized in manufacturing of exported products or provision of services for
manufacturing of exported products and export.
11. Industrial park means an area with a defined
geographical boundary specialized in industrial production and provision of
services for industrial production.
12. 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.
13. Investor means an organization or individual
that makes business investments. Investors include Vietnamese investors,
foreign investors, and foreign-invested business organizations.
14. Foreign investor means an individual holding a
foreign nationality or an organization established under foreign laws an making
business investment in Vietnam.
15. Vietnamese investor means an individual holding
Vietnamese nationality or a business organization whose members or shareholders
are not foreign investors.
16. 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.
17. Foreign-invested business organization means a
business whose members or shareholders are foreign investors.
18. Capital means money and other assets used
invested in business.
Article 4. Application of the Law on
Investment, relevant laws and international agreements
1. Investments made within Vietnam’s territory must comply
with this Law and relevant laws.
2. 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.
3. 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.
4. 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
1. Investors are entitled to make investments in the
business lines that are not banned in this Law.
2. 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.
3. The ownership of assets, capital, income, another the
lawful rights and interests of investors are recognized and protected by the
State.
4. 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.
5. International agreements on business investment to which
Socialist Republic of Vietnam is a signatory are upheld by the State.
Article 6. Banned business lines
1. 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.
2. 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
1. 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.
2. The List of conditional business lines is provided in
Appendix 4 hereof.
3. 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.
4. 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.
5. The conditional business lines and the corresponding
conditions shall be posted on the National Company Registration Portal.
6. 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
1. Lawful assets of investors shall not be nationalized or
confiscated by administrative measures.
2. 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
1. 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.
2. 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:
1. Capital and liquidations;
2. Income from business investment;
3. Money and other assets under the lawful ownership of the
investors.
Article 12. The Government’s
guarantee for some important projects
1. 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.
2. The Government shall elaborate this Article.
Article 13. Assurance of business
investment upon changes of laws
1. 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.
2. 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.
3. 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.
4. 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.
5. 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
1. 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.
2. 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.
3. 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.
4. 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
1. 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.
2. 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.
3. 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.
4. 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
1. 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
2. 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.
3. 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
1. 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.
2. 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
1. 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.
2. 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
1. 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.
2. 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.
3. 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
1. 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.
2. 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
1. 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.
2. 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.
3. 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
1. 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.
2. 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.
3. 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.
4. 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
1. Investors are entitled to contribute capital, buy
shares, or buy capital contributions of business organizations.
2. 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
1. 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.
2. 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.
3. 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
1. 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.
2. 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).
3. 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.
4. 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
1. 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.
2. The Government shall specify the fields, conditions, and
procedures for executing investment projects under PPP contracts.
Article 28. Investment under
business cooperation contracts
1. Business cooperation contracts signed between Vietnamese
inventors are executed in accordance with civil laws.
2. 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.
3. 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
1. 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.
2. 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.
3. 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:
1. 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;
2. Projects that change purposes of land meant for rice
cultivation with two or more crops of 500 hectares or larger;
3. Projects that require relocation of 20,000 people or
more in highlands; 50,000 people or more in other areas;
4. 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:
1. 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;
2. Projects not mentioned in Clause 1 of this Article in
which investment is VND 5,000 billion or above;
3. 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;
4. 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
1. 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.
2. 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
1. 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).
2. 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.
3. 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.
4. Within 15 days from the receipt of the project dossier,
the inquired agencies shall send written responses to the registry office.
5. 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.
6. 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).
7. 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.
8. 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.
9. 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
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. The Prime Minister shall consider deciding investment
policies as prescribed in Clause 8 Article 33 of this Law.
7. 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
1. 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).
2. 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.
3. 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.
4. 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.
5. 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.
6. 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).
7. 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.
8. 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.
9. 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
1. 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.
2. 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.
3. 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.
4. 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
1. 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.
2. 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
1. 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.
2. 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.
3. 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
1. Code of the project.
2. Name and address of the investor.
3. Name of the project.
4. Location and area of the project.
5. Objectives and scale of the project.
6. Capital investment in the project (including the
investor's capital and raised capital), capital contribution and capital
raising schedule.
7. Duration of the project.
8. 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);
9. Investment incentives, support, and conditions (if any).
10. Conditions applied to the investor (if any).
Article 40. Adjusting the
Certificate of investment registration
1. When the Certificate of investment registration has to
be adjusted, the investor shall follow the procedures for adjusting the
Certificate of investment registration.
2. 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.
3. 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.
4. 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).
5. 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
1. 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.
2. The Government shall specify the procedures for revoking
the Certificate of investment registration.
Section 4: PROJECT EXECUTION
Article 42. Assurance of project
execution
1. 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.
2. The deposit is equal to 1% - 3% of the capital
investment, depending on the scale, characteristics, and execution schedule of
the project.
3. The deposit shall be returned to the investor according
to the project schedule, except for the case in which it is not returned.
4. The Government shall elaborate this Article.
Article 43. Durations of investment
projects
1. The duration of an investment project inside an economic
zone shall not be longer than 70 years.
2. 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.
3. 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
1. The investor is responsible for quality of machinery,
equipment and technological line used for the project as prescribed by law.
2. 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
1. 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.
2. 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
1. 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.
2. 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.
3. The extension shall not exceed 24 months. In force
majeure events, the time for recovery shall not be included in the extension.
4. Within 15 days from the receipt of the proposal, the
registry office shall offer its opinions in writing.
Article 47. Project suspension and
termination
1. 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.
2. 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.
3. 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
1. 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.
2. The registry office shall decide project termination in
the cases mentioned in Points d, dd, e, g, and h Clause 1 of this Article.
3. The investor shall liquidate the project in accordance
with regulations of law on asset liquidation when terminating the project.
4. 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
1. 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.
2. 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.
3. 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.
4. 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.
5. 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
1. 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.
2. 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.
3. 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
1. 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.
2. 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
1. 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.
2. 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
1. 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.
2. 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
1. 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.
2. 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
1. 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.
2. 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.
3. Within 15 days from the receipt of the project dossier,
the inquired agencies shall offer their opinions.
4. 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.
5. 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