The Prime Minister approved the investment policy for important national investment projects according to the provisions of law. Approved projects must meet the criteria of scale, socio-economic impact, and be consistent with the national development strategy. The following article will analyze in detail the process and types of projects under the approval authority of the Prime Minister. Please refer!

Projects subject to investment policy approval

Approving the investment policy is an important step in the process of implementing an investment project. According to Clause 1, Article 3 of the Law on Investment 2020, investment policy approval is the competent state agency’s agreement on the objectives, location, scale, progress and duration of project implementation. This decision also determines the investor or form of investor selection, along with special mechanisms and policies (if any) to implement the project.

Projects subject to investment policy approval include:

• The project is subject to investment policy approval from the National Assembly;
• The project is subject to investment policy approval of the Prime Minister;
• The project is subject to investment policy approval by the Provincial People’s Committee.

Projects subject to investment policy approval of the Prime Minister

The Prime Minister has the authority to approve investment policies for some types of special projects. These projects are often large-scale, have profound socio-economic impacts or are related to national security and defense.

Specifically, the Prime Minister approved the investment policy for the following projects:

1. Investment projects regardless of capital source fall into one of the following cases:

• The project requires large-scale resettlement (10,000 people or more in mountainous areas, 20,000 people or more in other areas);
• New construction projects: airports, airports; runways of airports and airfields; passenger terminal of international airport; Cargo terminals of airports and airfields with a capacity of 01 million tons/year or more;
• New air passenger transport business project;
• Large-scale seaport construction projects (investment capital of VND 2,300 billion or more belong to class I seaports);
• Oil and gas processing projects;
• Investment projects with betting and casino businesses, except for electronic games with prizes for foreigners;
• Housing construction investment projects (for sale, lease, lease purchase), urban areas with land use scale of 300 hectares or more or population size of 50,000 people or more;
• Investment projects on construction and business of infrastructure of industrial parks and export processing zones;
• Investment projects in accordance with the provisions of law on cultural heritage regardless of the size of land area and population within the scope of protection area I of a relic recognized by competent authorities as a national relic special national monuments and monuments; within the scope of protection area II of the relic recognized by competent authorities as a special national relic on the World Heritage List.

1. Investment projects of foreign investors in the field of telecommunications services with network infrastructure, afforestation, publishing, and journalism;
2. Inter-provincial project;
3. Other investment projects fall under the authority of the Prime Minister’s investment policy approval or investment decision according to the provisions of law.

The Prime Minister’s direct approval of investment policies for these projects is to ensure consistency in state management of investment, as well as ensure that the projects are consistent with the economic development strategy. – the nation’s society.

Procedures for approving investment policies of the Prime Minister

Application for approval of investment policy

According to the provisions of Clause 1 and Clause 2, Article 33 of the Law on Investment 2020 guided by Article 31 of Decree 31/2021/ND-CP effective from March 26, 2021, the application file for approval of investment policy Investment includes two types: documents proposed by investors and documents prepared by competent state agencies.

Documents proposed by investors include:

• Written request to implement the investment project, including a commitment to bear all costs and risks if the project is not approved;
• Documents on the investor’s legal status;
• Documents proving the investor’s financial capacity include at least one of the following documents: the investor’s most recent 2-year financial statements; commitment to financial support from the parent company; commitment to financial support from financial institutions; guarantee of the investor’s financial capacity; Other documents proving the investor’s financial capacity;
• Investment project proposal includes the following main contents: investor or form of investor selection, investment objective, investment scale, investment capital and capital mobilization plan, location, time deadline, implementation progress, information on current land use status at the project location and proposed land use needs (if any), labor needs, proposals for investment incentives, and impacts. impact, socio-economic efficiency of the project, preliminary assessment of environmental impact (if any) according to the provisions of law on environmental protection.
• Copy of documents on land use rights (if any)
• Explanation of technology used (if any)
• BCC contract (if any)
• Other documents related to investment projects (if any);

Documents prepared by competent state agencies include:

• Proposal for approval of investment policy
• Investment project proposal includes the following main contents: investment objectives, investment scale, investment capital, location, duration, implementation progress, impact and socio-economic efficiency of the project. project; information on the current status of land use at the project location, land recovery conditions for projects subject to land recovery, and expected land use needs (if any); preliminary assessment of environmental impact (if any) according to the provisions of law on environmental protection; Expected form of investor selection and conditions for investors (if any); special mechanisms and policies (if any).
• In cases where the law on construction stipulates the preparation of a pre-feasibility study report, the competent state agency may use the pre-feasibility study report instead of the investment project proposal.

Preparing complete and accurate documents requesting approval of investment policies is an important step, helping the appraisal and approval process take place quickly and smoothly. Investors need to ensure that the information in the dossier is accurate and reflects their capacity and commitment to the project.

Procedure for approving investment policies

Pursuant to Article 36 of the Law on Investment 2020 and Article 33 of Decree 31/2021/ND-CP, the procedure for approving the Prime Minister’s investment policy includes the following steps:

Step 1: Submit application: The investor submits 08 sets of documents to the Ministry of Planning and Investment.

Step 2: Get appraisal opinions: Within 03 working days from the date of receiving complete and valid documents, the Ministry of Planning and Investment sends the documents to get opinions from relevant ministries, branches, and the Provincial People’s Committee where expected to implement the project regarding the investment project content within the scope of state management of that agency. Ministries and branches have 15 days to send appraisal opinions to the Ministry of Planning and Investment.

Step 3: Prepare an appraisal report: Within 40 days, the Ministry of Planning and Investment prepares an appraisal report and submits it to the Prime Minister.

Step 4: Approve the investment policy: Within 07 working days, the Prime Minister reviews and approves the investment policy.

Step 5: Send the Investment Policy Approval Decision to relevant parties.

This process ensures that project appraisal is carried out thoroughly and multi-dimensionally, with the participation of many specialized agencies. This helps ensure the feasibility and effectiveness of the project, as well as compliance with legal regulations and the country’s socio-economic development orientation.

Consulting and support services for applying for investment policy approval in Long Phan

Long Phan provides professional consulting services on investment policy approval procedures. Our team of experts has a deep understanding of the investment policy approval process and has experience working with state management agencies.

We support investors in:

• Prepare documents and draft project proposals.
• Develop documents appropriate to each type of project and requirements of the management agency.
• Review and complete documents before submitting.
• Representing customers in contacting and explaining to regulatory agencies (if necessary).

If you need support with investment policy approval procedures, please contact Long Phan immediately via hotline 0906735386. Our team of experts will provide detailed advice, help customers build appropriate strategies and accelerate project progress. Long Phan is committed to providing optimal solutions, saving time and costs for the process of getting approval for your investment policy.