Getting approval of investment policyis one of the important procedures before implementing an investment project. However, not all projects must seek approval, only projects that are required by law must seek approval from competent state agencies. This process requires investors to thoroughly understand the conditions, prepare complete documents and follow the correct procedures according to law. In the following article, Long Phan will analyze this process in detail.
Approval of investment policy according to the latest regulations
Any investment project must apply for approval of investment policy
According to the provisions of Articles 30, 31, 32 of the Law on Investment 2020, projects subject to investment policy approval include projects under the investment policy approval authority of the National Assembly, the Prime Minister and the Commission. Provincial People’s Committee. Specifically:
Projects under the approval authority of the National Assembly:
Projects that greatly affect the environment or have the potential to seriously affect the environment, including nuclear power plants, large-scale land use conversion projects;
The project requires changing the purpose of land use for wet rice cultivation for 02 or more crops with a scale of 500 hectares or more.
The project requires resettlement of 20,000 people or more in mountainous areas, and 50,000 people or more in other areas.
Projects requiring the application of special mechanisms and policies need to be decided by the National Assembly.
Projects under the approval authority of the Prime Minister:
The project requires resettlement of 10,000 people or more in mountainous areas, and 20,000 people or more in other areas.
New airport and airport construction projects; runways of airports and airfields; Passenger terminal of international airport.
New investment project to transport passengers by air.
Projects to build new ports or port areas belonging to special seaports or with large investment capital.
Investment projects in oil and gas processing, casino business, housing construction and large-scale urban areas.
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 cultural heritage and located in protection area I of national or special national monuments, as well as protection area II of special national monuments in the World Heritage List.
Investment projects in fields such as telecommunications services with network infrastructure, afforestation, publishing, and journalism;
Investment projects that require approval from at least two or more provincial-level People’s Committees;
Other investment projects require approval of policy or investment decision from the Prime Minister according to the provisions of law.
Projects under the approval authority of the Provincial People’s Committee:
Does the project request the State to allocate or lease land without auction, bidding or transfer; The project requires permission to change land use purposes.
Housing and urban area construction projects with land use scale of less than 300 hectares and population of less than 50,000 people.
Golf course construction and business project.
Investment projects on cultural heritage, located in protected areas II of national or special national relics (except special relics on the World Heritage List), as well as areas with restricted development or the historical inner city of a special type urban area.
Projects of foreign investors implemented in the area affect national defense and security.
What are the conditions for applying for approval of investment policy?
To be approved for investment policy, the project must meet the conditions prescribed in Article 33 of the Law on Investment 2020 and related legal documents. The competent authority will evaluate the project based on the following criteria:
Conformity with planning at all levels: The project must be consistent with national planning, regional planning, provincial planning, urban planning and special administrative-economic unit planning (if any).
Land use needs: Assess the reasonableness and effectiveness of land use for the project.
Socio-economic efficiency: Consider the positive impact of the project on local economic and social development.
Environmental impact: Preliminary assessment of the project’s environmental impact according to the provisions of law on environmental protection.
Investment incentives: Consider investment incentives and incentive conditions (if any) of the project.
Technology used: Evaluate the technology expected to be used in the project, especially for projects subject to appraisal or consultation on technology.
Urban and housing development: For housing and urban area construction projects, it is necessary to evaluate the compatibility with urban development goals, housing development programs, investment phasing plans, and investment mechanisms. structure of housing products and land fund for social housing development.
Preserving cultural heritage: Evaluate the project’s compatibility with the requirements of protecting and promoting cultural heritage values (if any).
Conditions for approval of investment policy
Procedures for approval of investment policy according to the latest regulations
Documents need to be prepared to apply for a license
Dossier requesting approval of investment policy according to Clause 1 and Clause 2, Article 33 of the Law on Investment 2020 is as follows:
Dossier requesting approval of investment policy for an investment project proposed by the investor includes:
Written request to implement an investment project, with a commitment to bear all costs and risks if the project is not approved.
Documents on the investor’s legal status.
Documents proving financial capacity: financial statements of the last 2 years, commitment to financial support, bank guarantee, or other documents.
Proposal of investment project or pre-feasibility study report (if any).
Copy of documents on land use rights or documents determining the right to use the project location (if any).
Explanation of technology used in the project (if subject to technology appraisal).
BCC contract (for projects in the form of BCC contract).
Other documents related to the investor’s conditions and capacity according to legal regulations (if any).
Dossier requesting approval of investment policy prepared by a competent state agency includes:
Proposal for approval of investment policy.
Proposal of investment project or pre-feasibility study report (if any).
Procedures for approval of investment policy
Steps to submit application for approval of investment policy
For projects under the Prime Minister’s investment policy approval authority:
According to the provisions of Clause 2, Clause 3, Clause 4, Article 32 of Decree 31/2021/ND-CP, investors or competent state agencies:
Submit 8 sets of documents to the Ministry of Planning and Investment.
Within 3 working days, the Ministry of Planning and Investment sends documents to seek appraisal opinions from relevant ministries, agencies and the Provincial People’s Committee where the project is expected to be implemented.
Within 15 days of receiving the request, the relevant agency must evaluate and send comments to the Ministry of Planning and Investment.
Within 40 days from receipt of valid documents, the Ministry of Planning and Investment evaluates and prepares a report to submit to the Prime Minister for approval of investment policy.
Within 7 working days from the date of receiving the appraisal report, the Prime Minister will consider and approve the investment policy.
For projects under the investment policy approval authority of the Provincial People’s Committee:
According to Clause 4, Article 33 of Decree 31/2021/ND-CP, investors or competent state agencies:
Submit 4 sets of documents to the investment registration agency.
Within 3 working days, the investment registration agency sends documents to get appraisal opinions from departments, district People’s Committees and relevant agencies.
Within 15 days, the consulted agencies must send appraisal opinions to the investment registration agency.
Within 25 days from the date of receipt of valid documents, the investment registration agency prepares an appraisal report and submits it to the Provincial People’s Committee.
Within 7 working days from the date of receiving the documents and appraisal report, the Provincial People’s Committee will consider and approve the investment policy.
Consulting on applying for investment licenses professionally and quickly at Long Phan
With a team of experts with many years of experience, Long Phan will provide the following consulting and support services:
Provide detailed information about legal regulations related to applying for investment policy approval;
Support in preparing and completing documents for investment policy approval;
On behalf of investors, work with authorities, submit documents and resolve issues that arise during the license application process;
Consulting on appraisal and facility preparation, helping customers ensure full conditions to apply for investment policy approval;
Monitor the application processing process, promptly notify investors about progress or request additional information from state agencies;
Consulting and supporting investors in handling legal issues that arise related to applying for an investment license;
Support investors in implementing projects in accordance with legal regulations after being granted a license;
Applying for approval of investment policy is a complicated process, requiring compliance with many legal regulations. Customers need to consider carefully and find out full information before implementing. For professional support in this process, please contact Long Phan via hotline 0906735386. We are ready to advise and accompany customers throughout the investment project implementation process.
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Luật sư Nguyễn Thu Hương
Lawyer Nguyen Thu Huong is a leading expert in the field of investment and licensing for foreigners. With extensive knowledge of investment laws and the complex regulations related to licensing procedures, she has successfully assisted numerous businesses and foreign investors in establishing their operations in Vietnam.