Guide to Investment Policy Approval

The Investment Policy Approval procedure by the Management Board applies to investment projects implemented in industrial zones, export processing zones, high-tech parks, and economic zones. This article will analyze the specific projects under the Management Board’s approval authority and the entire necessary legal process.

Projects Under the Management Board’s Authority

Projects subject to Investment Policy Approval by the Management Board are stipulated in Clause 2, Article 32 of the 2020 Law on Investment. Accordingly, projects specified in points a, b, and d, Clause 1, Article 32 of the 2020 Law on Investment that are implemented in industrial zones, export processing zones, high-tech parks, and economic zones in line with approved master plans are subject to Investment Policy Approval by these respective Management Boards.

Specifically, these projects include:

• Investment projects requesting land allocation or land lease from the State without auction, bidding, or transfer; projects requesting permission to change land use purposes. This excludes cases where land allocation, lease, or change of land use purpose for households and individuals requires written approval from the provincial-level People’s Committee under land law.
• Investment projects for the construction of housing (for sale, lease, or lease-purchase) and urban areas, regardless of land area or population size.
• Investment projects compliant with the law on cultural heritage, regardless of land area or population size, within Protection Areas I and II of nationally or specially recognized historical relics. This excludes Protection Area I of special national relics on the World Heritage List and projects in restricted development areas or the historic inner city (as defined in urban planning) of special-class urban areas.
• Investment projects by foreign investors and foreign-invested economic organizations on islands; in border communes, wards, and towns; in coastal communes, wards, and towns; and in other areas affecting national defense and security.

Note: Point b, Clause 1, Article 32 of the 2020 Law on Investment has been amended by Point b, Clause 8, Article 6 of the 2025 Law amending several laws, effective from July 1, 2025. The content above reflects this amendment.

Investment Policy Approval Procedure

The procedure for Investment Policy Approval by the Management Board is as follows:

Competent Authority

The competent state agency for preparing and receiving the application dossier is specified in Clauses 5 and 6, Article 31 of Decree 31/2021/ND-CP (amended by Decree 239/2025/ND-CP dated September 3, 2025).

• The Management Board of the industrial zone, export processing zone, high-tech park, or economic zone prepares the application dossier for projects under the approval authority of the provincial-level People’s Committee.
• The Management Board receives the application dossier for the following investment projects:
  • Projects for the construction and operation of infrastructure in industrial and export processing zones.
  • Investment projects under the approval authority of the provincial-level People’s Committee that are implemented within industrial zones, export processing zones, centralized digital technology parks, high-tech parks, and economic zones.

Dossier Components and Submission Method

The dossier for Investment Policy Approval is regulated in Clauses 1 and 2, Article 31 of Decree 31/2021/ND-CP (amended by Decree 239/2025/ND-CP).

Dossier proposed by an investor includes:

• A 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.
• An investment project proposal. If construction law requires a pre-feasibility study report, the investor may submit it instead.
• A copy of land use rights documents or other documents confirming the right to use the location (for projects not requesting land from the State).
• An explanation of the technology to be used for projects subject to technology appraisal or consultation.
• A Business Cooperation Contract (BCC) for projects under this form.
• Other relevant documents as required by law.

Dossier prepared by a competent state agency includes:

• A submission letter for Investment Policy Approval.
• An investment project proposal. If construction law requires a pre-feasibility study report, it can be used instead.

The dossier can be submitted either directly at the administrative office or via postal service.

Procedure Sequence

The sequence for the Investment Policy Approval procedure is detailed in Clause 7, Article 33 of Decree 31/2021/ND-CP (amended by Decree 239/2025/ND-CP).

1. The investor or competent state agency submits one set of the application dossier (including a digital version) to the Management Board.
2. Within 02 days of receiving a valid dossier, the Management Board sends it to relevant local agencies for appraisal on matters within their state management scope.
3. For projects involving foreign investors in sensitive areas (islands, border areas, coastal regions, or other areas affecting national defense), the investment registration agency consults the provincial Military Command and Police Department.
4. Within 07 days of receiving the request, the consulted agencies must provide their appraisal opinions to the Management Board.
5. Within 17 days of receiving a valid dossier, the Management Board prepares an appraisal report and issues the Investment Policy Approval decision.

>>> See more at: Changing land use purposes subject to individual investment policy approval

Fees and Charges

There are no specific state fees or charges for the Investment Policy Approval procedure. However, investors will incur costs during the process.

• Investors are responsible for costs related to dossier preparation, such as creating the investment project proposal, fees for appraising specialized reports (if any), and costs for translating and consularly legalizing foreign documents.
• After approval, investors will be subject to other fees as required by law, such as fees for the Investment Registration Certificate, land allocation or lease fees, and land use purpose change fees (if applicable).

Consulting Services by Long Phan Consulting Company

Long Phan Consulting provides comprehensive services for the Investment Policy Approval procedure by the Management Board.

Strategic Consultation and Legal Assessment

• We provide detailed advice on the specific conditions required to obtain Investment Policy Approval.
• Our team assesses the legal validity of all documents and evidence before submission to the competent authority.
• We guide clients through the entire approval process, outlining each step and requirement.

Dossier Preparation and Filing

• We advise on all necessary components for a complete and compliant application dossier.
• Our experts draft and prepare all required documents to ensure accuracy and adherence to regulations.
• We act as the authorized representative to submit the dossier and monitor its progress at the competent agency.

Finalization and Post-Approval Support

• We receive and deliver the final approval decision directly to you.
• Our consultants will explain the contents and implications of the approval decision.
• We provide ongoing support and guidance for the subsequent steps in your project’s development.

With a professional and dedicated team, Long Phan Consulting commits to helping clients complete the Investment Policy Approval procedure efficiently and in full compliance with the law.

Frequently Asked Questions

Here are answers to common questions regarding the Investment Policy Approval procedure.

What documents prove an investor’s financial capacity?

This includes at least one of the following:

• The investor’s financial statements for the last 02 years.
• A financial support commitment from a parent company.
• A financial support commitment from a financial institution.
• A guarantee of the investor’s financial capacity.
• Other documents proving financial capacity.

Legal Basis: Point c, Clause 1, Article 31, Decree 31/2021/ND-CP.

What should an investor’s project proposal include?

Key contents include:

• The investor or investor selection method.
• Investment objectives, scale, capital, and capital mobilization plan.
• Location, duration, and implementation schedule.
• Information on current land use and proposed land use needs.
• Labor requirements.
• Proposed investment incentives.
• The project’s socio-economic impact and efficiency.
• A preliminary environmental impact assessment (if required).
• Special mechanisms or policies (if any).

Legal Basis: Point d, Clause 1, Article 31, Decree 31/2021/ND-CP.

What should a state agency’s project proposal include?

Key contents include:

• Investment objectives, scale, capital, location, duration, and schedule; socio-economic impact.
• Information on current land use, land recovery cases (if any), and projected land use needs.
• A preliminary environmental impact assessment (if required).
• The proposed investor selection method and conditions for the investor (if any).
• Special mechanisms or policies (if any).

Legal Basis: Point b, Clause 2, Article 31, Decree 31/2021/ND-CP.

Can an investor authorize another person for this procedure?

Yes. An investor can authorize another person or entity through a legally notarized or certified power of attorney or authorization contract.

What is Investment Policy Approval?

It is the competent state agency’s approval of a project’s objectives, location, scale, schedule, and duration; the investor or investor selection method; and special mechanisms or policies (if any) for the project’s implementation.

Legal Basis: Clause 1, Article 3, Law on Investment 2020.

>>> See more at: Land Use Conversion Without Investment Approval

Conclusion

The Investment Policy Approval procedure by the Management Board is crucial for ensuring investment activities comply with regulations. Understanding the rules on authority, dossiers, and procedures helps investors save time and costs while mitigating legal risks. For detailed consultation and support to complete the procedure quickly and legally, please contact Long Phan Consulting via our hotline: 1900636389 for dedicated and professional service.