Guidance on adjustment and extension of duration of investment projects in Vietnam? What is the application for adjustment and extension of duration of investment projects in Vietnam?
What is the application for adjustment and extension of duration of investment projects in Vietnam?
According to the provisions of Clause 2, Article 55 of Decree No. 31/2021/ND-CP guiding the application for adjustment and extension of duration of investment projects in Vietnam, including:
- An application form for extension of the project’s duration;
- Decision on approval for investment guidelines;
- Investment registration certificate;
- Decision on investor approval or equivalent document;
- Certificate of land use rights or equivalent document;
- Document (s) proving the financial capacity of the investor including at least one of the following documents: the investor’s financial statements for the last two years; commitment of the parent company to provide financial support; commitment of a financial institution to provide financial support; guarantee for the investor’s financial capacity; other document proving the investor’s financial capacity;
Guidance on adjustment and extension of duration of investment projects in Vietnam? What is the application for adjustment and extension of duration of investment projects in Vietnam?
What are the procedures for adjustment and extension of duration of investment projects in Vietnam?
Procedures for adjustment and extension of duration of investment projects in Vietnam according to Article 55 of Decree No. 31/2021/ND-CP are as follows:
- Every investor is entitled to adjust duration of their investment project according to Point dd Clause 3 Article 41 of the Law on Investment and Clause 2 Article 27 of Decree No. 31/2021/ND-CP and follow the procedures for duration adjustment in accordance with the corresponding regulations set out in Articles 44, 45, 46 and 47 of Decree No. 31/2021/ND-CP.
- Procedures for extending duration of the investment project according to Clause 4 Article 27 of Decree No. 31/2021/ND-CP are as follows:
+ For the investment project whose investment guidelines have been approved, the investor shall submit 04 sets of application to the Ministry of Planning and Investment or the investment registration authority corresponding to the power to approve investment guidelines of the project.
+ Within 03 working days from the receipt of the valid application specified in Point a of this Clause, the Ministry of Planning and Investment or the investment registration authority shall send the application to the land authority and relevant authorities to seek their opinions about fulfillment of the conditions specified in Clause 4 Article 44 of the Law on Investment and Clause 4 Article 27 of Decree No. 31/2021/ND-CP;
+ Within 10 days from the receipt of the valid application, the enquired authorities shall give their opinions about fulfillment of the conditions specified in Clause 4 Article 44 of the Law on Investment and Clause 4 Article 27 of Decree No. 31/2021/ND-CP;
+ Within 15 days from the receipt of the valid application, the Ministry of Planning and Investment and investment registration authority shall consider the conditions for extending the project’s duration prescribed in Clause 4 Article 44 of the Law on Investment and Clause 4 Article 27 of Decree No. 31/2021/ND-CP to prepare an appraisal report and submit it to the investment guideline approving authority.
+ Within 03 working days from the receipt of the report, the investment guideline approving authority shall decide to extend the project’s duration;
+ For an investment project that has been issued with the investment registration certificate and not subject to approval for its investment guidelines, the investor shall submit 04 sets of the application specified in Point a of this Clause to the investment registration authority. The investment registration authority shall follow the corresponding procedures in Points b, c, d and dd Clause 2 Article 55 of Decree No. 31/2021/ND-CP to extend the project’s duration.
- For an investment project that uses land, within 06 months before the expiration of its duration, the investor shall follow the extension procedures set out in Clause 2 Article 55 of Decree No. 31/2021/ND-CP.
What are the regulations on adjustment of duration of investment projects in Vietnam?
According to the provisions of Clause 1, Article 55 of Decree No. 31/2021/ND-CP, the contents are as follows:
Adjustment and extension of duration of investment projects
1. Every investor is entitled to adjust duration of their investment project according to Point dd Clause 3 Article 41 of the Law on Investment and Clause 2 Article 27 hereof and follow the procedures for duration adjustment in accordance with the corresponding regulations set out in Articles 44, 45, 46 and 47 hereof.
Thus, during the implementation of an investment project, the investor may increase or decrease the duration of the investment project. The duration of an investment project after adjustment must not exceed the duration specified in Clauses 1 and 2, Article 44 of the 2020 Law on Investment.
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