Vietnam: Is Decree 31/2021/ND-CP elaborating some articles of the Law on Investment still in effect? What are the important appendixes specified in Decree 31/2021/ND-CP?
- Is Decree 31/2021/ND-CP elaborating some articles of the Law on Investment in Vietnam still in effect?
- What are the important appendixes specified in Decree 31/2021/ND-CP of the Government of Vietnam?
- What are the instructions for receipt of applications and settlement of procedures related to investment activities in Vietnam under Decree 31/2021/ND-CP?
Is Decree 31/2021/ND-CP elaborating some articles of the Law on Investment in Vietnam still in effect?
To guide and concretize the new contents of the Investment Law 2020 - a legal document that is considered to have solved many "hot" issues in the investment sector, the Government of Vietnam has issued Decree 31/2021/ND-CP elaborating some articles of the Investment Law 2020.
Up to now, Decree 31/2021/ND-CP is still in effect.
Recently, the Government of Vietnam promulgated Decree 23/2024/ND-CP elaborating some articles and measures to implement the Law on Bidding on the selection of project investors in case the bidding must be held in accordance with the law on management of sectors and domains. Decree 23/2024/ND-CP has amended a regulation in Decree 31/2021/ND-CP. Specifically, under Clause 2, Article 66 of Decree 23/2024/ND-CP:
Effect
1. This Decree comes into force from the date of signing.
2. From the effective date of this Decree, Point c, Clause 1, Article 1 and Article 16 of the Government's Decree No. 25/2020/ND-CP dated February 28, 2020 elaborating some articles of the Law on Bidding on investor selection, and Clause 7, Article 108 of the Government's Decree No. 31/2021/ND-CP dated March 26, 3, 2021 elaborating some articles of the Law on Investment expire.
Thus, from February 27, 2024, Clause 7, Article 108 of the Government's Decree 31/2021/ND-CP dated March 26, 2021 elaborating some articles of the Law on Investment expires.
What are the important appendixes specified in Decree 31/2021/ND-CP of the Government of Vietnam?
Decree 31/2021/ND-CP has 03 important appendixes, including:
APPENDIX I: NEGATIVE LIST FOR MARKET ACCESS
APPENDIX II: LIST OF BUSINESS LINES ELIGIBLE FOR INVESTMENT INCENTIVES
APPENDIX III: LIST OF AREAS ELIGIBLE FOR INVESTMENT INCENTIVES
What are the instructions for receipt of applications and settlement of procedures related to investment activities in Vietnam under Decree 31/2021/ND-CP?
In Article 6 of Decree 31/2021/ND-CP, the receipt of applications and settlement of procedures related to investment activities in Vietnam are guided as follows:
The receipt of applications and settlement of procedures related to investment activities by investors shall be carried out as follows:
- Every investor shall take legal responsibility for the legitimacy, accuracy and truthfulness of their application and documents submitted to competent authorities;
- The receiving authority shall assess the validity of the application and must not require the investor to submit any documents together with the application other than those specified in the Law on Investment and Decree 31/2021/ND-CP;
- When an application needs to be supplemented, the receiving authority shall send a written notification of necessary supplementations to the investor. The notification must specify the bases, supplementations and deadline for supplementation. The investor has the responsibility to supplement the application by the deadline specified in the notification. If the investor fail to supplement the application by the deadline, the Ministry of Planning and Investment and investment registration authority shall consider suspend the application processing and notify the investor in writing;
- When requiring the investor to provide explanation for contents of the application, the Ministry of Planning and Investment and investment registration authority shall send the investor a notification specifying the deadline for explanation. If the investor fails to provide explanation upon request, the Ministry of Planning and Investment and investment registration authority shall send a notification of suspension of application processing to the investor;
- The time spent on supplementation or explanation specified in Points c and d of this Clause and duration of imposition of penalties for administrative violations against regulations on investment (if any) shall not be included in the procedure-settling time in accordance with the Investment Law 2020 and Decree 31/2021/ND-CP.
- In case of refusal to issue or adjust the decision on approval for investment guidelines, decision on investor approval, investment registration certificate, outward investment registration certificate and other administrative documents on investment prescribed in the Investment Law 2020 and Decree 31/2021/ND-CP, the Ministry of Planning and Investment and investment registration authority shall send the investor a notification specifying the reason therefor.
The collection of regulatory authorities’ opinions during the application processing shall be carried out as follows:
- The enquiring authority shall determine whether contents about which opinions are collected are suitable for functions and duties of the enquired authorities and determine the deadline for giving response in accordance with regulations of the Investment Law 2020 and Decree 31/2021/ND-CP;
- The enquired authorities shall give response by the deadline specified in Point a of this Clause and take responsibility for their opinions within their functions and duties; if an authority fails to give any opinion by the aforementioned deadline, it is considered that it concurs with the contents under its management.
Competent authorities and persons shall only take responsibility for the contents assigned to approve, appraise or settle as prescribed in the Investment Law 2020 and Decree 31/2021/ND-CP; shall not take responsibility for the contents previously approved, appraised or settled by other competent authorities and persons.
The Ministry of Planning and Investment, investment registration authorities and other regulatory authorities shall not settle disputes between investors and between investors and concerned organizations and individuals during the process of carrying investment activities.
Investors shall bear responsibility as prescribed by law and bear all costs in case of failure to implement or incorrectly implementing the procedures specified in the Investment Law 2020, Decree 31/2021/ND-CP and relevant regulations of law.
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