Vietnam: When is the procedure for adjusting the investor approval decision carried out? Form of written request for investor adjustment approval?
When to carry out the procedure for adjusting the Investor Approval Decision in Vietnam?
Pursuant to Clause 8, Article 48 of Decree 31/2021/ND-CP stipulates as follows:
Article 48. Adjustment of investment projects in case of transfer of part or whole of investment projects
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8. Where an investment project has had its investment guidelines approved and the transfer thereof does not change any content of approval for the investment guidelines in one of the cases mentioned in Points a, b, c, d, dd and e Clause 3 Article 41 of the Law on Investment, the transferor shall follow the procedures for adjusting the decision on investor approval instead of the procedures for approving the adjustment of the investment guidelines.
Thus, the investor transferring the project does not have to carry out the procedures for approving the adjustment of investment policies but carrying out the procedures for adjusting the Investor Approval Decision when the investment project has been approved for investment policies but the transfer of the project does not change the following contents in the approval of investment policies:
- Change the objectives specified in the written approval of investment policies; supplementing the objectives subject to approval of investment policies;
- Change the scale of land area used over 10% or over 30 ha, change the investment location;
- Changing the total investment capital by 20% or more, changing the scale of the investment project;
- Extend the implementation schedule of the investment project but the total project investment period exceeds 12 months compared to the progress of the investment project specified in the written approval of the first investment policy;
- Adjusting the operation term of the investment project;
- Change the technology that has been appraised and consulted in the process of approving investment policies;
Vietnam: When is the procedure for adjusting the investor approval decision carried out? Form of written request for investor adjustment approval?
How is the procedure for adjusting the Investor Approval Decision carried out in Vietnam?
Pursuant to Clause 8, Article 48 of Decree 31/2021/ND-CP stipulating the procedure for adjusting the Investor Approval Decision shall be implemented as follows:
- Investors transferring projects shall submit 04 sets of dossiers as prescribed in Clause 5 Article 48 of Decree 31/2021/ND-CP to the Investment Registration Agency, in which the written request for adjustment of the investment project is replaced by a written request for approval to adjust the investor;
Accordingly, this dossier includes:
+ Written request for approval to adjust the investor;
+ Report on the implementation of the investment project up to the time of transfer of the investment project;
+ Contract or principle contract on the transfer of part or all of the investment project;
+ A copy of documents on the legal status of the transferor and transferee investor;
+ A copy of the Investment Registration Certificate; Decision on approval of investment policies; Decision on investor approval (if any);
+ Copy of BCC Contract (for investment projects in the form of BCC Contract);
+ A copy of one of the following documents of the investor receiving the transfer of the investment project: the latest 02-year financial statement or the investor's equity audit report, the financial support commitment of the parent company, the financial support commitment of the financial institution, guarantees on the financial capacity of investors, documents explaining the financial capacity of investors.
- Within 03 working days from the date of receipt of a valid dossier, the investment registration agency shall send the dossier to collect opinions of the competent state agency of the same level concerned on meeting the requirements specified at Points b, c and d, Clause 4, Article 33 of the Law on Investment;
- Within 15 days from the date of receipt of a valid dossier, the consulted agencies shall comment on the contents under their state management and send them to the Investment Registration Agency;
- Within 25 days from the date of receipt of a valid dossier, the investment registration agency shall prepare an appraisal report including the contents specified at Points b, c and d, Clause 4, Article 33 of the Law on Investment, and submit it to the Provincial People's Committee;
- Within 07 working days from the date of receipt of the dossier and appraisal report, the People's Committee of the province shall decide to approve the adjustment of the investor;
- The decision approving the adjustment of the investor recognizes the transferee investor and the transferee investor, the transferred project part (if any) and is sent to the Investment Registration Agency, the transferor investor and the transferee investor.
How is the written request for investor adjustment regulated in Vietnam?
Currently, the form of the written request for approval to adjust investors is specified in Form A.I.11.b issued together with Circular 03/2021/TT-BKHDT as follows:
Download the full sample of the investor adjustment approval request: Here.
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