What are the regulations on the receipt of applications and handling of investment procedures in Vietnam?
What are investment documents in Vietnam?
Pursuant to Clause 7, Article 2 of Decree 31/2021/ND-CP stipulating the investment documents in Vietnam as follows:
“investment documents” are documents prepared by the investor or a competent authority for follow procedures for issuance, revision of the decision on approval for investment guidelines, Certificate of Investment Registration, Certificate of Registration of Outward Investment and relevant procedures for investment activities prescribed by the 2020 Law on Investment and Decree 31/2021/ND-CP.
What are the regulations on the receipt of applications and handling of investment procedures in Vietnam?
What are the regulations on the receipt of applications and handling of investment procedures in Vietnam?
Pursuant to Article 6 of Decree 31/2021/ND-CP stipulating the receipt of applications and handling of investment procedures in Vietnam as follows:
- The receipt of applications and handling 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 2020 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 fails 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-handling time in accordance with the 2020 Law on Investment 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 2020 Law on Investment 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 2020 Law on Investment 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 handle as prescribed in the 2020 Law on Investment and Decree 31/2021/ND-CP; shall not take responsibility for the contents previously approved, appraised or handled 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 out 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 2020 Law on Investment, Decree 31/2021/ND-CP and relevant regulations of law.
What is the language used in the investment documents in Vietnam?
Pursuant to Article 5 of Decree 31/2021/ND-CP stipulating the language used in the investment documents in Vietnam as follows:
- Investment documents, documents and reports submitted to competent authorities shall be written in Vietnamese.
- Investment documents in foreign languages shall be enclosed with their Vietnamese translations by the investors.
- For investment documents that are available in both Vietnamese and foreign language, the Vietnamese documents shall be used for following investment procedures.
- Investors are responsible for discrepancies between the translation, the copies and the original document.
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