Appraisal and Approval of the Construction Investment Project for Vietnamese Representative Offices Abroad

Appraisal and Approval of Investment Projects for Constructing Vietnamese Representative Offices Abroad (Illustration)

Circular 03/2008/TT-BNG stipulates the appraisal and approval of investment projects for constructing Vietnamese representative offices abroad as follows:

- For projects with a total investment (in foreign currency) of 10 million USD or more: The Ministries and sectors with the project shall preside over the appraisal and submit it to the Prime Minister of the Government of Vietnam for investment decision.- For projects with a total investment (in foreign currency) of less than 10 million USD: The Ministries and sectors with the project shall organize the appraisal and make the investment decision.- For investment projects involving the purchase of houses and land, the project approval shall be conducted after there is a principle agreement by the competent authority of the host country regarding the house, land purchase and the projected purchase price between the investor and the seller; the total investment shall be temporarily approved based on the projected price and officially approved based on the purchase price stated in the officially signed contract between the investor and the seller. The investor is only allowed to sign the house and land purchase contract when the investment project has been approved by the competent authority.- The investor is responsible for organizing and sending the project dossier to the unit in charge of project appraisal. The unit in charge of project appraisal is the specialized unit under the person making the investment decision. The unit in charge of project appraisal organizes the appraisal before submitting it to the competent authority for investment decision approval.- The project dossier submitted for appraisal includes:

- Appraisal request form according to the form in Appendix 2 of this Circular.- Investment project.- Relevant domestic and foreign legal documents.

- The unit in charge of project appraisal is responsible for receiving the investor's project dossier and sending it to the relevant agencies for consultation (if needed).- The unit in charge of project appraisal follows the current legal regulations on construction. It then consolidates the opinions of the relevant agencies (if necessary), provides comments, evaluations, and recommendations, and submits the project to the decision-making person for approval.- The project dossier submitted for approval includes:

- Project approval request form according to the form in Appendix 3 of this Circular.- The investor's dossier submitted for project appraisal.- Appraisal documents from the competent authorities related to the project (if any).

More details can be found in Circular 03/2008/TT-BNG, effective from February 22, 2009.

Ngoc Tai

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